The Brazilian healthcare sector, like many of its industries, has traditionally been fragmented and opaque. Navigating this landscape can be difficult, but recent transformations have opened the door for disruptive startups.
Today we’re excited to share more about our $3.7M Seed investment in Fiibo, a platform that connects health & wellness service providers, insurance companies, employers, and consumers all in one place. Currently serving over 60,000 active consumers, Fiibo aims to expand its user base to over a million within two years.
Fiibo was founded in 2022 by cardiologist, researcher and entrepreneur Ítalo Martins. As a doctor and former CEO of two health insurance companies, he experienced the inefficiencies of the Brazilian healthcare system first-hand. Now, through Fiibo, Ítalo is striving to bring transparency and connectivity to the health and wellness benefits sector.
Today, Fiibo serves four key demographics: corporate benefits teams, employees, insurance brokers, and product & service providers. In the past, each stakeholder worked on separate platforms, creating a disjointed consumer experience and limiting choice. Fiibo, however, offers a transparent, comprehensive solution, granting each stakeholder autonomy over their health and wellness benefits.
- Corporate HR & benefits teams: Fiibo provides a comprehensive corporate benefits management platform where HR teams can compare and select from diverse benefit providers, and manage employee benefits within HR-established guidelines. Fiibo’s corporate customers have already seen the time to contract for a health plan reduced from 90 days to 2.
- Employees (users): Fiibo offers users flexibility and speed in choosing from the products and services available through their employer. They can browse and select health products and services ranging from doctor consultations to meditation, with future plans to manage their health records all in one place.
- Insurance Brokers: Fiibo provides a white-label backoffice platform for brokers, enabling them to monitor customer portfolios, request statuses, and transaction histories, thereby improving operational efficiency.
- Product and service providers: Fiibo offers a management platform and a highly qualified sales channel including insightful data on how employees use their products and services. The Fiibo marketplace also allows providers to offer their products and services directly to businesses.
The result is a unified health and wellness marketplace, refining the consumer experience while broadening access to benefits. As Ítalo states, "Fiibo isn't competing with existing market players, but innovating by offering them a digital platform to market their products and services with broader reach, simplicity, security, and visibility for consumers."
With two of our last three investments in Brazil being in the health sector, we are confident in the potential for Brazilian startups in this field to improve the lives of millions of people across the region and we look forward to supporting the future innovations in this sector.