Elma Care Secures $3.2M Series A Funding to Launch Telehealth Platform

On October 17, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that digital health company Elma Care (Elma) announced the completion of a $3.2 million Series A financing round. The round was led by Mangrove Capital Partners, with participation from Antai Venture Builder (AVB), Arroba Capital, and Joyance Partners.

It is reported that Elma will use the funds from this round of financing to expand its scale and plans to launch its first healthcare product in the Spanish market in November 2019.

Elma, founded in 2017 and headquartered in Barcelona, Spain, is an early-stage digital health company. The company is dedicated to enhancing health insurance operations and establishing a personalized healthcare system, providing telemedicine services to over 300 million users without private insurance coverage in Southern Europe and Latin America.

Since its inception, Elma has been developing app-accessible digital health systems to provide convenience for a broad base of health insurance consumers. This telemedicine platform facilitates face-to-face consultations between patients and physicians, features a search engine that helps patients locate suitable specialists, and provides initial digital healthcare prescriptions.

Elma is committed to integrating health insurance with health plans to help patients achieve disease prevention. Meanwhile, the company’s website clearly lists the prices of various health plans, including those “with copay,” enabling patients to understand the fee structure and promoting openness and transparency in medical services.

Antón, Chief Medical Officer of Elma Care, stated, “Few companies can optimize the efficacy of healthcare products while controlling costs, but Elma Care can. We aim to build a digital health subscription platform that offers an online, complete, and comprehensive quotation system, enabling customers to gain in-depth insights into our products and consult and purchase online. We will continue to launch new products to help people prevent disease.”

Mangrove Capital Partners, established in March 2000 and headquartered in Luxembourg, Germany, is a venture capital and private equity firm. The company primarily provides financial support and strategic guidance to early-stage internet and software development enterprises. Since its inception, Mangrove Capital Partners has completed 131 investments, with a total investment amount exceeding $740 million.

AVB, established in March 2012 and headquartered in Barcelona, Spain, is a venture capital firm. The company primarily focuses on the mobile internet sector and has completed 19 investments to date.

Arroba Capital, established in 2002, is a venture capital firm. The company focuses on investing in innovative projects and provides financial support to entrepreneurs.

Joyance Partners, founded in 2017 and headquartered in San Francisco, USA, is a venture capital and financial services firm. Since its inception, the company has completed 65 investments.

(Compiled by Xu Xiaoxue)