Oltre Impact’s Third Fund Invests 2.5 Million in Medea Telemedicine

Oltre III, the third fund launched by Oltre Impact sgr spa – EuVeca, Italy’s leading impact investor, which makes financial, strategic, and managerial resources available to companies with high growth potential in order to maximize their returns and positive social impact, has invested €2.5 million in Medea Telemedicine, a short for Medical Electronic Applications.

The latter will use the funds received to develop technologies that bring health care closer to the patient by simplifying the performance of examinations through the use of smartphones, the technical nursing center that follows the patient remotely, and the medical center made up of more than 50 medical specialists able to make a report quickly.

In fact, Medea, established in 2016 in Potenza, offers a remote reporting service through smart, space-saving devices that make many diagnostic exams more accessible, efficient, and cost-effective. Medea has more than 1,000 health points across the country, through which it delivers more than 60,000 specialist referrals belonging to five medical branches, decreasing the time for booking, execution, referral and reducing the cost of the health service. The company ended 2021 with revenues of €2.1 million and Ebitda of about €300,000.

Gaetano Giuffrè, Investment Manager at Oltre Impact said, “Healthcare is constantly evolving and many of the old delivery models are now inefficient and expensive, negatively impacting people’s well-being. Therefore, over the years we have invested in multiple companies in the healthcare sector to bring innovation and improve services for end users. The investment in Medea is in continuity with respect to the latter strand, and we are happy to be able to support, in the path of business development, Laura and Vincenzo, founders of Medea, with whom we share the idea of a highly accessible telemedicine service in terms of proximity and an important reduction in time and cost compared to other traditional solutions.”

Laura Colangelo general manager and co-founder of Medea together with Vincenzo Telesca, added, “Medea, thanks to the support of Oltre, aims to become the first telemedicine company in Europe, supporting not only health points but also patients directly, implementing the service platform and offering a range of multi-specialty diagnostic services. Our vision is to create Europe’s first digital clinic for patient care in chronicity management and early detection of acute adverse events. With Medea’s technology and services, the patient has a way to take care of himself by performing and monitoring diagnostic examinations either directly or with territorial access, reducing time, and costs and ensuring high quality of specialist reporting.”

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Entirely led by Oltre Impact, the deal was assisted by RSM Italy, Studio Legale Alpeggiani, and Advant NCTM and represents Fund III’s second investment after the one in Ubiquicom’s tracking systems

At the end of October, Oltre III raised €72 million, after having made in July the second closing (€10.7 million from private and institutional investors, including Investcorp Tages Impact Fund with a commitment of €5 million) and in September the third closing, fully subscribed by Intesa Sanpaolo with a commitment of €8 million.

Following the latest closing, all previous major investors in the Oltre III fund were confirmed, including the European Investment Fund (EIF), which participated in raising €30 million through the European Fund for Strategic Investments (FEIS). As for new investors, most of them institutional, there were the FOF VenturItaly fund of funds and the MiSE Co-Investment Fund, both managed by Cdp Venture Capital sgr.

Funding will continue in 2023 for a final target of €100 million. Oltre III, launched in 2021, announced its first closing in November of the same year with more than €53 million in commitments.

Oltre III continues the mission of previous vehicles, when still the team, founded by Luciano Balbo, a private equity pioneer in Italy, and Lorenzo Allevi, had not established the sgr, but worked under the name Oltre Venture and invested through Sicaf. In fact, Oltre Impact’s goal is to invest in companies with great growth potential, committed to the pursuit of sustainable development goals. The main areas of investment are: health care based on both physical and digital models, silver economy and care for the elderly, education and training at all levels and in all age groups, sustainable energy, inclusive and sustainable finance, mobility and smart cities, safety at work, tourism capable of enhancing the local economic fabric, circular economy, and agrifood.

Prior to this transaction, the sgr had assets under management of €123 million at its three investment vehicles, having supported the growth of 45 positive social impact companies, including Santagostino, from which it fully exited mell August 2022, Wonderful Italy, Sfera Agricola, and Erbert, and made, in addition to Santagstino, five other exits from the Oltre II portfolio.

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(Featured image by Tumisu via Pixabay)

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