Index ventures into Latin America to back Sofia, a Mexico City-based telemedicine and health insurer – TechCrunch

Index ventures into Latin America to back Sofia, a Mexico City-based telemedicine and health insurer – TechCrunch

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Arturo Sanchez and his co-founders have spent the previous two years creating the telemedicine and insurance coverage platform, Sofia, with the intention to give shoppers throughout Mexico higher get right of entry to to high quality healthcare via their insurance coverage plan.

At the side of his co-founders, Sebastian Jimenez, a former Google worker who serves as the corporate’s leader product officer, and Manuel Andere an ex-Patreon worker who’s now Sofia’s leader generation officer, Sanchez  (a former Index Ventures worker) is on a trail to supply low cost insurance coverage for heart elegance shoppers throughout Latin The usa, beginning in Mexico Town.

Backing that imaginative and prescient are a seize of regional and world buyers together with Kaszek Ventures, Ribbit Capital, and Index Ventures. When Index Ventures got here in to guide the corporate’s $19 million spherical previous this yr, it used to be the primary dedication that the project company had made in Latin The usa, however given the energy of the marketplace, it most probably received’t be their ultimate.

In Sofia, Index has discovered a excellent foothold from which to amplify its task. The corporate which to begin with began as a telemedicine platform lately gained approvals to function as an insurer as neatly — a part of a long-term imaginative and prescient for enlargement the place it supplies a complete carrier well being platform for patrons.

Based by means of 3 school pals who graduated from the Instituto Tecnológico Autónomo de México (Mexico’s model of MIT), the corporate to begin with introduced with COVID-19 comparable telemedicine carrier because the pandemic took grasp in Mexico.

That carrier used to be a placeholder for what Sanchez stated used to be the wider corporate imaginative and prescient. And whilst that product by myself had 10,000 customers signed up for it, the brand new imaginative and prescient is broader.

“We registered as an insurance company because we want to go deeper into people’s health. We have built a telemedicine solution, which is a core component of the product. The goal is to be an integrated provider that provide primary care and handles more significant types of illnesses,” stated Sanchez.

The corporate already has a core workforce of 100 physicians in Mexico Town and to begin with shall be serving town with 70 other specialist spaces.

The entire digital consultations are coated with out an extra fee and in-person or distinctiveness consultations come at a 30% diminished fee to an out-of-pocket fee, in step with Sanchez.

Charges rely on age and gender, however Sanchez stated a buyer would normally pay round $500 per-year or kind of between $40 and $50 per-month.

The corporate covers 70% of the price of maximum therapies that’s capped at $2,000 per-year and protection maxes out at $75,000. “In Mexico that covers north of 98% of all illnesses or treatment episodes,” stated Sanchez.

In Mexico, insurance coverage is even much less commonplace than in america.

90% of private health spend happens out of pocket. The problem that we’re trying to solve is for these people that are already spending money on healthcare but doing it in an unpredictable and risky way,” stated Sanchez. “They buy [our service] and they have access to great quality healthcare that they buy it and it’s a significant step up from what they’ve been living with.”


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