Zenda led a US$6.3M Round for Caveo to Scale Accounting Software for Physicians

Caveo, a Brazilian startup providing accounting software and business bank accounts tailored specifically for physicians, has secured US$6.3 million (R$34 million) in a new funding round.

The capital will support the company’s strategy to expand beyond newly graduated doctors and strengthen its offering for more experienced medical professionals with increasingly complex financial and tax needs.

A Series A Extension Backed by Strategic Investors

The round represents an extension of Caveo’s Series A, following the US$3.6 million (R$20 million) raised in February. It was led by Zenda, a Miami-based venture capital firm that was already part of the company’s cap table, with participation from ONEVC.

New and existing investors joining the round include Enseada, the family office of the Larragoiti family, founders of SulAmérica, along with Norte Ventures, Endeavor Brasil, Valutia, and Saison Capital, the venture capital arm of Credit Saison.

While Kortex, whose main shareholders include Bradesco Seguros, Fleury, and Sabin, was already an investor in Caveo, it did not participate in this round.

Shifting Focus Toward More Experienced Physicians

According to founder Wilgo Cavalcante, the new capital will be used to accelerate Caveo’s strategy of serving more senior doctors, such as those who run private practices and perform surgeries in hospitals. These professionals typically face greater accounting and tax complexity than newly graduated physicians.

“During the second half of the year, we almost built a new company to serve this profile of doctor, because their accounting needs are very different from those of newly graduated physicians,” Cavalcante told Brazil Journal.

Adapting the Platform to Complex Tax Structures

Since its founding, Caveo had primarily focused on newly graduated doctors, who mostly work hospital shifts and operate under simpler tax regimes. To serve more experienced physicians, the company had to significantly adapt its operations.

“Previously, we only worked with the Simples tax regime, and we had to incorporate Lucro Presumido. Even the customer support profile for mature doctors needs to be different,” Cavalcante explained.

These changes are already delivering results. In November, 30% of Caveo’s sales came from experienced physicians.

Higher Revenue Potential and New Financial Products

This more senior physician profile brings two major advantages for Caveo. First, these customers typically subscribe to the company’s highest-priced plan, at US$74 (R$397 ) per month. Second, they handle larger transaction volumes, an increasingly relevant factor as Caveo prepares to launch new financial solutions.

The company plans to roll out its financial products in the second quarter of next year, creating additional revenue streams beyond its current SaaS model.

Specialized Features Designed Exclusively for Doctors

While Caveo’s solution is broadly comparable to platforms like Contabilizei, Brazil’s market leader in automated accounting and business banking, the startup differentiates itself through deep specialization in the medical profession.

“We offer standard accounting and banking features, but also tools like on-call shift scheduling, a wallet with relevant information for doctors, and tax simulation solutions,” Cavalcante said. “There are several features designed exclusively for physicians.”

Today, Caveo serves more than 20,000 doctors, who pay monthly subscriptions ranging from US$27 (R$147) to US$74 (R$397).

Strong Growth Metrics and Revenue Projections

In November, Caveo reported an annualized recurring revenue (ARR) of approximately US$4.6 million (R$25 million). The company expects this figure to reach US$9.2 million (R$50 million) by January, driven in part by sales made in the second half of the year to medical students close to graduation, whose subscriptions will only start generating revenue next year.

Looking ahead, Caveo expects its revenue, currently derived almost entirely from SaaS subscriptions, to be further boosted by its upcoming financial products.

Guaranteed Receivables as the First Financial Offering

The first financial solution planned is what Caveo calls “guaranteed receivables”, essentially an advance on payments that doctors receive from hospitals. These payments often take 30 to 90 days to be deposited, creating cash flow challenges that the startup aims to address.

With fresh capital, growing revenue, and an expanding product portfolio, Caveo is positioning itself to become a comprehensive financial and accounting platform for physicians across Brazil.