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.”
Recent events have clearly demonstrated the global need to fundamentally rethink primary healthcare delivery,” says co-founder and CEO Mads Mikkelsen.
Initial services include travel vaccinations and Covid-19 antibody testing. The business has been expanding across Denmark since 2015 and launched in the UK last year. The new capital will accelerate the UK roll-out and fund entry into German market by the end of this year. New services and markets will follow in 2021.