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Healthcare Trends of Q1, 2021

Healthcare Trends of Q1, 2021
April 27, 2021

The Daily Stack is a daily private market insights newsletter by PrivCo, a private company intelligence platform. Read our previous insights.
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It’s no surprise healthcare startups had a major year in 2020. With the coronavirus setting a new precedent for the future of healthcare, we’ve rounded up the year’s most notable companies, deals, and exits in our report 50 Top-Performing Healthcare Startups.

Deals were up 🔥

In 2020, 232 VC Investors participated in 324 deals, totaling $4.56BN. In comparison, 2019 saw 201 VC investors participating in 247 deals, totaling $2.89BN. Several companies doubled their valuations in their Series C rounds: Freenome, which develops a platform for early cancer detection, raised a Series C of $270MM, led by Bain Capital and Perceptive Advisors. Village MD, a company focused on primary care, raised Series C funding of $275MM from Walgreens and Kinnevik (2.5 times higher than a year prior).

Innovators were ready

Some startups seemed primed and ready for a new world of at-home service provision. Telemedicine and telehealth became a lifeline for people with existing conditions who needed to remain in contact with their doctors at home and led to several successful exits.

  • Amwell, a telehealth company that helps connect secure calls with patients and doctors, went public on the NYSE in September 2020 and raised close to $750MM.

  • Outset Medical, maker of the Tablo hemodialysis machine which treats diabetes patients from the comfort of their homes, IPOed in September 2020 raising over $250MM.

Mental health goes mainstream 💆

A year of unprecedented measures of stay-at-home orders, job losses, and disconnect from our social networks and support systems meant big business for behavioral health therapists and other mental health practitioners. 

  • Lyra Health, a startup that focuses on connecting companies and employees with mental health providers, raised a Series C and a Series D totaling $185MM. In January 2021, it raised another mega-round Series E of $187MM.

Big Tech takes a slice out of healthcare

  • Apple jumps on the healthcare bandwagon, exploring contact tracing apps, remote monitoring through its Apple Watch. and the launch of its membership fitness services Apple Fitness+.

  • Google makes a move into healthcare investing with telehealth company Amwell, as well as acquiring wearables company Fitbit.

  • Amazon acquires online pharmacy PillPack and launches Amazon Pharmacy.

A primer on the history of telemedicine

Interested in learning more about the history and applications of telemedicine? Check out this excellent rundown.

[Read More]

Peanut Labs adds
live video

The latest social network to add live audio rooms to its offerings.

[Read More]

Since last week, PrivCo has added:
655 Companies | 201 Funding Activities | 111 M&A Deals

Funding & Deal Highlights:

ExecOnline raises $45MM

Education Services • Round D • New York, NY

Yembo raises $8.5MM led by Imagen Capital Partners

AI Software & Internet Services • Round A • San Diego, CA

Hive.AI raises $50MM led by Glynn Capital Management

Computer Vision Software & Internet Services • Round D • San Francisco, CA

Welcome Technologies raises $35MM led by Owl Ventures, SB Opportunity Fund, and TTV Capital

Finance Software & Internet Services • Round B • Los Angeles, CA

Cape raises $20MM led by Evolution Equity Partners

Privacy Software & Internet Services • Round A • New York, NY

GoalBased Investors raises $2.8MM led by True Ventures

Finance Software & Internet Services • Seed • New York, NY

RNAimmune, Inc. raises $10MM led by Smooth River and Hong Kong Hongrun

Biopharmaceuticals • Seed • Gaithersburg, MD

Sift Science, Inc. raises $50MM led by Insight Partners 

Cyber Security Software • San Francisco, CA

EX.CO acquires Cedato

Saas-Based Video Software and Internet Services • New York, NY

Superior Plus Corp. acquires Freeman Gas and Electric Co., Inc. for $170MM

Commercial Gas Equipment and Supplies Distributor • Spartanburg, SC

Relation Insurance Services Inc. acquires Clark Farley Insurance Agency

Insurance Services • Columbia, SC

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