Brazil-based healthcare providers Grupo Fleury and Grupo Sabin launched a corporate venturing vehicle called Kortex Ventures yesterday that will invest up to R$200m ($35.3m) in startups.
Kortex Ventures will provide funding for developers of digital health technology, diagnostics products and personalised medicine once it receives formal approval from Brazilian regulator Conselho Administrativo de Defesa Econômica.
Fleury holds a 70% stake in the fund while Sabin owns the remainder. Managing director Hans Lenk and Gustavo Cavenaghi, head of investments and portfolio management, are running Kortex, which has a 10-year term and which intends to deploy its capital over a four-year period.
Kortex said in a statement: “We partner with outstanding entrepreneurs and innovative companies to change the future of healthcare through technology.”
Formerly at consulting firm Boston Consulting Group, Lenk joined Fleury in 2015 and has spent the past year as director of strategy, innovation and business analytics. Cavenaghi joined Fleury last year from fund of funds KPTL to develop its corporate venturing unit.
