dr.consulta Funding, Investors & Competitors

dr.consulta has raised $206M across 8 funding rounds, most recently a $30M undisclosed-stage round in September 2026.

Last dr.consulta funding round

$30M

Undisclosed stage · Sep 2026

dr.consulta revenue

$60M

Series D · Aug 2022

Key investors in dr.consulta

  • Lightrock
  • Kaszek
  • Lifeforce Capital
  • Madrone Capital Partners
  • Kamaroopin
  • Bossa Invest
  • Endeavor Catalyst
  • International Finance Corporation

dr.consulta Overview

About dr.consulta

dr.consulta is a Brazilian operator of low-cost medical centres that sells consultations, exams, vaccines and minor surgeries at accessible prices to people without private health insurance. It was founded in 2011 in Sao Paulo by Thomaz Srougi and has since opened clinics in Sao Paulo, Rio de Janeiro and Belo Horizonte, complemented by teleconsultation and an online subscription card that gives discounts on appointments and medicines. The company reported revenue of BRL 310 million in 2021, up from BRL 261 million in 2020, and in December 2021 it moved into low-cost health plans by taking a 27.5% stake in the plan operator cuidar.me. Its backers have included Lightrock, Kaszek, Madrone Capital Partners, Endeavor Catalyst, Kamaroopin, IDB Invest, the Japan International Cooperation Agency and, in September 2026, the International Finance Corporation. The company states a goal of serving 10 million Brazilians by 2030.


Founded

2011

HQ

BrazilSão Paulo

Status

Privately held

Customer focus

B2C

Revenue model

Subscription

Revenue

$60M (Aug 2022)

dr.consulta Revenue

dr.consulta's latest recorded revenue is $60M, as of its Series D in August 2022.

dr.consulta revenue by funding round

dr.consulta revenue and valuation multiple by funding round
DateRevenue *Stage
Aug 2022$60MSeries D

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

dr.consulta Funding History

dr.consulta has raised a total of $206M across 8 funding rounds.

dr.consulta's first fundraising round was a $2M seed round in August 2013. The most recent completed round was a $30M undisclosed-stage round in September 2026.

dr.consulta funding rounds

dr.consulta funding rounds
DateStageInvestorsRaisedDeal Summary
Sep 2026Undisclosed stageInternational Finance Corporation (lead)$30MInternational Finance Corporation led a $30 million minority equity investment in Dr. Consulta Holding S.A. in September 2026, with the company describing the capital as preferred equity and the transaction size reported as BRL 160 million / about $30 million. The deal was announced as an investment in the Brazilian clinic network rather than a sale of the business, and the funding was tied to expansion of new clinics and diagnostic centers, technology infrastructure, and broader national growth plans. The transaction was framed as support for Dr. Consulta’s expansion across São Paulo and other regions of Brazil, alongside investments in technology and service capacity. The company said the resources would help accelerate geographic expansion, strengthen care delivery, and support a stated goal of serving 10 million Brazilians by 2030. Dr. Consulta is a Brazilian network of medical centers focused on affordable outpatient healthcare and diagnostics, operating clinics and diagnostic centers in Brazil. The IFC project materials describe the company as Dr Consulta Holding S.A. and place the investment in the hospitals and clinics sector, with the project involving new clinics, diagnostic centers, and technology upgrades.
Aug 2023Series DKamaroopin; Japan International Cooperation Agency; IDB Invest; Lightrock$26Mdr.consulta is a full-service health network and HealthTech company that uses technology to offer affordable medical care to underserved populations in Brazil through a multichannel approach, operating 28 clinics and providing over 3,000 health services to nearly 800,000 patients annually. IDB Invest signed a $10 million equity investment in dr.consulta as part of its $57 million Series D round led by Kamaroopin, with the investment structured as preferred convertible stock to support expansion of operations, opening new clinics in other regions, technology development, and integration of recently acquired healthcare plans Cuidar.me. The financing, approved on May 30, 2023, and signed on August 7, 2023, totals up to $12 million including an additional 20% uncommitted amount for preemptive rights, aiming to address business challenges and reduce the company's growth-stage financing gap. IDB Invest's participation is expected to have a catalytic effect on the round and generate significant societal impact, including serving an additional 1.2 million patients in São Paulo over seven years and up to 18,645 healthy life years through treatment of 23 health conditions.
Aug 2022Series DKamaroopin (lead); Lightrock; Madrone Capital Partners$33MDr. Consulta is a Brazil-based healthtech company providing affordable medical care through a network of clinics, teleconsultation, and multichannel services targeting underserved populations. It operates 28 clinics offering over 3,000 health services and serves nearly 800,000 patients annually across all channels as of 2023. The company combines primary care, health insurance, and technology to address patient and doctor pain points in Brazil's healthcare system. In August 2022, Kamaroopin led a Series D round of BRL170m (approximately USD34m or USD33m) for Dr. Consulta, with participation from Lightrock and Madrone Capital Partners. Sources describe this as part of broader Series D activities, with later extensions including a Series D - II of USD23m on June 12, 2023, again involving Kamaroopin and others like BID Invest and Japan International Cooperation Agency. A separate mention notes a USD57m Series D tranche in 2023 led by Kamaroopin, including USD10m from IDB Invest to expand operations and reduce financing gaps. Cumulative funding reached around USD170m across multiple rounds by 2023, or USD146.91m over 7 rounds per other data. Patient metrics show scale with nearly 800,000 annual patients by 2023. Dr. Consulta has demonstrated resilience through challenges like the COVID-19 pandemic and near-failure points, maintaining a patient-centric hybrid model. Investors include 7 total backers, with Kamaroopin prominent in later Series D investments.
Mar 2017Series CMadrone Capital Partners (lead); Kaszek; Belfer Management LLC; Endeavor Catalyst; Omidyar Network; Bossa Invest$50Mdr.consulta raised a Series C of about US$50 million led by the US fund Madrone Capital, an investment disclosed in 2018 and the company's last before the Series D of 2022. The existing shareholders listed on its cap table include Kaszek Ventures, Belfer Management, Endeavor Catalyst and Omidyar Network among others, alongside individual investors such as Marc Benioff and David Velez. The capital financed the expansion of the network of low-cost medical centres in Sao Paulo, which TechCrunch counted at 44 centres and more than 2,000 doctors in June 2018, when venture investors had put about US$100 million into the company since its inception. dr.consulta is a Brazilian network of medical centres founded in 2011 by Thomaz Srougi that sells consultations and exams without health insurance at accessible prices.
Oct 2016Series BLightrock (lead)$25Mdr.consulta is a Brazilian healthcare company operating a network of low-cost, pay-per-service primary care medical centers, starting in São Paulo since 2011, focused on affordable, high-quality healthcare. The company has raised a total of $146.91M across 7 rounds, with Lightrock appearing in historical investor lists alongside others like Madrone Capital Partners, BID Invest, and Japan International Cooperation Agency in later rounds. Later developments include Series D extensions like $23M in June 2023 and $32M noted in a 2023 insurtech report, evolving into a full-stack provider and HMO model.
Mar 2016Series BKaszek (lead); Lifeforce Capital$26Mdr.consulta raised its Series B in the first months of 2016, a round of about USD 26 million that the investor lists attribute to Kaszek Ventures, which led, together with Lifeforce Capital and the impact fund of the LGT group. LGT Impact Ventures separately describes an equity investment of USD 10 million that took the company from a single clinic to ten clinics. The proceeds funded the expansion of the clinic network and the build-out of the technology and data platform behind low-cost primary care. dr.consulta is a Brazilian network of medical centres founded in 2011 in Sao Paulo by Thomaz Srougi, selling consultations and exams to patients without health insurance at accessible prices.
May 2014Series ALightrock (lead); Kaszek; Lifeforce Capital$14Mdr.consulta closed its Series A in April 2014, raising about USD 13 million from impact-oriented investors including Lightrock, then operating as the venture philanthropy arm of the LGT group, and Lifeforce Capital. Kaszek Ventures also appears among the Series A investors. The capital was used to grow the clinic network from a single favela-based clinic towards ten sites and to build the operating platform for low-cost primary care. In 2014 the company was selected for the portfolio of an impact investing fund focused on healthcare. dr.consulta is a Brazilian network of medical centres founded in 2011 in Sao Paulo by Thomaz Srougi, selling consultations, exams and procedures to patients without health insurance at accessible prices.
Aug 2013Seed-$2Mdr.consulta raised its first outside money in 2013 as a seed round, following the opening of its first low-cost clinic in Sao Paulo in 2011. The company's own account is that it was born with seed money of BRL 3 million from friends and family and needed a new injection of capital to scale. The round predates the institutional financings led by impact and venture investors in 2014 and 2016. The funds supported the expansion of the model of affordable consultations and exams for the lower-income population, priced on average at around BRL 110 per consultation in more than 60 specialties by 2021. dr.consulta is a Brazilian network of medical centres founded in 2011 by Thomaz Srougi. By 2021 it was treating about 900,000 patients a year and reported revenue of BRL 310 million.

Who has invested in dr.consulta?

12 investors have backed dr.consulta across its funding rounds, including Lightrock, Kaszek, Lifeforce Capital, Madrone Capital Partners, Kamaroopin and Bossa Invest.

Lead investors include International Finance Corporation, Kamaroopin, Madrone Capital Partners, Lightrock and Kaszek.


dr.consulta Investors

Investors in dr.consulta by funding rounds participated
InvestorHQRoundsRoleFirst check
LightrockUnited KingdomLondon4LeadMay 2014
KaszekBrazilSão Paulo3LeadMay 2014
KamaroopinBrazilBrazil2LeadAug 2022
Lifeforce CapitalUnited StatesSan Francisco, CA2ParticipantMay 2014
Madrone Capital PartnersUnited StatesMenlo Park2LeadMar 2017
Japan International Cooperation AgencyJapanTokyo1ParticipantAug 2023
IDB InvestUnited StatesWashington, DC1ParticipantAug 2023
Belfer Management LLCUnited StatesNew York City, NY1ParticipantMar 2017
Endeavor CatalystUnited StatesNew York City, NY1ParticipantMar 2017
International Finance CorporationUnited StatesWashington, DC1LeadSep 2026

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Investments by dr.consulta

dr.consulta has invested in 1 company to date.

Latest investment by dr.consulta was on December 16th 2021. dr.consulta invested in cuidar.me in their Strategic investment round.


Latest Investments by dr.consulta

cuidar.me
Description
cuidar.me is a Brazilian health plan operator founded in 2020 that sells low-cost health plans through a digital model focused on access to high-complexity care. It began selling plans in June 2021 and had about 1,000 insured lives at the end of that year, with a target of 12,000 in its first year. Its plans were first offered in the city of Sao Paulo and its metropolitan region, using a network that covers the metropolitan areas of Sao Paulo, Rio de Janeiro and Belo Horizonte. The company started with seed money of BRL 3 million from friends and family. In December 2021 the medical-centre network dr.consulta bought a 27.5% stake in it and obtained the option to buy the remainder within 18 months, subject to approval by the national health regulator ANS. The business sits between insurance and care delivery, serving customers priced out of traditional private plans.
HQ CountryBrazil
HQ City
Sao Paulo
Deal Date16 Dec 2021
RoundStrategic investment
Raisedundisclosed
Investors-
Valuationundisclosed
EV/Revenue
EV/EBITDA

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dr.consulta Competitors

dr.consulta competitors include listed companies like Max Healthcare Institute, Tenet Healthcare and Oscar Health, and private ones like Devoted Health, Ro and WeDoctor.

Public and private companies comparable to dr.consulta
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Max Healthcare InstituteIndiaIndiaPublicly listed$874M$236M$9.7B8.9x
Tenet HealthcareUnited StatesUnited StatesPublicly listed$21B$4.5B$23B1.7x
Devoted HealthUnited StatesBoston, MAPrivate$3.3B-$16B-
Oscar HealthUnited StatesUnited StatesPublicly listed$12B($391M)$9.5B0.5x
RoUnited StatesNew York City, NYPrivate$250M-$7B-
WeDoctorChinaHangzhouPrivate$267M-$7B50.4x

dr.consulta Public Comps

dr.consulta is still privately-owned, but its public comps include HCA Healthcare, Alcon, Fresenius, Tenet Healthcare, Dr. Sulaiman Al Habib, IHH Healthcare, Encompass Health, Rede D'Or São Luiz, Apollo Hospitals and Aier EYE Hospital Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
HCA Healthcare$76B$16B2.1x2.0x10.2x10.0x
Alcon$10B$2.6B3.9x3.7x15.3x13.9x
Fresenius$26B$4.1B1.7x1.7x10.8x10.1x
Tenet Healthcare$21B$4.5B1.7x1.7x8.3x7.4x
Dr. Sulaiman Al Habib$3.7B$927M6.1x5.4x24.1x22.5x
IHH Healthcare$6.4B$1.5B3.3x3.0x13.9x13.7x
Encompass Health$5.9B$1.4B2.9x2.7x12.2x12.3x
Rede D'Or São Luiz$10B$1.2B1.6x1.4x13.1x7.5x

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Common questions about dr.consulta

When was dr.consulta founded?dr.consulta was founded in 2011.
Where is dr.consulta headquartered?dr.consulta is headquartered in São Paulo, Brazil.
Is dr.consulta publicly listed?No, dr.consulta is a private, VC-backed company.
How much funding has dr.consulta raised?dr.consulta has raised $206M across 8 funding rounds.
What was dr.consulta's last funding round?dr.consulta's last funding round was a $30M undisclosed-stage round in September 2026, led by International Finance Corporation.
Who are dr.consulta's investors?dr.consulta's investors include Lightrock, Kaszek, Kamaroopin, Lifeforce Capital, Madrone Capital Partners, Japan International Cooperation Agency, IDB Invest, Belfer Management LLC, Endeavor Catalyst, International Finance Corporation and 2 others.
What is dr.consulta's revenue?dr.consulta's latest recorded revenue is $60M (August 2022).
Which companies are comparable to dr.consulta?Companies comparable to dr.consulta include Max Healthcare Institute, Tenet Healthcare, Devoted Health, Oscar Health, Ro and WeDoctor.
How many companies has dr.consulta invested in?dr.consulta has invested in 1 company, including cuidar.me.
What was dr.consulta's last investment?In December 2021, dr.consulta invested in cuidar.me's strategic investment round.

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