年底医疗保健初创企业报告

1、2019YEAR-ENDREPORTStartUp Health InsightsA quarterly report on health innovation and the health moonshots transforming the world.ABOUT STARTUP HEALTH INSIGHTSStartUp Health collects and shares market insights because these data points tell a critical part of the health innovation story. More than si

2、mply chronicling the flow of money, this report provides a glimpse into the overall health of our health moonshots. The story beneath the top-line figures opens up new challenges as well as opportunities. Health moonshots require radical collabora- tion, so we encourage you to dig into this report a

3、nd then bring your own insights to the table at .Report AuthorsLogan Plaster | Polina Hanin Benjamin PowersContributorsNicole Clark | Tara Salamone Jennifer Hankin | Nicole Kinsey Anne DordaiSign up to receive weekly funding insights at /insider1StartUp Health Insights 1 2020 StartUp Health Holdings

4、, Inc. StartUp Health and Health Transformer and associated logos are registered trademarks of StartUp Health LLC.ABOUT STARTUP HEALTHAt StartUp Health we believe that with the right mindset, a moonshot vision, and the spirit of an entrepreneur, anything is pos- sible. We also know that something ma

5、gical happens when you bring together people who are passionate about impacting lives for the better around common goals.Thats why, since 2011, weve been investing in a global army of Health Transformers to solve the worlds biggest health challenges.Join the movement at .STARTUP HEALTH INSIGHTS2019:

6、 The Year in Health Innovation Funding2019 continued the strong up- ward trend in health innovation funding that weve been track- ing for most of a decade. With$13.7B in total funding across 727 deals, 2019 was the second most-funded year ever, and wesee the trend continuing.including raises for The

7、 Pill Club ($51M), which lets women order and ship birth control to their front door, Elvie ($42M), afemtech hardware company, and Gennev ($4M), a StartUp Health company which helps womenmanage menopause.INVESTMENT SPECTRUMEvery company in the StartUp Health Insights database is sorted into one of 1

8、0 functions its main value drivers. This top line break-down offers a look into the breadth of investment, which speaks to the overall health of the market (shown here), and each health moonshot, which well share in coming pages.Weve called 2019 “The Year of the Patient” because of the dramatic fund

9、ing of “patient empowerment” tools like Bright Health and Capsule, but that wasnt all that caught our atten- tion at the end of the decade.Access to Care dominated health moonshot funding, particularly outside of the U.S., including mega-deals for Babylon Health, a consumer-focused health service pr

10、ovider that enables remote medical consultations,and Tencent Trusted Doctor,On the other end of the scale this years funding showed us where we need renewed invest- ment and innovation. The Ad- diction and Childrens Health Moonshots had a poor showing, with $96M and $118M in funding respectively. In

11、 fact, none of the years top investors invested in addiction innovations. Education and content was the least-fund- ed function with only $120M.But where there are gaps in the market, whether in the typeof investment or to what regionFUNCTION Wellness Research Patient Empowerment Biometric Data Acqu

12、isition Administrative Workflow Clinical Workflow Personalized Health Population Health Insurance Education + ContentpTHE STORY2019$1.7B$1.5B$2.7B$864.4M$1.1B$1.9B$1.2B$1.3B$1.1B$120.4Man online healthcare services platform. These two deals alone amounted to $800 million.The Womens Health Moon- shot

13、 has made much needed progress this year. In Q4 2019, it drew in over $85 million in fund- ing for an annual total of $425M,that money is directed, we also see opportunity. Well be watch- ing for new entrants and bold investors willing to tackle the great crises of our time, in new ways, and from ne

14、w hubs of in- novation around the globe.We called 2019 “The Year of the Patient” because of funding for “patient empower- ment” tools, but there were other trends of note. An influx of capital in supportof clinical workflow and administrative workflow (a combined $3B) translated to important investm

15、ent in health infrastruc- ture. Investment in wellness companies continues to expand the scope of health while education remains at the bottom of the tally, in need of investment attention.2StartUp Health InsightsSource: StartUp Health Insights | /insights. Note: Report based on publicly available d

16、ata through 12/31/19 on seed (incl. accelerator), venture, corporate ven- ture, and private equity funding only. Companies tracked in StartUp Health Insights may fall under multiple moonshots and therefore will be represented throughout the report.$70B Raised in Health Innovation Since 2010Health in

17、novation funding continued its strong upward trend, a curve weve been tracking for almost a decade. While you can parse each rise and dip in our quarterly insights report, these year-over-year numbers tell a simple yet compelling story health innovation is robust and growing. In a mere decade, 4,300

18、 startups got funded, and funding levels increased by a factor of 10, with similar growth in the number of investors. And from our vantage point, were just getting started.$14.7BHealth Innovation Funding, Year Over YearDeal Count727789643688881$11.7B$13.7B610568475$8.2B287$7.1B$6.2B152$2.1B$2.2B$2.8

19、B$1.1B32010201120122013201420152016201720182019Source: StartUp Health Insights | /insights. Note: Report based on publicly available data through 12/31/19 on seed (incl. accelerator), venture, corporate ven- ture, and private equity funding only. Companies tracked in StartUp Health Insights may fall

20、 under multiple moonshots and therefore will be represented throughout the report.STARTUP HEALTH INSIGHTSA Surge in the EastBoasting three out of 2019s top 10 most-funded cities, China cemented its place as a hub for health innovation, and is positioned for continued growth. When it comes to total d

21、eals, London topped the charts, while Paris and Tel Aviv posted significant gains over 2018. Its noteworthy that no city in South America or Africa has yet made the list, though innovation in the southern continents abounds. Its time for investors to broaden their field of vision.Most-Funded Non-U.S

22、. HubsTop Non-U.S. DealsCity/RegionFunds Raised2019 Deals2018 Deals01Beijing$855.4M122002London$777.6M272003Paris$456.0M13704Mumbai$281.5M7705Tel Aviv$250.5M151006Bangalore$182.6M101507Shanghai$151.1M6708Singapore$103.7M101409Guangzhou$103.0M2310Delhi NCR$100.9M813CompanyAmount01Babylon Health$550M0

23、2Tencent Trusted Doctor$250M03PharmEasy$220M04Doctolib$170M05Waterdrop$145M06Cure.fit$120M07AllinMD$100M07Weimai$100M09DocPlanner$90M10Dingdang Medicine Express$89MSource: StartUp Health Insights | /insights. Note: Report based on publicly available data through 12/31/19 on seed (incl. accelerator),

24、 venture, corporate ven- ture, and private equity funding only. Companies tracked in StartUp Health Insights may fall under multiple moonshots and therefore will be represented throughout the report.Coasts with the MostSan Francisco, New York and Boston showed no signs of diminishing as juggernauts

25、of health innovation. Looking at the 2019s top deals (10 over $100M) its clear that mega deals are becoming the new normal. Multiple cities showed signs of increased activity. Chicago, Salt Lake City, Seattle and Denver all showed significant increases in deal count over 2018. With only five non-coa

26、stal cities represented on this list, and none south of the Mason Dixon line, we see major opportunities for finding innovation in untapped markets.Most-Funded U.S. CitiesTop U.S. DealsCity/RegionFunds Raised2019 Deals2018 Deals01San Francisco$3.1B12613902New York City$1.5B789903Boston$1.0B454504Min

27、neapolis/St. Paul$642.9M61105Salt Lake City$518.6M8306Chicago$384.3M211307Seattle$152.0M181408Denver$127.6M14809Boulder$124.0M4-10Philadelphia$109.6M119CompanyAmount01Bright Health$635M02Clover Health$500M03Gympass$300M04Collective Health$205M05Tempus$200M06Capsule$200M07iFit$200M08Freenome$160M09Be

28、am Therapeutics$135M10PathAI$135MSource: StartUp Health Insights | /insights. Note: Report based on publicly available data through 12/31/19 on seed (incl. accelerator), venture, corporate ven- ture, and private equity funding only. Companies tracked in StartUp Health Insights may fall under multipl

29、e moonshots and therefore will be represented throughout the report.STARTUP HEALTH INSIGHTSMost-Active InvestorsWeve come a long way in the last decade when it comes to the depth and breadth of health innovation investors. In 2010 we took roll and counted 168 investors in the market. In 2019 that nu

30、mber hit 1,344. At StartUp Health were proud to have such a diverse portfolio, but were not alone. Investors like F-Prime, Khosla, Y Combinator and GV all spread their funds across five or more health moonshots. This particular view of the market also lets us see the gaps in activity, making it clea

31、r that its time to marshall resources around the moonshot to end addiction and the opioid epidemic.2019Total Deals2018Total Deals1. StartUp Health1792. Y Combinator1273. F-Prime Capital11113. Khosla Ventures11145. GV (fka Google Ventures)1065. Maverick Capital (Maverick Ventures)1047. Optum Ventures

32、847. Felicis Ventures8-7. Echo Health Ventures8610. Founders Fund7116StartUp Health InsightsSource: StartUp Health Insights | /insights. Note: Report based on publicly available data through 12/31/19 on seed (incl. accelerator), venture, corporate ven- ture, and private equity funding only. Companie

33、s tracked in StartUp Health Insights may fall under multiple moonshots and therefore will be represented throughout the report.Funding Trends Spark Calls for InnovationAt StartUp Health, we slice health innovation funding data differently than anyone else. We categorize every deal by the health moon

34、shots the audacious goals that the founders and companies are striving to achieve. What we found in 2019 was continued robust funding into the foundational health moonshots of opening access and lowering costs. We were pleased to see particularly strong investment into womens health and addiction, w

35、hich had the highest year-over-year growth in funding and deal count. We hope entrepreneurs and investors alike will see the gaps in funding in addiction and childrens health as a clarion call for renewed innovation.2019 Funding by Health MoonshotDeal Count$3.7B$5.1B$5.7B36393186238$2.0B9$96M29$118M

36、24$332M43$426M63$559M56$1.3B$1.5B55AddictionChildrens HealthBrain HealthWomens HealthMental Health & HappinessNutrition & FitnessEnd CancerLongevityCure DiseaseCost to ZeroAccess to Care7Source: StartUp Health Insights | /insights. Note: Report based on publicly available data through 12/31/19 on se

37、ed (incl. accelerator), venture, corporate ven- ture, and private equity funding only. Companies tracked in StartUp Health Insights may fall under multiple moonshots and therefore will be represented throughout the report.$524M20182018201820182019201920192019 RoundsSeed70Series A72Series B42SeriesC

38、17Series D6Series E or later4Number of Deals By Round*Investment SpectrumHow Funding Is Balanced Across 10 FunctionsDeal CountWellness26 Deals ($301.4M)2019QUICK STATSDEALS363DollarsFrequency of Deal Size*ch99 Deals ($1.6B)Patient EmpowermentClinical WorkflowBiometric DatReseara AcquisitionAdmin Wor

39、kflowPersonalized HealthInsuranPopulation HealthTop DealsCompanyRound SizeFunction01Babylon Health$550MPopulation Health02Tencent Trusted Doctor$250MPersonalized Health03Capsule$200MPatient Empowerment04Doctolib$170MPatient Empowerment05Waterdrop$145MInsurance06Hims$100MPatient Empowermentce Educati

40、on + Content10 Deals ($169.8M)19 Deals ($307.2M)53 Deals ($515.4M)66 Deals ($978.4M)29 Deals ($486.1M)41 Deals ($1.0B)11 Deals ($295.5M)9 Deals ($81.7M)MEDIAN DEAL SIZE$6MINVESTORS689 MOST ACTIVE INVESTORSRankingUnder $1M42$1M$5M84$5M$10M50$10M$25M54$25M$50M28$50M$100M19$100M+61Maverick Ventures2Sta

41、rtUp Health3F-Prime Capital3Khosla Ventures3Tencent* Deals that were not associated with a specific round are not included in this particular breakdown.*Raises without a publicly disclosed dollar amount are counted in the total number of deals, but not represented in frequency of deal size analysis.

42、8StartUp Health InsightsSTARTUP HEALTH INSIGHTS / HEALTH MOONSHOTSAccess to Care2019 YEAR-ENDMega deals in global markets proved that access to care is a top global health concern. With a billion in total funding in 2019 (up 14% over 2018), accesswill remain a leading driver for innovation in 2020.F

43、unding Total Access to Care Funding Deal Count121103727480555459Q1$1.1BQ2$2.2BQ3$1.2BQ4$1.3BQ1$1.8BQ2$1.6BQ3$1.0BQ48StartUp Health InsightsSource: StartUp Health Insights | /insights. Note: Report based on publicly available data through 12/31/19 on seed (incl. accelerator), venture, corporate ventu

44、re, and private equity funding only. Companies tracked in StartUp Health Insights may fall under multiple moonshots and therefore will be represented throughout the report.Cost to ZeroSTARTUP HEALTH INSIGHTS / HEALTH MOONSHOTS2019 YEAR-ENDWith strong year over year funding (up 21%) as well as aFundi

45、ng Total Cost to Zero Funding Deal Counthigh percentage of A, B and C funding rounds, the Cost to Zero Health Moonshot shows signs of maturity. Watch for innovators to build on this foundation in 2020.67$1.0BQ1 201869$876MQ2 201861$1.2BQ3 201848$1.1BQ4 201870$1.5BQ1 201970$1.4BQ2 201956$687MQ3 20194

46、2$1.5BQ4 2019 RoundsNumber of Deals By Round*Investment SpectrumHow Funding Is Balanced Across 10 FunctionsDeal Count2019QUICK STATSDEALSSeries E or laters h)70 Deals ($980.1MClinical Workflow73 Deals ($834.4M)Admin WorkflowBiometric DaPatient EmpowermentResearcWellnesSeed38Series A 52Series B39Seri

47、es C17SeriesD 9ta AcquisitionPerso210 Deals ($281.0M)8 Deals ($157.2M)23 Deals ($1.2B)13 Deals ($192.0M)238MEDIAN DEAL SIZE$10MINVESTORSDollarsFrequency of Deal Size*Under $1Mnalized HealthInsurancePopulation HealthTop DealsCompanyRound SizeFunction01Bright Health$635MPatient Empowerment 02Clover He

48、alth$500MInsurance03PharmEasy$220MPatient Empowerment04Collective Health$205M Insurance 05Waterdrop$145MInsurance06PathAI$135MClinical WorkflowEducation + Content216 Deals ($153.1M)17 Deals ($277.5M)16 Deals ($1.0B)2 Deals ($38.0M)509 MOST ACTIVE INVESTORSRanking$1M$5M 49$25M$50M$50M$100M$100M+36 $1

49、0M$25M45$5M$10M1Echo Health Ventures2F-Prime Capital2Bessemer Venture Partners2MemorialCare Innovation Fund3211 7* Deals that were not associated with a specific round are not included in this particular breakdown.*Raises without a publicly disclosed dollar amount are counted in the total number of

50、deals, but not represented in frequency of deal size analysis.9Source: StartUp Health Insights | /insights. Note: Report based on publicly available data through12/31/19 on seed (incl. accelerator), venture, corporate venture, and private equity funding only. Companies tracked in 9StartUp Health Ins

51、ights may fall under multiple moonshots and therefore will be represented throughout the report.Cure DiseaseSTARTUP HEALTH INSIGHTS / HEALTH MOONSHOTSFunding Total Cure Disease Funding Deal Count6263574654432932$1.1B$1.2B$1.1B$969M $691M$1.4B$863M$741MThis broad-reaching health moonshot has seen sta

52、ble quarter-over-quarter funding across a range of functions, from wellness to clinical workflow. At$12M, it also boasts the highest median deal size on our list.2019 YEAR-ENDQ12018Q22018Q32018Q42018Q12019Q22019Q32019Q42019 RoundsNumber of Deals By Round*Investment SpectrumHow Funding Is Balanced Ac

53、ross 10 FunctionsDeal Count2019QUICK STATSDEALSSeedSeries Cies DSerSeries E or laterDollarsFrequency of Deal Size*Under $1M23lness42Series ASeries BBiometric Data AcquisitionPatient EmpowermentResearchWel37Admin12Workflow47 Deals ($822.8M)Clinical Workflow4Personalized Health5Population HealthTop De

54、alsCompanyRound SizeFunction01Tempus$200MResearch 02Freenome$160MResearch03PathAI$135MClinical Workflow03Beam Therapeutics$135M Research 04Recursion Pharma$121MResearch05Encoded Therapeutics$104MResearchInsurance Education + Content93 Deals ($59.7M)30 Deals ($1.3B)26 Deals ($466.2M)28 Deals ($304.7M

55、)5 Deals ($68.3M)24 Deals ($362.8M)21 Deals ($271.8M)-2 Deals ($11.0M)186MEDIAN DEAL SIZE$12MINVESTORS482 MOST ACTIVE INVESTORSRanking$1M$5M 41$10M$25M39$5M$10M1ARCHVenture Partners2Y Combina- tor2F-Prime Capital3GV (fka Google Ventures)3Felicis Ventures22 25$50M$100M$25M$50M12 $100M+6* Deals that w

56、ere not associated with a specific round are not included in this particular breakdown.*Raises without a publicly disclosed dollar amount are counted in the total number of deals, but not represented in frequency of deal size analysis.10StartUp Health Insights10StartUp Health InsightsSource: StartUp

57、 Health Insights | /insights. Note: Report based on publicly available data through 12/31/19 on seed (incl. accelerator), venture, corporate venture, and private equity funding only. Companies tracked in StartUp Health Insights may fall under multiple moonshots and therefore will be represented thro

58、ughout the report.End CancerSTARTUP HEALTH INSIGHTS / HEALTH MOONSHOTS2019 YEAR-ENDWhile total cancer funding is down slightly year over year, deal count is up 34%, suggesting a broadening of the market.Research is the most funded function while Clinical Workflow boasts the most total deals.Funding

59、Total Cancer Funding Deal Count221213158899$448M $370M $584M $260M $205M$545M $385M$377MQ1 2018Q2 2018Q3 2018Q4 2018Q1 2019Q2 2019Q3 2019Q4 2019 RoundsNumber of Deals By Round*Investment SpectrumHow Funding Is Balanced Across 10 FunctionsDeal Count2019QUICK STATSDEALSSeries BSeSeriesCSeries Dries E

60、or later10Wellness13Series ABiometric Data AcquisitionPatient EmpowermResearchSeed63Admin Workflow19 Deals ($272.1M)Clinical Workflow4Population HealthPersonalized Health1Insuranceent-8 Deals ($520.3M)5 Deals ($35.2M)7 Deal ($227.7M)-7 Deals ($287.0M)8 Deals ($162.3M)-55MEDIAN DEAL SIZE$11.3MINVESTO