Mevo Raises $18 Million in Series B Funding
Brazilian digital prescription platform Mevo has successfully raised $18 million in a Series B funding round. The investment was led by Prosus, with participation from Matrix, Jefferson River Capital, and Floating Point. Founded in 2017 by Pedro Dias, who serves as the company's CEO, Mevo offers a comprehensive healthcare solution from digital prescriptions to home delivery of medications.
Company Overview
Mevo connects various stakeholders in the healthcare sector, including doctors, patients, pharmacies, and pharmaceutical companies, through its innovative digital platform. The service extends beyond prescriptions, offering features like exam scheduling and online medication fulfillment, thereby creating a more integrated healthcare ecosystem.
Strategic Use of Funds
The newly acquired funds will be directed towards several key areas of expansion. Mevo plans to enhance its exam scheduling capabilities, integrate patient support programs, and grow its online pharmacy operations. The company already has a significant footprint in Brazil, being integrated with over 1,100 healthcare institutions and partnering with seven major health insurance providers. This reach covers approximately 30% of Brazil’s private healthcare market.
Expanding Pharmacy Operations
Mevo's pharmacy vertical, known as Mevo Shop, is set to benefit from the latest funding. The platform currently connects with more than 11 pharmacy chains and operates in about 1,600 retail locations across the country. The infusion of capital will likely help Mevo increase its market presence and improve service delivery.
Investor Confidence
The participation of well-known investors such as Prosus, Matrix, Jefferson River Capital, and Floating Point underscores the confidence in Mevo's business model and growth potential. This funding round marks a significant milestone for the company as it continues to scale its operations and enhance its service offerings in Brazil's healthcare sector.
Mevo's innovative approach to digital healthcare is poised to reshape the industry landscape, offering more accessible and efficient solutions to both providers and patients. As the company continues to expand, it aims to further solidify its position as a leader in Brazil's healthcare market.