The pharmacy benefit management industry in DACH, which includes Germany, Austria, and Switzerland, focuses on optimizing medication costs and improving patient access to pharmaceuticals. Companies here include PBMs, insurance providers, and health-tech firms, all offering services such as formulary management, prescription mail-order services, and data analytics. The sector is increasingly moving towards integrating technology to enhance service delivery and patient engagement, with a notable rise in digital health solutions. As healthcare demands evolve, investments are growing in partnerships that streamline patient support and optimize pharmacy benefits, pointing to an innovative future in pharmaceutical care.


In this list, we showcase 16 notable investors within the pharmacy benefit management arena. These investors range from corporate behemoths like Novartis to venture capital firms such as HBM Healthcare. They operate from various locales like Baar, Zug, and Mannheim, with firm sizes spanning from small-team startups to global corporations. With numerous investments recorded in 2024, including strategic acquisitions and funding rounds, these investors represent a robust network seeking innovative solutions in healthcare management.


Top 16 Pharmacy Benefit Management Investors in DACH


1. Partners Group

  • Website: partnersgroup.com
  • Type: Private Equity
  • Headquarters: Baar, Zug, Switzerland
  • Founded year: 1996
  • Headcount: 1001-5000
  • Number of deals in 2024: 19
  • LinkedIn: partners-group

Partners Group Holding AG is a prominent investment management firm based in Baar, Zug, Switzerland, specializing in private equity, private infrastructure, private real estate, and private debt. Founded in 1996, the firm manages over USD 149 billion in assets and is recognized for its innovative investment strategies and commitment to sustainability. Among their notable transactions, Partners Group acquired Wedgewood Pharmacy, a significant player in the pharmacy sector, highlighting their engagement in healthcare-related investments. Additionally, their involvement with Foundation Risk Partners and other financial services firms showcases their diverse investment portfolio, although these are less directly related to pharmacy benefit management. Overall, Partners Group's strategic investments reflect a growing interest in the healthcare and pharmacy sectors, positioning them as a relevant investor in pharmacy benefit management.


2. HBM Healthcare Investments AG


HBM Healthcare Investments AG is a venture capital firm based in Zug, Switzerland, founded in 2001. The firm specializes in the healthcare sector, managing a diversified portfolio that includes investments in human medicine, biotechnology, medical technology, and diagnostics. HBM Healthcare has been involved in several significant transactions, particularly with 1mg, a Gurugram-based digital health startup. They led multiple funding rounds for 1mg, including a $15 million Series C round aimed at enhancing technology and expanding pharmacy services. Their investments in 1mg, which focuses on pharmacy and diagnostics, highlight their commitment to supporting companies that operate within the pharmacy benefit management context. This positions HBM Healthcare as a relevant player in the healthcare investment landscape, particularly in areas that intersect with pharmacy benefit management.


3. Seedstars

  • Website: seedstars.com
  • Type: Venture Capital
  • Headquarters: Carouge, Geneva, Switzerland
  • Founded year: 2012
  • Headcount: 201-500
  • Number of deals in 2024: 6
  • LinkedIn: seedstars

Seedstars is a venture capital firm based in Carouge, Geneva, Switzerland, founded in 2012. The firm focuses on supporting startups and entrepreneurs in emerging markets through various programs, including acceleration and growth initiatives, investment readiness, and the operation of entrepreneurship hubs. Seedstars collaborates with governments, investors, and development agencies to foster entrepreneurial ecosystems and drive social and economic development. Notably, Seedstars has invested in healthcare-related startups such as Medsaf, which raised funds in 2017 and 2018 to enhance medication distribution and pharmacy management. Additionally, they have supported At-Home-Doc, a company that raised funds for providing healthcare services at home, which could intersect with pharmacy benefit management by improving access to medications and healthcare services. Their investment in Eden Care, a digital insurer in Rwanda, also highlights their interest in innovative healthcare solutions, although it is more focused on insurance and telemedicine rather than pharmacy benefit management specifically.


4. Novartis

  • Website: novartis.com
  • Type: Corporate
  • Headquarters: Basel, Basel, Switzerland
  • Founded year: 1996
  • Headcount: 10001+
  • Number of deals in 2024: 7
  • LinkedIn: novartis

Novartis AG is a leading pharmaceutical company based in Basel, Switzerland, founded in 1996. The company is dedicated to developing and manufacturing innovative medicines that address serious diseases across various therapeutic areas. With a strong emphasis on research and development, Novartis aims to improve patient outcomes globally. In recent years, Novartis has engaged in several transactions that highlight its interest in the pharmacy benefit management sector. For instance, they participated in the Series A financing round for RxLightning, which raised $17.5 million to enhance pharmacy processes. Additionally, Novartis has been involved in funding initiatives that support clinical pharmacy models, such as their participation in the Series B funding for Aspen RxHealth. These investments reflect Novartis's strategic interest in advancing pharmacy services and digital health solutions, reinforcing their role as a significant player in the pharmacy benefit management landscape.


5. Novartis Venture Fund

  • Website: nvfund.com
  • Type: Venture Capital
  • Headquarters: Basel, Basel, Switzerland
  • Founded year: 1996
  • Headcount: 11-50
  • Number of deals in 2024: 10

The Novartis Venture Fund is a venture capital firm based in Basel, Switzerland, specializing in life sciences investments. Founded in 1996, the fund focuses on providing funding and support to innovative biotechnology and biopharmaceutical companies, helping them develop novel therapeutics and address unmet patient needs. Notable transactions include a Series A investment in Lemonaid Health, which raised $11 million in 2017, indicating their interest in healthcare delivery and pharmacy services. Additionally, their investment in mPharma, which raised $18.52 million in 2020, highlights their commitment to improving access to medicines, a key aspect of pharmacy benefit management. Overall, the Novartis Venture Fund supports businesses in the life sciences sector, seeking to advance projects that can enhance patient care and healthcare efficiency.


6. Verve Ventures

  • Website: verve.vc
  • Type: Venture Capital
  • Headquarters: Zurich, Zurich, Switzerland
  • Founded year: 2010
  • Headcount: 11-50
  • Number of deals in 2024: 25
  • LinkedIn: investiere-venture-capital

Verve Ventures is a Zurich-based venture capital firm founded in 2010, specializing in deep tech investments across Europe. The firm provides funding and strategic support to science and technology startups, particularly in sectors such as climate tech, industrial technology, and health & bio. Notably, Verve Ventures has participated in several relevant transactions in the health sector, including a $10 million Series B funding round for Humanoo, a B2B digital wellness solution, which aligns with the pharmacy benefit management context. Additionally, they have been involved in multiple funding rounds for DomoHealth, a company focused on health technology solutions. These investments highlight Verve Ventures' engagement in the health sector, making them a potential player in the pharmacy benefit management landscape.


7. PHOENIX group - Integrated Healthcare Provider


PHOENIX Pharmahandel GmbH & Co KG, founded in 1994 and based in Mannheim, Baden-Württemberg, Germany, is a leading integrated healthcare provider specializing in pharmaceutical wholesale and pharmacy retail. The company operates over 3,300 pharmacies and supplies medicines to independent pharmacies and medical institutions across Europe. In recent years, PHOENIX has made significant acquisitions to enhance its market position, including the largest acquisition in its history of several subsidiaries from McKesson Europe, which included operations in multiple countries such as Belgium, France, and Slovenia. This acquisition, finalized on October 31, 2022, underscores their commitment to expanding their distribution capabilities. Additionally, they acquired the wholesale pharmacy distribution business of McKesson Group in France, authorized by the French Competition Authority, marking a complex transaction in the healthcare product distribution sector. These strategic moves position PHOENIX as a key player in the healthcare logistics and services landscape, which is integral to the pharmacy benefit management industry.


8. Galenica

  • Website: galenica.com
  • Type: Corporate
  • Headquarters: Bern, Bern, Switzerland
  • Founded year: 1927
  • Headcount: 5001-10000
  • LinkedIn: galenica-sa

Galenica AG is a healthcare and logistics company based in Switzerland, founded in 1927. It operates a large network of pharmacies and provides healthcare logistics services, ensuring the distribution of pharmaceuticals and medical products. Galenica serves various customers, including pharmacies, healthcare providers, and patients, focusing on meeting their health and wellness needs. Notably, Galenica has made strategic acquisitions to strengthen its position in the pharmacy sector, including the acquisition of MediService AG in 2007 and Aquantic AG in 2022. Additionally, their acquisition of the Sun Store pharmacy chain in 2015, which operates 100 shops across Switzerland, demonstrates their commitment to expanding their pharmacy network. These transactions highlight Galenica's active involvement in the pharmacy benefit management context, as they enhance their ability to manage pharmacy services effectively.


9. Earlybird Venture Capital


Earlybird Venture Capital is a venture capital firm based in Germany, founded in 1997. The firm specializes in investing in European technology innovators, particularly in the digital health and deep tech sectors. They provide financial resources and strategic support to early-stage companies, helping them navigate growth challenges. Notably, Earlybird has participated in significant transactions such as the Series A funding for MAYD Group, a Berlin-based online delivery startup for pharmacy products, which raised €30 million to accelerate its expansion in the pharmacy sector. Additionally, their involvement in companies like Oviva, a health tech business, further emphasizes their commitment to the health industry, making them a relevant player in the pharmacy benefit management landscape.


10. Leaps by Bayer

  • Website: leaps.bayer.com
  • Type: Venture Capital
  • Headquarters: Berlin, Berlin, Germany
  • Founded year: 2015
  • Headcount: 11-50
  • Number of deals in 2024: 16
  • LinkedIn: leapsbybayer

Leaps by Bayer is a venture capital firm based in Berlin, Germany, founded in 2015. The firm specializes in investing in early-stage companies that are pursuing scientific breakthroughs in biotechnology and agriculture, with a strong emphasis on addressing global challenges in health and food security. In 2024, Leaps by Bayer has been particularly active, participating in 16 investments. Notably, they have invested in Transcarent, which raised $126 million in a Series D funding round in May 2024. Transcarent focuses on improving healthcare delivery and reducing costs, which is highly relevant to pharmacy benefit management. Additionally, Leaps by Bayer has invested in 9amHealth, a virtual diabetes clinic that raised $9.5 million in a Series A round in February 2024. This clinic aims to assist self-insured employers and improve diabetes management, further aligning with pharmacy benefit management objectives. Through these investments, Leaps by Bayer demonstrates a commitment to innovative healthcare solutions that can enhance patient outcomes and manage healthcare costs effectively.


11. 468Cap

  • Website: 468cap.com
  • Type: Venture Capital
  • Headquarters: Berlin, Berlin, Germany
  • Founded year: 2020
  • Headcount: 11-50
  • Number of deals in 2024: 27
  • LinkedIn: 468cap

468 Capital is a venture capital firm based in Berlin, Germany, founded in 2020. The firm specializes in technology investments and focuses on backing founder-led startups across various sectors, including AI, energy transition, and enterprise software. With a global investment approach, 468 Capital operates from dual headquarters in Berlin and San Francisco. Notably, they have participated in several transactions relevant to the pharmacy benefit management context. For instance, they invested in MAYD Group, a Berlin-based online delivery startup for pharmacy products, which raised €30M in a Series A round to accelerate its expansion in Germany and Europe. Additionally, they were involved in Goya Health, which raised funds in a seed round, indicating their interest in healthcare-related startups. Their investment in Capitol, an AI solution for healthcare insurers, also highlights their engagement in the healthcare sector, further solidifying their relevance in pharmacy benefit management.


12. Bertelsmann Investments


Bertelsmann Investments is a venture capital firm based in Germany, founded in 2016. The firm is part of Bertelsmann, a global media, services, and education company. They leverage their extensive portfolio and investment management capabilities to drive growth and innovation across various sectors. In 2024, Bertelsmann Investments has been active in the healthcare space, participating in several funding rounds and acquisitions. Notably, they acquired EXTEDO, a pharmaceutical technology company, which positions them within the pharmacy benefit management context. They also participated in the Series B funding round for Paytient, a company focused on healthcare payment solutions, and invested in Phare Health, which is developing fintech tools for hospitals. These transactions highlight their commitment to investing in healthcare-related innovations, making them a significant player in the pharmacy benefit management landscape.


13. yabeo

  • Website: yabeo.de
  • Type: Venture Capital
  • Headquarters: Pullach, Bavaria, Germany
  • Founded year: 2013
  • Headcount: 11-50
  • Number of deals in 2024: 3
  • LinkedIn: yabeo

yabeo is a venture capital firm based in Pullach, Bavaria, Germany, founded in 2013. The firm specializes in investing in tech startups across various sectors, including HealthTech and FinTech. yabeo provides funding and strategic support to visionary founders, helping them navigate the challenges of growth and innovation. Notably, yabeo has invested in Wellth, a company that raised significant funding in multiple rounds (Seed, Series A, and Series B) to enhance patient engagement and health management, which are critical components of pharmacy benefit management. Additionally, yabeo's investment in other health-related startups demonstrates its commitment to supporting innovations that can impact healthcare delivery and management.


14. HBM Partners AG


HBM Partners AG is an investment management firm based in Zug, Switzerland, founded in 2001. The firm specializes in healthcare investments, focusing on venture, growth, and buy-out financing for private companies, as well as public company investments in the biopharma, medtech, diagnostics, and healthcare sectors. HBM Partners serves institutional and professional clients, providing capital and strategic support to enhance value creation. Notable transactions include investments in Farmalisto, which raised $4.3 million in a convertible note in June 2023, and 1000Farmacie, which raised $10 million in a Series A round on the same date. These investments suggest a focus on companies that may operate within the pharmacy sector, potentially aligning with pharmacy benefit management interests, although the firm does not exclusively focus on this area.


15. La Famiglia

  • Website: lafamiglia.vc
  • Type: Venture Capital
  • Headquarters: Berlin, Berlin, Germany
  • Founded year: 2016
  • Headcount: 11-50
  • Number of deals in 2024: 4
  • LinkedIn: la-famiglia-vc

La Famiglia is a venture capital fund based in Berlin, Germany, founded in 2016. The firm specializes in early-stage and growth-stage investments in technology companies, supporting tech entrepreneurs with capital, market access, and strategic partnerships. La Famiglia aims to enable disruptive innovations across various industries, leveraging the expertise of world-leading entrepreneurs in its network. Notably, they participated in a $90 million Series E funding round for Maven Clinic, a healthcare technology company, alongside CVS Health Ventures, indicating their engagement in the healthcare sector. Additionally, they have invested in companies like Claimsforce, which operates in the InsureTech space, focusing on claims management solutions. While their primary focus is not pharmacy benefit management, their involvement in healthcare-related investments suggests a potential interest in this area.


16. Bayern Kapital

  • Website: bayernkapital.de
  • Type: Venture Capital
  • Headquarters: Landshut, Bavaria, Germany
  • Founded year: 1995
  • Headcount: 11-50
  • Number of deals in 2024: 27
  • LinkedIn: bayern-kapital-gmbh

Bayern Kapital is a venture capital firm based in Landshut, Bavaria, Germany, founded in 1995. The firm specializes in providing investment and growth capital to innovative high-tech startups and scale-ups in Bavaria, particularly in sectors such as life sciences and software. Bayern Kapital supports its clients with financial resources and access to a network of industry experts, helping them navigate the challenges of growth and development. Notable transactions include investments in ADVANOVA GmbH, which is developing a mobile electronic patient chart for hospitals, and AlfaDocs, which raised significant funding in 2023. These investments highlight Bayern Kapital's focus on healthcare technology, which is relevant to the pharmacy benefit management industry.



Pharmacy Benefit Management Insights: Key Investors in DACH


InvestorHeadquarterSizeFoundedDeals 2024
Partners GroupBaar, Zug, Switzerland1001-5000199619
HBM Healthcare Investments AGZug, Zug, Switzerland1001-500020018
SeedstarsCarouge, Geneva, Switzerland201-50020126
NovartisBasel, Basel, Switzerland10001+19967
Novartis Venture FundBasel, Basel, Switzerland11-50199610
Verve VenturesZurich, Zurich, Switzerland11-50201025
PHOENIX group - Integrated Healthcare ProviderMannheim, Baden-Württemberg, Germany10001+19940
GalenicaBern, Bern, Switzerland5001-1000019270
Earlybird Venture CapitalGermany51-200199729
Leaps by BayerBerlin, Berlin, Germany11-50201516
468CapBerlin, Berlin, Germany11-50202027
Bertelsmann InvestmentsGermany11-5020166
yabeoPullach, Bavaria, Germany11-5020133
HBM Partners AGZug, Zug, Switzerland11-5020010
La FamigliaBerlin, Berlin, Germany11-5020164
Bayern KapitalLandshut, Bavaria, Germany11-50199527


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