European Healthtech Funding Sees Rise in 2024: Key Trends and Major Investors

European healthtech funding is experiencing a boost in 2024. Startups have raised $10.4 billion this year, up from $9.7 billion in 2023. This figure is likely to increase as the year progresses and more funding rounds are reported.

Key raises this year include:

• EraCal Therapeutics: €235 million
• ITM Radiopharma: €188 million
• Flo Health: $200 million Series C
• Alan: €173 million Series F

Several investors dominate the early-stage healthtech funding landscape in Europe for 2024.

Calm/Storm

• Deals: 33 (10 new, 23 follow-on)
• HQ: Vienna
• Focus: Digital health in Europe and the US, investing from €250k to €1m.
• Notable deals: Béa Fertility, Meela, Univa.

Sofinnova Partners

• Deals: 32 (13 new, 19 follow-on)
• HQ: Paris
• Focus: Life sciences, healthcare, and sustainability, investing from seed to Series A.
• Notable deals: Asceneuron, Freya Biosciences, Inventiva.

Elaia Partners

• Deals: 29 (10 new, 19 follow-on)
• HQ: Paris
• Focus: Startups from inception to IPO across various sectors. Recent fund raised €200 million in March 2023.
• Notable deals: Doccla, Surgar, Pixacare.

Zürcher Kantonalbank

• Deals: 22 (6 new, 16 follow-on)
• HQ: Zurich, Switzerland
• Focus: Pre-seed to Series A funding.
• Notable deals: Lymphatica Medtech, Hemotune, Qumea.

Scottish Enterprise

• Deals: 23
• HQ: Glasgow, Scotland
• Focus: Life sciences startups, co-investing with private lead investors.
• Notable deals: Nebu-Flow, Aurum Biosciences, Novosound.

Mercia Ventures

• Deals: 19 (8 new, 11 follow-on)
• HQ: Henley, UK
• Focus: AI in drug discovery, precision medicine, and surgical tech.
• Notable deals: Scalpel AI, Semble, Alesi Surgical.

YZR

• Deals: 18 (10 new, 8 follow-on)
• HQ: Munich, Germany
• Focus: Digital health and medtech with a fund size of €60 million.
• Notable deals: Eser Bionics, ApoQlar, Deemea.

SFC Capital

• Deals: 18 (13 new, 5 follow-on)
• HQ: London
• Focus: SEIS and EIS eligible startups, primarily in B2B SaaS, climate tech, and medtech.
• Notable deals: 4D Biomaterials, NIQS, Medwise.

Verve Ventures

• Deals: 16 (3 new, 13 follow-on)
• HQ: Zurich, Switzerland
• Focus: Deeptech, climate tech, and health.
• Notable deals: Limula, Sympatient, Earlysight.

Speedinvest

• Deals: 13 (6 new, 7 follow-on)
• HQ: Vienna
• Focus: Generalist early-stage investing across sectors.
• Notable deals: Flinn, Sona, RoClub.