- Mexican health startup Sofía has raised $19 million from Index Ventures.
- Sofía provides app-based telehealth services ranging from primary/preventative medical access, insurance subscriptions, and video consultations.
- “I do believe that we’re seeing the first iterations of remote care products and I’m convinced that tech-centric companies are best positioned to iterate and keep expanding what is possible in this new normal and into the post-Covid world,” Arturo Sánchez, founder and CEO of Sofía, told Business Insider.
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Index Ventures has made its first major investment in Latin America by backing Mexico City-based Sofía’s $19 million Series A.
Sofía is a Mexican healthtech company founded in 2018. The company provides app-based telehealth services ranging from primary and preventative medical access, insurance subscriptions, and video consultations.
The company saw traction during the coronavirus pandemic and the trend towards better digital health options is here to stay, according to the company’s CEO Arturo Sánchez.
“We’ve seen medical professionals quickly adopting telehealth services throughout the world as a result of the pandemic,” he told Business Insider. “I do believe that we’re seeing the first iterations of remote care products and I’m convinced that tech-centric companies are best positioned to iterate and keep expanding what is possible in this new normal and into the post-Covid world.”
The funding round closed pre-pandemic but much of the due diligence took place remotely, according to Sánchez.
Funds will be used to continue to scale the startup’s offering and increase headcount. “We are extremely bullish on the talent in Mexico and more broadly across Latin America,” Sánchez added. “Our goal is to be one of the iconic technology companies built in the region over the next decade, and so we are investing in a building a world-class team of engineers, designers, data scientists and all kinds of professionals who can help us to build scalable digital products.”
Sofía previously raised $6.3 million seed funding in early 2020 from investors including Kaszek Ventures, Ribbit Capital, Cavalry Ventures, as well as angel investors such as Neil Rimer and Jan Hammer from Index Ventures, and David Vélez, founder and CEO of Nubank.
“Becoming the first digital health insurer to achieve regulatory approval is a huge milestone for the company, and opens up an opportunity to transform how care is delivered,” Hannah Seal, Index Ventures’ principal and deal lead, told Business Insider. “We’re excited by Sofía’s vision to build end-to-end healthcare and a full-stack insurance offering. While Mexico has not historically been a core geography for us, it’s a sector we know well, a huge market opportunity, with fantastic entrepreneurs who have assembled a world-class team.”
Check out Sofía’s pitch deck below: