Venture funding deals in digital health continue to get larger. In the first half of 2021, over 50 companies have received $100 million or more in funding rounds. These large funding deals accounted for approximately 60% of the total 1H 2021 ($15 billion) VC funding.
Noom, a psychology-based digital health platform that helps people meet their health and wellness goals from weight management to diabetes prevention to stress reduction, announced a $540 million Series F funding round led by Silver Lake with participation from other new investors.
Ro, an online health startup, which started by selling hair loss supplements and erectile dysfunction medication to men, raised $500 million in a Series D funding round at a valuation of $5 billion. General Catalyst, FirstMark Capital, and TQ Ventures led the funding round with participation from other investors.
Keep, a Beijing-based fitness app closed a Series F financing round of $360 million led by SoftBank Vision Fund. Hillhouse Capital and Coatue Management GGV Capital, Tencent, 5Y Capital, Jeneration Capital, and Bertelsmann Asia Investments also participated in the round.
Capsule, a digital pharmacy startup that takes electronic prescriptions from doctors through a mobile app and delivers the medication to a patient’s home or office, raised $300 million led by Durable Capital Partners, with participation from past investors Baillie Gifford, T Rowe Price, and Whale Rock.
KRY, a telemedicine app that allows users to consult with a qualified health professional, announced a Series D funding round of over $300 million to fuel its European expansion plans. The funding round was led by CPP Investments (CPPIB) and Fidelity Management & Research with participation from other investors.
Hinge Health, a developer of wearable bands with motion sensors that help employees recuperate from musculoskeletal problems such as the lower back, knee, shoulder, and neck pain – has closed a $310 million Series D funding round. Coatue Management and Tiger Global led the funding round with participation from other investors.
Collective Health, a web-based platform with predictive analytics that helps employers manage health insurance benefits, raised $280 million in a Series F funding. Investors include DFJ Growth, Founders Fund, G Squared, Maverick Ventures, NEA, PFM Health Sciences, SoftBank Vision Fund 1, Sun Life, and others.
Tonal, a connected home fitness system, raised $250 million in the latest funding round, valuing the company at $1.6 billion. The Series E round was led by Dragoneer, a growth-oriented investment firm, with participation from Cobalt Capital, new athlete investors, and existing investors, including L Catterton and Sapphire Ventures.
Cue Health (Cue), the creator of an app-connected health monitoring device system, closed a $235 million financing round. The latest funding round includes new investors Perceptive Advisors, MSD Capital, and Koch Strategic Platforms, a subsidiary of Koch Industries, existing investors Johnson & Johnson Innovation – JJDC, Decheng Capital, CAVU Ventures, ACME Capital, and others.
Forward Health, a remote biometrics monitoring system, announced $225 million in Series D funding with participation from Founders Fund, Khosla Ventures, SoftBank Vision Fund 2, Marc Benioff, and The Weeknd, among others.