Tofte & Company advises Practio on its 8.2 MEUR financing led by Spintop Ventures

Tofte & Company is pleased to have acted as exclusive advisor to the digital health care platform company Practio on its 8.2 MEUR financing led by Spintop Ventures.

Copenhagen based digital healthcare platform company Practio ApS completed its equity funding round, which, together with loan conversion and debt financing, raised 8.2 MEUR for the company.

Practio has developed and deployed a digital healthcare platform, which enables pharmacies to become central points-of-care. Initial Practio services include vaccinations and COVID-19 antibody testing, but the company is planning to roll out broader platform services over time. Practio has deployed its platform across Denmark since 2015 and started its rollout in the UK in 2019. The latest funding will be used to speed up the deployment in the UK and to enter the German market later this year with other countries to follow from 2021 onwards.

Since 2018, Practio has been supported by PHOENIX group, a leading healthcare provider in Europe, which has now become a shareholder of Practio. Both companies share the ambition to strengthen the role of local pharmacies as direct, close-to-home healthcare providers. Spintop and PHOENIX were also joined in the investment round by Carl Westin, the international investment company with a focus on digital health.

Practio co-founder & CEO Mads Mikkelsen: “Recent events have clearly demonstrated the global need to fundamentally rethink primary healthcare delivery. We’re super excited about the strong support from Spintop, PHOENIX group and Carl Westin in accelerating our continued expansion, enabling better access to quality healthcare services for more people”.

Erik Wenngren, co-founder and partner of Spintop Ventures remarked “Spintop is pleased to be able to support Practio in its international rollout by leading this funding round. The company’s service platform off-loads the strained healthcare sector by enabling pharmacies to become proper points-of-care and it also brings true value to pharmacies by giving them possibilities to service their customer better and bring new revenue streams”.

Dr. Tobias Bucher, Head of Digital Transformation & Enablement at PHOENIX group, explains the company’s investment stating, “We believe that Practio’s services can transform local pharmacies into central points-of-care for their community. This benefits patients, who can trust to receive important health care services as well as products at one central place close to their home. At the same time, it benefits pharmacies, which can offer more relevant services, thus strengthening their close connections to customers“.

“We are truly impressed by the Practio team and the platform they have built over last couple of years. The modular technology architecture of the Practio technology platform will enable rapid scaling into next countries and services – incl. opportunities to combat the corona-crisis.  We are looking forward to follow the journey of Practio,” says Poul Kotiah Hansen, Senior Associate at Tofte & Company”.

Practio co-founder & CEO Mads Mikkelsen further adds: “We have been very satisfied with Tofte & Company during this fundraising process. They have provided valuable advise in every phase of the process. The fundraising process was very streamlined and with their comprehensive understanding of tech startup businesses and insight into the healthtech startup fundraising scene they managed to secure a strong investor match”.

 

About Practio

Practio is a health-tech company based in Copenhagen, Denmark. Founded by Mads Mikkelsen and Jonas Nilsen (MD), Practio’s technology platform enables pharmacies to deliver healthcare services, giving more people better access to high quality healthcare.

About Spintop

Spintop Ventures is a Swedish early-stage Venture Capital company investing in Nordic software enabling technology companies. Spintop, started in 2009, is backed by the European Investment Fund, Saminvest, Sitra and many high-profile tech entrepreneurs and is currently investing from Spintop’s third fund. Spintop has a sustainable ESG investment agenda for its funds and portfolio companies.

About PHOENIX

The PHOENIX group, headquartered in Mannheim, Germany, is a leading healthcare provider in Europe and considers itself to be a link between manufacturer and patient. Active in 27 countries, it offers unique geographical coverage throughout Europe, making a vital contribution to comprehensive healthcare with more than 39,000 employees.