Creating a workflow and payment layer for medical practices
Why we invested in Nelly
While healthcare amounts to 12% of Germany’s GDP, most processes are analog and outdated. Just think about your last visit at a medical practice (if you live in Germany) — the paper questionnaires you have to fill in every quarter, and not to mention the bill that lands in your mailbox weeks after your visit (in many cases coming from a factoring provider whom you have not heard of ever before).
Turning to the medical practitioners’ perspective, they toolose a lot of time and money due to non-digitized processes for patient intake and bill settlement. An average medical practice, for example, spends 150 minutes daily on printing, signing, scanning, typewriting, archiving and shredding patient documents. The bill settlement process is similar — practitioners must deal with manual mail invoicing and high factoring costs. Patients, on the other hand, are confronted with the payment process and user experience far behind what they see as consumers.
Niklas, Lukas, Rasmus, and Laurids are changing this by building Nelly, which aims to become the top payment layer for medical practices by reducing manual processes, paper usage, and payment costs. The company combines patient onboarding with a digital payment checkout, which enables patients to access a digital workflow and to complete the patient journey, as well as to choose a preferred payment method.
We are excited to join forces with the team, co-leading their Seed round with our friends at embedded/capital and GFC as co-lead, as well as Calm/Storm Ventures, Gaingels and a number of fantastic angels.
Here is why we are especially excited about Nelly:
Strong Team: They bring in relevant experience in the payment industry with three of them having previously worked at Klarna. They have already gained inside information and skills about BNPL and relevant KYC and compliance processes. Moreover, Nelly has been very successful in attracting additional top talent which complements the founders with regards to medical and industry-specific expertise. The strength of the team is further validated by the initial strong execution.
Great initial traction: Although the company was founded less than a year ago, Nelly is already being used by more than 100 practices and 15,000 patients. Current clients do not only include top-tier dentists but also big practice chains and clinics.
First Mover: Nelly has the opportunity to fundamentally change how payments and associated workflows work within medical practices. As of today, no company within the medical sector can compete with Nelly’s combined payment and practice management offering.
Huge and still growing market ready for innovation: The market for treatments that are paid privately (or covered by private health insurance) is huge — and likely to increase in the future. Not only the demographic change but also the ongoing expansion of the variety of treatments is accelerating this growth.
Given all the potential, we are very excited to welcome Nelly to the btov team and to co-lead their Seed round.
For more info about Nelly: check out their website: https://www.nelly-solutions.de/
To all fellow entrepreneurs and investors: Feel free to reach out to us — jhb@btov.vc & ab@btov.vc — if you are interested to learn more about our view on the market or if you would like to get in touch with the founders.
