Europe health tech report 2016

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

3
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 omar.mohout@sirris.be and
sofie.staelraeve@dashplus.be
ABOUT THIS REPORT

HIGHLIGHTS 2016
5
• € 1.1B across 151 deals in 17 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
€ 294
€ 174
€ 121
€ 110
€ 91
€ 57
€ 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 and
in number of HealthTech deals in
2016. Switzerland is second best in
terms of amount of capital raised.
The gap between France/UK and
Germany is significant. While tiny
Sweden is performing in the same
league as the biggest economy of
Europe, almost hitting France.
Other smaller countries such as
Ireland and Belgium are doing well
and are punching above their
economic weight.

8
33
27
18
11
11
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 startup ecosystem are paying
off..
Germany has HealthTech growth potential.
Compared to its other sectors, HealthTech
investments are lagging behind.
DEALS PER COUNTRY 2016

9
€ 63
€ 137
€ 80
€ 120
€ 89
€ 82
€ 106
€ 32
€ 66
€ 56
€ 93
€ 170
Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec.
CAPITAL RAISED 2016*
*In millions
European HealthTech scaleups
together raise in average € 90
million per month.
The highest peak In December is
due to Oxford Nanopore
Technologies raising € 119 million.
The company tries to establish the
concept of an “Internet of Living
things”.
2 companies (HealthUnlocked,
Infinity Health) used crowdfunding
to raise growth capital.

10
15
12
9
13 13
16
15
9
11
10
17
11
Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec.
In average 13 HealthTech deals of at
least € 750K are closed in Europe
every 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 the
majority of deals are series A.
Convertible notes are less popular
in Europe and count for only 1%.
DEAL TYPE 2016

12
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, a
company needs to be founded in
2011.
It takes in average 5 (long!) years
for HealthTech companies to raise
substantial external financing.
Austria
2014

13
32
30
30
30
30
27
25
24
24
19
16
16
14
14
10
UK
Ireland
Norway
Switzerland
Spain
Hungary
Denmark
France
Germany
Sweden
Belgium
Austria
Finland
Netherlands
Italy
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.
On average, HealthTech scaleups
have 26 employees.
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. Cambridge
7. Blackrock
8. Belgrade
9. Dublin
10. Geneva
14
HEALTHTECH CITIES 2016
NUMBER OF DEALS AMOUNT RAISED London counts for 41% of all UK
deals, Paris for 46%, Berlin for 34%
and Stockholm for 56%.
Barcelona, Ghent and Lausanne are
the scaleup cities of their respective
country instead of the capital cities.
Note how the UK is the only
country that has 3 cities (London,
Cambridge and Oxford) in the list.
3 out of 5 Lausanne scale-ups raised
more than € 10 million.

15
We have split HealthTech into 4 sub
categories:
MedTech1. (typical being used by
medical professionals and often
requires connected hardware);
CareTech2. (typical support the
healthcare process such as
booking platforms);
HealthTech3. itself (typically
being used by the patient
directly) and;
Lifescience4. (digital solution
used by or for the life science
industry).
BREAKDOWN OF THE INDUSTRY
CareTech
37%
HealthTech
31%
Lifescience
7%
MedTech
25%

64%
36%
B2B B2C
78%
22%
B2B B2C
16
B2B & B2C COMPARISON
NUMBER
OF DEALS
AMOUNT
RAISED
European HealthTech is
predominantly B2B. In general 64% of
all scale-ups are B2B, that is some 6%
points more than the overall 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 only
2 B2C companies: Frisq (Stockholm)
and Clue (Berlin).
Paris, London (UK), and Stockholm are
the places to be for B2C HealthTech
scaleups. Cambridge (UK), Switzerland
and Ireland dominate B2B HealthTech
deals.
British Nanopore (B2B) and Swedish
Frisk (B2C) raised the largest amount
of money.

17
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
36%
17%
9%
7%
6%
4%
4%
4%
3%
3%
2%
2%
Hardware
Marketplace
Wearable
Data Analytics
Artificial Intelligence
SaaS
App
Internet of Things
Video driven
Robotics
Virtual Reality
3D printing
Not surprisingly, hardware,
traditionally very strong in the
engineering cultures of European
countries, is the leading business
model for scaleups, counting for
34% of the total.
France is leading in hardware and
IoT while market places, robotics,
video and apps is dominated by the
UK. Sweden is the #1 spot for
wearables and SaaS; Switzerland for
3D printing and video; Finland for
data analytics, and Belgium for AI.
TYPE OF BUSINESS MODELS/TECHNOLOGY 2016

19
TOP 5 BIGGEST DEALS*
€ 119M € 89M € 39M€ 40M € 30M
#01 #02 #03 #04 #05
*In amount raised

20
23%
16%
12%
9%
9%
7%
7%
5%
5%
2%
2%
2%
UK
Belgium
France
Netherlands
Italy
Switzerland
Germany
Norway
Sweden
Denmark
Hungary
Ireland
29% of European HealthTech
scaleups are spin-offs or spin-outs
from universities and knowledge
institutes.
Compared to only 8% of the
scaleups across all industries, it
indicates that the HealthTech
ecosystem is strongly driven by IP
that is generated in an academic
environment.
SPIN-OFFS BY COUNTRY 2016

21
Note the extremely high
performance of Belgium claiming
more than half of the top positions,
a testimony to the vibrant
ecosystem going back to its long
BioTech 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)

22
11% of the European HealthTech
scaleups graduated from an
acceleration program. That’s less
than the 14% across all industries.
Program alumni don’t necessary
raise more money, but they are 1.5
years younger on average when
they raise money. It might well be
that they can start to scale earlier or
have better access to investors
thanks to acceleration programs.
ACCELERATORS, BY NUMBER OF FUNDED SCALEUPS 2016
1. imec.istart (Belgium)
2. StartUp Health (Finland)
3. thinkubator (Denmark)
4. LeanSquare (Belgium)
5. Founders Factory (UK)
6. Accelerator London (UK)
7. Axel Springer Plug and Play (Germany)
8. StartupLab (Norway)
9. THINGS (Sweden)
10. Welcome City Lab (France)
11. M31 (Italy)
12. Project A Ventures (Germany)
13. SOSV (USA)

23
Corporate Venture Capital is
involved in 14% of all European
deals and 18% of all capital raised.
This is similar to other industries.
The highest corporate investment
was € 89M in Swiss MindMaze by
Hinduja Group, an Indian
conglomerate company that is
headquartered in London.
CORPORATE VENTURE CAPITAL INVESTORS 2016
ABB, Alex Springer, AXA, Bauer Media Group, Bonnier,
Cnp Assurances, Fig, Furui Science, Henderson Land
Development Company, Hinduja Group, Innocent
drinks, Kaiser Permanente, Medtronic, Müller Medien
Group, Nokia, NovioTech, ProSiebenSat.1, Puhua Jingxin
Guzhou Health, Samsung, Seb, Swisscom, Telefónica,
Tokai Optecs, TQ-Group, Unilever, Zürcher
Kantonalbank

24
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
1. Bpifrance (France)
2. High-Tech Gründerfonds (Germany)
3. Parkwalk Advisors (UK)
4. Bayern Kapital (Germany)
5. Capricorn Venture Partners (Belgium)
6. QBIC (Belgium)
7. Gilde Healthcare (Netherlands)
8. IQ Capital (UK)
9. Amadeus Capital Partners (UK)
10. Draper Esprit (UK)

25
Europe saw four IPOs of
HealthTech companies in 2016
totalling € 102M.
2 IPOs are from Swedish
companies. Sweden also saw the
youngest company going public,
Cellink founded in 2016.
Mainstay Medical, a public company
from Ireland, raised € 30M in post-
IPO equity from KCK. So did French
Theraclion from Furui Science Co.
IPO 2016
1. Cellink (Sweden, Nasdaq First North)
2. Frisq (Sweden, Nasdaq First North)
3. Creo Medical (UK, AIM)
4. Oneview Healthcare (Ireland, Australian Securities Exchange)

ADDITIONAL HIGHLIGHTS 2016
26
• 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
27
• 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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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 better
understand the numbers presented in this report. We use
a data-driven approach to track financing activity for
European tech companies.
Companies includes web, app, mobile, digital products
and services, software, marketplace, connected
hardware, data-driven and HardTech companies.
Companies that have their HQ or launched in Europe are
considered. LifeScience and BioTech (except software
solutions targeting this industry), non digital CleanTech,
eCommerce (Hallofresh, Zalando etc) and research
institutes are excluded.
2016 EUROPEAN HEALTHTECH REPORT METHODOLOGY

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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.

32
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.

33
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

34
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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38
2016 EUROPEAN HEALTHTECH REPORT SOURCES
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tyinternety, VC_watcher, venturelab_ch, version2dk, Vienna_CM, VirginStartUp, webcampzg, webrazzi, whiteboardmag, WHMeanor, ZIPZg, KairosSocietyHU,
SitraFund, ForumVirium, Tech_Acad_Fin, ReloadGreece, colabathens, bitspiration, NCBR_pl, blpoland, dziennik, CyberparkTGB, rp_teknoloji, sosyalmedyaco, IATurkije,
czechcrunch, PerpetuumZg, helgosson, StartupGrindSWE, ZuoraEMEA, nyteknik, CampusLondon, growthfunders, VirginStartUp, MassChallengeUK, CognicityCW, INiTS_at,
austrianstartup, IPNunes, SDigestCork, RyanAcademy, , LuceyFund, CrowdfundSpirit, kurtfinance, JouveSud, FuenteLatina, Silicon_wadi, BuildStuffLT, hightechcampus,
HollandFinTech, Leapfunder, IMPACT_acc, ProgramaMinerva, playinglean, , Teknisk, NorskVenture, StartupLabNo, rp_teknoloji, sosyalmedyaco, sbcIstanbul,
DLDConference, VC_watcher, startupradioDE, HTGF_, Lupacz, tyinternety, EconomyUp, SmartCity4Italy, Puglia_Startup, how_to_web, SeedstarsWorld, JeanneMazuret,
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

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