Portuguese Startup Tonic App raises €3.5 million euros in third round of funding

HealthTech Feb 08, 2020
Portuguese Startup Tonic App raises €3.5 million euros in third round of funding

In a 3rd round of local and international investment series A, Portuguese startup Tonic App, raises €3.5 million euros with a capital investment co-led by Vesalius Biocapital Partners (Luxembourg) and Armilar Venture Partners (Portugal) who join investors Portugal Ventures and TheVentureCity.

About Tonic App? Tonic App was created for doctors by doctors and essentially is a mobile communication app and digital healthcare tool that assists professionals in their daily work and aids in communication between medical professionals and patients. The tool is designed to help diagnose and treat patients in a controlled environment, through safe and organised discussions.

Where it started! Tonic App started as the follow on to an executive MBA at IE Business School in 2015 and the company was incorporated, April 2016 in Porto, Portugal, after the group were certain they were on to something good.

From an initial investment by Portugal Ventures, Tonic App have secured further rounds of investment from TheVentureCity, Vesalius Biocapital Partners (Luxembourg) and Armilar Venture Partners.

Since the companies founding and continued momentum in the healthcare market, the mobile platform has received CE certification as a medical device and acquired more than a third of doctors in Portugal, including some of the largest healthcare multinational companies such as Medtronic and Novartis.

With new investment Tonic App aims for international expansion with a focus on three of the five largest European healthcare markets that include: The United Kingdom, Spain and France.

Glen Smale

Glen Smale is a full stack software engineer, entrepreneur and content editor @bundupress. When not writing about tech startups and software trends he works on software projects

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