Digital healthcare is on track to have its largest fundraising year yet. Image Credit: Jenny Nilsson
Digital healthcare is on a roll.
The third quarter of 2021 saw massive amounts of funding poured into digital healthcare startups. According to a report by venture firm Rock Health, $6.7 billion was raised across 169 deals, making Q3 the second-largest fundraising quarter ever for the industry.
It comes off the firm’s earlier report that digital health startups raised $14.7 billion in the first half of 2021, already surpassing the total amount of funding in 2020.
All the new deals and money flowing into digital health puts 2021 on track to make this the biggest year ever for HealthTech fundraising. The large figures have been felt throughout the entire industry, specifically at early-stage startups.
The Org analyzed over 300 companies and compiled a list of 73 early-stage HealthTech startups (seed-Series B) that have either raised a significant amount of funding this year ($1M>) or have developed a cutting-edge product, like Curative Health’s ability to scale COVID-19 tests and vaccines.
Many of the startups on this list found success simply because of high demand within their sub industries of health.
Roee Nahir is the co-founder of Assured Allies, an insurtech digital health company tackling the financial strain placed on families as a result of a rapidly aging population. It raised an $18.3 million Series A in July, and says by the end of this year it expects to have 25,000 policyholders under management in its programs.
"The need for affordable long-term care insurance (LTCI) and an accessible roadmap for successful aging has never been more urgent and the market response we are seeing confirms insurance carriers agree,” Nahir told The Org.
Similar sentiments were found in the mental health and wellness industry. The past year spent largely in isolation put a spotlight on mental health and therapy and created a booming market for mental health apps. In July, there were over 380,000 in the app store.
One of those apps, Real, a digital group therapy subscription service, raised a $10 million Series A in April, led by Lightspeed Venture Partners and including investors like Megan Rapinoe and Minnesota Vikings Linebacker Eric Kendricks.
“More people than ever are turning to Real for quality care that speaks their language,” said Ariela Safira, Real Founder and CEO. “I’m excited to see our new therapy model, which is available anytime, anywhere, resonate with so many people. We’re proud to help create much needed change in the mental health care industry.”
With all the new demand and funding dollars pouring in, emerging HealthTech startups are wasting no time scaling their teams. Health software platform H1 raised a $58 million Series B in February and has already grown to around 200 employees, adding 135 people just this year.
Curative Health has also seen tremendous growth since it was founded in 2020. The largest team size on this list, its headcount clocks in at 3,000.
Take a look at the full list of emerging HealthTechs making their mark early on this rapidly-evolving industry in our table below.
|Logo||Org Chart||Subindustry||Funding||Series||Location||Team Size|
|EQRx||Biotech||$800M||Series B||Cambridge, MA||101-250|
|Thrive Earlier Detection||Biotech||$367M||Series B||Cambridge, MA||101-250|
|Strive Health||AI||$220M||Series B||Denver, CO||101-250|
|Ring Therapeutics||Biotech||$167M||Series B||Cambridge, MA||11-50|
|Tia||Healthcare||$132M||Series B||New York, NY||101-250|
|Calibrate||Medical/Healthcare||$127.6M||Series B||New York, NY||251-500|
|Woebot Health||AI||$113.8M||Series B||San Francisco, CA||51-100|
|Casma Therapeutics||Biotech||$108M||Series B||Cambridge, MA||11-50|
|Brightline||Wellness & Fitness||$104M||Series B||Palo Alto, CA||11-50|
|Headway||Wellness & Fitness||$103M||Series B||New York, NY||51-100|
|Jnana Therapeutics||Biotech||$100M||Series B||Boston, MA||11-50|
|Medly Pharmacy||Medical/Healthcare||$100M||Series B||Brooklyn, NY||101-250|
|Capital Rx||Medical/Healthcare||$97M||Series B||New York, NY||101-250|
|BioIntelliSense||Medical Devices||$82M||Series B||Golden, CO||1-10|
|Tesseract Health||Medical Devices||$80M||Series B||Guilford, CT||11-50|
|Quit Genius||Wellness & Fitness||$78.6M||Series B||New York, NY||51-100|
|H1||IT & Software||$70.9M||Series B||New York, NY||101-250|
|AllStripes||Biotech||$67.1M||Series B||San Francisco, CA||51-100|
|Wheel||IT & Software||$65.6M||Series B||Austin, TX||101-250|
|Linus Health||Wellness & Fitness||$64.9M||Series B||Waltham, MA||51-100|
|Rheos Medicines||Biotech||$60M||Series A||Cambridge, MA||11-50|
|b.well||Medical/Healthcare||$58.7M||Series B||Baltimore, MD||11-50|
|Abacus Insights||IT & Software||$53.6M||Series B||New York, NY||11-50|
|Nayya||AI||$50.7M||Series B||New York, NY||11-50|
|Brightside||Insurance & Benefits||$39.2M||Series A||San Francisco, CA||51-100|
|1upHealth||IT & Software||$35.5M||Series B||Boston, MA||51-100|
|Octave||Wellness & Fitness||$34M||Series B||San Francisco, CA||11-50|
|Eleanor Health||Medical/Healthcare||$32M||Series B||Waltham, MA||101-250|
|Covera Health||Medical/Healthcare||$32M||Series B||New York, NY||51-100|
|Heartbeat Health||Medical Devices||$32M||Series B||New York, NY||11-50|
|Lively||Medical Devices||$31M||Series B||New York, NY||101-250|
|NeuroFlow||Wellness & Fitness||$31M||Series B||Philadelphia, PA||51-100|
|FOLX Health||Medical/Healthcare||$29.4M||Series A||Boston, MA||11-50|
|Sana Benefits||Insurance & Benefits||$26.8M||Series A||Austin, TX||11-50|
|Oshi Health||Medical/Healthcare||$23M||Series A||New York, NY||11-50|
|Assured Allies||Insurance & Benefits||$22.5M||Series A||Boston, MA||11-50|
|Modern Fertility||Wellness & Fitness||$22M||Series A||San Francisco, CA||11-50|
|Verfiable||IT & Software||$20M||Seed||San Francisco, CA||11-50|
|Ciitizen||IT & Software||$20M||Series A||Palo Alto, CA||11-50|
|Tausight||IT||$20M||Series A||Boston, MA||11-50|
|Notable||AI||$19.2M||Series A||San Mateo, CA||11-50|
|Ophelia||Wellness & Fitness||$17.7M||Series A||New York, NY||11-50|
|Incredible Health||Medical/Healthcare||$17.3M||Series A||San Francisco, CA||51-100|
|Unlearn.AI||AI||$17M||Series A||San Francisco, CA||11-50|
|Garner Health||IT & Software||$16.3M||Series A||New York, NY||11-50|
|Real||Wellness & Fitness||$16M||Series A||New York, NY||11-50|
|Particle Health||IT & Software||$14.3M||Series A||New York, NY||11-50|
|Subtle Medical||AI||$13.3M||Series A||Menlo Park, CA||11-50|
|Onera Health||Medical Devices||$9.3M||Series B||Palo Alto, CA||11-50|
|Qlaris Bio||Biotech||$8.2M||Series A||Cambridge, MA||1-10|
|Curative||Biotech||$8M||Seed||San Dimas, CA||1001-5000|
|LifeSpan||Medical/Healthcare||$7.5M||Seed||San Francisco, CA||1-10|
|Curve Health||Medical/Healthcare||$6M||Seed||New York, NY||1-10|
|Blue Fever||Wellness & Fitness||$4.2M||Seed||Los Angeles, CA||11-50|
|avoMD||IT & Software||$3M||Seed||New York, NY||1-10|
|Coa||Wellness & Fitness||$3M||Seed||San Francisco, CA||1-10|
|Advekit||Wellness & Fitness||$2.6M||Seed||Los Angeles, CA||1-10|
|Daybreak Health||Wellness & Fitness||$1.9M||Seed||San Francisco, CA||1-10|
|Drugviu||IT||$1.8M||Seed||San Diego, CA||1-10|
|Rejoy Health||AI||$1.7M||Seed||Santa Clara, CA||11-50|
|CoVerified||IT & Software||N/A||Seed||Boston, MA||11-50|
|Quadrant Eye||Medical Devices||N/A||Seed||San Francisco, CA||1-10|