Evaluating only Siga Saúde’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. Documented cause: Market collapse.
Key Events Timeline
FOUNDING
Founded in São Paulo to build cloud-based hospital management software for mid-sized Brazilian private hospital networks.
FUNDING
Raised R$20M Series A; grew to 80 hospital clients; began developing AI-based triage and bed management modules.
PRODUCT LAUNCH
Launched real-time bed management dashboard; cited by Ministry of Health as model for SUS digital transformation.
SHUTDOWN
Series B investor withdrew amid Brazil interest rate spike to 13.75%; R$12M in accounts payable; judicial recovery filed.
Full Analysis
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Documented cause
Siga Saúde, a São Paulo-based hospital management SaaS startup, raised approximately R$45M to digitize appointment scheduling, triage, and bed management for Brazilian mid-sized hospitals. The company won contracts with 80+ hospitals but collapsed when its primary investor, a regional private equity firm, withdrew Series B funding in 2022 citing rising interest rates and healthcare IT sector valuation resets. Accounts payable exceeded R$12M and the company filed for judicial recovery in August 2022.
Lesson
“Rapid contract growth without revenue predictability creates fragile dependency on follow-on funding — diversify investor base early.”