【PitchBook】2024年二季度数字健康报告-2024_13页_5mb

EMERGING TECH RESEARCH: Q2 2024 DIGITAL HEALTH REPORT SUMMARY

Core Content

This report provides an overview of the digital health sector's venture capital (VC) trends and innovation highlights for Q2 2024. It includes a market map of VC-backed companies, a summary of VC deal activity, and case studies of notable startups, particularly Flo Health.

Key Trends and Statistics

• Total VC Deals: 112
• Quarterly Change (QoQ): -16.4%
• Year-over-Year Change (YoY): -24.8%
• Total Deal Value: $1.5 billion
• QoQ Change: -5.7%
• YoY Change: -3.3%

The digital health sector has seen a slight decline in funding compared to the previous quarter, but the median deal size increased. The lowest point of funding was observed in Q3 2023 at $1.3 billion, and the report predicts that the worst period for VC funding in digital health has passed.

VC Activity Highlights

• Largest Deals in Q2:

  • Talkiatry (Telehealth) raised $130.0 million in a Series C round, led by Andreessen Horowitz and Left Lane Capital.
  • Sword Health (Digital care & treatments) also raised $130.0 million in a late-stage round.
  • Amino (Care management) raised $90.0 million in a Series B round.
  • Grow Therapy (Telehealth) raised $88.0 million in a Series C round.
  • Natural Cycles (Care management) raised $54.4 million in a Series C round.

• Most Active VCs in Digital Health:

  • Alumni Ventures led with five deals.
  • Gaingels, Andreessen Horowitz, and Octopus Ventures each had four deals.
  • In 2024, Andreessen Horowitz participated in VC rounds for Talkiatry, Function Health, Pomelo Care, and Turquoise Health.

• VC Exits:

  • There were few notable VC exits in Q2.
  • Public listings occurred in Tempus, Waystar, and Autonomix Medical.
  • These public listings may not directly predict future digital health exits but show interest in related areas like precision medicine and revenue-cycle management.

• M&A Trends:

  • Digital health has seen significant consolidation, particularly in digital therapeutics and metabolic health.
  • Oura recently acquired Veri Health, a virtual metabolic health platform, showing rising M&A interest in metabolic health.

Innovation Spotlights

1. Caregiver Support

• Top VC-backed Caregiving Startups:
  • Papa (Miami, US): Raised $301.4 million with a last financing of $1,400.0 million.
  • Electronic Caregiver (Las Cruces, US): Raised $176.7 million with a last financing of $544.0 million.
  • Vesta Healthcare (New York, US): Raised $146.6 million.
  • Careforth (Boston, US): Raised $66.0 million.
  • Homethrive (Northbrook, US): Raised $48.1 million.
  • Cariloop (Richardson, US): Raised $42.3 million.
  • DUOS (Minneapolis, US): Raised $37.3 million.
  • Sage Health (New York, US): Raised $23.0 million.
  • Family First (Boston, US): Raised $19.7 million.
  • ianacare (Newton, US): Raised $16.4 million.

2. Personalized Supplements

• The report highlights the potential for personalized health insights, especially in the context of Flo Health and other DTC platforms.

Select Company Highlights: Flo Health

• Overview:

  • Flo Health is a London-based women's health platform with over 70 million active monthly users.
  • It offers cycle and ovulation tracking, health insights, and a private community.
  • The platform operates on a freemium model, with a monthly subscription starting at $11.
  • Flo has over 5 million paid subscribers and is expected to generate more than $200 million in sales in 2024.

• Series C Funding:

  • In July 2024, Flo raised $200.0 million in a Series C round, led by General Atlantic.
  • The round pushed Flo's valuation over $1.0 billion, making it the first purely digital consumer women's health app to achieve unicorn status.

• Exit Predictions:

  • IPO: 21% probability
  • M&A: 62% probability
  • No exit: 17% probability
  • Success: 83% probability

• Outlook:

  • Flo is unlikely to seek an exit in the next year or two due to its recent funding round, which provides sufficient cash runway.
  • The company is expanding into perimenopause and menopause and exploring M&A as a potential growth strategy.
  • Flo is expected to have 50% top-line growth in 2024 and is developing a more consolidated offering to attract investors and public markets.

Conclusion

The digital health sector continues to evolve, with VC activity showing a slight decline but a shift toward larger, more strategic investments. Flo Health stands out as a successful example of a DTC platform achieving unicorn status, while M&A trends suggest a growing interest in areas like metabolic health. Despite the challenges in the DTC space, the sector remains promising with potential for future growth and exits.