With only a couple of weeks between Thanksgiving and when investors decide to start their winter break, December is typically a slow month for venture. Therefore it came as no surprise that we only saw 10 Agetech deals. What was a surprise however, was that almost half of those were acquisitions...
Deals Down, Exits High
With only a couple of weeks between Thanksgiving and when investors decide to start their winter break, December is typically a slow month for venture. Therefore it came as no surprise that we only saw 10 Agetech deals. What was a surprise however, was that almost half of those were acquisitions - one was even a double!
Is this a sign of things to come? In the challenging fundraising environment of 2023 many startups followed the advice given by numerous VCs: cut expenses and ride it out. But at some point even the extended runway ends, and as the cliff approaches the pressure to sell increases exponentially. So unless 2024 changes dramatically we might see a flood of exits, even if the IPO window remains closed. Stay tuned.
On a brighter note, my good friend Keren "the Gerontechnologist" Etkin, author of The AgeTech Revolution, just released her annual market map. With so much activity over the past year it's grown considerably, what you see above is just a small snapshot. You can find the whole picture and more of her insightful content here.
This newsletter is sponsored by Third Act Ventures; the seed-stage, Agetech-focused venture capital firm. With the United States reaching Peak 65 in 2024, the time to get involved in Agetech is now. To learn more visit thirdact.vc
December Highlights
🎉 Virgin Pulse, a leading global provider of digital health and wellbeing solutions, was acquired by HealthComp, one of the nation's largest independent health plan administrators, for an undisclosed amount. The merger aims to create a comprehensive health management solution that combines Virgin Pulse's member engagement and wellbeing capabilities with HealthComp's robust health plan administration and cost containment solutions. (PR Newswire)
Twin Health, which uses its whole-body digital twin technology to reverse chronic metabolic diseases, raised $50 million. The funds will be used to deploy into health plans and employers, achieving lower costs, better outcomes, and higher satisfaction among their members and employees. (PR Newswire)
🎉 HealthTrio, a provider of digital health and patient engagement solutions, and Decision Point Healthcare Solutions, a leader in healthcare analytics and population health management, were acquired by mPulse Mobile for an undisclosed amount. The acquisition aims to strengthen mPulse's mobile health engagement solutions by integrating HealthTrio's digital health platform and Decision Point's analytics capabilities. (Business Wire)
🎉 National HME, a leading provider of durable medical equipment to the hospice market, was acquired by Hospice Source for an undisclosed amount. The acquisition aims to enhance Hospice Source's ability to serve patients across the United States. (Business Wire)
⚖️ Fruit Street Health, a digital health startup delivering virtual group diabetes prevention programs, filed a $25 million lawsuit against Sharecare, which provides health and wellness programs to employers and health plans. The lawsuit alleges that Sharecare violated their partnership agreement by launching a competing diabetes prevention program and promoting it in lieu of Fruit Street's offering. (MedCity News)
Medefy Health, a mobile-first healthcare benefits navigation platform, raised $10 million in Series A funding. The capital will be used to expand its sales and marketing efforts and enhance its AI capabilities to help health plan members find and use their health benefits right when they need them. (Finsmes)
Local Infusion, a tech-enabled near-home infusion and virtual care provider, raised $10 million in Series A funding. The new funds will be used to expand the company's footprint to New Jersey, Connecticut, and Maryland. (PRWeb)
Pillway, a Canadian virtual pharmacy that uses AI to deliver personalized medication, received a $9.5 million CAD investment from Sun Life. The investment also provides Sun Life Health members access to virtual pharmacist services and medication delivery. (Newswire)
Season Health, a personalized food-as-medicine provider for payors, raised $7 million just months after its acquisition of Wellory's clinical assets. The company was not actively fundraising but decided to take the funds as a major customer and the Ziegler Link-Age Fund expressed interest. (Axios)
☠️ Sagewell, an online banking system tailored to the needs of older Americans with features like personal retirement advocates and early payment of retirement benefits, shut down after 2.5 years and $5.3 million raised. (Sagewell)
🎉 Bonafide, a provider of naturally effective solutions for women's health issues, was acquired by Pharmavite, a leading manufacturer and distributor of vitamins, supplements, and other health and wellness solutions. The acquisition aims to expand Pharmavite's portfolio and strengthen its position in the women's health market. (Femtech Insider)
Kaid Health, a Toronto-based healthtech startup specializing in personalized pain management and recovery, raised an undisclosed amount of funding to enhance its AI-driven platform and expand its services across North America. (FinSMEs)
