Healthtech Practio nets €8.2m funding to expand care capabilities of pharmacies

By Lucy Ingham

Healthtech startup Practio has this week announced it has completed an equity funding round that, combined with a loan conversion and debt financing, has raised €8.2m for the company.

The funding round was led by long-standing collaborator PHEONIX Group, a leading European healthcare provider, and Swedish early-stage venture capital company Spinton Ventures, with additional investment in Practio coming from Carl Westin.

The startup, which is based in Copenhagen, Denmark, has developed a digital healthcare platform that allows pharmacies to become central points-of-care, alleviating pressures on other parts of the healthcare system. At present, it enables pharmacies to provide vaccinations and antibody testing for Covid-19, but plans to add other services in the future.

Currently it is deployed across Denmark, at last year made its entry into the UK. The funding will enable Practio to speed up its UK rollout and make its first entry into other countries, starting in Germany in late 2020 and others in 2021.

Practio funding supports “rethink” of healthcare delivery

The startup developed its offering at a time when questions were beginning to be asked about the structure of healthcare systems, given how overburdened they are in many countries. However, the coronavirus pandemic has sped up concerns, making Practio’s offering particularly strong.

“Recent events have clearly demonstrated the global need to fundamentally rethink primary healthcare delivery,” says Mads Mikkelsen, CEO and co-founder of Practio.

“We’re super excited about the strong support from Spintop, PHOENIX group and Carl Westin in accelerating our continued expansion, enabling better access to quality healthcare services for more people.”

In particular, the focus on expanding the capabilities of pharmacies is a particularly strong proposition, because the approach can be added to existing healthcare systems without upheaval or notable expense.

“We believe that Practio’s services can transform local pharmacies into central points-of-care for their community,” said Dr Tobias Bucher, head of digital transformation & enablement at PHOENIX Group.

“This benefits patients, who can trust to receive important healthcare services as well as products at one central place close to their home. At the same time, it benefits pharmacies, which can offer more relevant services, thus strengthening their close connections to customers.”


Read more: Healthtech Infermedica nets $10m funding for AI triage platform


 

Verdict deals analysis methodology

This analysis considers only announced and completed cross border deals from the GlobalData financial deals database and excludes all terminated and rumoured deals. Country and industry are defined according to the headquarters and dominant industry of the target firm. The term ‘acquisition’ refers to both completed deals and those in the bidding stage.

GlobalData tracks real-time data concerning all merger and acquisition, private equity/venture capital and asset transaction activity around the world from thousands of company websites and other reliable sources.

More in-depth reports and analysis on all reported deals are available for subscribers to GlobalData’s deals database.

Topics in this article: ,