News

The venture capital fund MCI.BioVentures invests in innovative health insurance

07.09.2010 Download PDF

The MCI.BioVentures fund is executing another investment. As a result of meeting investment conditions, the fund acquired 50% of shares in the company MED CASCO during the first round of financing. On 6 September 2010, MED CASCO signed an agreement to cooperate with InterRisk TU Vienna Insurance Group S.A.

“Since the beginning of the year, we analyzed several dozen potential projects from which we have chosen one, the most promising in our opinion, with an exceptional business model. It is the MED CASCO project. We were convinced this investment by the founders of the company, who have unique know-how in the area of health insurance as well as successfully proven sales experience. The proposed innovative product and business model makes it possible for MED CASCO to reach high profitability levels in the perspective of two years after the investment. A significant element of the transaction is to strategically bind the project leaders with the company, who are largely the key to the success of this investment. The company will be managed by an experienced expert in the sales of private Health Insurance, Mr. Wojciech Pawlik.” – said Grzegorz Gromada, Managing Director of MCI.BioVentures.

MCI.BioVentures invests in MED CASCO, start-up company that will offer innovative health insurance. The innovativeness of this project consists in combining insurance and banking services, as a result the client will be given the possibility to use any medical healthcare facility and hospital in the whole country. The Health Insurance market in Poland, where the Company will operate has a high growth potential.

It is estimated that in the year 2010:
• Poles will spend about 33 billion PLN on private health care,
• statistically, each Pole will spend over 900 PLN from his own pocket on private medical treatment,
• as much as 25% of Poles will resign from the purchase of prescription drugs due to lack of money,
• …but only 1% of Poles are ready to resign from surgical treatment in a hospital due to financial constraints.

While the waiting time for some operations refunded by the National Health Fund may be in some cases even as long as three years. Today’s alternative is having the procedure done privately, which often exceeds the patient’s financial possibilities.

MED CASCO

MED CASCO is a new service on the market, which in exchange for several zloty monthly will guarantee the immediate availability of medical services unavailable in the currently offered health insurance or health plans. The offer is mainly aimed at clients of insurance companies, banks, lease companies, car dealerships and other institutions, who offer insurance either as a standard service or as added value. The sales strategy is based on development, introduction and realization of affinity sales projects in the sales networks of large corporate clients including the MED CASCO service, which will constitute significant added value compared to the partners’ basic offer. The company will also handle full customer support through a 24-hour hotline and will manage the banking platform and the payments for medical services.

“The investment from MCI.BioVentures will enable us to fulfill the strategy of the company in a shorter time and to develop our service – with a benefit for our partners and clients.
From among several insurance companies interested in commencing cooperation, and have chosen the company ranked in the top five – InterRisk TU VIG S.A.” – said Wojciech Pawlik, President of MED CASCO.

“InterRisk Towarzystwo Ubezpieczeniowe S.A. Vienna Insurance Group is developing a line of health insurance; that is why we initiated the cooperation with MED CASCO, who presented interesting assumptions as to their new product. I hope the product will be a significant complement to the offer on the emerging health insurance market.” – said JĂłzef Winiarski, Vice President of InterRisk T.U. VIG S.A.

—–

MCI.BioVentures

MCI.BioVentures is a fund investing in endeavors in the areas of biotechnology, new trucks and therapy, medical supplies and devices and healthcare services. Currently, the Fund’s portfolio includes for companies: Genomed (genetic diagnostics), 4med (chain of health care clinics), 24med (private emergency rescue service) and Med. Casco (innovative health insurance). The fund’s investment model assumes investing at initial and early stages of development and then active managerial support optionally combined with raising further financing allocated for expansion. The preferred size of investment is 0.2 – 1 million EUR.
The fund belongs to the MCI Group
MCI Capital TFI SA

MCI Capital TFI SA was created in the year 2006. It is a company enabling to create investment funds and manage them. Through MCI Capital TFI, the MCI Group manages the funds: MCI.PrivateVentures (which has two separate subfunds: MCI.TechVentures, venture capital and MCI.EuroVentures, growth capital), MCI.BioVentures (venture capital & seed capital), Helix Ventures Partners (seed capital & start-up) and Internet Ventures (venture capital), investing in: Internet, mobile Internet, VAS, digital media, SaaS, IT services, e-commerce, BPO, biotechnology, healthcare and clean technologies. Additionally the group of managed funds includes MCI Gandalf Aktywnej Alokacji SFIO (absolute return hedge fund).
MCI Capital TFI SA, together with its managed funds, is an entity subject to applicable regulations of the Act of 27 May 2004 on investment funds.

07.09.2010 Download PDF