Pipo Saude, a startup that developed a platform that sells and manages healthcare benefits for Brazilian companies, has raised $20 million in a Series A round of funding.
Joshua Kushner’s Thrive Capital led the round, marking the first time the New York-based venture firm has led an investment in a Brazilian startup. (Although, notably, Thrive has also put money in Nubank and Loft.)
Atlantico participated in the financing as a new investor in addition to all existing backers including Monashees, Kaszek and OneVC. Nubank co-founder and CEO David Velez and Cedar co-founder and CEO Florian Otto (and former CEO of Groupon in Brazil) also joined in the round. Pipo Saude had raised $4.6 million in a seed round in June 2020 that was led by Monashees and Kaszek with the participation of OneVC and Nubank’s Velez.
Manoela Mitchell (CEO), Thiago Torres (COO) and Vinicius Correa (CTO) founded Pipo Saude in July 2019 with the goal of “bringing an unparalleled experience” of buying and managing healthcare benefits for corporations in combination with providing a care navigation platform for employees. More simply, its mission is to “transform” the healthcare experience for companies and their employees.
Pipo Saude started selling its solution six months after its inception. Over the past year, it has grown its ARR by “around 5x,” and the number of lives managed by 7.2x, according to Mitchell. Pipo currently has 100 corporate clients and 15,000 lives (Read more...)