Alice, the Brazilian health plan operator for companies, raised US$40 million in a Series D led by the IFC, the private investment arm of the World Bank. The DEG, Germany’s development financial institution, and FinnFund, its Finnish peer, also entered. Kaszek, ThornTree Capital and Canary, who were already shareholders, completed the round, which according to press reports was also joined by Next Billion Ventures. The company did not disclose the valuation.
It is the first equity round since the US$127 million Series C led by SoftBank in December 2021; In 2025 it had added a US$22 million extension of convertible notes led by Kaszek with Globo Ventures and Canary, which were now converted into shares.
SoftBank did not participate in Series D: it sold part of its position to Canary and left the board. Canary, for its part, adds with this operation its fourth investment in Alice. The round comes days after it emerged that the French insurer Alan was evaluating a possible acquisition of the company.
Alice was founded in 2019 in São Paulo by André Florence (CEO), former financial director of the mobility app 99, with stints at Goldman Sachs and Lazard; Matheus Moraes (COO), president from 99 until 2018; and Guilherme Azevedo (co-founder), who previously co-founded the dr.consulta clinic network.
From 6,000 to 100,000 members: five years of accelerated growth
According to the company, Alice went from about 6,000 clients in 2021 to more than 100,000 members, with annualized recurring revenues exceeding US$237 million and growth close to 70% annually. With the new capital, it aims to bring those revenues to US$400 million in 2027, with a focus on small businesses in the São Paulo metropolitan region.
Alice’s model combines an in-house health plan with integrated primary care: doctors available via app, in-person consultations, and a layer of preventive health management to reduce accidents.
This proposal allowed it to grow steadily in a market dominated by traditional operators and gain the attention of institutional development investors, who typically bet on models with measurable social impact and capacity for scale.
AI to lower operating costs and launch Alice AI in November
Alice reorganized around artificial intelligence. As of early 2026, 100% of its code is written by AI agents coordinated by its engineers. Their doctors use a clinical co-pilot who turns the conversation with the patient into a draft consultation, and brokers have a system that cuts up to 90% of quote time.
According to the company, the operating cost of care fell by 18% and waiting time fell by 12.5%; Its long-term objective is to bring the administrative cost to around 2% of income, compared to a market average that estimates between 7.5% and 12%.
In November, Alice plans to launch Alice AI for its entire base, an assistant within the app that knows the history of each member and allows you to navigate the health system in a personalized way. The company’s bet is that AI not only lowers internal costs, but also improves the member experience and reinforces retention, the most critical indicator for a health operator.
