European tech scaleups report 2016 health tech

2016

EUROPEAN

HEALTHTECH REPORT

OMAR MOHOUT

SOFIE STAELRAEVE

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Foreword

Highlights 2016

European HealthTech Scaleups

Methodology

About the authors

About Sirris

About dashplus

Data sources

Disclaimer

TABLE OF CONTENTS

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2016 EUROPEAN HEALTHTECH REPORT FOREWORD

PARTNERS

HealthTech is at the forefront of startups and scaleups, in the United

States as well as in Europe. There is no single European healthcare

system or market. Instead, high complexity and cultural diversity of

healthcare systems makes it challenging to jump into multiple markets

and thus to scaleup new companies. But if you take a close look, you’ll

quickly notice that there is interesting stuff happening in Europe

With this report we want to provide a comprehensive review of

investment in startups and high-growth HealthTech technology

companies across 31 countries in Europe. Our aim is to provide data-

driven guidance, insights, perspective and inspiration to stakeholders in

the European scaleup ecosystem.

We hope you find the 2016 edition of the report informative.

Sincerely,

Omar Mohout & Sofie Staelraeve

4

This report is part of a series of funding

reports, published both quarterly and yearly.

Other reports complement the series,

focusing on geographical markets and vertical

industries such as the HealthTech report,

written in collaboration with dashplus or the

FinTech report in collaboration with

Eggsplore.

2016 EUROPEAN HEALTHTECH REPORT ABOUT

This report is a snapshot in time, aimed at

analysing funding data, major trends within

the industry and the regions.

Only deals of at least $1M / € 750K are

considered for this report.

If you would like to provide your input for the

report, signal an omission of data or have any

other feedback, we would love to hear it. Just

pop an email to [email protected] and

[email protected]

ABOUT THIS REPORT

http://eepurl.com/b-bu2T

HIGHLIGHTS 2016

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• € 1.1B across 148 deals in 31 countries;

• UK is leading both in funding and in number of deals;

• The city with the highest number of deals is London, followed by

Paris and Stockholm;

• Bpifrance is the most active EU venture fund in Europe;

• Hardware is the most popular business model and technology used

by European HealthTech scaleups;

• HealthTech is the second most funded industry in number of deals;

• 4 European HealthTech companies went IPO raising € 102M;

• 64% of European HealthTech scaleups are B2B oriented;

• 4 HealthTech companies raised twice capital in the same year: Min

Doktor, Coala Life, Brainshake & Sonitor Technologies. Remarkable,

all 4 are from the Nordics.

2016 EUROPEAN HEALTHTECH REPORT HIGHLIGHTS

2016

EUROPEAN

HEALTHTECH SCALEUPS

7

€ 286

€ 174

€ 120

€ 110

€ 91

€ 54

€ 50

€ 40

€ 37

€ 33

€ 21

€ 20

€ 18

€ 14

€ 7

€ 7

€ 1

UK

Switzerland

France

Sweden

Ireland

Germany

Belgium

Serbia

Spain

Netherlands

Norway

Italy

Poland

Finland

Denmark

Austria

Hungary

2016 EUROPEAN HEALTHTECH REPORT EUROPEAN VENTURE CAPITAL

AMOUNT RAISED PER COUNTRY 2016*

*In millions

UK is leading, both in funding andin number of HealthTech deals in2016. Switzerland is second best interms of amount of capital raised.

The gap between France/UK andGermany is significant. While tinySweden is performing in the sameleague as the biggest economy ofEurope, almost hitting France.

Other smaller countries such asIreland and Belgium are doing welland are punching above theireconomic weight.

8

32

26

18

11

10

8

7

6

6

6

6

4

4

1

1

1

1

UK

France

Sweden

Belgium

Germany

Switzerland

Netherlands

Finland

Ireland

Spain

Italy

Norway

Denmark

Serbia

Hungary

Poland

Austria


UK and France are leading. Sweden and

Belgium are taking a very interesting 3rd and

4th position. No doubt Sweden is the rising

star in Health, leaving Germany and

Switzerland behind in amount of deals in

2016.

Belgium is doing great. It seems like public

agenda setting for digital transformation and

creation of a start-up ecosystem are paying

off..

Germany has HealthTech scaling up growth

potential. Compared to its other sectors,

HealthTech investments are lagging behind.

DEALS PER COUNTRY 2016

9

€ 54

€ 137

€ 80

€ 120

€ 87 € 82

€ 105

€ 33

€ 66 € 56

€ 93

€ 170

Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec.


CAPITAL RAISED 2016*

*In millions

European HealthTech scaleupstogether raise in average € 90million per month.

The highest peak In December isdue to Oxford NanoporeTechnologies raising € 119 million.The company tries to establish theconcept of an “Internet of Livingthings”.

2 companies (HealthUnlocked,Infinity Health) used crowdfundingto raise growth capital.

10

1312

9

13 13

16

14

1011

10

17

11

Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec.


In average 12 HealthTech deals of atleast € 750K are closed in Europeevery month.

NUMBER OF DEALS 2016

11

47%

24%

14%

5%

3%

2%

1%

1%

1%

1%

1%

Series A

Seed

Series B

Series C

IPO

Crowdfunding

Series G

Grant

Post IPO Equity

Convertible Note

Debt financing


Given the threshold of € 750K/$1M, it’s not surprising that themajority of deals are series A.

Convertible notes are less popularin Europe and count for only 1%.

DEAL TYPE 2016

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AVERAGE FOUNDING YEAR

Finland

Germany

Switzerland

2010

Sweden

Spain

France

UK

Netherlands

Ireland

2011

Denmark

Italy

2012

Belgium

2013

To raise a series A in Europe, acompany needs to be founded in2011.

It takes in average 5 (long!) yearsfor HealthTech companies to raisesubstantial external financing.

Austria

2014

13

31

30

30

30

30

27

25

25

25

19

16

16

14

UK

Ireland

Norway

Switzerland

Spain

Hungary

Germany

France

Denmark

Sweden

Belgium

Austria

Finland


The number of employees iscaptured on the moment of fundraising and based on the pressrelease, LinkedIn, Xing, Viadeo orthe company’s website.

On average, HealthTech scaleupshave 30 employees. Swedish andBelgian scale-ups have rather fewemployees. Norwegian andSpanish companies hire morepeople.

AVERAGE NUMBER OF EMPLOYEES PER COMPANY 2016

1. London

2. Paris

3. Stockholm

4. Cambridge

5. Lausanne

6. Ghent

7. Barcelona

8. Oslo

9. Berlin

10. Dublin

1. Lausanne

2. Oxford

3. Stockholm

4. London

5. Paris

6. Blackrock

7. Belgrade

8. Dublin

9. Cambridge

10. Geneva

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HEALTHTECH CITIES 2016

NUMBER OF DEALS AMOUNT RAISED London counts for 41% of all UKdeals, Paris for 46%, Berlin for 34%and Stockholm for 56%.

Barcelona, Ghent and Lausanne arethe scaleup cities of their respectivecountry instead of the capital cities.

Note how the UK is the onlycountry that has 3 cities (London,Cambridge and Oxford) in the list.

3 out of 5 Lausanne scale-ups raisedmore than € 10 million.

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We have split HealthTech into 4 subcategories:

1. MedTech (typical being used bymedical professionals and oftenrequires connected hardware);

2. CareTech (typical support thehealthcare process such asbooking platforms);

3. HealthTech itself (typicallybeing used by the patientdirectly) and;

4. Lifescience (digital solutionused by or for the life scienceindustry).

BREAKDOWN OF THE INDUSTRY

CareTech37%

HealthTech31%

Lifescience7%

MedTech25%

64%

36%

B2B B2C

78%

22%

B2B B2C

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B2B & B2C COMPARISON

NUMBEROF DEALS

AMOUNTRAISED

European HealthTech is predominantlyB2B. In general 64% of all scale-ups areB2B, that is some 6% more than theoverall scale-up ecosystem.

B2C companies sign up for more deals,earlier after founding. But in general,they raise smaller amounts of capital.Top 10 of amount raised includes only2 B2C companies: Frisq (Stockholm)and Clue (Berlin).

Paris, London (UK), and Stockholm arethe places to be for B2C HealthTechscaleups. Cambridge (UK), Switzerlandand Ireland dominate B2B HealthTechdeals.

British Nanopore (B2B) and SwedishFrisk (B2C) raised the largest amountof money.

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100% 100%

88%

80% 80%

73%69% 67%

60%

50% 50%

33% 33%

0% 0%

13%

20% 20%

27%31% 33%

40%

50% 50%

67% 67%

Ireland Netherlands Switzerland Finland Norway Belgium UK Italy Germany Denmark France Spain Sweden

B2B

B2C


B2B & B2C NUMBER OF DEALS PER COUNTRY

Top 13 countries

18

34%

16%

8%

8%

6%

5%

4%

4%

3%

3%

2%

2%

Hardware

Marketplace

Wearable

Artificial Intelligence

Data Analytics

SaaS

App

Internet of Things

Video driven

Robotics

Virtual Reality

3D printing


Not surprisingly, hardware,traditionally very strong in theengineering cultures of Europeancountries, is the leading businessmodel for scaleups, counting for34% of the total.

France is leading in hardware andIoT while market places, robotics,video and apps is dominated by theUK. Sweden is the #1 spot forwearables and SaaS; Switzerland for3D printing and video; Finland fordata analytics, and Belgium for AI.

TYPE OF BUSINESS MODELS/TECHNOLOGY 2016

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TOP 5 BIGGEST DEALS*

€ 119M € 89M € 39M€ 40M € 30M#01 #02 #03 #04 #05

*In amount raised

20

21%

17%

12%

10%

10%

7%

7%

5%

5%

2%

2%

2%

UK

Belgium

France

Netherlands

Italy

Switzerland

Germany

Norway

Sweden

Denmark

Hungary

Ireland


28% of European HealthTechscaleups are spin-offs or spin-outsfrom universities and knowledgeinstitutes.

Compared to only 8% of thescaleups across all industries, itindicates that the HealthTechecosystem is strongly driven by IPthat is generated in an academicenvironment.

SPIN-OFFS BY COUNTRY 2016

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Note the extremely highperformance of Belgium claimingmore than half of the top positions,a testimony to the vibrantecosystem going back to its longBioTech history.

MOST ACTIVE SPIN-OFF INSTITUTES 2016

1. University of Cambridge (UK)

2. imec (Belgium)

3. University of Ghent (Belgium)

4. KULeuven (Belgium)

5. Inserm (France)

6. École Polytechnique Fédérale de Lausanne (Switzerland)

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11% of the European HealthTechscaleups graduated from anacceleration program. That’s lessthan the 14% across all industries.

Program alumni don’t necessaryraise more money, but they are 1.5years younger on average when theyraise money. It might well be thatthey can start to scale earlier orhave better access to investorsthanks to acceleration programs.

ACCELERATORS, BY NUMBER OF FUNDED SCALEUPS 2016

1. imec.istart (Belgium)

2. StartUp Health (Finland)

3. Seedcamp (UK)

4. Y Combinator (US)

5. thinkubator (Denmark)

6. LeanSquare (Belgium)

7. Founders Factory (UK)

8. Accelerator London (UK)

9. Axel Springer Plug and Play (Germany)

10. StartupLab (Norway)

11. THINGS (Sweden)

12. Welcome City Lab (France)

13. M31 (Italy)

14. Project A Ventures (Germany)

15. Paris&Co (France)

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Corporate Venture Capital isinvolved in 14% of all Europeandeals and 18% of all capital raised.This is similar to other industries.

The highest corporate investmentwas € 89M in Swiss MindMaze byHinduja Group, an Indianconglomerate company that isheadquartered in London.

CORPORATE VENTURE CAPITAL INVESTORS 2016

ABB, Alex Springer, AXA, Bauer Media Group, Bonnier,Cnp Assurances, Fig, Furui Science, Henderson LandDevelopment Company, Hinduja Group, Innocentdrinks, Kaiser Permanente, Medtronic, Müller MedienGroup, Nokia, NovioTech, ProSiebenSat.1, Puhua JingxinGuzhou Health, Samsung, Seb, Swisscom, Telefónica,Tokai Optecs, TQ-Group, Unilever, ZürcherKantonalbank

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The most active 2016 venture investor in

Europe for HealthTech are the French and

German government.

Contrary to other industries, investors in

HealthTech companies are European, not

from the US. We believe that one of the

reasons is that HealthTech is often subject to

a number of regulation constraints and are

heavily depending on national healthcare

systems making it harder for VCs to assess

the global potential.

More than 350 funds and business angels

made investments in HealthTech scaleups.

MOST ACTIVE INVESTORS

Bpifrance1. (France)

High2. -Tech Gründerfonds (Germany)

Parkwalk3. Advisors (UK)

Bayern4. Kapital (Germany)

Capricorn5. Venture Partners (Belgium)

QBIC6. (Belgium)

Gilde7. Healthcare (Netherlands)

8. IQ Capital (UK)

Amadeus9. Capital Partners (UK)

Draper10. Esprit (UK)

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Europe saw four IPOs ofHealthTech companies in 2016totalling € 102M.

2 IPOs are from Swedishcompanies. Sweden also saw theyoungest company going public,Cellink founded in 2016.

Mainstay Medical, a public companyfrom Ireland, raised € 30M in post-IPO equity from KCK. So did FrenchTheraclion from Furui Science Co.

IPO 2016

Cellink1. (Sweden, Nasdaq First North)

Frisq2. (Sweden, Nasdaq First North)

Creo3. Medical (UK, AIM)

Oneview4. Healthcare (Ireland, Australian Securities Exchange)

ADDITIONAL HIGHLIGHTS 2016

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Cellink• , a Swedish 3D bioprinter company; is been established in January

2016 and went public 10 months later raising € 15M on Nasdaq First North;

Swedish• Diasend, merged with Mountain View based Glooko into a unified

company to create a leading diabetes management platform;

• 4 HealthTech companies raised twice capital in the same year: Min Doktor,

Coala Life, Brainshake & Sonitor Technologies. Remarkable, all 4 are from

the Nordics;

Belgian• based Indigo Diabetes raised capital from the highest number of

investors: Thuja Capital, PMV, Sensinnovat, Parana Management Corp, Qbic,

Fidimec, SOFI, Manuardeo and Capricorn Venture Partners;

• Irish SiriusXT, a spin-off from University College Dublin, received a € 3M

grant from the European Commission;

• 8 HealthTech scaleups have more than 100 employees (Seven Bridges,

Oxford Nanopore Technologies, Babylon Health, MonDocteur, T&J

Healthcare, DocPlanner, Oneview Healthcare & SpineArt);

• The oldest HealthTech company to receive growth capital is French Biolog-

ID, founded in 1981;

• 4 companies that are launched in 2016 received significant funding: Indigo

Diabetes (Belgium), Eyeco Eyeco (Belgium), Cera (UK) & Cellink (Sweden);


HEALTHTECH SCALEUPS WITH REMARKABLE BUSINESS MODELS

OR TECHNOLOGY

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French• Nino Robotics: The personal transponder (wheelchair) of

the new century;

Belgian• Eyeco Eyeco: Introducing digital lenses with an

uncompromising field of view, all the time;

French• H4D: The Consult Stations are autonomous medical units

replicating a medical doctor’s office;

• Danish AthGene: subscription-based genetics platform;

• Swedish Werlabs: a user picks up on the web shop what blood

tests he or she wants to get done, pays the test online – and the

next day one can head to take the test at both public and private

clinics;

• UK based MedShr and HealthUnlocked: both companies have a

business model based on a community. For MedShr it’s for medical

professionals and HealthUnlocked is for sufferers of Lupus.


EUROPEAN

VENTURE CAPITAL


Click on the above link to access the full dataset

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https://scaleups.sirris.be/

METHODOLOGY

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Scaleups, not startups, are generating added value,

create jobs, expand international and create economic

value for stakeholders and society. This group is

attracting the lion share of (venture) capital, in some

countries of up to 90% of all capital. In other words, we

use the Pareto distribution rule to create an accurate

view on the venturing landscape. Only deals of at least

$1M / € 750K are considered.

We encourage you to review the methodology to betterunderstand the numbers presented in this report. We usea data-driven approach to track financing activity forEuropean tech companies.

Companies includes web, app, mobile, digital productsand services, software, marketplace, connectedhardware, data-driven and HardTech companies.Companies that have their HQ or launched in Europe areconsidered. LifeScience and BioTech (except softwaresolutions targeting this industry), non digital CleanTech,eCommerce (Hallofresh, Zalando etc) and researchinstitutes are excluded.

2016 EUROPEAN HEALTHTECH REPORT METHODOLOGY

31

Deals with a non-disclosed value or lacking value indication are not counted. If an amount is

described as a seven-figure number, the lowest possible value has been counted. Funding is

registered based on announcement date. All currencies (USD, GBP, CHF, SEK etc) are converted to

Euro using aonda.com. The number of employees is captured on the moment of fund raising and

based on the press release, LinkedIn, Xing, Viadeo or the company’s website.

The founding year and location is based on information in press releases, company website,

Crunchbase, LinkedIn or Xing. If deal information is being detected or corrected after closing the

month, quarter or year, it will be included in future reports. Funding of both private and public

companies are considered. Debt financing, IPOs, media for equity, crowdfunding, Initial Coin

Offering, private placements, post IPO equity, private equity, grants and convertible loans are

included.


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THE CATEGORIES ARE:

HealthTech, CareTech, MedTech and Lifescience

THE COUNTRIES ARE:

Albania, Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France,

Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Luxembourg, Malta, Netherlands,

Norway, Poland, Portugal, Romania, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland and

UK. Data of Turkey and Israel is being used as a benchmark for Europe.


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Omar Mohout is a former technology entrepreneur currently active as Growth Engineer at Sirris.

Mohout is a widely published technology author, C-level advisor to high growth startups as well

as Fortune 500 companies and Professor of Entrepreneurship at Antwerp Management School.

He is author of 'Pricing Strategies for Startups', ‘The Belgian startup landscape’, ‘Crowdfunding in

Belgium’ and the popular 'Startup Master Class series'. A contributing author to the ‘100 Days

Digital Marketing Plan’ and ‘The Future of Business’ books.

Mohout is a columnist; Co-chair of the Circle Of Growth, Organizer of the Growth Hacking

Meetup, Co-founder of the #BeTech Community and Member of the Board of Directors at

Startups.be, Teamleader and Aproplan. He is also a mentor at Founder Institute, IdeaLabs,

Startathlon, Virtuology Academy, Nexxworks and Belgium Ambassador at World Startup Report.

Mohout is a keynote speaker and panellist on technology, entrepreneurship and innovation

topics at leading conferences.

2016 EUROPEAN HEALTHTECH REPORT ABOUT THE AUTHOR

OMAR MOHOUT

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Sofie is founder of dash_+, helping new health entrepreneurs and giving them the right fuel to

shift to value-based health. Dash_+ focusses on partnerships, go to market and innovation

strategy for new health companies and organisations. Sofie holds a Phd in Political Sciences. She

specialised in public policy and innovation in periods of crisis and disruption. She worked in

public, research and private environments. As a co-founder and director of the Voka Health

Community in Belgium, she worked extensively with Belgian companies, health organisations,

researchers and patient groups.

Staelraeve is a member of the Belgian e-health platform, member of the board of Howest

university college and member of the board of Syntra Vlaanderen.

Sofie is author of several vision papers on the future of health. Together with Omar Mohout , she

published ‘5 things you should know about Belgian HealthTech in 2017’.

2016 EUROPEAN HEALTHTECH REPORT ABOUT THE AUTHOR

SOFIE STAELRAEVE

35

Sirris, the collective centre of the Belgian technology industry, helps companies with the

implementation of technological innovations, enabling them to strengthen their competitive

position over the long-term. Sirris helps you make the best technological choice and rapidly turn

your innovations into marketable products and services. The Sirris experts visit companies on

site, offer technological advice, launch innovation paths, and provide guidance to reach the

implementation phase. The aim is to find applicable solutions to the real challenges faced by

technology entrepreneurs and startups.

Sirris guides technology companies to a higher level of know-how and expertise in a wide range

of domains. The in-house experts provide a broad range of technological and go-to-market

knowledge. Where necessary, Sirris relies also on external knowledge partners, including

specialized companies, universities, knowledge centres, and research institutions.

For more information on how Sirris can help your company success, please visit www.sirris.be.

2016 EUROPEAN HEALTHTECH REPORT ABOUT SIRRIS

36

2016 EUROPEAN HEALTHTECH REPORT ABOUT SIRRIS

Dash_+ is your fast lane to new health entrepreneurship. We help health entrepreneurs all over

Europe to define and implement their innovation strategy, to find and cooperate with new

partners, and to accelerate their go to market.

Our mission is to create integrated health companies: high value, innovative health companies

and organizations, working together all along the value chain to create value based, sustainable

healthcare.

We work for (international) start ups, scale ups, big companies, care organisations, and public

stakeholders.

For more information on how dash_+ can help your company success, please visit dashplus.be.

37

2016 EUROPEAN HEALTHTECH REPORT SOURCES

SPECIAL THANKS

Serkan Ünsal, startups.watch for covering Turkey and Tech.eu for the most detailed coverage of Europe

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2016 EUROPEAN HEALTHTECH REPORT SOURCES

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ParkwalkAdvisor

39

2016 EUROPEAN HEALTHTECH REPORT INVESTORS

20 North Street ,24Haymarket ,500 Startups ,5Lion Holdings ,7NXT ,A Plus Finance ,ABB Technology Ventures ,Ackermans & van Haaren ,Act One Ventures ,Adam Balon

,Adriaan Hart de Ruijter ,Advanced Manufacturing Supply Chain Initiative ,AIM ,Alec Behrens ,Alex Norström ,Alter Equity 3P ,Amadeus Capital Partners ,Anders Nyrén ,Angel

CoFund ,Annie Vereecken ,Apposite Capital ,Aqui invest ,Aquitaine Limousin Poitou-Charentes ,Archangel Informal Investments ,Arnie Sriskandarajah ,Atlante Ventures

,Audacia ,Australian Securities Exchange ,AXA Strategic Ventures ,Axel Springer Plug and Play ,Axis ,Banexi Ventures ,Bauer Media Group ,Bayern Kapital ,BB Biotech

Ventures ,BGF Ventures ,BioMedPartners ,Biover II ,Blue Ocean Ventures ,BNP Paribas Développement ,BNP Paribas Fortis ,Boehringer Ingelheim Venture Fund ,Bonnier

,Bonsai ,Bpifrance ,Brabant Development Agency ,Brigitte Mohn ,Broadview Ventures ,b-to-v Partners ,Cabiedes & Partners ,Caixa Capital Risc ,Cambridge Angels ,Cambridge

Capital Group ,Cambridge Enterprise ,Cambridge Innovation Capital ,Canaan Partners ,Cap Horn Invest ,Capricorn Venture Partners ,CBC Holdings ,CEA ,CEA Investissement

,Christian W. Jansson ,Christophe Maire ,Cita Investissement ,Cnp Assurances ,Cor Group ,CPH ,Creandum ,Credo Ventures ,Crowdcube ,Daniel Ek ,David Buttress ,DBH

Investment ,Demis Hassabis ,Downing Ventures ,Draper Esprit ,EBRD ,Efficient Capacity ,Egil Myklebust. ,EMESA ,ENERN Investments ,Enterprise Ireland ,EQT Ventures

,Esther Dyson ,European Commission ,Eventures ,F3F ,Faraday Venture Partners ,Fidimec ,Fig ,Filip Engelbert ,Finnvera ,Finovam ,FJ Labs ,Fondazione Cottino ,Forrestal

Capital ,Forward Partners ,Founders Fund ,Fraunhofer Venture ,Furui Science Co ,Galia Gestion ,Gary Lin ,Gemma Frisius Fund ,Gilde Healthcare ,GIMV ,Giving Wings ,Global

Founders Capital ,Global Sources ,Go Beyond Investing ,Greatbatch ,GT Healthcare ,Gustav Söderström ,Hampus Jakobsson ,Hanmi IT ,Harri Tilev ,Health Innovation Fund

,Health Innovations ,Henderson Land Development Company ,Herman Verrelst ,High-Tech Gründerfonds ,Hinduja Group ,Holland Venture ,Hoxton Ventures ,IDinvest

Partners ,imec ,Imperial Innovations ,Index Ventures ,Inge K. Hansen ,Initiative Capital Romandie ,INKEF Capital ,Innogest ,Innovacom ,Innovation Capital ,Innovationsstarter

Fonds ,Inserm Transfert Initiative ,Inven2 ,Inventure ,Inventures ,Invest4OncoDNA ,Invitalia Ventures ,IP Group ,IPF Partners ,IPG ,IQ Capital ,IRDInov ,Isabella Löwengrip

,Ixora Ventures ,Jaan Tallinn ,JamJar Investments ,Jan Schillebeeckx ,Johan Qviberg ,Joi Ito ,Jon Wright ,Jonas Nordlander ,Jonathan Milner ,K Fund ,Kainos ,Kaiser

Permanente Ventures ,Kapor Capital ,Karl-Georg Altenburg ,KCK ,Kernel Capital ,Khaled Helioui ,Kima Ventures ,Kinled Holding ,Kinnevik ,Korys ,Kryssen Capital ,KULeuven

,Kurma Partners ,Kustaa Piha ,L1 Capital ,Lagardère Active ,Länsförsäkringar ,LanzaTech Ventures ,Lars Forslund ,Laura Iris Ferro ,Laurent Alexandre ,Laurent Leksell ,LF Invest

,LGT Global Invest ,Life Sciences Partners ,LocalGlobe ,London Business Angels ,London Co Investment Fund ,LSIF ,LSP ,Luc Vauterin ,M Capital Partners ,Magnus Kjøller

,Malakoff Médéric ,Manuardeo ,Marc Beuls ,Marcos Val ,Matthias Hilpert ,MedTech Innovation Partners ,Medtronic ,Mérieux Développement ,Metsola Ventures

,MeusInvest ,Mittelständische Beteiligungsgesellschaft Sachsen ,Monkfish Equity ,Mosaic Ventures ,Müller Medien ,Mustafa Suleyman ,Nasdaq First North ,New Enterprise

Ventures ,NFT ventures ,Nick Robertson ,Noaber ,Nokia Growth Partners ,Nordea ,North West Fund ,NovioTech ,NSA Ventures ,Occident Group ,Octopus Ventures

40

2016 EUROPEAN HEALTHTECH REPORT INVESTORS CONT.

Oli Samwer ,Omnes Capital ,Ona Capital ,Oxford Capital ,Panakès Partners ,Par Equity ,Parana Management Corp ,Parkwalk Advisors ,Partech Ventures ,Passion Capital

,Perion Investment Fund ,Peter & Susanne Gjørup ,Peter Mellbye ,Peter Read ,PMV ,Polytech Ecosystem Ventures ,Project A Ventures ,Puhua Jingxin Guzhou Health

Management ,QBIC ,Reaktor Ventures ,Richard Reed ,Robin Batchelor ,Sam Altman ,Sambrinvest ,Samsung Ventures ,Scottish Investment Bank ,Sean Duffy ,SEB Alliance

,Seedcamp ,Seedrs ,Sensinnovat ,Sergio Dompé ,Seventure Partners ,SevenVentures ,Si14 ,Siparex Proximité Innovation ,Slack Fund ,Social Capital ,SOFI ,Sofia Levander

,Sofimac ,Sofinim ,Sophia Bendz ,SOSV ,SparkLabs Global Ventures ,SRIW ,STMicroelectronics ,Sunstone Capital ,Svein Aaser ,Sven Arild Andersen ,Swarraton Partners ,Swiss

Re ,Swisscom ,Target Global ,TechNano Fund ,Technology Venture Partners ,Tekes ,Telefónica Q-Growth ,The Chernin Group ,The Vandel Group ,Thomas Zeltner ,Thorleif

Enger ,Thuja Capital ,Tim Jackson ,TJP Consulting ,Tom Singh ,Topfonds Gelderland ,Torsten Osthus ,TQ-Group ,Udo Müller ,Unilever Ventures ,Union Square Ventures

,University of Bristol Enterprise Fund ,University of Cambridge Enterprise ,Van Herk Ventures ,VentureFounders ,Vinsovier ,Vitamina K ,W3 ,Wellington Partners ,White

Cloud Capital ,Woodford Investment Management ,Wren Capital ,Xavier Niel ,Xerys Gestion ,Yogen Dalal ,Ysios Capital ,ZKB

41

2016 EUROPEAN HEALTHTECH REPORT SCALEUPS

Abingdon Health, Acarix, Actronika, Aifloo, Alantaya, Aleva Neurotherapeutics, Arthro Therapeutics, AthGene, Ava Science, Babylon Health, Berlin Heals Holding, Big Health,

BioBeats, Biolog-ID, Biomodex, Biovotion, Blackford Analysis, Bloom Technologies, Blow, Bluebee, Brainshake, Bucmi, Cambridge Medical Robotics, CarThera, Cellink, Cera,

Cirdan, ClinicPoint, Clue, Coala Life, Creo Medical, Cunesoft, Cytomate Technologies, Devicare, D-Eye, Diasend, DocPlanner, Doctify, Doctor Anytime, Echo, Echolight,

Emperra, Enxray, EveryLIFE Technologies, Eyeco Eyeco, Famly, FineHeart, Fluidic Analytics, Foundry Innovation & Research 1 (Fire1), Frisq, Genesis, Glamma, G-Therapeutics,

H4D, HandInScan, Hapella, HealthUnlocked, Healx, HomeTouch, Horus Technology, i3 Membrane, Icometrix, Ignilife, Impulse Dynamics, Indigo Diabetes, Infinity Health,

Interaction Healthcare, Irras, Joy, Junomedical, KB Medical, Keranova, Kiweno, Kolibree, KRY, Kyomed, Lifesum, LifeTime, Listen, Live Better With, Mainstay Medical,

Massagio, MDLinking, Mdoloris, Medical Imaging Partnership, MedShr, MedUniverse, MesDocteurs, Micrima, microDimensions, Millidrop, Min Doktor, MindMaze, Mint

Solutions, Molecubes, MonDocteur, Movendo Technology, Natural Cycles, NetMedi, Network Locum, Newronika, NightBalance, Nino Robotics, Noona, NovioSense,

Numares, Nyxoah, OncoDNA, Oneview Healthcare, Ontoforce, Optics11, Otivio, Ōura, Owlstone Medical, Oxford Nanopore Technologies, Physidia, Popmyday, Promofarma,

Psyomics, Push Doctor, Qaelum, Qualison, Quantum Imaging, ReActive Robotics, Rythm, Salupro, Saphetor, Scandinavian Real Heart, Sekoia, Seven Bridges, SiriusXT, snap40,

Sonitor Technologies, Spectral Edge, Sphere Fluidics, SpineArt, STAT-Diagnostica, Surgivisio, T&J Healthcare, Teckro, The GP Service, Theraclion, Ugentec, UroMems,

Visiomed Group, Werlabs, Zilico

42

No dataset is complete and this report provides an indication of reality only. Comparing to

reports of other providers on similar subjects is partly possible when taking into account the

different methodologies.

This report has been compiled for informational purpose only and should not be regarded as a

solicitation to invest in any entity.

This report relies on data and insights from a wide range of public and private sources and we

can’t be hold responsible for the completeness and accuracy of the information provided.

This report may freely be distributed, republished and posted as long as the content is not

modified, decompiled or reference to the source is being removed.

2016 EUROPEAN HEALTHTECH REPORT DISCLAIMER

OmarMohout

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