Portuguese health startup, knokcare, has nabbed €1.7 million seed funding, led by the social impact fund Mustard Seed MAZE, and with the participation of the Social Innovation Fund, the Fascinating Folio of Porto and Ryse Asset Management in London. With the fresh funds, the startup will boost the democratization of access to healthcare through video consultations.
Founded in 2015, the Porto-based team’s service has certainly come in handy during the pandemic. knok aims to facilitate access to primary care physicians through the use of an application – and it’s proving popular.
Today, the knok team serves +1.2 million patients all over the world, in countries such as Brazil, South Africa and Angola, and has landed partnerships with giants like EuropAssistance, AdvanceCare and Medicare, Grupo Lusíadas Saúde and NOS telecommunications, as well as being an accredited service provider to the NHS in the United Kingdom. Currently, the team is preparing to enter the Indian and Italian markets.
José Bastos, co-founder and CEO of knok said: “We are very pleased with the closing of this round, which will allow us to strengthen the sales team and accelerate the entry into new markets with increasingly differentiating products and services. We are all aware of the impact that Covid-19 had on nursing homes, so we are currently preparing a specific solution to help with this challenge, which we hope will still be very useful in the short term, both in Portugal and in the UK. With the support of quality investors like ours, we will be able to generate even more social impact, bringing access to quality health care to many millions more people”.
João Magalhães, co-founder and CTO, explained further: “This is a solution from doctors to doctors, designed for the best clinical practices, with a focus on use by those who are not specialized in technology. In our technological development plan, we have unique features such as multidisciplinary and group consultations, which will allow the doctor, the patient and a family member or a caregiver to participate in the same video consultation, sharing information in a safe and simple way, eliminating barriers to access to health everyday”.
Additionally, for Henry Wigan, partner of Mustard Seed MAZE, “the urgency in providing remote medical services has been accelerated by the recent pandemic and, in many cases, has become the only option for chronically ill or non-urgent patients”.
Currently, the team is preparing to enter the Indian and Italian markets, and expand its reach during this critical time.