German health and fintech company Nelly secures €50M from Cathay Innovation, Notion Capital, others

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On Wednesday, Berlin-based Nelly, a health and fintech company, announced that it has raised €50M in a Series B funding round co-led by Cathay Innovation and Notion Capital.

Other existing investors b2venture, Lakestar, Motive Ventures, and arc investors, also participated in the round.

The German company will use the funds to accelerate international expansion and solidify its position as the Financial Operating System for medical practices.

“The support of our investors not only underscores confidence in our team and business model but also in our ability to improve outcomes for healthcare professionals and patients,” says Niklas Radner, co-founder and CEO of Nelly.

“We are excited to continuously automise administrative workflows and enable process innovation to build the largest fintech in healthcare,” adds Radner.  

As part of its European expansion, Nelly recently entered the Italian market – a region facing similar structural challenges in healthcare administration and digitalisation.

A study by McKinsey & Company reveals the urgent need for digital transformation in healthcare.

According to the study, 70 per cent of healthcare professionals in Europe view outdated administrative processes as a major barrier to efficiency and patient satisfaction.

Nelly: Automating administrative processes and cashflows in healthcare

Founded in 2021 by Niklas Radner, Lukas Eicher, Rasmus Schults, and Laurids Seibel, Nelly aims to minimise the administrative burden for doctors, medical staff, and patients.

The company has developed the Patient Experience Platform and Financial Operating System (FinOS) for medical practices to streamline workflows such as patient intake, document management, and payment processing.

By easily integrating with practice management software, Nelly enables practices to optimise operations, giving freeing medical professionalsus on patient care.

Patients also benefit from a fully digital experience, allowing them to manage their entire journey — from check-in to payment — securely via their smartphone.

The platform provides a fully GDPR-compliant digital process, from patient intake to payment with a single click.

Nelly claims that it has already digitised 30M paper documents and digitally processed over 2M patients, saving an average of 10 minutes per patient.

This translates into hundreds of thousands of hours saved in the healthcare sector.

Since its Series A round, Nelly has more than doubled its customer base: the platform now digitalises processes for over 1,200 medical practices and 2 Million patients and has set a new standard for payments and administrative workflows in healthcare.

A brief about Cathay Innovation

Cathay Innovation is a multistage venture capital firm affiliated with Cathay Capital. It invests in founders building transformative businesses in Europe, North America, Asia, Latin America, and Africa.

Its platform connects founders with investors and its ecosystem of leading Fortune500 corporations to help startups scale and transform industries with the consumer to enterprise and AI solutions in commerce, fintech, digital health, and mobility/energy.

The VC now manages over €2.5B AUM and has additional offices in Berlin, San Francisco, Shanghai, and Singapore. It has invested in over 100 startups, including Bioptimus, Chime, Pinduoduo, Glovo, Wallbox, Owkin, Getaround, Ledger, ZenBusiness, Alma, Descartes Underwriting, and more.

A brief about Notion Capital

Notion Capital is a European B2B SaaS and Cloud VC with over $1B in assets under management and more than 100 investments to date.

The Notion team founded, built and exited two highly successful SaaS businesses – Star and MessageLabs – and invests exclusively in exceptional founders with the ambition to build global category leaders.

“Notion is thrilled to partner with Nelly to help them build the next generation of operational and financial products for clinics. At Notion, we’ve partnered with some of the leading vertical software leaders like Mews Systems (hospitality vertical) and Glofox (fitness vertical), and we’re excited to help Nelly scale and achieve their global ambitions. Their unique combination of software and fintech positions them exceptionally well to become a category leader in this space, and we’re eager to support their journey“, states Itxaso del Palacio, General Partner at Notion.

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Vigneshwar Ravichandran

Vigneshwar has been a News Reporter at Silicon Canals since 2018. A seasoned technology journalist with almost a decade of experience, he covers the European startup ecosystem, from AI and Web3 to clean energy and health tech. Previously, he was a content producer and consumer product reviewer for leading Indian digital media, including NDTV, GizBot, and FoneArena. He graduated with a Bachelor's degree in Electronics and Instrumentation in Chennai and a Diploma in Broadcasting Journalism in New Delhi.

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