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May 23, 2023

Pitango Invests in Health via Patient21

German healthtech company raises $108 million in a recent funding round

Patient21, a company based in Berlin, has secured $108 million in a Series C investment led by Pitango, an Israeli venture capital firm. Founded in 2019, Patient21 has developed a comprehensive digital healthcare platform that complements its real-world clinics. The platform covers a wide range of services, including online bookings, digital case histories, check-ins, billing, and insurance management.

The Series C funding round primarily comprised equity, with Pitango as the lead investor. Notable participants included PICO Venture Partners, Bertelsmann Investments, Artian, Target Global, Piton Capital, and various angel investors. IPF Partners provided the debt segment of the funding.

Unlike its U.S. counterpart Carbon Health, Patient21 employs proprietary software to manage patients and direct them to its network of over 50 brick-and-mortar clinics across Germany. This approach aligns with the company's current emphasis on dentistry, with more than 80% of its clinics specializing in oral health, while the remaining clinics cater to gynaecology and general practice.

According to Patient21 co-founder and CEO Chris Muhr, “Dentistry inherently requires in-person consultations for comprehensive diagnosis and treatment”. In a quote to TechCrunch, he added, “The nature of dentistry involves visually inspecting oral health, utilizing diagnostic tools like x-rays, and addressing emergencies promptly. These aspects are best served through onsite consultations to ensure the highest standards of care”.

With over 300,000 patient visits annually, Patient21 has demonstrated its growing popularity and success. The company has ambitious plans for expansion, intending to venture into other areas of healthcare in the future, potentially integrating virtual healthcare solutions.

Buoyed by its recent funding round, Patient21 aims to extend its software capabilities and expand its operations beyond Germany. Within the next 12 months, the company plans to launch in two more European markets. Despite the resource-intensive nature of opening physical clinics, Patient21 has achieved profits in these operations rather quick. The company is now, with a fresh source of funds, well-positioned to improve access to quality healthcare services.

Kriti Swarup
Kriti Swarup
Content Writer at TechNews180
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