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Portuguese Digital Physiotherapy Startup Receives $ 85 Million Investment

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Portuguese Digital Physiotherapy Startup Receives $ 85 Million Investment

Sword Health, a Portuguese digital physiotherapy startup that has developed technology combining artificial intelligence with motion sensors, has raised an investment of $ 85 million (about 71 million euros), is moving the company to Expresso. The Series C round was led by General Catalyst – an investor in companies such as Airbnb, Stripe and Snapchat – and also included Bond, Highmark Ventures and BPEA, in addition to current investors Khosla Ventures, Founders Fund, Transformation Capital and Green Innovations. …

Since the beginning of this year, the Portuguese company has raised $ 110 million (€ 92 million) after raising $ 25 million (€ 21 million) in January in a Series B investment.

“We did not think about attracting investments until the end of this year or early next. But last January we entered the United States. [EUA] and we have had explosive growth since April or May, ”said Virgilio Bento, founder and CEO of the company, to Expresso. “Our investor proposed the next round, and we ended up taking advantage of what I call the Silicon Valley VC social network.” After that, 15 more leading investors came to me. In May, two and a half weeks later, we had a plan [termos e condições do investimento] signed the $ 85 million round. “

Series C – a round of investments in high-growth, high-income, customer-base startups that typically want to leverage capital to develop new products, enter new markets, or acquire competitors – will enable Sword to grow in the United States, a market where the company is growing rapidly. – explains Virgilio Bento.

“This is our most important market, and part of the investment is towards exponential growth, for which I need resources,” he explains. Over the next six to twelve months, Sword Health will recruit 200 engineers and people for the food industry in Portugal and another 200 people in the United States, particularly in the commercial, marketing and customer sectors, to join the 200 people the company currently has offices in. Porto, Lisbon, Salt Lake City (USA) and distributed throughout the USA.

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The capital will also accelerate the global expansion of the company, which already operates in the US, Europe and Australia. “We want to expand further in Europe, Asia, South America and this month we are going to enter Canada,” he adds, adding that the $ 85 million will also drive the technological development of the healthcare platform by investing in a team of engineers from products and clinical developments located in Portugal.

A unicorn by the end of the year?

When asked by Expresso about the valuation of the company and the percentage of equity donated to investors, Sword’s executive president said he could not disclose those figures. Virgilio Bento adds that the founders no longer have most of the capital, “and it was not expected that this will be so in the C series.”

By an estimate, he guarantees that the company is approaching the $ 1 billion mark. “If we wanted to wait another three or four months, that would be our estimate,” he assures. “We accepted the offer with the lowest rating of all, because we prefer to choose the right investor for us.” And adds that “The sword is likely to be a unicorn by the end of the year.”

The belief in the possibility of getting an estimate of more than one billion dollars in the short term “is connected with an arithmetic question: the multipliers in relation to the income we received in this round, and the forecast of the income that we will have at the end of the year according to a normal (not optimistic) estimate “- he emphasizes. And adds that in six months the company has already reached 75% of the estimated revenue for this year.

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Reducing costs and increasing efficiency

Sword Health has developed groundbreaking technology that combines artificial intelligence with state-of-the-art motion sensors, which the company believes is more effective and less expensive than conventional treatments. To reduce pain and disability resulting from musculoskeletal disorders, the solution allows patients to conduct physiotherapy sessions at home under the supervision of a clinical team who gives them real-time feedback. These are physiotherapists and doctors who prescribe, evaluate, validate and remotely control the therapy program.

Since its founding in 2015, Sword has devoted the past few years to technology development and clinical validation. It is the only musculoskeletal therapy that can treat chronic and postoperative pain, and the only one with clinical results that outperforms a human therapist, by 30%, Sord says.

He currently works with insurers, healthcare systems and businesses in the US, Europe and Australia to make this help available to everyone.

“These companies are spending $ 120 million a year on patients with musculoskeletal disabilities, and we are cutting those costs,” says the Sword founder. “This saves them between $ 20 million and $ 30 million a year,” he adds, explaining that in the US, companies with more than 2,500 employees, such as Pepsi, one of their clients, are responsible for health insurance and cover all costs. … health expenses of their employees.

In just one year, Sword’s revenue grew 600% and the number of patients receiving treatment increased by more than 1000%, the company said, without specifying specific numbers.

“It’s impressive when Sword grows during a pandemic,” says Founders Fund director Delian Asparuhov. “It is currently part of the 1% of the fastest growing startups in the United States, with a huge market that is still not fully explored. Sword is positioned as one of the most important healthcare companies in the world for the next five years. “

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Musculoskeletal disorders are a leading cause of chronic pain and disability, affecting over two billion people worldwide and often requiring expensive surgical procedures. This is a market that is valued at $ 190 billion.

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Economy

These are the 10 most expensive products in the last week.

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These are the 10 most expensive products in the last week.

An analysis of the applied values ​​by DECO Proteste shows that the price of the basic food basket “is €207.80 this week, €24.17 more than it was on February 23rd”, but €1.21 less than in the previous month. a week.

From February 23 to September 21, meat has risen in price by 17.82% (up 5.75 euros), while pork chop today costs 25% more, that is, 1.11 euros.

As for fish, the consumer protection association points out that it is now 14.97% more expensive than before the Russian war against Ukraine, 9.03 euros more expensive.

The Consumer Protection Association monitors weekly prices for a basket of 63 staples, which includes items such as turkey, chicken, hake, horse mackerel, onions, potatoes, carrots, bananas, apples, oranges, rice, spaghetti, sugar. , ham, milk, cheese and butter.

This week, in the period from 14 to 21 September, the top ten products with the largest price increases were zucchini (up 10%), spiral pasta (up 8%), cereals (up 7%), plus 6%), Flemish cheese . (plus 5%), Biscuit Maria (plus 5%), orange (plus 5%), flour for cakes (plus 5%), tomato pulp (plus 5%) and horse mackerel (another 4%).

Looking at the period since February 23 this year, DECO Proteste shows that all food categories have shown price increases, with meat (up 17.82%) and fish (up 14.97%) standing out the most. However, there is also an increase in fruits and vegetables (up 14.65%), food products (up 10.23%), dairy products (up 11.15%) and frozen foods (up 2.48%).

In addition, the top 10 products that rose the most between February 23 and September 21 were broccoli (up 55%), cabbage (up 49%), whole chicken (up 33%), fresh hake (up 30%). %), cakes. flour (30% more), turkey steak (28% more), Maria cookies (27% more), pork chops (25% more), vegetable oil 100%, vegetable oil (plus 24%) and tomato pulp (plus 23%).

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This increase is explained by the fact that Portugal is “heavily dependent on foreign markets to guarantee the supply of cereals needed for domestic consumption”, which currently “represent only 3.5% of national agricultural production, mainly corn (56%), wheat ( 19%). %) and rice (16 percent).”

“And if in the early 1990s self-sufficiency in grain was about 50%, now the value does not exceed 19.4%, which is one of the lowest rates in the world and forces the country to import about 80% of grain. , notes DECO.

The organization explains that “the Russian invasion of Ukraine, where most of the grains consumed in the European Union come from, and Portugal has thus put even more pressure on the sector, which has been struggling for months with the effects of a pandemic and drought with a strong impact on production and stockpiling.

“Limiting the supply of raw materials and increasing the cost of production, namely the energy needed for agri-food production, can thus be reflected in higher prices in international markets and, consequently, in prices at the consumer,” he emphasizes.

In addition, he points out that “a consistent increase in consumer prices, namely for such products as fuel and food, contributes to an increase in the rate of inflation.”

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Economy

Luxury Algarve Resort Changes Owner Two Years Before Opening – Turismo & Lazer

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Luxury Algarve Resort Changes Owner Two Years Before Opening - Turismo & Lazer

Singapore’s sovereign wealth fund GIC, one of the world’s largest investors, has bought a majority stake in SIG, owner of a €2.3 billion luxury resort chain, Eje Prime reported.

SIG manages the Sani and Ikos Resort brands, which will debut in Portugal in 2024 with the opening of the country’s first resort in Albufeira. It will be the group’s sixth hotel in Europe with active resorts in Spain and Greece.

According to a Spanish real estate newspaper, the Singapore fund’s deal included the purchase of British Oaktree, Goldman Sachs and Hermes GPE shares in SIG. The deal is expected to close in the last quarter of the year, with Andreas Andreadis and Mathieu Guillemin continuing to lead the company as CEO and Managing Partner, with Stavros Andreadis as Honorary Group Chairman.

The entry of the Singapore Fund will allow SIG to fulfill its plans for the next five years, which include investments of more than 900 million euros in new units in the Mediterranean.

SIG was established in 2015 and today owns ten resorts in Greece and Spain, with a total of approximately 2,750 rooms and suites.

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Economy

Do you have a diesel car and need to fill up? wait for monday

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Do you have a diesel car and need to fill up?  wait for monday

From this Monday, fuel prices will fall again, but this time only in the price of diesel fuel: in the main national oil companies, “the evolution of quotations in euros indicates a drop in prices to 2 cents per liter of diesel fuel, while 95th gasoline will maintain the registered price,” an industry source told Multinews.

The trend is also being replicated at private brand gas stations, which usually operate near hypermarkets, with “a sharp drop of 0.0187 euros per liter for diesel, while gasoline 95 will register the same trend, albeit slightly, 0.0025 euros – another source said.

So after all, filling a tank with 60 liters of diesel fuel costs 1.2 euros cheaper. In the petrol version, there is no change in the travel time to the service station.

According to official figures from the DGEG (Directorate General of Energy and Geology), both diesel and petrol 95 have been declining for four consecutive weeks. Recall that last week diesel fuel kept a higher price than gasoline 95 (1727 euros/l against 1695 euros), and this week this difference will disappear.

Also, according to DGEG data, the average price of regular diesel this Thursday was 1.752 euros per liter, while the average price of regular gasoline 95 was 1.693 euros per liter, indicating a downward trend. Average prices are based on data provided by over 2,400 stations across the country and include discounted prices.

This fuel price update takes into account the cost of a barrel of Brent oil on international markets. A barrel of oil has been trading at a low level for several weeks now. After peaking in the early days of the war in Ukraine, when oil hit $140 a barrel, fuel prices soared to record highs, the price of this “black gold” is now lower.

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