European Healthtech Funding Surges to $10.4 Billion in 2024: Key Investors and Top Deals

European healthtech funding has increased in 2024, recovering after two years of decline from the record $18.1 billion raised in 2021. Startups in this sector have secured $10.4 billion this year, up from $9.7 billion in 2023. With more reporting expected, this amount is likely to grow.

The largest funding rounds in 2024 have been led by EraCal Therapeutics, which raised €235 million, and ITM Radiopharma, with €188 million. Other notable raises include Flo Health, a UK-based period tracking app that became Europe’s first femtech unicorn with a $200 million Series C funding in July, and French insurtech Alan, which secured €173 million in Series F funding in September.

Investors are actively driving early-stage healthtech deals across Europe. Here are some of the most active investors in 2024:

Calm/Storm

• Deals: 33 (10 new, 23 follow-on)
• HQ: Vienna
• Focus: Investing in digital health across Europe and the US; invests €250k-1m.
• Notable Deals: Béa Fertility, Meela, Univa.

Sofinnova Partners

• Deals: 32 (13 new, 19 follow-on)
• HQ: Paris
• Focus: Specializes in life sciences, healthcare, and sustainability; manages $2.8 billion.
• Notable Deals: Asceneuron, Freya Biosciences, Inventiva.

Elaia Partners

• Deals: 29 (10 new, 19 follow-on)
• HQ: Paris
• Focus: Invests in SaaS, healthtech, fintech, and marketing; raised a €200 million fund in March 2023.
• Notable Deals: Doccla, Surgar, Pixacare.

Zürcher Kantonalbank

• Deals: 22 (6 new, 16 follow-on)
• HQ: Zurich, Switzerland
• Focus: Backing pre-seed to Series A startups with over $283 million in venture capital since 2005.
• Notable Deals: Lymphatica Medtech, Hemotune, Qumea.

Scottish Enterprise

• Deals: 23
• HQ: Glasgow, Scotland
• Focus: Government agency investing alongside private investors, primarily in life sciences.
• Notable Deals: Nebu-Flow, Aurum Biosciences, Novosound.

Mercia Ventures

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

YZR Capital

• Deals: 18 (10 new, 8 follow-on)
• HQ: Munich, Germany
• Focus: Invests in digital health and medtech from pre-seed to Series A; closed its first fund with €60 million in December 2022.
• Notable Deals: Esper Bionics, ApoQlar, Deemea.

SFC Capital

• Deals: 18 (13 new, 5 follow-on)
• HQ: London
• Focus: Invests in startups eligible for UK government funding programs, with main interests in B2B SaaS and medtech.
• Notable Deals: 4D Biomaterials, NIQS, Medwise.

Verve Ventures

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

Speedinvest

• Deals: 13 (6 new, 7 follow-on)
• HQ: Vienna, with offices in several major cities
• Focus: Generalist early-stage investor across various sectors, with a recent fund close at €350 million.
• Notable Deals: Flinn, Sona, RoClub.