Mevo Raises $19 Million Series B Funding, Led by Matrix, to Scale Digital Prescriptions in Brazil, Bringing a Modern Experience to Customers and Creating More Access to Healthcare

Matrix Partner TJ Parker, co-founder and CEO of PillPack, will join the board

SÃO PAULO, Sept. 19, 2024 /PRNewswire/ -- Mevo, a leading digital prescription platform in Brazil, today announced it has raised $19M USD ($110M BRL) in new venture funding. Mevo allows patients to easily access their prescriptions and purchase medications through a user-friendly mobile interface. The round was led by Matrix, with participation from Jefferson River Capital (former Blackstone President and current Costco chairman, Tony James' family office). Mevo had raised a SAFE in December 2023 in preparation for its Series B, which has now been converted, and was anchored by current investor Floating Point, with the participation of other current investors, including IKJ Capital. 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.

Prior to Mevo's launch, prescriptions in Brazil were entirely paper-based and the lack of digital integration contributed to unfilled prescriptions and poor outcomes. 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. Today, over 10 million patients have received at least one Mevo prescription and all Brazilian pharmacies (more than 80,000) accept and can process a Mevo prescription.

Once 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. Mevo's flexibility and ease of use are designed to improve patient experience and medication adherence. Mevo integrates with health information, electronic medical record, telemedicine and healthcare providers. 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:

• Expand its network of healthcare provider partners
• Enhance its digital prescription and pharmacy marketplace platform
• Explore additional healthcare services beyond the fulfillment of prescriptions

"This investment will allow us to expand our network and introduce new product offerings that continue to improve the customer experience," said Pedro Dias, CEO and co-founder of Mevo. "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.

"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," said John Loser, co-founder and General Partner, Floating Point. "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."

"Mevo is addressing a critical need in the Brazilian healthcare market: modernizing and digitizing the way people access prescriptions," said Parker. "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." 

About Mevo
Founded in 2017, Mevo was created to become the infrastructure for e-prescriptions in Brazil, addressing a critical need where over 150 million Brazilians are still holding a handwritten medical prescription. The company aims to simplify and improve the experience for:

• Patients - Mevo's e-prescription also allows to search and order their drugs and exams prescribed, enabling better adherence to their treatment and care
• Healthcare professionals - Mevo's clinical support tools reduce bureaucratic processes and error. One study showed that during one year of usage, doctors reported 33% fewer detrimental drug interactions.
• Healthcare providers - Mevo makes it possible to structuring relevant digital prescription data that was nonexistent within the paper-only reality. This helps hospitals and clinics better serve patients with real-time information and analysis.

About Matrix 
Matrix Partners is an early-stage venture capital firm, investing from idea through Series A. As a close-knit team of former founders and company builders, we've partnered with companies from Apple and FedEx to Oculus and Canva. We're contrarians who invest with conviction, working with founders who have deep technical expertise and a specific vision of the future. matrix.vc

Media Contact:
Jacquelyn Miller
(617) 468-8243‬
[email protected]

SOURCE Mevo