// STARTUP COMPARISON
Clínica Sim vs Badi
Clínica Sim failed in 2023 due to Unit Economics. Badi failed in 2022 due to Bad Timing. Different causes, different sectors, different eras — but the same simulation outcome.
| METRIC | 🔥 Clínica Sim | 🔥 Badi |
|---|---|---|
| Sector | Healthtech | Proptech |
| Country | Brazil | Spain |
| Founded | 2019 | 2015 |
| Died | 2023 | 2022 |
| Raised | $40M | $30M |
| Peak | $150M valuation (2022) | $30M raised |
| Primary Cause | Unit Economics | Bad Timing |
// WHY EACH FAILED
🔥 Clínica Sim
Unit Economics
Clínica Sim was a Brazilian telehealth platform offering $5 video consultations, subsidized by partnerships with health insurance plans (operadoras). The business model required health plan partners to pay a per-consultation fee, but Brazilian operadoras saw telehealth as a cost-saving tool and negotiated fees down from $12 to $4 per consultation over 18 months. With unit economics inverted — $5 consultation cost vs. $4 plan revenue — and B2C patients unwilling to pay $10+, the company raised a bridge in 2022 and shut in 2023.
// LESSON
Never build a B2B2C model where the B decides the price and the C is too price-sensitive to cover the shortfall. Health insurance companies have pricing power and procurement teams — startups do not.
Never build a B2B2C model where the B decides the price and the C is too price-sensitive to cover the shortfall. Health insurance companies have pricing power and procurement teams — startups do not.
🔥 Badi
Bad Timing
Badi built a Tinder-style matching app for room rentals in urban markets (Barcelona, Madrid, London, NYC). The model depended entirely on urban density — young professionals needing affordable shared housing near work. COVID emptied city centers as remote work spread. Demand for urban room rentals collapsed in 2020-2021. By the time urban density recovered, cheaper competitors (Idealista, Fotocasa, SpareRoom) had consolidated the market. Badi shut down its platform in 2022.
// LESSON
Marketplaces that depend on urban density have zero pandemic resilience. Badi needed people in cities and needed them to be price-constrained. Remote work broke both assumptions simultaneously.
Marketplaces that depend on urban density have zero pandemic resilience. Badi needed people in cities and needed them to be price-constrained. Remote work broke both assumptions simultaneously.
// EXPLORE FURTHER