Mevo, a leading digital prescription platform in Brazil, announced it has raised $19 million USD ($110 million BRL) in new venture funding. And Mevo enables patients to easily access their prescriptions and purchase medications through a user-friendly mobile interface. This funding round was led by Matrix, with participation from Jefferson River Capital (former Blackstone President and current Costco chairman, Tony James’ family office).
Mevo had also raised a SAFE in December 2023 in preparation for its Series B, which has now been converted, and it was anchored by current investor Floating Point, with the participation of other current investors, including IKJ Capital. The notable new investors include Elliot Cohen, former Amazon Pharmacy leader and PillPack cofounder. TJ Parker, Partner at Matrix Partners and fellow cofounder of PillPack (acquired by Amazon), will join Mevo’s board of directors.
Before Mevo’s launch, prescriptions in Brazil were entirely paper-based and the lack of digital integration contributed to unfilled prescriptions and poor outcomes. And Mevo’s technology enables healthcare providers in Brazil to issue digital prescriptions which patients can then use to purchase prescriptions at any pharmacy of their choice, including at Mevo’s own pharmacy marketplace. Now, over 10 million patients have received at least one Mevo prescription, and all Brazilian pharmacies (80,000+) accept and can process a Mevo prescription.
After a customer has a Mevo e-prescription, they can buy medications with just three clicks and receive it via delivery in ~60 minutes from Mevo’s pharmacy partners or they can choose to buy them from their preferred pharmacy retailer. And Mevo’s flexibility and ease of use are designed to improve patient experience and medication adherence. Mevo integrates with health information, electronic medical record (EMRs), telemedicine and healthcare providers. And currently it has over 250 B2B partnerships with these providers in all 26 Brazilian states and Federal District in both public and private health sectors.
Mevo plans to use the funding to:
1.) Expand its network of healthcare provider partners
2.) Enhance its digital prescription and pharmacy marketplace platform
3.) Explore additional healthcare services beyond the fulfillment of prescriptions
KEY QUOTES:
“This investment will allow us to expand our network and introduce new product offerings that continue to improve the customer experience. We’re focused on offering Brazilians a better way to access healthcare. Mevo is already serving millions and we see a path to everyone across the country managing their health needs from their mobile devices, with security and ease.”
-Pedro Dias, CEO and co-founder of Mevo
“From day one, the Mevo team has shown the vision and grit necessary to create a core piece of digital infrastructure for the entire Brazilian healthcare system. They’ve made extraordinary progress towards that goal, and with this new funding they are well-positioned to capture one of the few true winner-take-all opportunities in healthcare.”
-John Loser, co-founder and General Partner, Floating Point
“Mevo is addressing a critical need in the Brazilian healthcare market: modernizing and digitizing the way people access prescriptions. I’m inspired by their focus on the customer experience and dedication to making it simple for people in Brazil to get the healthcare they need. We know first-hand that unlocking pharmacy is a strong foundation for exceptional healthcare experiences, and I’m looking forward to seeing what Pedro and the team can build from here.”
-TJ Parker
