It's Raining Exits
In our last edition summarizing December 2023 we noted a dip in deal volume but an increase in the proportion of exits. We hypothesized that this trend of increased exits would continue through 2024 as the fundraising environment continues to be challenging and startups reach the end of their runway. We even anticipated a potential 'flood' of exits. However, we didn't expect to see
35 deals, 13 exits, and over $1.6 billion
in Agetech transactions in just the first month! What a start to 2024!
Despite tough macro conditions we're incredibly excited about the opportunities in Agetech this coming year. As exemplified by Cowboy Ventures partner Jillian William's post at the end of 2023, more and more VC firms are starting to research and invest in Agetech. In fact, we've been hearing reports of many venture firms presenting the Agetech opportunity to their LPs as they court investment in their next fund.
Here at Agetech News we're witnessing an increased level of interest as well. This newsletter more than doubled its readership, now counting over four and a half thousand active subscribers! We'd like express our gratitude to each and every one of you for your support as we strive to provide the most comprehensive source of Agetech deal information anywhere.
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January Highlights
🎉 BrightSpring Health Services, a provider of comprehensive home and community-based health services to complex patients, announced its intention to raise $960 million through an IPO, valuing the company at $2.82 billion. (Fierce Healthcare)
🎉 United Medco, a national distributor of pharmaceuticals and over-the-counter products, was acquired by Medline Industries, a global manufacturer and distributor of medical products, for an undisclosed amount. The acquisition aims to expand Medline's pharmaceutical portfolio and enhancing its service the long-term care pharmacy market. (PR Newswire)
🎉 Hear Again America, a major franchisee of Miracle-Ear, was acquired by Amplifon, a leading hearing aid retailer based in Italy, for an undisclosed amount. The acquisition is part of Amplifon's strategy to strengthen its presence in the U.S. market, adding 50 new outlets across four states to its US portfolio. (Investing.com)
Devoted Health, a VC-backed modern Medicare Advantage provider, raised a $175 million Series E, two years after the company secured its gigantic $1.15 billion Series D. This new funding follows a year of purported 70+ percent growth for the company, which claims it now serves over 140,000 members. (MobiHealthNews)
🎉 The Honey Pot Company, the developer of plant-derived, chemical-free feminine care products, was acquired by Compass Diversified, a public holding company focused on middle market businesses, for $150 million. The acquisition aims to leverage Compass Diversified's resources and expertise to accelerate The Honey Pot Company's growth and expansion while maintaining its commitment to providing natural, effective solutions for women's health. (Femtech Insider)
🎉 Visibly, developer of the world's first FDA-cleared online vision test, was acquired by EyeCareLive, a telehealth platform focused on eye care, for an undisclosed amount. The acquisition aims to enhance EyeCareLive's telehealth capabilities by providing a more comprehensive and efficient service to patients and eye care providers. (PR Newswire)
Harbor Health, a clinic group focused on lessening the emotional and financial burden on consumers caused by the healthcare system, raised a $95.5 million Series B. The capital will be used to grow its primary care services and broaden its specialty care offerings. (Pulse 2.0)
🎉 American HealthTech, a SaaS tool for skilled nursing and senior living which helps manage care, finances, and revenue cycles, was acquired by PointClickCare for an undisclosed amount. The acquisition is part of PointClickCare's strategy to expand its reach in the U.S. long-term care market and to provide a more comprehensive suite of solutions to its customers. (BetaKit)
Accompany Health, a newly launched primary, behavioral, and social care provider for low-income patients with complex needs, raised a whopping $56 million Series A. The funds will support the 8,000 new patients it acquired through its partnership with an unnamed national health plan. (GlobeNewswire)
🎉 Bright.md, a healthcare automation company specializing in virtual care solutions, was acquired by 98point6, a pioneer in AI-driven, on-demand primary care, for an undisclosed amount. The acquisition is aimed at accelerating the launch of 98point6's asynchronous care module, enhancing its delivery of personalized, convenient, and affordable healthcare. (PR Newswire)
🎉 Delta Care Rx, a hospice pharmacy services provider, was acquired by StateServ Medical, a leading tech-enabled provider of Durable Medical Equipment for post-acute care, for an undisclosed amount. StateServ aims to enhance operational efficiencies and elevate care quality for its customers by strategically managing DME and pharmacy services together. (PR Newswire)
DecisionRx, which optimizes medication prescriptions using pharmacist recommendations informed by pharmacogenomics and data science, raised a $100 million credit facility. The funds will be used to support the company's growth initiatives, including the expansion of its product offerings and the enhancement of its technology platform. (Carlyle)
🎉 Vault Workforce Screening, a provider of clinical workforce screening solutions, was acquired by Sterling, a global background and identity services platform, for an undisclosed amount. This strategic move aims to augment Sterling's healthcare offerings by seamlessly integrating Vault's leading clinical solutions, offering clients a more comprehensive service. (Sterling Check)
Spark Advisors, a comprehensive platform aiding Medicare brokers in marketing, sales support, back office management, and compliance requirements, while offering their clients a concierge experience to navigate retirement benefits, raised a $25 million Series B. The funds will be dedicated to bolstering customer support and launching a new while-label service. (Spark Advisors)
🎉 Cured, a digital marketing and CRM platform for healthcare, was acquired by Innovaccer, a platform unifying patient data to enhance clinical, financial, operational, and experiential outcomes for providers, for an undisclosed amount. The acquisition aims to strengthen Innovaccer's capabilities in patient engagement and provider network management, ultimately improving healthcare outcomes. (Innovaccer)
DigitalOwl, which leverages AI and machine learning to facilitate swift and efficient medical document analysis and case summarization for payors, successfully secured $12 million in funding. The funds will be utilized to execute on its new partnership with the Reinsurance Group of America, showcasing the growing significance of AI in the healthcare landscape. (FinSMEs)
Rune Labs, a SaaS solution enabling precision neurology in neurodegenerative and psychiatric diseases, raised $12 million to expand its team, accelerate the development of its platform, and support new partnerships with biopharma and digital health companies. (Pulse 2.0)
Arbital Health, a neutral third-party adjudicator of outcomes-based contracts designed to expedite the adoption of value-based care arrangements, secured a $10 million Series A. The investment will be instrumental in advancing its technology platform, expanding its team, and acquiring Santa Barbara Actuaries—a renowned firm with expertise in value-based contracting, predictive modeling, and data analytics. (FinSMEs)
Care Continuity, which employs a blend of software and concierge services to aid in patient care navigation and transitions, raised $10 million to enhance its technology platform and increase sales and marketing efforts. (FinSMEs)
Swift Medical, a Toronto-based healthtech company specializing in digital wound care management, raised $8 million to further develop its AI-powered technology. (FinSMEs)
🎉 InquisitHealth, a peer-to-peer healthcare mentoring platform, was acquired by Pyx Health, a tech-enabled service addressing loneliness and social determinants of health, for an undisclosed amount. The acquisition aims to enhance Pyx Health's ability to provide personalized, scalable solutions for health plan members and patients. (PR Newswire)
Isaac Health, a digital health startup specializing in virtual brain health and dementia care, raised $5.7 million in seed funding to propel its growth. (Fierce Healthcare)
Credo Health, an AI-enabled medical record collection and analysis tool facilitating provider participation in value-based care, raised $5.25 million in seed funding to enhance its technology platform and expand its sales team. (FinSMEs)
BirdWatch, a concierge home maintenance platform reversing the 'Uberization' trend with an strong focus on customer service, raised $3.2 million in seed funding. The capital will support the enhancement of its technology to streamline property management, expand its team, and scale its operations. (Creti.org)
🎉 Menolabs, a health and dietary supplement brand specializing in menopause wellness products, was acquired by Dr. Reddy's Laboratories, a multinational pharmaceutical company based in India, for $3 million. The acquisition, achieved as part of Amyris’ Chapter 11 sales process, aims to bolster Dr. Reddy's presence in the women's health sector, specifically in menopause wellness, while expanding its product portfolio. (Femtech Insider)
Senior Care Therapy, a provider of psychological services to long-term care facilities, raised an undisclosed amount of capital. The funding will facilitate an expansion of the company's services, reaching more facilities across the United States. (PR Newswire)
Toi Labs, creator of the TrueLoo—a smart toilet seat armed with optical sensors that extract health insights by analyzing toilet activity—secured an undisclosed amount of capital to further develop its unique product. (Longevity.technology)
CVS Health Ventures invested an undisclosed amount into WellBe Senior Medical, a company dedicated to providing comprehensive home-based care for seniors. The funds will be used to expand WellBe's services nationwide, with a primary focus on improving patient outcomes and reducing hospital readmissions. (Home Health Care News)
Omena, a digital health startup focusing on women's health and wellness, raised $800,000 in seed funding to expand its product offerings and scale operations. (FemTech Insider)
OneroRx, a provider of specialty and telepharmacy services catering to regional hospitals, senior living facilities, long-term care facilities and group homes in historically underserved markets, raised an undisclosed amount of capital. The funding is earmarked for future acquisitions. (PR Newswire)
Around the World
🎉 ID Medical, a UK-based healthcare staffing solution, was acquired by Aya Healthcare, a global healthcare staffing and workforce solutions firm based in the United States, for an undisclosed amount. This strategic move marks Aya Healthcare's expansion into the UK market, broadening its international footprint while enhancing its services to healthcare facilities and professionals. (Business Wire)
CardioSignal, the Finland-based health tech company specializing in the development of non-invasive atrial fibrillation detection solutions, raised $10 million in Series A funding. The funds will accelerate the company's international growth and further develop its unique paroxysmal atrial fibrillation detection technology. (FinSMEs)
Vyld, the Berlin-based developer of eco-friendly, ocean-based materials capable of absorbing bodily fluids, has raised single-digit millions in seed funding. The capital will help drive the marketing of its seaweed-based tampon and the development of a fully compostable diaper using an algae core. (FemTech Insider)
Vi Health, a Dutch app providing tailored support, information, and connections to qualified experts for women experiencing menopause, raised €1.5 million to officially launch following its successful pilot at the end of 2023. (Femtech Insider)
Bena Care, a Kenyan start-up empowering patients and their families through training on basic caregiving skills and health education, received a $75,000 investment from Village Capital. (TechMoran)
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