While many industries in Germany are struggling with economic challenges, the healthcare and technology sector is booming. Nelly, one of the fastest-growing health and fintech companies in Europe, today announced the successful completion of its Series B financing round of 50 million euros.
The financing round was led by Cathay Innovation together with Notion Capital and existing investors b2venture, Lakestar, Motive Ventures and arc investors.
With these funds, Nelly intends to accelerate its mission to become Europe's largest fintech in healthcare, drive international expansion and further consolidate its position as a financial operating system for medical practices.
A study by McKinsey & Company highlights the urgent need for digital transformation in healthcare. According to the study, 70% of healthcare professionals in Europe regard outdated administrative processes as a major barrier to efficiency and patient satisfaction.
Nelly's practice and patient portal and financial operating system (FinOS) were developed specifically for medical practices to optimize processes such as patient admission, document management and payment processing.
By seamlessly integrating with practice management software, Nelly makes it possible to make operations more efficient and give healthcare professionals more time to care for patients. Patients also benefit from a fully digital experience that allows them to securely manage their entire journey — from check-in to payment — via their smartphone.
Focus on product expansion and geographical expansion
Since the Series A round, Nelly has more than doubled its customer base: The platform now digitizes processes for over 1,200 medical practices and two million patients. Nelly has thus set new standards for payment and administrative processes in healthcare.
The company is now planning to further develop its product and expand its offering to new European markets in order to strengthen its position as a leading fintech in healthcare. “The support from our investors underscores not only confidence in our team and business model, but also in our ability to improve outcomes for healthcare professionals and patients,” says Niklas Radner, co-founder and CEO of Nelly. “We are looking forward to further automating administrative processes and driving process innovations to build the largest fintech in healthcare. ”
As part of its European expansion, Nelly recently entered the Italian market — a region that is facing similar structural challenges in managing and digitizing healthcare.
“One of our key investment theses at Cathay Innovation is to identify solutions that sustainably improve efficiency in healthcare. At the same time, we are passionate about promoting innovative fintech companies that offer transformative added value to their industries. We are therefore particularly proud to support Nelly in transforming medical practices through new financial and operational processes. Working with this exceptional team has convinced us that Nelly is ideally positioned to become the leading bank for medical practices in the future. We're looking forward to accelerating their growth across the continent and beyond,” says Jacky Abitbol, managing partner at Cathay Innovation.
“Notion is thrilled to be working with Nelly to develop the next generation of operational and financial products for clinics. At Notion, we have already successfully cooperated with leading vertical software providers such as Mews Systems (hospitality sector) and Glofox (fitness sector). We are now looking forward to helping Nelly scale and achieve her global ambitions. With her unique combination of software and fintech, Nelly is ideally positioned to become a leading brand in this space. We are excited to accompany them on this journey,” says Itxaso del Palacio, general partner at Notion.
The new capital will be used to drive international expansion and finance the development of additional product lines that are tailored to the changing needs of healthcare providers. “Our vision is to become Europe's largest fintech in healthcare and offer both healthcare providers and patients unparalleled added value,” concludes Radner.
About Nelly Solutions
Nelly is revolutionizing the experience for patients and healthcare professionals by automating administrative processes and payment flows in healthcare. Founded in 2021 by Niklas Radner, Lukas Eicher, Rasmus Schults and Laurids Seibel, the Berlin start-up has set itself the goal of minimizing the administrative burden for doctors, medical staff and patients. As the first digital factoring provider in the DACH region, Nelly offers a comprehensive solution that not only enables the digitization of patient data, but also automates claims management for medical practices.
The platform offers a fully GDPR-compliant digital process — from patient admission to payment with just one click. The seamless integration with existing practice management software and the user-friendly interface enable patients to manage everything securely and efficiently via their smartphone. Nelly has already digitized 30 million paper documents and digitally processed over 2 million patients, saving an average of 10 minutes per patient. This equates to hundreds of thousands of hours saved in healthcare. More information is available at https://www.getnelly.de/.
About Cathay Innovation
Cathay Innovation is a venture capital firm for all stages of growth that is linked to Cathay Capital and invests in founders who build transformative companies in Europe, North America, Asia, Latin America and Africa. The platform connects founders with investors and an ecosystem of leading Fortune 500 companies to help startups scale and transform industries with consumer and enterprise solutions and AI applications in retail, fintech, digital health, and mobility/energy.
Founded in Paris in 2015, Cathay Innovation today manages over 2.5 billion euros in assets under management (AUM) and has additional offices in Berlin, San Francisco, Shanghai and Singapore. The company has invested in over 100 startups, including Chime, Pinduoduo (NASDAQ: PDD), Glovo, Wallbox (NYSE: WBX), Owkin, Getaround, Ledger, ZenBusiness, Alma, Descartes Underwriting, and many more. For more information, visit www.cathayinnovation.com or follow us on LinkedIn or Twitter @cathayinnov.
About Notion Capital
Notion Capital is a European venture capital investor for B2B SaaS and cloud companies with over $1 billion in assets under management and more than 100 investments made. The Notion team has founded, built and sold two highly successful SaaS companies — Star and MessageLabs — and invests exclusively in exceptional founders who aim to become global market leaders in their category. Notion's portfolio includes companies such as GoCardless, Mews, Paddle, Unbabel and YuLife. Find out more about us at https://www.notion.vc/
About Lakestar
Lakestar is one of the leading pan-European venture capital companies. Lakestar is committed to finding, financing, and growing breakthrough companies founded by exceptional entrepreneurs in Europe and beyond, made possible by technology. Lakestar was founded in 2012 by Klaus Hommels and manages a total volume of over 2 billion euros in four early-stage funds and two growth funds.
The team actively advises and supports portfolio companies in the areas of marketing, recruitment, technology, product development and regulatory knowledge and accompanies founders from the seed phase through the early stage and growth phase to exit. Lakestar is currently privileged to be invested in companies such as Aleph Alpha, Auterion, Blockchain, Builder.ai, Colossyan, GetYourGuide, HomeToGo, IsarAerospace, Neko Health, Revolut, sennder, and Terra Quantum, to name just a few examples. As a long-standing advocate of Europe's digital sovereignty, Lakestar is represented in London, Berlin and Zurich and has a team of 40 talented employees from 18 countries. Visit Lakestar on LinkedIn and on our website at www.lakestar.com.
About arc investors
arc investors is an alternative investment fund with a focus on B2B technology companies. With an entrepreneurial approach, arc drives innovation and growth at the interface of industry and technology. arc works side by side with future-oriented entrepreneurs in Europe, the USA and Israel and has locations in Zurich, London and Luxembourg. arc the gap: arcinvestors.com
About b2venture
Founded in 2000, b2venture is one of the most experienced venture capital companies in Europe. The Group makes early-stage investments via dedicated funds and phase-independent investments via its direct investment channel.
b2venture is supported by a unique community of business angels who share the company's passion for promoting exceptional companies that will shape the future. With offices in Berlin, Munich, St. Gallen, Luxembourg and Zurich, b2venture has proudly supported companies such as 1KOMMA5°, Blacklane, DeepL, Facebook, Foodspring, ORCAM, Raisin, SumUp and XING.
About Motive Ventures
Motive Ventures is the early-stage investment division of Motive Partners and specializes in financial technology investments in North America and Europe. Motive Ventures is backed by globally recognized financial institutions, venture investors, technology entrepreneurs, and industry experts. Together, they pursue the mission of driving innovation and reshaping the future of finance. The team currently consists of 15 employees at locations in New York, Berlin, London and Amsterdam.
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