The European digital health ecosystem is still relatively nascent compared to the US, but it’s growing and maturing at speed. With more VCs taking notice, the funding landscape is constantly evolving and can be confusing to navigate cold, especially for founders at the beginning of their journey.
Whereas several overviews of digital health funds in the US have been created in the past, most recently by Christina Farr at Omers Ventures, very few comprehensive summaries of the European landscape exist to date.
As one of the most active early-stage investors in digital health in Europe, we've decided to map it out to help you find the right fund: From more than 200 VCs who already have invested into healthtech, medtech, or biotech companies in Europe, we’ve come up with a shortlist that we believe are most actively shaping the early-stage landscape of digital health in Europe.
We focused on VC funds that invest between pre-seed to late-seed stage in digital health in Europe.*
The criteria were:
*We’ve also included a handful of multistage, international VCs who are active in digital health and in the early stages in Europe, but didn't include CVCs, venture builders or public funding bodies within the shortlist scope.
Now, one question remains: What’s the best way to work with this map?
Filtering by and looking at the 3 S’s can help you find your perfect match:
What is your traction and risk profile? What ticket size are you seeking? Does it fit the fund?
Healthtech can mean very different things. Are you a digital health / biotechnology / medtech startup? What is your (future) business model? Make sure your core segment is actually within the scope of the fund. Diving into their current portfolio (here's ours) can be an excellent guidance here.
What industry and geo-specific experience matters most to you? Which networks or contacts do you need access to? In addition to our table, reaching out to current portfolio companies of specific funds can also give you more detailed insight into their way of supporting portfolio companies in general.
While trying to be as comprehensive as possible, we probably missed some great funds in the list above. If you feel you should be on here, please fill out this form.
Co-authored by Annika Reinhold.
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