The pharmacy benefit management industry in Latin America is integral to improving how patients access and manage their medications. This sector includes companies like PBMs, health insurance providers, and pharmacy chains that streamline prescription drug distribution, contract with pharmacies, and negotiate drug prices. Recent trends show a growing focus on technology-driven solutions to enhance transparency and efficiency, addressing longstanding issues surrounding drug costs and availability. The industry is forecasted to evolve, with increases in partnerships and investments, reflecting a greater emphasis on patient-centered care while seeking to optimize healthcare resources across regions.

The list of top investors in pharmacy benefit management showcases a mix of venture capital firms and corporate entities, predominantly based in Sao Paulo, Brazil, with one notable presence in Monterrey, Mexico. Founded between 1890 and 2019, these firms vary in size, employing anywhere from a handful to over 10,000 professionals. Some made numerous investments in 2024, contributing to the growing health tech and pharmacy sectors—most notably Bossa Invest, Kaszek, and Femsa. Their strategic focus on healthcare illustrates a strong commitment to advancing pharmacy benefit management solutions in the region.

Top 12 Pharmacy Benefit Management 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. They also offer educational resources for investors and startups, aiming to empower entrepreneurs and foster growth in the startup ecosystem. Notably, Bossa Invest has participated in transactions such as Remedial Health, a health-tech startup focused on expanding pharmacy access in Nigeria, which aligns with pharmacy benefit management goals. Other investments include GiftHealth, Grinta, Scriptco, and Lively, which, while not all directly related to pharmacy benefit management, indicate a broader interest in health and technology sectors.

2. 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 investment firm based in Sao Paulo, Brazil, specializing in healthcare. Founded in 2013, the firm partners with healthcare businesses and startups, providing them with capital and strategic support to foster growth and innovation in the healthcare sector. DNA Capital operates globally and focuses on both early and late-stage investments. Notably, they have participated in significant funding rounds for companies such as Alto Pharmacy, which raised $50 million in Series C funding to support its expansion and product development in chronic and complex therapeutic areas. Additionally, they were involved in the Series A funding of Nice Healthcare, which aims to enhance healthcare services. These transactions highlight DNA Capital's active role in the healthcare landscape, particularly in areas that intersect with pharmacy benefit management.

3. Kaszek

• Website: kaszek.com
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2011
• Headcount: 11-50
• Number of deals in 2024: 17
• LinkedIn: kaszek-ventures

Kaszek is a venture capital firm based in Sao Paulo, Brazil, founded in 2011. The firm focuses on investing in and supporting entrepreneurs across Latin America, providing capital and strategic guidance to startups in various technology-driven industries. Kaszek aims to foster a vibrant technology ecosystem in the region through long-term partnerships. Notably, Kaszek has invested in healthcare-related companies such as Pipo Saúde, which raised significant funding in multiple rounds, including a recent venture round in April 2024 and a Series A in July 2021. Additionally, Kaszek participated in funding rounds for Alice, a health startup that raised substantial capital to enhance healthcare services for companies. These transactions highlight Kaszek's active role in the healthcare sector, aligning with pharmacy benefit management interests.

4. 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. The firm specializes 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. In the healthcare sector, they have made several notable investments, including a recent participation in a funding round for Fiibo, a healthtech platform that aims to enhance connectivity in the healthcare market. They also invested in Eyecare Health, which raised $2 million to expand its operations and improve its services. Other investments include Tem Saúde and Intuitive Care, both of which are health-focused startups. These transactions highlight VOX Capital's active role in the healthcare industry, particularly in areas that intersect with pharmacy benefit management.

5. Monashees

• Website: monashees.com
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2005
• Headcount: 11-50
• Number of deals in 2024: 18
• LinkedIn: monashees-capital

Monashees is a venture capital firm based in Sao Paulo, Brazil, founded in 2005. The firm specializes in investing in technology-based companies across Latin America, providing not only funding but also support in areas such as talent acquisition and fundraising. Among their notable transactions, Monashees has invested in Pipo Saúde, a Brazilian healthcare services provider, which raised significant funding in multiple rounds, including a recent venture round in April 2024 and a Series A in July 2021. Additionally, they have invested in Memed, a digital prescription platform, which raised funds in Series A and other rounds. These investments highlight Monashees' focus on healthcare technology, positioning them as a relevant player in the pharmacy benefit management landscape.

6. Onevc

• Website: onevc.vc
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2017
• Headcount: 1-10
• Number of deals in 2024: 9
• LinkedIn: onevc

ONEVC is a venture capital firm based in Sao Paulo, Brazil, founded in 2017. The firm specializes in seed-stage investments across Latin America, providing financial backing and operational assistance to startup founders. Onevc has been involved in several notable transactions in the healthcare sector, including investments in Pipo Saúde, a Brazilian healthcare services provider that raised significant funding in both seed and Series A rounds. This company aims to scale its business and expand its footprint in Brazil, indicating a focus on improving healthcare access and services. Additionally, Onevc has invested in other startups like Caju and Capim, which may also contribute to the healthcare ecosystem. These transactions highlight Onevc's commitment to supporting innovative solutions in the healthcare industry, making it a relevant player in the pharmacy benefit management landscape.

7. Mindset Ventures

• Website: mindset.ventures
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2016
• Headcount: 1-10
• Number of deals in 2024: 7
• LinkedIn: mindset-ventures

Mindset Ventures is a venture capital firm based in Sao Paulo, Brazil, founded in 2016. The firm specializes in early-stage technology investments and provides capital and strategic support to startups across various sectors, including financial services and healthcare. Mindset Ventures aims to help these companies grow by offering business development assistance, mentorship, and access to valuable networks. Notably, the firm has participated in funding rounds for healthcare-related companies such as Hyro, which raised $10.5 million in Series A funding and $20 million in Series B funding, focusing on AI-powered healthcare solutions. Additionally, Mindset Ventures was involved in the funding of Angle Health, a health insurance and benefits provider, which aligns with the broader healthcare and pharmacy benefit management context. These transactions highlight the firm's engagement in the healthcare sector, suggesting a potential interest in pharmacy benefit management.

8. Raia Drogasil

• Website: rd.com.br
• Type: Corporate
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2011
• Headcount: 10001+
• LinkedIn: raia-drogasil

Raia Drogasil, founded in 2011 and based in Sao Paulo, Brazil, is a prominent corporate investor in the pharmacy sector, operating over 2,500 stores under the Drogasil and Droga Raia brands. The company focuses on providing accessible healthcare solutions through a diverse range of health and wellness products, including both prescription and over-the-counter medications. In recent years, Raia Drogasil has made strategic acquisitions to bolster its market position and enhance its service offerings. Notably, the acquisition of Drogaria Onofre in February 2019 aimed to improve their e-commerce capabilities, while the acquisition of HealthBit in November 2021 and Manipulae in September 2020 further demonstrate their commitment to expanding their healthcare services. These transactions indicate a proactive approach to integrating technology and personalized healthcare solutions, which are essential components of pharmacy benefit management.

9. Femsa

• Website: femsa.com
• Type: Corporate
• Headquarters: Monterrey, Nuevo Leon, Mexico
• Founded year: 1890
• Headcount: 10001+
• Number of deals in 2024: 3
• LinkedIn: femsa

Fomento Económico Mexicano S.A.B. de C.V. (Femsa) is a multinational company based in Monterrey, Nuevo Leon, Mexico, primarily known as the largest Coca-Cola bottler globally and for operating OXXO, a chain of convenience stores. Founded in 1890, Femsa has diversified its operations to create economic and social value across 18 countries. In recent years, Femsa has made strategic acquisitions in the pharmacy sector, including Corporación GPF, a leading drugstore operator in Ecuador, and Fybeca, further expanding its drugstore presence in South America. Additionally, Femsa acquired Farmacias Farmacon, which operates over 200 stores in Mexico, marking a significant step in its strategy within the small-box retail segment. These transactions highlight Femsa's active role in the pharmacy industry, making it a relevant player in the pharmacy benefit management landscape.

10. FIR Capital Partners

• Website: fircapital.com
• Type: Venture Capital
• Headquarters: Nova Lima, Minas Gerais, Brazil
• Founded year: 1999
• Headcount: 11-50
• LinkedIn: dfj-fir-capital-partners

FIR Capital Partners is a venture capital firm based in Nova Lima, Minas Gerais, Brazil, founded in 1999. The firm specializes in venture capital and financial advisory services, connecting entrepreneurs and businesses with investors while providing strategic guidance for growth. FIR Capital focuses on small and medium enterprises across various sectors. Notably, they participated in a Series A funding round for Nexodata, a healthtech company that specializes in digital medical prescriptions, raising R$ 35 million. This investment is particularly relevant to the pharmacy benefit management context, as Nexodata aims to create a marketplace for digital prescriptions, facilitating the purchase of medications for patients. Additionally, FIR Capital was involved in another Series A funding round for Plamev, although details on its relevance to pharmacy benefit management are less clear. Overall, FIR Capital's investments in healthtech suggest a potential interest in pharmacy benefit management solutions.

11. Volpe Capital

• Website: volpecapital.com
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2020
• Headcount: 1-10
• Number of deals in 2024: 3
• LinkedIn: volpe-capital

Volpe Capital is a venture capital firm based in Sao Paulo, Brazil, founded in 2020. The firm specializes in investing in tech and tech-enabled high growth opportunities in Latin America, partnering with entrepreneurs to provide capital and strategic support. Volpe Capital aims to foster innovation in the region's emerging markets. Notably, they have been involved in several relevant transactions, including a seed round investment in Welbe Care, a Mexican B2B healthcare platform, where they led a $5 million funding round in December 2022. They also participated in a Series A round for Welbe Care in May 2024, raising $7 million. These investments highlight their engagement in the healthcare sector, which is pertinent to pharmacy benefit management.

12. Taram Capital

• Website: taramcapital.com
• Type: Corporate
• Headquarters: Chile
• Founded year: 2019
• Headcount: 1-10
• Number of deals in 2024: 3
• LinkedIn: taramcapital

Taram Capital S.A. is a venture capital firm based in Chile, founded in 2019. The firm specializes in investing in exceptional teams that provide innovative technology solutions for small and medium enterprises (SMEs) and large enterprises. Taram Capital focuses on early-stage startups across various sectors, including SaaS, eCommerce, and Fintech. Notably, Taram Capital participated in a Series A funding round for HealthAtom, a cloud-based software platform for clinics that raised US$10 million. This investment highlights Taram's commitment to healthcare technology, as HealthAtom aims to expand its services in Latin America and develop partnerships with insurance companies, which is closely related to pharmacy benefit management. Additionally, Taram Capital was involved in a seed round for Keirón, although the specifics of this investment do not directly relate to pharmacy benefit management. Overall, Taram Capital's engagement in healthcare technology investments positions it as a relevant player in the pharmacy benefit management landscape.

Pharmacy Benefit Management Insights: Key Investors in Latin America

Investor	Headquarter	Size	Founded	Deals 2024
bossa invest	Sao Paulo, Sao Paulo, Brazil	11-50	2011	56
DNA Capital	Sao Paulo, Sao Paulo, Brazil	11-50	2013	1
Kaszek	Sao Paulo, Sao Paulo, Brazil	11-50	2011	17
VOX Capital	Sao Paulo, Sao Paulo, Brazil	11-50	2009	1
Monashees	Sao Paulo, Sao Paulo, Brazil	11-50	2005	18
Onevc	Sao Paulo, Sao Paulo, Brazil	1-10	2017	9
Mindset Ventures	Sao Paulo, Sao Paulo, Brazil	1-10	2016	7
Raia Drogasil	Sao Paulo, Sao Paulo, Brazil	10001+	2011	0
Femsa	Monterrey, Nuevo Leon, Mexico	10001+	1890	3
FIR Capital Partners	Nova Lima, Minas Gerais, Brazil	11-50	1999	0
Volpe Capital	Sao Paulo, Sao Paulo, Brazil	1-10	2020	3
Taram Capital	Chile	1-10	2019	3

Want to find more investors focusing on the pharmacy benefit management industry?

If you want to find more investors that are active in the pharmacy benefit managementindustry, you can do that with Inven. We built this list and analysis throughInven's Investor Search, and there are a lot more private equity, venturecapital, and corporate investors like these globally.

With Inven, you'll also get to know:

• Deal History: Number of deals and their sizes.
• Portfolio: Companies they've invested in.
• Contact data: Key dealmakers, including their emails and phonenumbers.
• ...and much more!