StartupHealth-2019年年底医疗保健初创企业报告（英文）-2020.3-21页_2mb

StartUp Health Insights™ Summary

Core Content

StartUp Health Insights™ is a quarterly report that provides an overview of health innovation and the progress of health moonshots, which are bold, audacious goals aimed at solving major health challenges. The report highlights funding trends, investment activity, and the geographical distribution of investments across the globe.

Main Points

• 2019 Funding Overview:

  • Total funding across 727 deals: $13.7B, marking the second most-funded year in the decade.
  • The year was dubbed "The Year of the Patient" due to significant investments in patient empowerment tools like Bright Health and Capsule.
  • Access to Care dominated global health innovation funding, with mega-deals such as Babylon Health ($550M) and Tencent Trusted Doctor ($250M), totaling $800M.

• Women's Health Moonshot:

  • Total funding in 2019: $425M, with notable investments in companies like The Pill Club ($51M), Elvis ($42M), and Gennev ($4M).
  • This moonshot showed the strongest upward trend in funding, with a 36% increase in total funding and a 79% increase in deal count compared to 2018.

• Geographic Trends:

  • China emerged as a top health innovation hub, with three cities in the top 10 most-funded cities.
  • London led in total deals, while Paris and Tel Aviv saw significant growth.
  • South America and Africa have yet to feature in the top 10, indicating potential for new investment.

• Investment Spectrum:

  • The report categorizes companies into 10 functions based on their value drivers.
  • Patient Empowerment received the highest funding: $2.7B.
  • Education + Content was the least funded function, with only $120.4M in 2019.

• Investor Activity:

  • The number of investors increased from 168 in 2010 to 1,344 in 2019.
  • Major investors like F-Prime Capital, Khosla Ventures, Y Combinator, and GV (formerly Google Ventures) were active across multiple health moonshots.
  • Maverick Capital and Tencent stood out as the most active investors in 2019.

Key Information

Funding Trends

• Total Funding (2019): $13.7B

• Total Deals (2019): 727

• Median Deal Size (2019): $6M

• Top Funded Companies (2019):

  • Bright Health: $635M (Patient Empowerment)
  • Clover Health: $500M (Insurance)
  • Gympass: $300M (Wellness)
  • Collective Health: $205M (Insurance)
  • Waterdrop: $145M (Insurance)

• Top Funded Cities (2019):

  • Beijing: $855.4M
  • London: $777.6M
  • Paris: $456.0M
  • Mumbai: $281.5M
  • Tel Aviv: $250.5M

Investment by Function

Funding by Health Moonshot

• Access to Care: $1.1B (up 14% from 2018)
• Cost to Zero: $12M (highest median deal size)
• Cure Disease: $1.3B (research was the most funded function)
• Cancel: $12M
• Women's Health: $425M (strongest growth)
• Addiction: $96M
• Children's Health: $118M (still in its infancy)
• Nutrition & Fitness: $1.0B (unpredictable with a slight decline)
• Brain Health: $304.3M
• Mental Health & Happiness: $304.3M (consistent deal flow)

Investor Activity

• Most Active Investors (2019):

  • Maverick Ventures: 17 deals
  • StartUp Health: 17 deals
  • F-Prime Capital: 11 deals
  • Khosla Ventures: 11 deals
  • GV (fka Google Ventures): 10 deals

• Deal Rounds Distribution:

  • Seed: 70
  • Series A: 72
  • Series B: 42
  • Series C: 17
  • Series D: 6
  • Series E or later: 4

• Deal Size Distribution:

  • Under $1M: 42
  • $1M–$5M: 84
  • $5M–$10M: 50
  • $10M–$25M: 54
  • $25M–$50M: 28
  • $50M–$100M: 19
  • $100M+: 6

Quick Stats

• Total Deals (2019): 363
• Median Deal Size (2019): $6M
• Total Investors (2019): 689
• Most Active Investors:
  • 1. Maverick Capital
  • 2. StartUp Health
  • 3. F-Prime Capital
  • 3. Khosla Ventures
  • 3. Tencent

Conclusion

The 2019 health innovation funding landscape shows continued growth and diversification, with a strong focus on patient empowerment and access to care. While some areas like women's health and research are seeing significant investment, others such as addiction and children's health remain underfunded, highlighting the need for new entrants and bold investors to address these critical challenges. The report also underscores the importance of global collaboration and the potential for innovation in underrepresented regions.