Funding

[Funding alert] Lisbon-based UpHill Raises €7 Million in Series A Round Funding

Mar 18, 2024 | By Startup Rise EU

UpHill, a Portuguese technology company that orchestrates and automates care journeys for hospitals and patients raises €7 million in series A round funding.

UpHill, a Portuguese technology company that orchestrates and automates care journeys for hospitals and patients raises €7 million in series A round funding.

Leading the operation were two new investors, Explorer and the joint Social Impact fund of Redstone and EnjoyVenture, in addition to current backers Maze and Brighteye Ventures and prior investors Caixa Capital and Grupo Luz Saúde.

In recent months, Uphill increased its market presence by partnering with Spanish and Portuguese hospitals, including the largest hospital units in Portugal, which serve about 25% of the Portuguese population. This was during a particularly difficult time for healthcare systems, characterized by multiple challenges in meeting patient needs.

Read also - Vienna-based Necture Secures €7 Million in Series A Round Funding

Co-founder and CEO of UpHill Eduardo Freire Rodrigues attributes the company's success to its cutting-edge technology and track record of boosting the capacity of healthcare teams and enhancing patient outcomes for investors as well as hospitals.

João Caro Sousa, Investment Professional at Explorer, said: “We are thrilled to contribute to Uphill Health’s future endeavors, collaborating on the creation of cutting-edge tools that significantly enhance users’ access to superior healthcare. Our commitment involves working closely with existing stakeholders, with the shared goal of propelling Uphill Health to become a prominent force in the European healthcare sector.”

Lucas Paul, Investment Director at Redstone, added: “Globally, healthcare providers are struggling to keep up with patients’ needs and improved medical efficiency is paramount to ensuring high-quality healthcare coverage. UpHill has proven to be able to augment the capacity of hospitals as well as the quality of treatment outcomes.”

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Current investors emphasize the company’s impact on clinical outcomes. “UpHill makes best practice into standard practice for hospitals. It delivers tremendous ROI for patients, professionals and healthcare institutions alike by automating guidance and follow-up at key moments in patients’ care journeys. We expect these benefits to only increase as the product evolves in the coming months and years, and we’re excited to continue accompanying UpHill,” commented Ben Wirz, Founding Partner of Brighteye, which has strengthened its investment, alongside Maze.

António Miguel, Managing Partner of the MSM impact fund, co-managed by Maze. Caixa Capital and Luz Saúde also participated in the operation said, “UpHill’s vision to empower healthcare teams to deliver the best care is an opportunity for us to have a large-scale impact at a time when healthcare systems are facing efficiency and quality challenges all across Europe. The UpHill team has strong leadership and it has been inspiring for us to work together to fulfill this vision,”.

The capital round will support the company's aggressive expansion objectives in addition to product development. By the end of the year, UpHill hopes to have doubled its staff, which translates to recruiting about thirty profiles.

A few of the roles that are now open in Portugal and overseas are in software engineering, biomedical engineering, business development, hospital project management, and design.

Read also - Osnabrück-based NeoTaste Secures €15.1 Million in Series A Extension Funding

With the completion of this third investment round, UpHill has raised a total of €12 million in funding. The company is already in Spain, where it collaborates with the Guttmann Institute, a Barcelona hospital that serves as a European reference point for neurorehabilitation, in addition to significant healthcare units in Portugal.

About UpHill

UpHill is the top platform for care orchestration, automating best practice clinical pathways to increase hospital capacity to meet demand. Their goal is to enable individuals to give and receive the greatest possible care.

UpHill is the most well-funded clinical route firm in Europe and serves hundreds of thousands of patients. It is trusted by the top institutions in Iberia, including ULS Sta Maria, Luz Saúde, ULS Coimbra, Institut Guttmann, and more.

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