From Digital Prescription to Backbone Pharmacy, Mevo Raises $45 Million (BRL) from Floating Point

Heavyweight investors from Jeff Keswin of Santa Cruz Group to XP’s Guilherme Benchimol also joined the round

With a business model that has already shown capable of delivering medicines in 45 minutes in the Capital of São Paulo, Mevo raises $45 million (BRL) in a Series A1 round from U.S investment fund Floating Point.

The startup CAP Table already registers heavyweight names such Anheuser-Busch InBev investment firm of trio Jorge Paulo Lemann, Marcel Telles and Carlos Alberto Sicupira, XP founder Guilherme Benchimoll, Albert Einstein Hospital investment vehicle, the Meli Fund (the venture capital fund of Mercado Livre), and Tarpon Investimentos founder and Galena founder and Chairman of the board Eduardo Mufarej, to mention a few.

Mevo was founded in 2017 (former Nexodata) by Lucas Lacerda, Pedro Dias and Antonio Carlos Endrigo. The startup was created to fill-in a gap for digital prescriptions in Brazil and along the way has added to its services the distribution of medicines operating as a backbone to several partner pharmacies in São Paulo.

At a time when venture capitalists are pressing on the brakes and startups are laying off in mass pace around the world, Mevo managed to escape the widespread bad mood of investors.

$45 Million raised by Mevo will help the company’s expansion to nationwide coverage

The valuation of the company of was kept confidential but Dias told the press that it was an “up round” as far as valuation is concerned.

As it raises its $45 million round Series A1, Mevo will expand its geographical penetration with Mevo Farma, eventually opening other backbone pharmacies hubs in other regions of the country. The startup is also looking to increase its digital prescription business adding new portfolios of hospitals and doctors. The company has today over 400 hospitals in its portfolio and counting with names internationally recognized such as the Albert Einstein Hospital and Rede D’Or (B3: RDOR3.SA).

With Mevo Farma, a proprietary drug delivery solution that allows patients to buy prescribed medicinces in less than a minute, the startup shows that in addition to eliminating traditional paper prescriptions, it can also increase adherence to treatments.

The Esquires and the Firms Behind the Deal

Pinheiro Neto Advogados acted as Brazilian legal counsel to Mevo. 

Partner Álvaro Uliani M. dos Santos (picture left) led the firm’s transaction team with contribution from corporate associate Eduardo Comparato Ferreira de Sá (picture right) and Andressa Ickowicz.

Pinheiro Neto is the most traditional and the oldest full service law firm of Brazil. Pinheiro Neto is headquartered in São Paulo with offices in Rio de Janeiro, Brasilia, Palo Alto and Tokyo.

Bronstein, Zilberberg, Chueiri & Potenza Advogados represented and acted as legal counsel to the investment fund Floating Point. 

Partners Guilherme Potenza and Priscila Gurgel Menezes led the Bronstein Zilberberg deal team with contribution from corporate associate Giuliana Veronez Primati.

Bronstein Zilberberg is a full service law firm based in São Paulo and is highly recognized as one of the top M&A Venture Capital law firms in the country.