
Five Arrows Growth Capital leads EUR 80m fundraise for Padoa
Five Arrows Growth Capital has led a EUR 80m fundraising round for French digital occupational healthcare company Padoa.
Padoa was founded in 2016 by venture builder Kamet Ventures. Five Arrows has become a significant shareholder, while Kamet retains a majority stake.
Five Arrows will offer Padoa strategic and financial support, as well as access to Rothschild & Co's network in the health and technology sectors.
The startup had revenues of around EUR 15m last year, it told Les Echos.
The company provides software to occupational healthcare practices that can help manage their staff, design prevention strategies and connect with employers to promote wellbeing in the workplace.
It currently reaches more than 200,000 companies representing more than two million employees.
Padoa said in a statement that the fundraising round would help to expand its offering, as well as invest in R&D, and hire 60 new employees in 2022.
The startup last raised EUR 20m in 2018 from Kamet.
Padoa sells its services directly into large employers that manage their own occupational health services, but also into occupational healthcare service businesses, charging a fee of around EUR 9 per employee covered.
Five Arrows Growth Capital closed its first fund in June 2021 on its hard-cap of EUR 450m, saying that it will invest across healthcare and education, data and software, and technology-enabled business services. It has also invested in Biophorum.
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