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MOBILE & TELECOMMUNICATIONS | Mobile Software & Services / Health & Wellness
elma.care

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Founded Year

2017

Stage

Series A - II | Alive

Total Raised

$8.08M

Last Raised

$3.68M | 1 yr ago

About Elma

Elma is a Spanish health application that utilizes artificial intelligence, chat, and personalized medical service to resolve medical issues quickly and conveniently from a smartphone.

Elma Headquarter Location

Palau de Mar Building Pau Vila Plaça No. 1, First Floor Sector AD

Barcelona, 08039,

Spain

+34 93 122 28 93

Latest Elma News

Spanish startup Elma gets $3.2M for a digital-first health insurance play

Sep 25, 2019

Insurtech startup Elma has closed a €3 million (~$3.2M) Series A funding round led by Mangrove Capital partners to build out a digital-first health insurance business starting with Spain, its domestic market. Also investing in the Series A are a number of unnamed local investors focused on the healthcare space, along with Barcelona-based investor and company builder Antai Venture Builder (AVB), Arroba Capital, and US VC Joyance Capital Partners. Elma’s co-founders — Miguel Ángel Antón (CEO), Albert Malagarriga (CPO), and Miguel Vicente and Gerard Olivé (also co-founders of its investor, AVB) — have a background in digital industries and startups, building “user centric experiences”, as Antón puts it. Healthcare experience in the founding team comes via the COO who we’re told spent 12 years at a C-level position at one of the largest health insurers in Spain (now owned by Bupa). Elma also has a chief medical officer — who Antón touts as bringing a wealth of experience in “digital care”. Since 2017 the team has been building a number of digital healthcare tools that can be accessed via an app. The idea is to entice subscribers to Elma’s healthcare cover with the promise of tech-enabled convenience and a shorter wait time vs Spain’s (free) public healthcare service for remote chats with doctors. It’s also hoping to disrupt legacy health insurance giants by offering slicker digital tools and services. “Few companies or entities have had the opportunity to think about patient journeys and build and articulate a product that optimizes healthcare outcomes while controlling costs,” argues Antón. “We believe insurers have a privileged position to do that, yet they seem to have little incentive to innovate and adopt digital tools to make it happen given their legacy. We want to build a digital health subscription to better healthier, that includes insurance and is (finally) user centric.” Among the tools Elma will offer subscribers initially is a telehealth service that lets members talk to a doctor via video call and chat, providing remote primary care and digital prescription (it has a team of seven doctors to serve that from launch) — and a doctor search engine for finding a medical professional to deal with a specific condition (it has a pool of 23,000 doctors in Spain for in-person healthcare). “We are currently working on a booking feature and integration with test providers to make getting blood tests, scans and so on much easier and interconnected,” adds Antón. “We are one of the few insurers that provide a full online, comprehensive quoting system for people to understand our products and buy entirely online. These are just a few features that we are releasing with, but our vision is to pursue the digitalization of the industry to fulfil our mission. Prevention, promotion of good habits, digital therapies, are coming up next.”  On the prevention front, this being an insurtech startup, Elma’s roadmap includes linking insurance premiums to healthier lifestyles — via some form of behavior tracking. “Healthier people should benefit from their good habits and we are already testing tools that identify people’s habits,” Antón confirms, adding: “Other features in our roadmap for next year are integration with wearables, care plans, skin prevention plans, etc.” The team will be launching its first health insurance product in Spain next month. Its website already lists pricing for a range of plans “con copago” (which means there’s a monthly fee to pay for the insurance cover plus an additional fee when you access healthcare services). “We will have a full “sin copago” product in two weeks but we are believers of insurance with copayment,” Antón tells TechCrunch. “Being healthy makes you reduce visits to the doctor so you can keep your premium low and pay per use which will be best for our customers. We really love copayments…. Best way to pay less.” The Series A will be put towards scaling in Spain, which is the firm focus for Elma for the foreseeable future given a large addressable local market. Some 10M+ people (~23% of the population) pay for healthcare, according to Antón, who says this is on account of long wait time for the free public service. A majority of those (60%) pay for health insurance via their employer — so Elma is focusing on selling in to corporates to provide cover for their staff. “We have an agreement with [insurance broker] Willis Towers Watson who will allow us to quote the most relevant companies in Spain,” he says, adding that it’s already signed agreements with listed companies  (such as Masmovil, Red Electrica Española); startups (eCooltra); and state owned companies (Ferrocarrils de la Generalitat). “Healthcare is very country specific, that’s why its really hard to scale this type of company [to other markets]. So far we want to concentrate in Spain. The market here is huge, growing 5%-7% a year and needs a lot of digitalization,” he adds. “We want to became leader in our market. In the future we will look for markets where our product fits the best, and it may be countries with or without a strong public health system. What we believe is true is if we make it here, where we are competing with an excellent service which is for free (Spanish public healthcare system), we can probably make it anywhere.” In terms of app-focused competition, on Elma’s home turf there’s MediQuo , another Barcelona-based startup that promises to put a doctor in your pocket — via an app where users can chat to a medical “amigo”. While it’s not a fully fledged health insurance play pricing is low enough that users could combine it with legacy health insurance elsewhere — augmenting their usual cover with an up-to-date app supplement.

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Expert Collections containing Elma

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Elma is included in 4 Expert Collections, including Artificial Intelligence.

A

Artificial Intelligence

7,340 items

This collection includes startups selling AI SaaS, using AI algorithms to develop their core products, and those developing hardware to support AI workloads.

H

Health Plans & Benefits Management

687 items

Companies developing or offering digital platforms and services, including online insurance marketplaces, data analytics for claims adjustment, benefits administration, and payments systems, that help make private health insurance more affordable, navigable, or transparent.

D

Digital Health

9,302 items

Companies that use or incorporate digital technology into their health/wellness product & service offerings. Only those that have raised funding after 01/01/2010

T

Telehealth

2,454 items

Companies developing, offering, or using electronic and telecommunication technologies to facilitate the delivery of health & wellness services from a distance. *Columns updated as regularly as possible; priority given to companies with the most and/or most recent funding.

Elma Patents

Elma has filed 5 patents.

The 3 most popular patent topics include:

  • Collecting
  • Conservation and restoration
  • Jewellery
patents chart

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4/23/2018

4/13/2021

Ultrasound, Jewellery, Sound, Collecting, Conservation and restoration

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Ultrasound, Jewellery, Sound, Collecting, Conservation and restoration

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Elma Web Traffic

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Page Views per User (PVPU)
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