The post-covid digital health boom saw European startups in the sector earn $7.3 billion between 2021 and 2022, according to Dealroom — more than the previous six years combined.
And while funding has dwindled in 2023 amid a broader tech downturn — digital health startups raised just $783 million so far this year — some promising increases are still convincing VCs to open their wallets and grow their businesses.
Sifted has used data from Dealroom to allocate nine digital health startups that could achieve unicorn status in the future. Each company was founded after 2005, raised its most recent round in 2020 or later and has a Dealroom valuation of between $350 million-999 million.
Here are the European digital health icons
Flo
What does it do? Period tracking app
Established: 2016
headquarter: London
Evaluation: $800 million
The Flo app allows people to track their menstrual cycles, exercise when they are most fertile, and manage pregnancies. It last raised in a $50 million Series B in September 2021 and more than 50 million people use the app every month, according to the company.
Cera
What does it do? Elderly care at home
Established: 2016
headquarter: London
Evaluation: $686 million-1 billion (Dealroom estimate August 2022)
Cera is a platform that helps patients and their caregivers manage their healthcare at home. It offers symptom tracking, appointment scheduling and recruitment platform for care providers.
It raised a £260 million round in August 2022, which was split roughly 50-50 between debt and equity, which was the largest European round ever in the aged care sector. In May of this year, Cera told Sifted that they were starting to roll out generative AI-based tools to help automate admin tasks.
Padua
What does it do? Workplace wellness platform
Established: 2016
headquarter: Paris
Evaluation: $352m-528m (Estimated Dealroom Feb 2022)
Padoa is a health platform for employers, providing access to healthcare for employees and risk analysis in the workplace. It was last raised in an €80 million round in February 2022.
Proxy
What does it do? Augmented reality for operations
Established: 2016
headquarter: London
Evaluation: $320m-480m (Estimated Dealroom Jun 2022.)
Proximie uses augmented reality to allow surgeons to remotely advise surgeons, and last raised in an $80 million Series C in June 2022. Investors in the round include SoftBank, Advent Life Sciences, and Mubadala.
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Oviva
What does it do? Digital therapy for diabetes and weight loss
Established: 2013
headquarter: Zurich
Evaluation: $320m-480m (Estimated Dealroom Sep 2021.)
Oviva connects dieticians to patients who have diabetes or want to manage obesity, helping people track their diet and access other resources. The UK is the largest market for scale-up — partnering with the NHS — and also has a presence in Switzerland, France and Germany. The startup recently raised $80 million Series C in September 2021.
Health Hero
What does it do? telehealth provider
Established: 2019
headquarter: London
Evaluation: $308m-462m (Dealroom Estimate July 2021)
HealthHero is a telehealth provider that offers virtual GP services, workplace mental health programs, symptom and health risk assessment tools, workplace health insurance, and digital prescriptions. It has raised $121 million, according to Dealroom.
The startup has acquired a number of European health tech in recent years, and after acquiring Qare.fr in April 2021, the company says it already covers 22 million people across the region.
Kai Health
What does it do? App-based treatment for chronic pain related musculoskeletal conditions
Established: 2016
headquarter: Munich
Evaluation: $300m-450m (Estimated Dealroom Apr. 2021)
Kaia provides app-based care for musculoskeletal problems. It uses the phone or tablet camera to track movements and suggest exercises. Its business grew 600% during covid, when remote care boomed, and 650K people are now using its platform, according to the startup. Kaia partners with healthcare providers across Europe, the Middle East and the US. It last raised $75 million in Series C in April 2021, including investors such as Eurazeo, 3VC, Balderton Capital and Heartcore Capital.
Patient21
What does it do? Digi-physical wellness platform
Established: 2019
headquarter: Berlin
Evaluation: $280m-420m (May 2023 Dealroom Estimate.)
Patient21 purchased a health clinic and equipped it with its proprietary technology platform, which includes an ordering platform and practice management software for patient data. The startup also provides patients with a healthcare platform that allows them to view their case histories, diagnostic information and treatment plans.
It had launched 43 dental practices by the time Sifted covered the company’s €100 million Series C round – a 70-30 split between equity and debt – alongside four general practitioners and six women’s health clinics. Patient21 is currently only active in Germany, but plans to expand into two more European markets in the next year.
Neko’s Health
What does it do? Preventive health care platform
Established: 2020
headquarter: Stockholm
Evaluation: $264m-396m (Dealroom Estimate July 2023)
Founded by Spotify darling Daniel Ek, Neko Health is a preventative care startup focused on non-invasive body scan clinics. It currently has one clinic – which opened in February 2023 after years of silence (Sifted broke the story 12 weeks before Ek officially announced the project).
It raised a €60m Series A round in July this year from investors including Lakestar, Atomico and General Catalyst, and plans to use the funds to expand across Europe. Ek has invested around €30 million in the company, partly through his VC firm Prima Materia.
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