The medical devices industry in Latin America plays a pivotal role in healthcare, encompassing companies that manufacture a wide array of products from diagnostic tools to surgery aids. Major players include startups and established firms focusing on innovation, such as surgical robotics, health monitoring instruments, and biotechnology solutions. Recently, the sector has seen an increase in investments and collaborations, spurred by growing healthcare needs and advancements in technology. As the region enhances regulatory frameworks and infrastructure, the medical device market is poised for significant growth, attracting interest from both local and international investors looking to capitalize on emerging opportunities.

In evaluating the investment scene in Latin America’s medical devices sector, a mix of venture capital and private equity firms has emerged. Most investors are headquartered in Sao Paulo and Rio de Janeiro, with one based in Buenos Aires, indicating a strong concentration in Brazil. While the sizes of these firms vary, the majority employ between 11 and 50 staff members. Founded between 1999 and 2021, these investors actively engaged in a robust number of deals in 2024, with many making multiple investments, signaling their commitment to fostering innovation in healthcare.

Top 12 Medical Devices Investors in Latin America

1. bossa invest

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

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 the technology sector, and provides capital, strategic guidance, and access to a network of co-investors. Bossa Invest has been active in the medical devices space, with significant investments in companies like Vicarious Surgical, which raised $13.2 million in Series A funding for its surgical robotics technology, and Empatica, which focuses on health monitoring devices and raised funds in multiple rounds. Additionally, they have invested in Osso VR, a company offering virtual reality training solutions for surgical procedures, further demonstrating their engagement in the medical devices industry. Bossa Invest also emphasizes educational resources for investors and startups, aiming to empower entrepreneurs and foster growth in the startup ecosystem.

2. Eretz.bio

• Website: eretz.bio
• Type: Corporate
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2017
• Headcount: 11-50
• Number of deals in 2024: 16
• LinkedIn: eretz.bio

Eretz.bio is a not-for-profit organization based in Sao Paulo, Brazil, founded in 2017. It serves as an innovation hub associated with the Hospital Israelita Albert Einstein, focusing on incubating startups in the healthcare sector. Eretz.bio provides resources and support to develop innovative solutions, particularly in biotechnology, digital health, and medical devices. Among their notable transactions, they have invested in Hefesto Medtech and Neurobots, both of which are involved in the medical devices sector, indicating their active role in supporting the development of medical technologies. In 2020, they participated in the seed round for Fix it, and in 2018, they supported Phelcom, further showcasing their commitment to fostering innovation in medical devices.

3. DNA Capital

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

DNA Capital is a venture capital firm based in Sao Paulo, Brazil, founded in 2013. The firm specializes in healthcare investments, partnering with healthcare businesses and startups to provide capital and strategic support aimed at fostering growth and innovation in the healthcare sector. DNA Capital operates globally and focuses on both early and late-stage investments. Notable transactions include their investment in Memed, a healthtech company that specializes in digital medical prescriptions, where they led a funding round investing R$ 300 million. They also participated in the Series C funding round for Memed, which raised $17,743,710, and in the Series A round for Spotlight Therapeutics, which raised $30 million. These transactions highlight DNA Capital's active role in the healthcare and medical devices industry.

4. The Ganesha Lab

• Website: theganeshalab.com
• Type: Corporate
• Headquarters: Las Condes, Santiago, Chile
• Founded year: 2016
• Headcount: 1-10
• Number of deals in 2024: 5
• LinkedIn: ganeshalab

The Ganesha Lab is a biotech accelerator based in Las Condes, Santiago, Chile, founded in 2016. It supports early-stage biotech startups in Latin America through various programs such as BIGinBIO and Scale Up. The Ganesha Lab provides mentorship, workshops, and access to funding, helping startups navigate the complexities of the biotech industry and scale their innovations for global impact. Among their notable transactions, they have invested in companies like Bleps Vision, which raised funds in a seed round, and Smart Tissues, which also secured funding in a pre-seed round. These investments indicate their engagement with startups that may be developing medical technologies, including medical devices, thus aligning with the interests of the medical devices sector.

5. Kptl

• Website: kptl.com.br
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2020
• Headcount: 11-50
• Number of deals in 2024: 5
• LinkedIn: inseed-investimentos

KPTL is a venture capital firm based in Sao Paulo, Brazil, founded in 2020. With over 15 years of experience in the investment landscape, KPTL has made more than 124 investments, focusing on innovative startups across various industries. Notably, KPTL has invested in several companies within the medical devices sector, including Tmed, which raised funds in a Series A round, and Magnamed, which secured over $2.6 million in a Series A round. Additionally, they have invested in Vida Biotecnologia, further showcasing their commitment to supporting healthcare innovation. KPTL provides not only capital but also strategic guidance to help these companies grow and succeed in their respective markets.

6. IKJ Capital

• Website: ikj.capital
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2019
• Headcount: 1-10
• Number of deals in 2024: 7
• LinkedIn: irukandji-capital

IKJ Capital is a venture capital firm based in Sao Paulo, Brazil, founded in 2019. The firm specializes in investing in early-stage healthcare technology companies, aiming to address significant healthcare challenges such as mental health and chronic conditions. IKJ Capital provides not only funding but also expertise to innovative startups in the healthcare technology sector. Notable transactions include investments in Proton Intelligence and Iterative Scopes, both of which are involved in healthcare technology. Additionally, their investment in Perceiv AI, which focuses on a prognostic platform for healthcare, highlights their engagement in the medical technology space. With a total of 7 investments in 2024, IKJ Capital is actively supporting the development of solutions that could impact the medical devices industry.

7. VOX Capital

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

VOX Capital is an impact investment firm based in Sao Paulo, Brazil, founded in 2009. They specialize 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 their financial goals with their values. Among their notable transactions, they invested in ProRadis, which raised $1,911,132 in Series A funding in 2015, indicating their active role in the medical technology space. Additionally, they have invested in other healthcare-related companies such as Magnamed and Wecancer, further demonstrating their commitment to the healthcare sector and medical devices.

8. Crescera Capital

• Website: crescera.com
• Type: Private Equity
• Headquarters: Rio De Janeiro, Rio De Janeiro, Brazil
• Founded year: 2008
• Headcount: 11-50
• Number of deals in 2024: 7
• LinkedIn: bozano-investimentos

Crescera Capital is a private equity and venture capital investment firm based in Rio de Janeiro, Brazil, founded in 2008. The firm specializes in providing growth capital and strategic guidance to mid-sized companies across various sectors, including education, technology, and health. Notably, Crescera has been involved in several transactions within the medical devices sector, such as the seed funding of Ventrix, which raised $1,770,907 in February 2015, and Confiance Medical S/A, which secured $793,248 in May 2017. Additionally, they participated in the funding of Compass in two separate seed rounds in 2016 and 2017, further demonstrating their engagement in health-related investments. In 2023, Crescera also invested in Hospital Care, indicating their ongoing commitment to enhancing operational performance and market opportunities in the healthcare industry.

9. GRIDS Capital

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

GRIDS Capital is a venture capital firm based in Sao Paulo, Brazil, founded in 2016. The firm specializes in deep tech ventures and focuses on providing investment and market analysis services to entrepreneurs and businesses in advanced technology sectors. GRIDS Capital has built a diverse portfolio that supports innovation in various industries, including life sciences and medical devices. Notably, they participated in the Series B funding rounds for CytoVale, a company developing technology for early detection of sepsis, highlighting their engagement in the medical devices space. Additionally, they have invested in other biotech firms like BigHat Biosciences and Immusoft, which, while primarily focused on biotechnology, also intersect with medical device applications. This diverse investment strategy showcases GRIDS Capital's commitment to advancing technology in healthcare and medical devices.

10. Zentynel Frontier Investments

• Website: zentynel.com
• Type: Venture Capital
• Headquarters: Santiago, Santiago, Chile
• Founded year: 2017
• Headcount: 1-10
• Number of deals in 2024: 4
• LinkedIn: zentynel-frontier-investments

Zentynel Frontier Investments is a venture capital firm based in Santiago, Chile, founded in 2017. The firm specializes in biotechnology investments, providing financial backing and management expertise to innovative startups in the sector. Zentynel has been involved in several notable transactions, particularly in the medical devices context. For instance, they led a $10 million Series A-1 financing round for Autem Therapeutics, which is focused on developing a novel bioelectric oncology treatment platform targeting solid tumors, including Hepatocellular Carcinoma. This investment is crucial as it involves the development of medical devices intended for clinical trials and regulatory approvals. Additionally, Zentynel participated in the funding of Respira Labs, a startup that is working on lung health solutions and is in the process of obtaining FDA clearance for its product. Their investment in MultiplAI Health, a diagnostics company, also highlights their engagement in the medical devices field. Overall, Zentynel Frontier Investments is committed to supporting high-growth potential companies in biotechnology, including those in the medical devices sector.

11. Cites

• Website: cites-gss.com
• Type: Venture Capital
• Headquarters: Sunchales, Santa Fe, Argentina
• Founded year: 2014
• Headcount: 51-200
• Number of deals in 2024: 2
• LinkedIn: cites

Cites is a venture capital firm based in Sunchales, Santa Fe, Argentina, founded in 2014. The firm specializes in supporting the development of scientific and technological startups, providing venture capital investment, mentorship, and access to resources for early-stage companies. Cites has been involved in several seed round investments, including NeuroAcoustics, which focuses on auditory health technologies, and Limay Biosciences, which is engaged in biotechnology. These investments highlight Cites' commitment to fostering innovation in sectors that are closely related to medical devices, particularly in health technology and biosciences.

12. Afya

• Website: afya.com.br
• Type: Corporate
• Headquarters: Nova Lima, Minas Gerais, Brazil
• Founded year: 1999
• Headcount: 5001-10000
• Number of deals in 2024: 4
• LinkedIn: afyaeducacional

Afya is a public entity based in Nova Lima, Minas Gerais, Brazil, specializing in medical education and health technology solutions. Founded in 1999, Afya offers a range of educational programs for medical students and healthcare professionals, alongside digital health services. In recent years, Afya has made several strategic acquisitions that highlight its interest in health technology and medical devices. Notable transactions include the acquisition of Glic, a diabetes care and management app, and Medical Harbour, which focuses on health technology solutions. These acquisitions reflect Afya's commitment to integrating innovative health technologies into its offerings, thereby enhancing its role in the medical devices sector.

Medical Devices Insights: Key Investors in Latin America

Investor	Headquarter	Size	Founded	Deals 2024
bossa invest	Sao Paulo, Sao Paulo, Brazil	11-50	2011	56
Eretz.bio	Sao Paulo, Sao Paulo, Brazil	11-50	2017	16
DNA Capital	Sao Paulo, Sao Paulo, Brazil	11-50	2013	1
The Ganesha Lab	Las Condes, Santiago, Chile	1-10	2016	5
Kptl	Sao Paulo, Sao Paulo, Brazil	11-50	2020	5
IKJ Capital	Sao Paulo, Sao Paulo, Brazil	1-10	2019	7
VOX Capital	Sao Paulo, Sao Paulo, Brazil	11-50	2009	1
Crescera Capital	Rio De Janeiro, Rio De Janeiro, Brazil	11-50	2008	7
GRIDS Capital	Sao Paulo, Sao Paulo, Brazil	1-10	2016	1
Zentynel Frontier Investments	Santiago, Santiago, Chile	1-10	2017	4
Cites	Sunchales, Santa Fe, Argentina	51-200	2014	2
Afya	Nova Lima, Minas Gerais, Brazil	5001-10000	1999	4

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