Tonic App raises €3.5M from Armilar and Vesalius

Armilar closed a 3.5 million euro investment in Tonic App, a Portuguese startup that created a mobile application for medical doctors. The round was co-led by the Luxembourgian Vesalius Biocapital Partners, a venture capital firm specialized in life sciences with more than 10 years of experience.

With the capital, the company founded and ran by Daniela Seixas will be able to accelerate its European expansion in France, Spain and the United Kingdom — three of the five largest European healthcare markets.

The healthcare tool already helps more than 12,000 professionals from the medical community diagnosing and treating their patients by aggregating all the needed resources for their day-to-day work in a single app. In less than three years, the startup has developed its mobile platform, obtained the European Economic Area certification mark (the CE marking) as medical device, attracted nearly one third of all the doctors in Portugal and entered the Spanish market, where it recently closed its first international deal.

The award-winning startup, that won the Novartis Techcare Open Innovation Program in 2017, the second-place trophy for the world’s largest healthcare trade fair in 2018, the MEDICA App Competition, and, more recently, the 2019 SaaStr Europa, was founded in 2016 as a spin-off of University of Porto. The team was formed by MBA colleagues at IE Business School and was also named by Forbes magazine as one of the 60 women-led startups that are “revolutionizing technology around the globe”.