Small logo Subscribe to leading news on impact investing. Learn More
The Brief Originals Dealflow Signals The Impact Alpha Impact Voices Podcasts Agents of Impact Open
What's Next Measure Better Investing in Racial Equity Beyond Aid Beyond Trade-offs Impact en las Americas New Revivalists Women Rising in India Operation Impact
Smarter Money Women Rising 2030 Finance Locavesting Inclusive Economy Regeneration Impact Tech New Power Geographies
Slack Conference Calls Events Contribute
The Archive ImpactSpace The Accelerator Selection Tool Network Map
About Us FAQ Calendar Pricing and Payment Policy Privacy Policy Terms of Service Agreement Contact Us
Industry News Impact Management Good Business Personal Finance Faith and investing Billionaires
Gender Lens Investing Women Rising in India
SDGs Climate Finance Clean Energy Innovative Finance Full Stack Capital Long-termism
Opportunity Zones Investing in place
Entrepreneurship Return on Inclusion Good Jobs Inclusive Fintech Creative economy Housing New Schooled Well Being People on the Move
Conservation Finance Farmer Finance Financing Fish
Blockchain/AI/IoT Urban Tech Food Tech Inclusive Fintech
Human Rights Democracy and Peace News and Information
Africa Asia Europe Latin America Middle East Oceania/Australia China Canada India United Kingdom United States Growth Markets
Subscribe Log In

Brazil’s Vox Capital scores 26% return in TEM exit

ImpactAlpha, June 6 – Vox Capital, a São Paulo-based impact investment firm, has sold its stake in affordable healthcare network TEM, marking what Brazil’s financial media reported was the country’s first impact investment exit.

Vox, which invested 3 million real ($780,000) in TEM in 2015, said it made a 26% return when it sold its almost 30% stake in the firm to an undisclosed insurance company.

TEM launched in 2014 to provide an alternative to the public health system for low-income Brazilians. It administers prepaid cards that patients use to pay for healthcare at TEM’s network of more than 14,000 partner clinics and medical offices. More than 100,000 patients use providers in the network for basic checkups and exams that cost up to 70% less than private health facilities. TEM also offers 20% discounts on prescription drugs.

Seventy-five percent of Brazil’s population relies on public healthcare. The system “works quite well for some procedures but has a lot of bottlenecks, such as long wait lists for medical appointments with specialists and lab tests,” Vox’s Gilberto Ribeiro told ImpactAlpha.

“We believe that companies like TEM are paving the way for a new market, one more inclusive and fit for the Brazilian population, that offers an alternative to free (but sometimes low quality) public healthcare services and to highly expensive private health insurance,” Ribiero said.

Vox Capital was the first recognized socially-focused investment firm in Brazil when it launched in 2009. It has raised two funds since its founding: an 84.4 million-real fund in 2012 and a 120 million-real fund in 2016. Vox made ten investments from its first fund.

It has recently invested in another health-focused startup: Sanar, which provides online career guidance and resources for healthcare professionals around the country.

You might also like...