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Pipo Saude raises $4.6 million to bring healthcare benefits management services to Brazil

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Pipo Saude, a Brazilian provider of healthcare services for businesses and their employees, has raised $4.6 million in a new round of funding to expand its footprint in Brazil.

“The company’s platform offers recommendations for the healthcare products that fit the team, enabling businesses to improve the quality of life of their employees,” said chief executive and co-founder, Manoela Ribas Mitchell. “We go all the way to the end beneficiaries.”

Pipo Saude helps companies price their insurance appropriately and bring down the medical loss ratio that companies suffer. Medical inflation in Brazil may be worse than in the U.S., with prices rising at around 20% per year.

Like the U.S., people in Brazil often default to hospitals and urgent care facilities when they’re sick or injured; that “urgent care culture,” as Mitchell calls it, drives up the cost for providers and employers. “We try to move the needle toward preventive care and specialist doctors,” Mitchell said.

Backing the company with a $4.6 million round are two of Latin America’s top investment firms — Monashees and Kaszek Ventures. OneVC, the San Francisco-based investment firm that also invests in Latin American tech companies, also participated in the round.

Pipo Saude makes money off of commissions and has a few corollaries in companies like Zenefits (in its earliest days), Amino or the Canadian care benefit management company, Mitchell said.

The company currently has about 30 employees on staff, and some of the new cash will be used to scale the business.

For co-founders Mitchell, Vinicius Correa and Thiago Torres, the healthcare market was an obvious choice when they looked to start their own company. Torres and Mitchell had known each other as students at the University of São Paulo, where they both studied economics. Mitchell and Torres both pursued careers in private equity, where Mitchell worked at Temasek and then at Actis, focusing on healthcare, while Torres also went to Agavia Investimentos.

Correa worked in startups, initially as an employee at Nubank, where he met Mitchell through a mutual friend.

While healthcare may be a tough knot to unravel — especially for a startup — the size of the Brazilian market alone is enormous. “We’re talking about a $50 billion revenue pool,” says Mitchell. “If we want to build a very robust product we have to focus on Brazil for quite a while.”

Source: https://techcrunch.com/2020/06/12/pipo-saude-raises-4-6-million-to-bring-healthcare-benefits-management-services-to-brazil/

Fintech

Payhawk raises $20M to unify corporate cards, payments and expenses

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Fintech startup Payhawk has raised a $20 million funding round. QED Investors is leading the round with existing investor Earlybird Digital East also participating. Payhawk is building a unified system to manage all the money that is going in and out.

Essentially, companies switching to Payhawk can replace several services they already use and that didn’t interact well with each other. Payhawk lets you issue corporate cards for your employees, manage invoices and track payments from a single interface.

After signing up, customers get their own banking details with a dedicated IBAN. You can connect with your existing bank account, load funds to your Payhawk account and start using it in multiple ways.

Compared to other companies working on similar products, Payhawk gives each customer their own IBAN, which means they can receive third-party payments.

One of the key features of Payhawk is that customers can issue virtual and physical cards for employees with different rules. You can set up a team budget, configure an approval workflow for large transactions and let Payhawk handle receipt collection from those card transactions.

You can upload invoices to manage them through Payhawk. The startup tries to automatically extract data from those invoices for easier reconciliation. Payhawk also lets you reimburse employees. The service acts as a single source of truth for your company’s spending. Finally, you can connect Payhawk with your existing ERP system.

As a software-as-a-service solution, you pay a monthly subscription fee that will vary depending on optional features and the number of active cards. Clients include LuxAir, Lotto24, Viking Life, ATU, Gtmhub, MacPaw and By Miles. Overall, the startup has 200 clients.

The company has been growing nicely as revenue doubled in Q1 2021. It currently accepts clients in the European Union and the U.K. but it already plans to expand beyond those markets. Up next, Payhawk plans to launch credit cards, more currencies and tighter integration with corporate bank accounts.

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Source: https://techcrunch.com/2021/04/19/payhawk-raises-20-million-to-unify-corporate-cards-payments-and-expenses/

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Start Ups

Druva raises $147M at a valuation north of $2B as the cloud rush continues

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Druva, a software company that sells cloud data backup services, announced today that it has closed a $147 million round of capital. Caisse de dépôt et placement du Québec (CDPQ), a group that manages Quebec’s pension fund, led the round, which also saw participation from Neuberger Berman. Prior investors including Atreides Management and Viking Global Investors put capital into the deal, as well.

Druva last raised a $130 million round led by Viking in mid-2019 at around a $1 billion valuation. At the time TechCrunch commented that the company’s software-as-a-service (SaaS) backup service was tackling a large market. (TechCrunch also covered the company’s $51 million round back in 2016 and its $80 million raise from 2017.)

Since then SaaS has continued to grow at a rapid clip, including a strong 2020 spurred on by COVID-19 boosting digital transformation efforts at companies of all sizes. In that context, it’s not surprising to see Druva put together a new capital round.

A recent tie-up between Dell and Druva, first reported in January of this year, was formally announced earlier this month. The selection of Druva by Dell could help provide the unicorn with a customer base to sell into for some time. TechCrunch wrote about Druva earlier this year, during the reporting process the company said that it had “almost tripled its annual revenue in three years.”

Its new round did include some secondary shares, which Neuberger Berman managing director Raman Gambhir described as difficult to snag during a call with TechCrunch. He explained that some of the secondary sales were due to some prior funds reaching their end-of-life cycle. Druva CEO Jaspreet Singh stressed that his backers are working to do what’s best for the company instead of merely maximizing their returns during a joint interview.

Singh told TechCrunch that business at Druva is accelerating. Normally we’d note that that sounds like IPO fodder, especially as Druva passed the $100 million ARR threshold back in 2019. However, as the company has been making IPO noise for some time, it’s hard to predict when it might pull the trigger. Our coverage of the company’s 2016 round noted that the company could go public within a year. And our coverage of its 2019 investment included Singh telling TechCrunch that an IPO was 12 to 18 months away.

It probably is, now, but that’s beside the point. With refreshed accounts, a market moving in its direction, and some early-investor relieved in its latest investment the company has quarters worth of time to play with. Still, Singh did stress that its new financing round did select investors that he said is building a long-term position; that’s the sort of verbiage that CEOs break out when they are building a pre-IPO cap table.

Gambhir told TechCrunch that his firm has already requested shares in Druva’s eventual IPO. Perhaps we’ll see Fidelity show up with a $50 million check in a few months.

Every startup that raises capital tells the media that they are going to use the funds to expand their staff, double-down on their tech and, often, invest in their go-to-market (GTM) motion. Druva is no exception, but its CEO did tell TechCrunch that his company currently has over 200 open GTM positions. That’s quite a few. Presumably that spend will help the company keep its growth rate strong in percentage terms as it does, finally, look to list.

This is yet another growth round for a late-stage, enterprise-facing software company. But it’s also a round into a company that had to move its operations to the United States when it was founded, at the behest of its investors per Singh. And Druva has done some pretty neat cloud work, it told TechCrunch earlier this year, to ensure that it can defend software-like margins despite material storage loads.

It’s an S-1 that we’re looking forward to. Start the countdown.

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Source: https://techcrunch.com/2021/04/19/druva-raises-147m-at-a-valuation-north-of-2b-as-the-cloud-rush-continues/

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Start Ups

Seattle startup adyn raises $2.5M from 23andMe CEO and others for birth control prescription test

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adyn CEO Elizabeth Ruzzo. (adyn Photos)

Seattle startup adyn raised a $2.5 million seed round co-led by Lux Capital and M13. The company plans to launch its flagship birth control optimization test later this year and currently has a waitlist for early access.

Adyn’s test analyzes hormone levels to identify potential side effects for women — from acne to blood clots — caused by different methods of birth control. The flagship product for consumers will be an at-home test kit; users receive data and personalized recommendations through adyn’s platform and telemedicine appointments. The company then sends prescriptions directly to customers.

The startup is led by founder Elizabeth Ruzzo, who came up with the idea for adyn after she changed her birth control prescription and “was thrown into suicidal ideation.”

“Luckily, I recognized this was due to the change in medication,” said Ruzzo, who has a Ph.D in genetics and genomics from Duke University.

The company says 52% of women try four or more methods of birth control before finding one that works.

Other participants in the seed round include Y Combinator, Ascend.VC, and Madrona Venture Group’s Pioneer Fund, an angel investor program that operates as a feeder system for the firm. Individual investors such as 23andMe CEO Anne Wojcicki and Ashley Mayer of Glossier also participated.

Investors are pouring more cash into women’s digital health startups, driven in part by the pandemic and acceleration of digital health services, Bloomberg reported Monday.

“Every incentive you could possibly want to serve the well being and health of the female identifying population, it’s acutely there,” said Julie Sandler, a managing director at Pioneer Square Labs, on a recent GeekWire Studios podcast episode of 2025: Tomorrow, Today. “When you’ve got an area like that, that has just been so historically, repeatedly and sustainably underserved, and under-invested over generations, that creates opportunity.”

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Source: https://www.geekwire.com/2021/seattle-startup-adyn-raises-2-5m-23andme-ceo-others-birth-control-prescription-test/

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Artificial Intelligence

UiPath raises IPO range, still targets lower valuation than final private round

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Robotic process automation unicorn UiPath is set to go public this week, concentrating our focus on its value.

The well-known company was last valued on the private markets at $35 billion in February when it closed a $750 million round. Living up to that price as a public company, however, at least when it comes to its formal IPO price, is proving to be challenging.

In a sense, that’s not too surprising given that the red-hot IPO market cooled as Q1 2021 came to a close. UiPath raised its last private round when the markets were most interested in public offerings and is now going public in a slightly altered climate.

In numerical terms, UiPath raised its IPO range from $43 to $50 per share, to $52 to $54 per share. That’s a 21% jump in the value of the lower end of its range, and an 8% gain to the value of the upper end of its per-share IPO price interval.

UiPath is also selling more shares than before, which should make its total valuation slightly larger at the top end than a mere 8% gain. So let’s go through the math one more time. Afterward, we’ll stack its new simple, fully diluted IPO valuations against its final private price, ask ourselves if our musings on the company’s recent profitability bore out, and close by asking where the company might finally price, and if we expect it to do so above its new price range.

UiPath at $54

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Source: https://techcrunch.com/2021/04/19/uipath-raises-ipo-range-still-targets-lower-valuation-than-final-private-round/

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