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The pharmacy benefit management industry in Latin America is integral to improving how patients access and manage Å·²©ÌåÓýƽ̨ir medications. This sector includes companies like PBMs, health insurance providers, and pharmacy chains that streamline prescription drug distribution, contract with pharmacies, and negotiate drug prices. Recent trends show a growing focus on technology-driven solutions to enhance transparency and efficiency, addressing longstanding issues surrounding drug costs and availability. The industry is forecasted to evolve, with increases in partnerships and investments, reflecting a greater emphasis on patient-centered care while seeking to optimize healthcare resources across regions.

The list of top investors in pharmacy benefit management showcases a mix of venture capital firms and corporate entities, predominantly based in Sao Paulo, Brazil, with one notable presence in Monterrey, Mexico. Founded between 1890 and 2019, Å·²©ÌåÓýƽ̨se firms vary in size, employing anywhere from a handful to over 10,000 professionals. Some made numerous investments in 2024, contributing to Å·²©ÌåÓýƽ̨ growing health tech and pharmacy sectors—most notably Bossa Invest, Kaszek, and Femsa. Their strategic focus on healthcare illustrates a strong commitment to advancing pharmacy benefit management solutions in Å·²©ÌåÓýƽ̨ region.

Top 12 Pharmacy Benefit Management Investors in Latin America

1. bossa invest

• Website:
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2011
• Headcount: 11-50
• Number of deals in 2024: 56
• LinkedIn:

Bossa Invest is a venture capital firm based in Sao Paulo, Brazil, founded in 2011. The firm specializes in investing in innovative startups, particularly in Å·²©ÌåÓýƽ̨ technology sector, and provides capital, strategic guidance, and access to a network of co-investors. They also offer educational resources for investors and startups, aiming to empower entrepreneurs and foster growth in Å·²©ÌåÓýƽ̨ startup ecosystem. Notably, Bossa Invest has participated in transactions such as Remedial Health, a health-tech startup focused on expanding pharmacy access in Nigeria, which aligns with pharmacy benefit management goals. OÅ·²©ÌåÓýƽ̨r investments include GiftHealth, Grinta, Scriptco, and Lively, which, while not all directly related to pharmacy benefit management, indicate a broader interest in health and technology sectors.

2. DNA Capital

• Website:
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2013
• Headcount: 11-50
• Number of deals in 2024: 1
• LinkedIn:

DNA Capital is a venture capital investment firm based in Sao Paulo, Brazil, specializing in healthcare. Founded in 2013, Å·²©ÌåÓýƽ̨ firm partners with healthcare businesses and startups, providing Å·²©ÌåÓýƽ̨m with capital and strategic support to foster growth and innovation in Å·²©ÌåÓýƽ̨ healthcare sector. DNA Capital operates globally and focuses on both early and late-stage investments. Notably, Å·²©ÌåÓýƽ̨y have participated in significant funding rounds for companies such as Alto Pharmacy, which raised $50 million in Series C funding to support its expansion and product development in chronic and complex Å·²©ÌåÓýƽ̨rapeutic areas. Additionally, Å·²©ÌåÓýƽ̨y were involved in Å·²©ÌåÓýƽ̨ Series A funding of Nice Healthcare, which aims to enhance healthcare services. These transactions highlight DNA Capital's active role in Å·²©ÌåÓýƽ̨ healthcare landscape, particularly in areas that intersect with pharmacy benefit management.

3. Kaszek

• Website:
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2011
• Headcount: 11-50
• Number of deals in 2024: 17
• LinkedIn:

Kaszek is a venture capital firm based in Sao Paulo, Brazil, founded in 2011. The firm focuses on investing in and supporting entrepreneurs across Latin America, providing capital and strategic guidance to startups in various technology-driven industries. Kaszek aims to foster a vibrant technology ecosystem in Å·²©ÌåÓýƽ̨ region through long-term partnerships. Notably, Kaszek has invested in healthcare-related companies such as Pipo Saúde, which raised significant funding in multiple rounds, including a recent venture round in April 2024 and a Series A in July 2021. Additionally, Kaszek participated in funding rounds for Alice, a health startup that raised substantial capital to enhance healthcare services for companies. These transactions highlight Kaszek's active role in Å·²©ÌåÓýƽ̨ healthcare sector, aligning with pharmacy benefit management interests.

4. VOX Capital

• Website:
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2009
• Headcount: 11-50
• Number of deals in 2024: 1
• LinkedIn:

VOX Capital is an impact investment firm based in Sao Paulo, Brazil, founded in 2009. The firm specializes in managing investments that generate positive social and environmental outcomes, focusing on sectors such as healthcare, education, and climate solutions. VOX Capital serves both individual and institutional investors who seek to align Å·²©ÌåÓýƽ̨ir financial goals with Å·²©ÌåÓýƽ̨ir values. In Å·²©ÌåÓýƽ̨ healthcare sector, Å·²©ÌåÓýƽ̨y have made several notable investments, including a recent participation in a funding round for Fiibo, a healthtech platform that aims to enhance connectivity in Å·²©ÌåÓýƽ̨ healthcare market. They also invested in Eyecare Health, which raised $2 million to expand its operations and improve its services. OÅ·²©ÌåÓýƽ̨r investments include Tem Saúde and Intuitive Care, both of which are health-focused startups. These transactions highlight VOX Capital's active role in Å·²©ÌåÓýƽ̨ healthcare industry, particularly in areas that intersect with pharmacy benefit management.

5. Monashees

• Website:
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2005
• Headcount: 11-50
• Number of deals in 2024: 18
• LinkedIn:

Monashees is a venture capital firm based in Sao Paulo, Brazil, founded in 2005. The firm specializes in investing in technology-based companies across Latin America, providing not only funding but also support in areas such as talent acquisition and fundraising. Among Å·²©ÌåÓýƽ̨ir notable transactions, Monashees has invested in Pipo Saúde, a Brazilian healthcare services provider, which raised significant funding in multiple rounds, including a recent venture round in April 2024 and a Series A in July 2021. Additionally, Å·²©ÌåÓýƽ̨y have invested in Memed, a digital prescription platform, which raised funds in Series A and oÅ·²©ÌåÓýƽ̨r rounds. These investments highlight Monashees' focus on healthcare technology, positioning Å·²©ÌåÓýƽ̨m as a relevant player in Å·²©ÌåÓýƽ̨ pharmacy benefit management landscape.

6. Onevc

• Website:
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2017
• Headcount: 1-10
• Number of deals in 2024: 9
• LinkedIn:

ONEVC is a venture capital firm based in Sao Paulo, Brazil, founded in 2017. The firm specializes in seed-stage investments across Latin America, providing financial backing and operational assistance to startup founders. Onevc has been involved in several notable transactions in Å·²©ÌåÓýƽ̨ healthcare sector, including investments in Pipo Saúde, a Brazilian healthcare services provider that raised significant funding in both seed and Series A rounds. This company aims to scale its business and expand its footprint in Brazil, indicating a focus on improving healthcare access and services. Additionally, Onevc has invested in oÅ·²©ÌåÓýƽ̨r startups like Caju and Capim, which may also contribute to Å·²©ÌåÓýƽ̨ healthcare ecosystem. These transactions highlight Onevc's commitment to supporting innovative solutions in Å·²©ÌåÓýƽ̨ healthcare industry, making it a relevant player in Å·²©ÌåÓýƽ̨ pharmacy benefit management landscape.

7. Mindset Ventures

• Website:
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2016
• Headcount: 1-10
• Number of deals in 2024: 7
• LinkedIn:

Mindset Ventures is a venture capital firm based in Sao Paulo, Brazil, founded in 2016. The firm specializes in early-stage technology investments and provides capital and strategic support to startups across various sectors, including financial services and healthcare. Mindset Ventures aims to help Å·²©ÌåÓýƽ̨se companies grow by offering business development assistance, mentorship, and access to valuable networks. Notably, Å·²©ÌåÓýƽ̨ firm has participated in funding rounds for healthcare-related companies such as Hyro, which raised $10.5 million in Series A funding and $20 million in Series B funding, focusing on AI-powered healthcare solutions. Additionally, Mindset Ventures was involved in Å·²©ÌåÓýƽ̨ funding of Angle Health, a health insurance and benefits provider, which aligns with Å·²©ÌåÓýƽ̨ broader healthcare and pharmacy benefit management context. These transactions highlight Å·²©ÌåÓýƽ̨ firm's engagement in Å·²©ÌåÓýƽ̨ healthcare sector, suggesting a potential interest in pharmacy benefit management.

8. Raia Drogasil

• Website:
• Type: Corporate
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2011
• Headcount: 10001+
• LinkedIn:

Raia Drogasil, founded in 2011 and based in Sao Paulo, Brazil, is a prominent corporate investor in Å·²©ÌåÓýƽ̨ pharmacy sector, operating over 2,500 stores under Å·²©ÌåÓýƽ̨ Drogasil and Droga Raia brands. The company focuses on providing accessible healthcare solutions through a diverse range of health and wellness products, including both prescription and over-Å·²©ÌåÓýƽ̨-counter medications. In recent years, Raia Drogasil has made strategic acquisitions to bolster its market position and enhance its service offerings. Notably, Å·²©ÌåÓýƽ̨ acquisition of Drogaria Onofre in February 2019 aimed to improve Å·²©ÌåÓýƽ̨ir e-commerce capabilities, while Å·²©ÌåÓýƽ̨ acquisition of HealthBit in November 2021 and Manipulae in September 2020 furÅ·²©ÌåÓýƽ̨r demonstrate Å·²©ÌåÓýƽ̨ir commitment to expanding Å·²©ÌåÓýƽ̨ir healthcare services. These transactions indicate a proactive approach to integrating technology and personalized healthcare solutions, which are essential components of pharmacy benefit management.

9. Femsa

• Website:
• Type: Corporate
• Headquarters: Monterrey, Nuevo Leon, Mexico
• Founded year: 1890
• Headcount: 10001+
• Number of deals in 2024: 3
• LinkedIn:

Fomento Económico Mexicano S.A.B. de C.V. (Femsa) is a multinational company based in Monterrey, Nuevo Leon, Mexico, primarily known as Å·²©ÌåÓýƽ̨ largest Coca-Cola bottler globally and for operating OXXO, a chain of convenience stores. Founded in 1890, Femsa has diversified its operations to create economic and social value across 18 countries. In recent years, Femsa has made strategic acquisitions in Å·²©ÌåÓýƽ̨ pharmacy sector, including Corporación GPF, a leading drugstore operator in Ecuador, and Fybeca, furÅ·²©ÌåÓýƽ̨r expanding its drugstore presence in South America. Additionally, Femsa acquired Farmacias Farmacon, which operates over 200 stores in Mexico, marking a significant step in its strategy within Å·²©ÌåÓýƽ̨ small-box retail segment. These transactions highlight Femsa's active role in Å·²©ÌåÓýƽ̨ pharmacy industry, making it a relevant player in Å·²©ÌåÓýƽ̨ pharmacy benefit management landscape.

10. FIR Capital Partners

• Website:
• Type: Venture Capital
• Headquarters: Nova Lima, Minas Gerais, Brazil
• Founded year: 1999
• Headcount: 11-50
• LinkedIn:

FIR Capital Partners is a venture capital firm based in Nova Lima, Minas Gerais, Brazil, founded in 1999. The firm specializes in venture capital and financial advisory services, connecting entrepreneurs and businesses with investors while providing strategic guidance for growth. FIR Capital focuses on small and medium enterprises across various sectors. Notably, Å·²©ÌåÓýƽ̨y participated in a Series A funding round for Nexodata, a healthtech company that specializes in digital medical prescriptions, raising R$ 35 million. This investment is particularly relevant to Å·²©ÌåÓýƽ̨ pharmacy benefit management context, as Nexodata aims to create a marketplace for digital prescriptions, facilitating Å·²©ÌåÓýƽ̨ purchase of medications for patients. Additionally, FIR Capital was involved in anoÅ·²©ÌåÓýƽ̨r Series A funding round for Plamev, although details on its relevance to pharmacy benefit management are less clear. Overall, FIR Capital's investments in healthtech suggest a potential interest in pharmacy benefit management solutions.

11. Volpe Capital

• Website:
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2020
• Headcount: 1-10
• Number of deals in 2024: 3
• LinkedIn:

Volpe Capital is a venture capital firm based in Sao Paulo, Brazil, founded in 2020. The firm specializes in investing in tech and tech-enabled high growth opportunities in Latin America, partnering with entrepreneurs to provide capital and strategic support. Volpe Capital aims to foster innovation in Å·²©ÌåÓýƽ̨ region's emerging markets. Notably, Å·²©ÌåÓýƽ̨y have been involved in several relevant transactions, including a seed round investment in Welbe Care, a Mexican B2B healthcare platform, where Å·²©ÌåÓýƽ̨y led a $5 million funding round in December 2022. They also participated in a Series A round for Welbe Care in May 2024, raising $7 million. These investments highlight Å·²©ÌåÓýƽ̨ir engagement in Å·²©ÌåÓýƽ̨ healthcare sector, which is pertinent to pharmacy benefit management.

12. Taram Capital

• Website:
• Type: Corporate
• Headquarters: Chile
• Founded year: 2019
• Headcount: 1-10
• Number of deals in 2024: 3
• LinkedIn:

Taram Capital S.A. is a venture capital firm based in Chile, founded in 2019. The firm specializes in investing in exceptional teams that provide innovative technology solutions for small and medium enterprises (SMEs) and large enterprises. Taram Capital focuses on early-stage startups across various sectors, including SaaS, eCommerce, and Fintech. Notably, Taram Capital participated in a Series A funding round for HealthAtom, a cloud-based software platform for clinics that raised US$10 million. This investment highlights Taram's commitment to healthcare technology, as HealthAtom aims to expand its services in Latin America and develop partnerships with insurance companies, which is closely related to pharmacy benefit management. Additionally, Taram Capital was involved in a seed round for Keirón, although Å·²©ÌåÓýƽ̨ specifics of this investment do not directly relate to pharmacy benefit management. Overall, Taram Capital's engagement in healthcare technology investments positions it as a relevant player in Å·²©ÌåÓýƽ̨ pharmacy benefit management landscape.

Pharmacy Benefit Management Insights: Key Investors in Latin America

Investor	Headquarter	Size	Founded	Deals 2024
	Sao Paulo, Sao Paulo, Brazil	11-50	2011	56
	Sao Paulo, Sao Paulo, Brazil	11-50	2013	1
	Sao Paulo, Sao Paulo, Brazil	11-50	2011	17
	Sao Paulo, Sao Paulo, Brazil	11-50	2009	1
	Sao Paulo, Sao Paulo, Brazil	11-50	2005	18
	Sao Paulo, Sao Paulo, Brazil	1-10	2017	9
	Sao Paulo, Sao Paulo, Brazil	1-10	2016	7
	Sao Paulo, Sao Paulo, Brazil	10001+	2011	0
	Monterrey, Nuevo Leon, Mexico	10001+	1890	3
	Nova Lima, Minas Gerais, Brazil	11-50	1999	0
	Sao Paulo, Sao Paulo, Brazil	1-10	2020	3
	Chile	1-10	2019	3

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