Healthcare sector financial operations set for transformation with Nelly's EUR 50 million Series B funding boost
Nelly, a health and fintech company based in Berlin, has successfully secured €50 million in its Series B financing round. The funding round was led by Cathay Innovation and Notion Capital, with participation from existing investors b2venture, Lakestar, Motive Ventures, and arc investors.
Founded in 2021, Nelly Solutions aims to automate administrative processes and cashflows in healthcare, digitizing patient data and receivable management for medical practices. The company's goal is to become Europe's largest fintech for healthcare, drive international expansion, and solidify its position as the Financial Operating System (FinOS) for medical practices.
Cathay Innovation, with its platform that connects startups with investors and leading Fortune500 corporations, aims to help startups scale and transform industries. The firm manages over €2.5B AUM and has invested in over 100 startups, including Chime, Pinduoduo, Glovo, Wallbox, Owkin, Getaround, Ledger, ZenBusiness, Alma, Descartes Underwriting, and more.
Notion Capital is partnering with Nelly to build the next generation of operational and financial products for clinics. The investment firms that do not directly support Nelly in this round are those not explicitly mentioned in the available text.
Nelly's Patient Experience Platform and FinOS have been specifically developed to streamline workflows such as patient intake, document management, and payment processing for medical practices. The company offers a GDPR-compliant digital process, from patient intake to payment, with a single click, and seamlessly integrates with existing practice management software.
By integrating with practice management software, Nelly enables practices to optimize operations, giving medical professionals more time to focus on patient care. The company has already digitized 30 million paper documents and digitally processed over 2 million patients, saving an average of 10 minutes per patient.
Nelly recently entered the Italian market as part of its European expansion, targeting regions facing similar structural challenges in healthcare administration and digitalization. The new capital raised will be used for international expansion and the development of additional product lines for healthcare providers.
A McKinsey & Company study highlights the urgent need for digital transformation in healthcare, with 70% of healthcare professionals in Europe viewing outdated administrative processes as a major barrier to efficiency and patient satisfaction. Nelly's FinOS for healthcare is currently used by over 1,200 medical practices.
Niklas Radner, co-founder and CEO of Nelly, stated that the support of investors underscores confidence in the company's team, business model, and ability to improve outcomes for healthcare professionals and patients. Cathay Innovation's core investment focus is on solutions improving efficiency in healthcare. Nelly's vision is to become the largest fintech in healthcare, delivering value to both healthcare providers and patients.
