The mail order pharmacy industry in Latin America is rapidly evolving, driven by a growing demand for convenient healthcare solutions. Companies in this sector offer various services, including online prescription management, medication delivery, and over-the-counter products. Market growth is fueled by technological advancements, increasing e-commerce adoption, and an expanding focus on patient-centered care. Insights reveal that during the pandemic, many consumers became accustomed to the ease of ordering medications online, leading to long-term changes in purchasing habits. As a result, innovations continue to shape the industry, paving the way for improved access and efficiency in pharmaceutical care.

This list features a mix of venture capital firms and corporate investors based in Brazil and Mexico, with a range of company sizes from small startups to major players. Established between 1890 and 2017, these investors participated in various deal counts for 2024, highlighting their engagement in the mail order pharmacy sector. With 11 to over 10,000 employees, they contribute to shaping the future of healthcare and pharmacy services in the region, weighing different investment strategies to fuel growth.

Top 14 Mail Order Pharmacy 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 within the technology sector, and provides capital, strategic guidance, and access to a network of co-investors. Bossa Invest is committed to empowering entrepreneurs and fostering growth in the startup ecosystem. Among their notable transactions, they have invested in Scriptco, a startup that raised funds to enhance pharmacy services, and Remedial Health, a health-tech company focused on improving pharmacy access in Nigeria. These investments highlight Bossa Invest's engagement in the health and pharmacy sectors, aligning with their mission to support transformative startups.

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 firm based in Sao Paulo, Brazil, founded in 2013. The firm specializes in healthcare investments, partnering with businesses and startups to provide capital and strategic support for growth and innovation. DNA Capital has been involved in several notable transactions in the healthcare sector, including a $50 million Series C funding round for Alto Pharmacy, a company focused on mail order pharmacy services. Additionally, they led a significant funding round for Memed, a healthtech company that specializes in digital medical prescriptions, further demonstrating their commitment to investing in innovative healthcare solutions. Their focus on both early and late-stage investments allows them to support a diverse range of healthcare initiatives, including those in the mail order pharmacy space.

3. 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 invested in Memed, which raised $3 million in a Series A round in 2017 and $500,000 in a prior venture round in 2015. Memed is a digital platform that streamlines the prescription process, making it relevant to the mail order pharmacy sector. Additionally, Monashees has invested in Rappi, a last-mile delivery service, which, while not directly related to mail order pharmacies, showcases their interest in logistics and technology-driven solutions. Overall, Monashees' involvement in healthcare technology through Memed positions them as a potential investor in the mail order pharmacy industry.

4. 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 operating in the beverage and retail sectors. Founded in 1890, Femsa is the largest Coca-Cola bottler globally and operates OXXO, a chain of convenience stores across 18 countries. In recent years, Femsa has expanded its portfolio to include significant investments in the pharmacy sector. Notably, in 2018, Femsa acquired Fybeca, a leading drugstore operator in Ecuador, followed by the acquisition of Corporación GPF in 2019, further solidifying its presence in the South American drugstore market. These strategic moves reflect Femsa's focus on creating economic and social value through diverse offerings, including pharmaceuticals, which positions them as a relevant player in the mail order pharmacy industry.

5. 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 leading pharmacy chain operating over 2,500 stores under the Drogasil and Droga Raia brands. The company specializes in a wide range of health and wellness products, including prescription and over-the-counter medications, aimed at providing accessible healthcare solutions to consumers. In recent years, Raia Drogasil has made strategic acquisitions to enhance its e-commerce capabilities, including the acquisition of Drogaria Onofre in February 2019, which focused on improving their online services. Additionally, they acquired Manipulae in September 2020 and CUCO Health in August 2021, both of which further strengthen their position in the digital pharmacy space. These transactions reflect Raia Drogasil's commitment to expanding its reach in the mail order pharmacy sector, making it a relevant investor in this industry.

6. Stella Maris Partners

• Website: stellamaris.mx
• Type: Venture Capital
• Headquarters: Monterrey, Nuevo Leon, Mexico
• Founded year: 2012
• Headcount: 1-10
• Number of deals in 2024: 1
• LinkedIn: stella-maris-partners

Stella Maris Partners is a venture capital firm based in Monterrey, Nuevo Leon, Mexico, founded in 2012. The firm specializes in investing in early-stage companies that demonstrate a strong social impact, providing seed capital and support to entrepreneurs. Notably, Stella Maris Partners participated in the seed funding round for Arogga, a local medicine delivery startup, which raised $5.5 million in October 2023. This investment highlights their commitment to the healthcare sector and innovative delivery solutions. Additionally, they have invested in Medtep, a Barcelona-based digital therapeutics platform, which further showcases their interest in health-related technologies. Their portfolio also includes Lentesplus, an e-commerce platform for contact lenses, indicating a broader interest in health and wellness sectors. Overall, Stella Maris Partners is focused on fostering economic growth in Mexico through impactful investments, including those in the mail order pharmacy space.

7. 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 enhance its portfolio in the healthcare sector. Notably, the acquisition of Cliquefarma, a healthtech company, signifies Afya's entry into the pharmacy space, which is relevant to mail order pharmacy operations. Additionally, Afya's acquisition of Glic, a diabetes care app, and iClinic, a healthcare management platform, further demonstrates its commitment to integrating technology into healthcare delivery. These transactions reflect Afya's strategy to expand its influence in the healthcare ecosystem, including areas that overlap with pharmacy services.

8. 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. Notably, they have participated in several relevant transactions in the healthcare space, including investments in Tem Saúde and Omens, both of which are health-related startups. Most significantly, they were involved in a recent investment in Fiibo, a healthtech platform that aims to improve connectivity and autonomy in the fragmented health market, which is crucial for the operations of mail order pharmacies. This involvement indicates their active role in the healthcare sector, making them a relevant investor in the mail order pharmacy context.

9. Grupo Elfa

• Website: grupoelfa.com.br
• Type: Corporate
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 1990
• Headcount: 1001-5000
• LinkedIn: elfa-medicamentos-ltda

Grupo Elfa is a corporate investor based in Sao Paulo, Brazil, founded in 1990. The company is a key player in the healthcare supply chain, specializing in the distribution of pharmaceuticals and medical supplies to hospitals, clinics, and health plans. With over 30 years of experience, Grupo Elfa ensures timely access to essential products for patient care. Notably, they have made significant acquisitions to strengthen their market position, including the acquisition of Agilfarma Medicamentos through their subsidiary Prescrita Medicamentos in 2019, which aimed to enhance their presence in southern Brazil. Additionally, in January 2021, they acquired Dupatri for $34.7 million, further expanding their distribution capabilities. These transactions highlight Grupo Elfa's commitment to growing its influence in the pharmaceutical sector, which is relevant to the mail order pharmacy context.

10. Viveo

• Website: viveo.com.br
• Type: Corporate
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 1996
• Headcount: 5001-10000
• LinkedIn: viveosaude

Viveo is a corporate investor based in Sao Paulo, Brazil, founded in 1996. The company specializes in the manufacturing and distribution of medical materials and medications, serving a diverse customer base that includes hospitals, clinics, and patients. Viveo aims to simplify the healthcare sector and ensure efficient access to essential medical products and services. Recently, Viveo has made significant moves in the healthcare market, including the acquisition of Boxifarma, which strengthens its direct-to-patient strategy and enhances its business model, particularly for its Far.me platform. This acquisition, announced on April 19, 2022, reflects Viveo's commitment to expanding its services in the healthcare sector, including mail order pharmacy solutions. Additionally, Viveo acquired Cirúrgica Mafra, further solidifying its position in the healthcare market. These transactions highlight Viveo's strategic focus on enhancing its service offerings, which includes mail order pharmacy capabilities.

11. 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 as Nexodata aims to launch a marketplace for digital prescription patients to purchase medications, indicating FIR Capital's engagement in the mail order pharmacy industry. Additionally, they have been involved in other technology-related investments, showcasing their diverse portfolio.

12. inQlab

• Website: inqlab.co
• Type: Venture Capital
• Headquarters: Bogota, Bogota, Colombia
• Founded year: 2013
• Headcount: 1-10
• Number of deals in 2024: 1
• LinkedIn: inqlab

InQlab is a venture capital firm based in Bogota, Colombia, founded in 2013. The firm specializes in investing in technology startups with high growth potential across Latin America, providing both strategic support and capital to early-stage businesses. InQlab has a diverse portfolio that includes investments in sectors such as fintech, e-commerce, and healthtech. Notably, InQlab participated in funding rounds for Lentesplus, a Bogotá-based e-commerce platform for contact lenses, which raised a total of $9 million across multiple funding rounds, including a Series A round in 2018. This investment highlights InQlab's engagement in health-related e-commerce, which is relevant to the mail order pharmacy industry. Additionally, InQlab has invested in LAIKA, a pet e-commerce platform, further demonstrating its commitment to innovative e-commerce solutions. Overall, InQlab aims to foster innovation and economic growth in the region through its investments in scalable and disruptive projects.

13. B Capital Group

• Website: bcapitalgroup.com.br
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Headcount: 1-10
• LinkedIn: bcapital-group

B Capital Group is a financial services firm based in Sao Paulo, Brazil, specializing in providing solutions for the investment fund market, particularly in credit rights funds and securitization. The firm offers consulting services tailored to the needs of businesses and fund managers, helping them navigate complex financial landscapes and optimize their investment strategies. Notably, B Capital Group participated in the Series A funding round for Thuocsi.vn, the largest online pharma distribution marketplace in Vietnam, which raised $9 million. This investment highlights their engagement in the pharmaceutical distribution sector, particularly in the context of online and mail order pharmacy services, indicating their potential interest in this market.

14. Insper Angels

• Website: insperangels.com.br
• Type: Corporate
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2017
• Headcount: 1-10
• Number of deals in 2024: 1
• LinkedIn: insper-angels

Insper Angels is a not-for-profit organization based in Sao Paulo, Brazil, that serves as a network of angel investors. Founded in 2017, it connects exceptional entrepreneurs with engaged investors, offering angel investment opportunities, mentorship, and networking services to startups. Insper Angels has been involved in various transactions, including a notable investment in Suprevida, a healthtech startup that raised R$ 4 million in seed funding. This investment highlights their engagement in the healthcare sector, which is relevant to the mail order pharmacy industry. Additionally, they have participated in other funding rounds, such as Company Hero, although this company does not directly relate to the pharmacy sector. Overall, Insper Angels fosters growth and innovation in the Brazilian startup ecosystem, with a particular interest in health-related ventures.

Mail Order Pharmacy Insights: Key Investors in Latin America

Want to find more investors focusing on the mail order pharmacy industry?

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!