Finnfund Digital Access Impact Fund I backs Brazilian healthtech Alice in USD 40 million funding round

Waste is one of health care’s most persistent problems. The OECD estimates that around one-fifth of global health spending produces no meaningful health benefit. In Brazil, a 2025 study by IESS (a research institute focused on the sector) found that service utilization in the private health insurance sector grew 23.2% between 2019 and 2025 — roughly twice the pace of membership growth over the same period. Alice, a primary care-driven health insurance company whose mission is to make the world healthier, was built on the belief that this pattern isn’t inevitable and has spent nearly six years proving it, pairing a primary-care model with years of its own clinical data and an increasingly AI-native operation that delivers better outcomes at a lower cost.

The company has now raised USD 40 million in a Series D to keep scaling, with participation from the International Finance Corporation (IFC), KFW-DEG (German Development Finance Institution) and Finnfund Digital Access Impact Fund I (DAIF) managed by Finnfund, the Finnish development finance institution and impact investor. Finnfund has utilised an EFSD+ guarantee under the EU Finnfund Global Connected guarantee programme, which supports investments into rural connectivity solutions, access to data, and digital solutions.

“Waste in health care doesn’t come from one single place. It’s care that arrives too late, it’s unnecessary procedures, it’s follow-up that never happens. Our model was built to address all of that. Primary care and coordination mean the right care, at the right time and at the right place. That’s what keeps our claims ratio under control, and the results show what that model can achieve: health outcomes that meet or exceed benchmarks in several key areas,” says André Florence, co-founder and CEO of Alice.

Three pillars, one AI-connected model

Alice manages its members’ health proactively, based on three pillars: primary care, care coordination, and technology. Each member has a family doctor who follows their health over time and coordinates their care across the system, and a proprietary electronic health record that centralizes their health history shared with Alice, accessible in real time to the professional involved in their case. Artificial intelligence connects the three, making the model increasingly scalable without adding the same complexity or cost at every step.

For example, an AI assistant available 24/7 in the app helps members navigate Alice’s health system and routes them to the right next step — always to a member of the care team, where clinical decisions remain with a health professional — reducing operational service costs by 18% and wait times by 12.5% while keeping member satisfaction high, at a CSAT of 4.8. Inside the medical record, a clinical copilot drafts a structured chart from the doctor-patient conversation, which the clinician then reviews and validates, freeing up roughly half the time once spent on documentation, giving it back to the patient in front of them. In both cases the technology does the repetitive work and the professional makes the call — AI making the clinical relationship more responsive and consistent, not replacing it.

An AI-first company, built on proprietary data

Alice runs as an AI-first company. Its engineers no longer write code by hand. They act as systems architects, directing AI to build and ship and the entire business team is now AI-fluent, trained through internal programs. The shift added engineers rather than replacing them, and Alice has recorded zero production incidents from AI-generated code.

Underneath it sits something few health care companies have: years of proprietary, structured clinical data from Alice’s own records and care model, handled in compliance with Brazil’s data protection law (LGPD) and used in anonymized form to train its models. That data is what makes Alice’s AI specific to its own population, rather than a generic tool applied from outside. The efficiency shows up in cost. Alice is building toward long-term administrative costs near 2% of revenue, against 7.5%–12% for the market and in reach, letting it extend the same operating model to far more people without adding cost at the same pace.

Lowe waste, lower cost, wider reach

The same mechanism plays out in Alice’s business results. Companies with 30 or more employees have a retention rate at 98%, and the company has kept its premium adjustments more controlled and predictable than the market for 5 consecutive years. A lower claims ratio creates room for smaller premium adjustments, and a smaller adjustment helps keep a health plan within reach for companies and employees who would otherwise be priced out or forced into thinner coverage. Over time, that’s how less waste turns into wider access — by making quality health care more economically sustainable for both companies and the people they cover.

“Alice has built a compelling platform at the intersection of healthcare and digital innovation. The company’s data-driven approach has delivered strong operational and health outcomes, while creating a scalable model for expanding access to care. The investment reflects DAIF’s strategy of backing high-growth digital businesses that use technology to address critical development challenges,” says Niklas Simola, Senior Investment Manager at Finnfund.

This project benefits from EU Finnfund Global Connected Guarantee EFSD+ programme, an initiative under the EU’s Global Gateway strategy, aimed at mobilising funding for sustainable investments for digital infrastructure and digital service platforms in Africa, Asia and Latin America.

“The European Union is committed to working with Brazil on digital innovation that benefits people, as reflected in our Digital Partnership. Through Global Gateway, we are supporting this investment in Alice with a guarantee to Finnfund. Our aim is to help improve access to quality healthcare in Brazil, while promoting responsible use of AI and strong protection of patients’ personal data,” said Francisco André, Ambassador of the European Union to Brazil.

“We started Alice because we believed health care could work differently. Today, the evidence shows that it can. It’s better for patients, more sustainable for companies, and more efficient for the system. The next step is scale: proving that this model can reach millions more people without reproducing the waste it was built to eliminate,” concludes Florence.

More information:
Niklas Simola, Senior Investment Manager, niklas.simola@finnfund.fi, tel. +358 400 504 360

Media contact:
Valpuri Mäkinen, Senior Communications and Marketing Manager, valpuri.makinen@finnfund.fi, tel. +358 50 384 2105

This investment is made with support from the European Union and the European Fund for Sustainable Development Plus (EFSD+), one of the financing tools of Global Gateway, promoting sustainable investments in the EU’s partner countries. Finnfund has utilised an EFSD+ guarantee under the EU Finnfund Global Connected guarantee programme, which supports investments into rural connectivity solutions, access to data, and digital solutions. For more information, please visit the European Commission’s website. 

About Finnfund Digital Access Impact Fund I LP
Finnfund Digital Access Impact Fund I LP is an equity fund focused on digital infrastructure and solutions in emerging and frontier markets. The investments are targeted towards the regions and digital subsectors with the most attractive risk-return potential while focusing on creating positive social impact. In addition to financial return, the Fund aims to increase digital, financial, and gender inclusion with its investments. The Fund’s general partner is Finnfund GP Ltd. The Fund voluntarily aims to meet the criteria for the Dark Green Funds according to the Article 9 of the European Sustainable Finance Disclosure Regulation (SFDR).