Evaluating only SaludLine’s profile at its peak — without knowing the outcome — the model ranked Regulation as the #1 likely cause. Documented cause: Unit economics.
Key Events Timeline
FOUNDING
Dr. Carmen Bautista founds SaludLine in Santo Domingo to digitize primary care access.
FUNDING
Raises $700K from IDB Invest and Dominican private investors.
PRODUCT LAUNCH
Signs partnerships with 3 private insurers but fails to integrate with SENASA national insurer.
SHUTDOWN
Ceases operations with ARPU of $4.50 against $12 CAC; no path to SENASA reimbursement.
Full Analysis
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Documented cause
SaludLine, a Santo Domingo telemedicine startup founded by Dr. Carmen Bautista in 2017, raised $700K from IDB Invest and Dominican investors to connect patients with certified physicians via video call. The company signed partnerships with 3 private insurers but failed to integrate with SENASA, the national insurer covering 4 million low-income Dominicans. Without reimbursement coverage, average revenue per user stalled at $4.50/month against a $12 CAC. The company ceased operations in January 2021.
Lesson
“In emerging markets, unit economics only work if you solve for the dominant payer — government insurance.”