New Delhi: Patient21, a startup based in Germany, has successfully raised €100 million ($108 million) in a Series C round of funding led by Israeli venture capital firm Pitango. The funding, a combination of equity and debt, will help Patient21 further develop its digital healthcare platform and expand its brick-and-mortar clinics.
Founded in 2019 in Berlin, Patient21 offers a comprehensive digital healthcare platform that covers various aspects of the patient journey, including online bookings, digital case histories, check-ins, billing, insurance, and more. Unlike its U.S. counterpart Carbon Health, Patient21 does not primarily focus on remote healthcare options. Instead, it has developed proprietary software to manage patients and guides them to its 50-plus outpatient clinics located across Germany.
The company’s current focus is primarily on dentistry, with over 80% of its clinics specializing in oral health. The remaining clinics are divided between gynaecology and general practitioner practices. Patient21’s co-founder and CEO, Chris Muhr, explained that dentistry requires in-person consultations for comprehensive diagnosis and treatment. Visual inspection of oral health, utilization of diagnostic tools such as X-rays, and prompt addressing of emergencies are best served through onsite consultations to ensure the highest standards of care.
Patient21 currently handles over 300,000 patient visits per year and has plans to expand its services to cover additional areas of healthcare in the future. As it continues to grow and develop in the field of human medicine, the company is actively exploring the integration of telehealth solutions into its offerings.
The software developed by Patient21 has multiple components, with a patient-facing app being just one aspect. The company also provides apps for doctors and a clinic management system. By offering a suite of clinic-facing software, Patient21 aims to support healthcare professionals and optimize their time by minimizing administrative tasks. This allows the clinical teams to focus on what they do best: providing patient care.
With the latest funding round, Patient21 plans to further enhance its software capabilities and expand its operations beyond Germany. Within the next 12 months, the company expects to launch in two new European markets. Patient21’s clinics have demonstrated operational profitability in a relatively short period, reducing the need for extensive equity investment to open new clinics. Consequently, the majority of the funding will be allocated to software development, improving the platform’s capabilities.
In the future, Patient21 may explore opportunities to license its booking and patient-management software. The company envisions potential partnerships or a franchise model where franchisees can benefit from its unique software and services offering. This long-term strategy could expand Patient21’s reach and impact in the healthcare market.
The Series C funding round primarily consisted of equity, with more than 70% of the investments coming from equity sources. In addition to Pitango, other participants included PICO Venture Partners, Bertelsmann Investments, Artian, Target Global, Piton Capital, and several angel investors. The debt segment of the funding was provided by IPT Partners.
