Business

Healthtech Memed raised $4.5 million from DNA Capital and Redpoint

Platform sends patients a digital prescription containing a QR Code and attributes that foster treatment adherence.

Startup aims to transform handwritten prescriptions into digital ones. Photo: Shutterstock
  • Memed’s aim is to transform handwritten medical prescriptions into 100% digital and intelligent instructions;
  • It has over 80,000 registered doctors and plans to break even in 2020.

Brazilian healthtech platform Memed raised $4.5 million in a Series B funding round led by DNA Capital, along with Redpoint eventures, a venture capital fund focused on technology startups. 

Memed’s aim is to transform the traditional practice of handwritten medical prescriptions into 100% digital and intelligent prescriptions in Brazil, ensuring patient safety and increasing efficiency for doctors, patients, and pharmacies. At the end of a consultation, patients receive on their cell phones a digital version of the prescription, containing a QR Code and various services that help with treatment adherence. 

Memed had previously received funding from Monashees Capital, Qualcomm Ventures and Redpoint eventures. 

READ MORE: Health tech boom hits Latin America and Brazil sees two of them pop up every week

“We see at DNA Capital, together with current partners, the opportunity to add a partner with great experience in the health area, opening new doors and accelerating our growth plan in the market,” said Ricardo Moraes, Memed’s CEO.

According to DNA Capital’s statement, this funding represents an important step in the consolidation of Memed as the main platform for transforming the medical prescription experience. “We thoroughly analyzed the digital prescription market and were impressed with the quality and vision of Memed’s entrepreneurs. Its trajectory of innovation will certainly contribute a lot to the sustainability of the sector,” said Pedro Bueno, partner at DNA Capital.

As in the previous rounds, Memed remains independent in the implementation of its strategy and now has more than one important partner in its investor base.

Memed has over 80,000 registered doctors, more than 10 million prescriptions, and generated $273 million in prescriptions in 2019. Memed aims to break even in 2020, because as its current model stands the use of its platform comes at no cost to hospitals, pharmacies, and doctors.