The physical therapy practice industry in Latin America is growing rapidly, catering to an increasing demand for rehabilitation services. Various companies operate within this space, from small, independent clinics to large healthcare networks that integrate physical therapy with broader health services. These providers offer a range of treatments, including manual therapy, exercise prescriptions, and technological innovations to enhance patient care. Moreover, improvements in health insurance coverage are encouraging more individuals to seek physical therapy. An emphasis on holistic health and preventive care also highlights a promising future for the industry as it aligns with global healthcare trends.


The group of investors featured in this article comprises predominantly venture capital firms, mostly headquartered in Sao Paulo, Brazil. These firms vary significantly in size, with some having less than ten employees, while others, like Stone, employ thousands. Founded in different years from 2008 to 2021, they've actively pursued investments, with deal counts in 2024 ranging from just one to over fifty. Their focus leans heavily toward healthcare, particularly in innovative solutions that serve the growing needs of physical therapy practices in the region.


Top 14 Physical Therapy Practice 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 has been active in the healthcare space. Notable transactions include a Series A investment in Headway, which raised $26 million, and a Pre-Seed investment in MedMe, a healthtech startup that likely has applications in physical therapy. Additionally, Bossa Invest's involvement in Everside Health, a direct primary care provider, highlights their interest in healthcare services. Their approach includes providing capital, strategic guidance, and access to a network of co-investors, along with educational resources for startups, which supports the growth of the healthcare ecosystem, including physical therapy practices.


2. Canary

  • Website: canary.com.br
  • Type: Venture Capital
  • Headquarters: Sao Paulo, Sao Paulo, Brazil
  • Founded year: 2017
  • Headcount: 11-50
  • Number of deals in 2024: 23
  • LinkedIn: canary-venture-capital

Canary is a venture capital firm based in Sao Paulo, Brazil, founded in 2017. They specialize in early-stage investments across Latin America, providing capital, co-founding assistance, and fostering a strong community of entrepreneurs. Canary has been involved in several notable transactions in the healthtech sector, including investments in Nilo Saúde, which raised $10M in a Series A funding round to enhance its software platform for healthcare services, and Genial Care, which focuses on supporting families with children diagnosed with autism. These investments highlight Canary's commitment to the healthcare industry, making them a potential investor for physical therapy practices looking for funding and support.


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 a $30 million Series A funding round for Nice Healthcare, which indicates their interest in innovative healthcare solutions. Additionally, they invested approximately $5.2 million in Feegow Clinic, a Brazilian software provider, which could support healthcare practices, including physical therapy. Their portfolio also includes investments in companies like Cíngulo and Cortex, further demonstrating their active role in the healthcare investment landscape.


4. Lupa Capital


Lupa Capital is a venture capital firm based in Sao Paulo, Brazil, founded in 2012. The firm specializes in early-stage technology companies within the healthcare, insurance, and software sectors. Lupa Capital provides not only financial investment but also strategic support to help these companies navigate growth challenges. Notable transactions include investments in Nilo Saúde, a healthtech company that raised $10M to enhance its software platform, and Theia, which raised approximately $6.4M in a seed round. While Lupa Capital has not directly invested in physical therapy practices, their focus on healthtech and related sectors indicates a potential alignment with innovations that could impact physical therapy services.


5. 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. In the healthcare sector, they have made several notable investments, including Mais 60 Saude and Bem.care, both of which are involved in health services. More recently, they led a $2M Seed round investment in Eyecare Health, aimed at expanding operations and improving services. Their diverse portfolio indicates a commitment to enhancing healthcare delivery, which is relevant to the physical therapy practice industry.


6. Igah, Ventures.

  • Website: igahventures.com
  • Type: Venture Capital
  • Headquarters: Sao Paulo, Sao Paulo, Brazil
  • Founded year: 2011
  • Headcount: 11-50
  • Number of deals in 2024: 2
  • LinkedIn: ebricks-ventures

Igah Ventures is a venture capital firm based in Sao Paulo, Brazil, founded in 2011. The firm specializes in seed and early-stage investments in innovative startups across various sectors, including technology, healthcare, and finance. Igah Ventures aims to support entrepreneurs by providing capital and strategic guidance to help them scale their businesses. Notable transactions include investments in Conexa Saúde, which raised significant funding in Series B and C rounds, indicating a strong interest in the healthcare sector. Additionally, they have invested in Lilly Estética, which, while not directly related to physical therapy, operates within the broader health and wellness industry. This diverse portfolio reflects Igah Ventures' commitment to fostering growth and innovation in Brazil, particularly in the healthcare domain.


7. 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. Crescera aims to enhance operational performance and prepare companies for market opportunities. Notably, they have made significant investments in the health sector, such as acquiring a 27% stake in Grupo Salus, a medical mobility and equipment manufacturer, for USD 55 million in April 2023. This investment highlights their commitment to the healthcare industry, which is relevant to physical therapy practices. Additionally, their involvement in companies like Medcell and Afya further demonstrates their interest in health-related ventures, making them a potential investor for physical therapy practices.


8. 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 is dedicated to investing in and supporting entrepreneurs across Latin America, particularly in technology-driven industries. With a strong emphasis on long-term partnerships, Kaszek aims to foster a vibrant technology ecosystem in the region. Notably, they have invested in dr.consulta, a healthcare startup that raised significant funds in Series B and C rounds, totaling over $75 million. This investment highlights their involvement in the healthcare sector, which is relevant to physical therapy practices, as dr.consulta may offer services that include physical therapy consultations and treatments. Kaszek's portfolio reflects a commitment to supporting innovative solutions in healthcare, making them a potential investor in physical therapy practices.


9. Maya Capital

  • Website: maya.capital
  • Type: Venture Capital
  • Headquarters: Sao Paulo, Sao Paulo, Brazil
  • Founded year: 2018
  • Headcount: 1-10
  • Number of deals in 2024: 8
  • LinkedIn: mayacapital

MAYA Capital is a venture capital firm based in Sao Paulo, Brazil, founded in 2018. The firm specializes in seed stage investments in startups across Latin America, providing not only financial backing but also strategic support in areas such as hiring, market entry, and fundraising. Their primary customers are early-stage entrepreneurs seeking to grow their businesses in various sectors, including technology and healthcare. Notably, Maya Capital has invested in healthtech companies such as Nilo Saúde, which raised $10M in a Series A funding round to enhance its platform's software with data analytics and automation. Additionally, they participated in the Pre-Seed round for Nilo Saúde, raising $1.7M in 2020, and invested in Tivita, which raised $6M in a Seed round in 2024. These transactions highlight their active role in the healthcare sector, suggesting a potential interest in physical therapy practices.


10. Kria

  • Website: kria.vc
  • Type: Corporate
  • Headquarters: Sao Paulo, Sao Paulo, Brazil
  • Founded year: 2014
  • Headcount: 11-50
  • LinkedIn: kria-vc

Kria is an investment platform based in Sao Paulo, Brazil, specializing in equity crowdfunding for startups and small businesses. Founded in 2014, it connects individual and institutional investors with high-potential companies seeking capital, thereby democratizing access to the private capital market. Notably, Kria has been involved in transactions such as Mais 60 Saude, which raised an undisclosed amount in a venture round, and Suprevida, a healthtech startup that raised R$ 4 million in seed funding. The latter transaction highlights Kria's engagement in the healthcare sector, which is relevant to physical therapy practices, as it indicates a focus on innovative health solutions and technologies.


11. Kortex Ventures

  • Website: kortexventures.com
  • Type: Venture Capital
  • Headquarters: Sao Paulo, Sao Paulo, Brazil
  • Founded year: 2020
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: kortexventures

Kortex Ventures is a venture capital firm based in Sao Paulo, Brazil, founded in 2020. The firm is dedicated to transforming healthcare through technology by investing in health technology startups and providing strategic support. Kortex Ventures leverages partnerships with major health groups in Brazil to identify and nurture innovative solutions in the healthcare sector. Notable transactions include their participation in Welbe Care, a Mexican B2B healthcare platform that raised $7 million in a Series A round in 2024, and a seed round of $5 million in 2022. They also participated in a $20 million Series A funding for Sweetch, an Israeli healthtech startup focused on behavioral science technology. While these investments are not exclusively in physical therapy, they indicate Kortex's commitment to advancing healthcare technology, which could encompass physical therapy innovations.


12. ArkFund


ArkFund is a venture capital firm based in San Francisco Tecoxpa, Ciudad De México, founded in 2016. The firm specializes in early-stage investments across various industries, including Fintech, Health, and Education. ArkFund is dedicated to supporting founders with not only capital but also mentorship and a community of experienced investors. They run an Angel School program and various workshops aimed at enhancing the skills and networks of both founders and investors. Notably, ArkFund has invested in Terapify, a startup focused on mental health therapy, and Saludtools, which raised $1,000,000 in a Pre-Seed round to develop health-related tools. These transactions highlight ArkFund's engagement in the health sector, making them a potential investor for physical therapy practices.


13. Airborne Ventures

  • Website: airborne.ventures
  • Type: Venture Capital
  • Headquarters: Sao Paulo, Sao Paulo, Brazil
  • Founded year: 2021
  • Headcount: 1-10
  • Number of deals in 2024: 10
  • LinkedIn: airborne-ventures

Airborne Ventures is a venture capital firm based in Sao Paulo, Brazil, founded in 2021. The firm specializes in investing in early-stage startups, providing strategic guidance and networking opportunities to entrepreneurs. With a focus on value investing, Airborne Ventures aims to deliver strong returns by identifying promising startups across various sectors. Notably, they have been involved in transactions such as Conexa Saude, which raised funds in the healthcare space, and Zenklub, which received a seed investment to improve its marketplace platform for therapists. This latter investment highlights their interest in the therapeutic sector, particularly in enhancing services for professionals in the field.


14. Carao Ventures

  • Website: caraov.com
  • Type: Venture Capital
  • Headquarters: Costa Rica
  • Founded year: 2012
  • Headcount: 1-10
  • Number of deals in 2024: 3
  • LinkedIn: carao-ventures

Carao Ventures is a venture capital firm founded in 2012, based in Costa Rica, that focuses on early-stage investments in innovation-driven companies across Latin America. The firm aims to support entrepreneurs with the technical skills and determination to disrupt industries by providing them with the necessary funding and resources to grow their businesses. Notably, Carao Ventures has been involved in several transactions within the healthtech sector, including a $2 million investment in Huli, a Costa Rican healthtech SaaS platform, and a $5.5 million Pre-Series A financing round for Huli, a healthtech firm in Mexico. These investments highlight their commitment to supporting innovative healthcare solutions, which could extend to physical therapy practices as part of their broader healthtech focus.



Physical Therapy Practice Insights: Key Investors in Latin America


InvestorHeadquarterSizeFoundedDeals 2024
bossa investSao Paulo, Sao Paulo, Brazil11-50201156
CanarySao Paulo, Sao Paulo, Brazil11-50201723
DNA CapitalSao Paulo, Sao Paulo, Brazil11-5020131
Lupa CapitalSao Paulo, Sao Paulo, Brazil1-1020120
VOX CapitalSao Paulo, Sao Paulo, Brazil11-5020091
Igah, Ventures.Sao Paulo, Sao Paulo, Brazil11-5020112
Crescera CapitalRio De Janeiro, Rio De Janeiro, Brazil11-5020087
KaszekSao Paulo, Sao Paulo, Brazil11-50201117
Maya CapitalSao Paulo, Sao Paulo, Brazil1-1020188
KriaSao Paulo, Sao Paulo, Brazil11-5020140
Kortex VenturesSao Paulo, Sao Paulo, Brazil1-1020202
ArkFundSan Francisco Tecoxpa, Ciudad De México, Mexico1-1020160
Airborne VenturesSao Paulo, Sao Paulo, Brazil1-10202110
Carao VenturesCosta Rica1-1020123


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