# Dr.Consulta (DrConsulta Ltd.)
Dr.Consulta is a Brazilian technology-enabled health care company, founded in São Paulo in 2011 by Thomaz Srougi, that provides affordable out-of-pocket primary and secondary care through its own clinics, diagnostics, and telemedicine for low- and middle-income patients.[1](https://disclosures.ifc.org/project-detail/SII/51551/drc-equity) The operating business is Brazilian, but its fund-raising vehicle, DrConsulta Ltd. (CIK 0001668172), is incorporated in the [Cayman Islands](https://www.edgepedia.org/cayman-islands) with a registered office at Campbells Corporate Services Limited in [Grand Cayman](https://www.edgepedia.org/grand-cayman), and it has raised capital in United States private placements through SEC Form D (SEC filing for unregistered private placements to accredited investors) filings between 2016 and 2022.[2](https://aum13f.com/fund/drconsulta-ltd) That offshore holding entity is distinct from the clinics patients visit; the distinction matters when reading the two sets of records described below.
| Fact | Detail |
|---|---|
| Founded | 2011, São Paulo, by Thomaz Srougi (operating company)[1](https://disclosures.ifc.org/project-detail/SII/51551/drc-equity); DrConsulta Ltd., the Cayman offering entity, files with the SEC from Grand Cayman[2](https://aum13f.com/fund/drconsulta-ltd) |
| What it does | Affordable out-of-pocket primary and secondary care, diagnostics, and telemedicine via its own clinics[1](https://disclosures.ifc.org/project-detail/SII/51551/drc-equity) |
| Total raised via Form D | USD 140,102,802 sold across offerings, 2016–2022[2](https://aum13f.com/fund/drconsulta-ltd) |
| Latest confirmed round | Series D, announced September 2022, led by Kamaroopin (Patria Investments)[3](https://idbinvest.org/en/news-media/idb-invest-and-drconsulta-will-increase-access-affordable-health-services-brazil) |
| Scale (2022–2023) | 28–30 clinics in São Paulo, about 800,000 patients a year, more than 3 million cumulative patients[3](https://idbinvest.org/en/news-media/idb-invest-and-drconsulta-will-increase-access-affordable-health-services-brazil) • [1](https://disclosures.ifc.org/project-detail/SII/51551/drc-equity) |
| Notable investors | Kamaroopin (Patria), IDB Invest, JICA, Lightrock[1](https://disclosures.ifc.org/project-detail/SII/51551/drc-equity) • [4](https://pipelinevalor.globo.com/startups/noticia/drconsulta-capta-us-23-mi-em-estreia-da-japonesa-jica-em-growth.ghtml) |
| Status as of September 2026 | Unresolved in the sources kept for this article; the IFC disclosed a proposed up-to-US$30 million investment describing 30 operating clinics, but none of the kept sources confirms the company's status after the Series D closing[1](https://disclosures.ifc.org/project-detail/SII/51551/drc-equity) |
## History and founders
Thomaz Srougi opened the first clinic in 2011 in a São Paulo favela. By June 2018 the company reported more than 2,000 doctors, 44 medical centers in São Paulo, and more than a million patients served, and venture investors had put about $100 million into it since inception.[5](https://techcrunch.com/2018/06/19/dr-consulta-transforms-healthcare-for-the-poorest/) Srougi serves as chairman.[1](https://disclosures.ifc.org/project-detail/SII/51551/drc-equity)
The Form D filings for DrConsulta Ltd. list Pedro de Andrade Faria, Renato Franco, Marcos Pereira, and Thomaz Srougi as directors and Renato Velloso Dias Cardoso as an executive officer.[2](https://aum13f.com/fund/drconsulta-ltd) Pedro Faria is separately identified as the leader of Kamaroopin, the growth equity firm that led the Series D.[6](https://www.conyers.com/publications/view/conyers-advises-kamaroopin-on-their-series-d-investment-into-dr-consulta/) The sources kept for this article do not establish any role for Hernan Kazah or the other names attached to early filings.
## Business model and services
The company sells low-cost care directly to patients rather than relying on insurance intermediation. By 2018 it offered basic procedures at around $20, with savings attributed to vertical integration of one-stop-shop clinics.[5](https://techcrunch.com/2018/06/19/dr-consulta-transforms-healthcare-for-the-poorest/) It describes itself as a health technology company with a multi-channel approach.[7](https://idbinvest.org/en/projects/dr-consulta-affordable-health-brazil)
Three revenue lines ran in parallel, according to IDB Invest and Pipeline, Valor Econômico's startup newsroom: pay-per-visit appointments, a monthly subscription card (Cartão dr.consulta, developed with Yalo) with about 210,000 users a year and a half after launch, and health plans built with operators such as SulAmérica and the healthtech Cuidar.me, which the company had recently acquired.[4](https://pipelinevalor.globo.com/startups/noticia/drconsulta-capta-us-23-mi-em-estreia-da-japonesa-jica-em-growth.ghtml) • [3](https://idbinvest.org/en/news-media/idb-invest-and-drconsulta-will-increase-access-affordable-health-services-brazil) Income from recurring patients already exceeded 50% of gross income at the time of the Series D announcement, according to IDB Invest.[3](https://idbinvest.org/en/news-media/idb-invest-and-drconsulta-will-increase-access-affordable-health-services-brazil) The IFC disclosure separately notes a subscription-based model with discounted services and family coverage.[1](https://disclosures.ifc.org/project-detail/SII/51551/drc-equity)
## Funding, by the numbers
The SEC Form D record for DrConsulta Ltd. spans 2016 to 2022 and totals USD 140,102,802 sold across offerings.[2](https://aum13f.com/fund/drconsulta-ltd) The last filing, dated 2022-09-22 under Rule 506(b), covered a $102.4 million offering of which $64.2 million had been sold as of the 2022-09-07 sale date, leaving $38,213,175, with a finder's fee of $3,250,000.[2](https://aum13f.com/fund/drconsulta-ltd)
The Series D unfolded in tranches, and the sources give different sizes for the round as a whole. IDB Invest describes a $57 million round led by Kamaroopin, within which its own investment was $10 million.[3](https://idbinvest.org/en/news-media/idb-invest-and-drconsulta-will-increase-access-affordable-health-services-brazil) Conyers, acting as Cayman counsel, records Kamaroopin's investment as BRL$100 million.[6](https://www.conyers.com/publications/view/conyers-advises-kamaroopin-on-their-series-d-investment-into-dr-consulta/) Pipeline/Valor reports that the round, initially announced in September, totaled R$170 million, with a closing tranche of US$23 million split between IDB Invest (US$10 million), Japan's JICA (US$8 million, its first growth-stage investment) and Kamaroopin with co-investors (US$5 million).[4](https://pipelinevalor.globo.com/startups/noticia/drconsulta-capta-us-23-mi-em-estreia-da-japonesa-jica-em-growth.ghtml) The IDB project page describes the stake as preferred convertible stock within the ongoing Series D, with an estimated seven-year term.[7](https://idbinvest.org/en/projects/dr-consulta-affordable-health-brazil)
The Series D investment was documented with Conyers acting as Cayman Islands counsel to Kamaroopin, consistent with the Cayman incorporation of the offering entity DrConsulta Ltd.[6](https://www.conyers.com/publications/view/conyers-advises-kamaroopin-on-their-series-d-investment-into-dr-consulta/) • [2](https://aum13f.com/fund/drconsulta-ltd)
## Traction and scale
Clinic counts in the sources move with the years rather than contradicting each other outright: 44 medical centers in June 2018 ([TechCrunch](https://www.edgepedia.org/techcrunch)),[5](https://techcrunch.com/2018/06/19/dr-consulta-transforms-healthcare-for-the-poorest/) 28 clinics at the Series D announcement (IDB Invest),[3](https://idbinvest.org/en/news-media/idb-invest-and-drconsulta-will-increase-access-affordable-health-services-brazil) 29 medical centers at the round's closing, still exclusively in the São Paulo metropolitan region (Pipeline/Valor),[4](https://pipelinevalor.globo.com/startups/noticia/drconsulta-capta-us-23-mi-em-estreia-da-japonesa-jica-em-growth.ghtml) and 30 clinics in the later IFC disclosure.[1](https://disclosures.ifc.org/project-detail/SII/51551/drc-equity)
Patient volumes: nearly 800,000 patients a year across all care channels, more than 3 million patients treated cumulatively, more than 60 specialties and more than 3,000 services, per IDB Invest at the Series D.[3](https://idbinvest.org/en/news-media/idb-invest-and-drconsulta-will-increase-access-affordable-health-services-brazil) TechCrunch's 2018 figure of more than a million patients served is consistent with that trajectory.[5](https://techcrunch.com/2018/06/19/dr-consulta-transforms-healthcare-for-the-poorest/) TechCrunch also reported the company's own claim to be the largest private medical service provider in Brazil; that is a company claim, not an independently verified ranking.[5](https://techcrunch.com/2018/06/19/dr-consulta-transforms-healthcare-for-the-poorest/)
## Status and recent developments
The public record after late 2022 is thin. The strongest later signal is the [International Finance Corporation](https://www.edgepedia.org/international-finance-corporation)'s disclosure of a proposed preferred equity investment of up to US$30 million in Dr. Consulta Ltd., intended to fund clinic construction in São Paulo state and nationally and to strengthen technology infrastructure; the disclosure describes a company with 30 clinics serving low- and middle-income populations.[1](https://disclosures.ifc.org/project-detail/SII/51551/drc-equity) A proposal on an IFC project page is not a completed investment, and the sources kept here do not confirm that it closed.
The honest summary as of September 2026: the last confirmed financing events in the sources kept for this article are the 2022 Form D sale and the Series D closing reported by Pipeline/Valor, and those sources do not settle whether the company is operating, restructuring, or defunct today.[2](https://aum13f.com/fund/drconsulta-ltd) • [4](https://pipelinevalor.globo.com/startups/noticia/drconsulta-capta-us-23-mi-em-estreia-da-japonesa-jica-em-growth.ghtml) • [1](https://disclosures.ifc.org/project-detail/SII/51551/drc-equity)
## References
1. 51551 - DrC Equity (IFC disclosure) — https://disclosures.ifc.org/project-detail/SII/51551/drc-equity
2. Drconsulta Ltd | SEC Form D data (CIK 0001668172) — https://aum13f.com/fund/drconsulta-ltd
3. IDB Invest and dr.consulta Will Increase Access to Affordable Health Services in Brazil — https://idbinvest.org/en/news-media/idb-invest-and-drconsulta-will-increase-access-affordable-health-services-brazil
4. Dr.consulta capta US$ 23 mi em estreia da japonesa JICA em growth (Pipeline, Valor Econômico) — https://pipelinevalor.globo.com/startups/noticia/drconsulta-capta-us-23-mi-em-estreia-da-japonesa-jica-em-growth.ghtml
5. Using tech and $100M, Dr Consulta transforms healthcare for the poorest (TechCrunch, 2018) — https://techcrunch.com/2018/06/19/dr-consulta-transforms-healthcare-for-the-poorest/
6. Conyers Advises Kamaroopin on Their Series D Investment into Dr.Consulta — https://www.conyers.com/publications/view/conyers-advises-kamaroopin-on-their-series-d-investment-into-dr-consulta/
7. Dr. Consulta Affordable health in Brazil (IDB Invest project page) — https://idbinvest.org/en/projects/dr-consulta-affordable-health-brazil
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*Topic: Encyclopedia › Society and history › Economics and business › Business and work › Business and work overview › Companies and corporations › Venture-backed startups and growth companies › Health, biotech, and medtech startups › Healthcare services and clinic operators*
*Initially written Sep 17, 2026 · Edited: Oct 11, 2026; Oct 15, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license