Group update

Investment extends Series B Funding round to US$24 million

Mevo, a leading digital prescription platform in Brazil, has raised US$5 million from Prosus Ventures, that adds to US$19 million raised in September this year in a Series B Funding. The company plans to use the funds to scale digital prescriptions in Brazil, bringing a modern experience to customers and create more access to healthcare. The September Series B round was led by Matrix, with participation from Jefferson River Capital. Other investors include Floating Point, IKJ Capital, and Elliot Cohen, former Amazon Pharmacy leader and PillPack cofounder (acquired by Amazon).

Mevo allows patients to easily access their prescriptions and purchase medications through a user-friendly mobile interface. 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.

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 is used by more than 400 health providers in all 26 Brazilian states and Federal District in both public and private health sectors. Once a customer has a Mevo e-prescription, they can buy medications with just three clicks and receive it via delivery in around 60 minutes from Mevo's pharmacy partners, or they can choose to buy from their preferred pharmacy retailer.

Denis Pedreira, Managing Director, Latin America Investments at Prosus, said: "By eliminating traditional paper prescriptions, Mevo is tackling a huge opportunity in Brazil. With over 10 million patients using Mevo this year alone, the company is transforming patients access to medication while also increasing adherence to treatments. This investment underlines our investment thesis to identify sectors where technology can lead to meaningful change in consumer behaviour and access. We are excited to partner with the Mevo team to transform treatment access for 150M+ Brazilians."

Pedro Dias, CEO and founder of Mevo, said: "This additional investment will help us to further expand our network of healthcare providers, enhance our digital prescription and pharmacy marketplace platform, and bring new products to market that enhance the experience for our customers. Prosus has strong track record in Brazil, and other growth economies, and we’re excited to have them on board.”

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.