2024 So Far...

Back in January (edition #35), I noted a significant increase in exits versus fundraises at the end of 2023 and predicted that the trend would continue through 2024. While compiling these newsletters over the past few months, it certainly felt accurate, but I had yet to run the numbers. So, despite having another quarter left in the year, I decided to analyze the year so far.

As the above pie charts show, the prediction was correct! The analysis revealed a dramatic shift in the Agetech landscape, with the proportion of exits nearly doubling from 14% in 2023 to 27% in 2024. Not only that, it also showed that there have been more exits in the first three quarters of 2024 than in all of 2023.

Looking at this, one could think that 2024 is shaping up to be better and more liquid than 2023. But you see a very different story when looking at the actual dollars involved.

Yikes! Despite the increase in exits, the total dollars involved have plummeted by over 90% compared to 2023, highlighting the challenge throughout the VC ecosystem.

However, there's still a glimmer of hope. The majority of 2023's exit value was concentrated in just three mega-deals, leaving room for potential surprises in the remaining quarter. With interest rates declining and rising sentiment among VCs, there's a chance for a strong finish to the year.


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September Highlights

Midi Health, a women's health app focused on menopause care, raised an additional $5 million on top of its oversubscribed $63 million Series B funding round back in April. Notably, the round included a number of celebrities including Amy Schumer, Tory Burch, and Sheryl Sandberg. While not explicitly stated, it seems clear that the company hopes to leverage these celebrity influencers to combat societal sigma surrounding menopausal care. (PR Newswire

 ๐ŸŽ‰ BrightSpring Health Services, a major provider of in-home and community-based care, was acquired by KKR. The acquisition aims to leverage BrightSpring's expertise to in serving demand for home health services among clients across its healthcare portfolio. (Home Health Care News

Hippocratic AI, a developer of generative AI-based, task-specific healthcare agents, raised an additional $17 million on top of its $53 million Series A funding back in May. Its product enables health systems, payers and others to โ€œhireโ€ generative-AI-powered agents to conduct low-risk, non-diagnostic, patient-facing services as a way to address the massive shortage of healthcare workers. By combining trendy AI with the notorious staffing shortage, the company was able to boost its valuation to a staggering $500 million. (Fierce Healthcare

๐ŸŽ‰ HealthPivots, a market intelligence provider in the post-acute care sector, was acquired by major EHR provider Netsmart for an undisclosed amount. By integrating HealthPivots' Medicare claims data, cost reports and quality reporting programs, the acquisition aims to assist its clients in their transition to value-based care. (HomeCare Magazine

Habitat Health, a newly formed healthcare company focused on improving the health and well-being of vulnerable populations, raised over $50 million to build a technology platform that will enable healthcare providers to address social determinants of health. (PR Newswire)

๐ŸŽ‰ RxLive, a provider of virtual clinical pharmacist consultations, was acquired by Scriptology, an innovative medication management solution, for an undisclosed amount. The acquisition aims to validate the role of clinical pharmacists in reducing healthcare costs and improving patient outcomes. (Fierce Healthcare

Tennr, a company using AI to replace faxes in healthcare, raised $33 million in Series B financing just seven months after its Series A. Utilizing AI to reduce healthcare related administrative burdens is a red-hot area for VC, and this deal is no exception. This financing reportedly values the company around a lofty $300 million, a 100x revenue multiple given its $3-5 million annual recurring revenue. (Business Insider)

๐ŸŽ‰ Clinigence Health, a provider of advanced, clinically-focused population health management solutions, was acquired by competitor AssureCare for an undisclosed amount. The acquisition aims to enhance AssureCare's advanced analytics platform offering, helping drive operational efficiencies across "the tripod" of payors, providers, and pharmacies. (PR Newswire)

Unlock Technologies, developer of a zero-interest reverse-mortgage alternative for homeowners seeking to access their home's equity, raised $30 million in Series B financing as well as $250 million credit facility following a year of reported 98% growth. the funds will be used to expand its product offerings, enhance its technology platform, and expand nationwide. (PRWeb

๐ŸŽ‰ RTG Medical, a provider of nurse staffing solutions, was acquired by competitor Triage Staffing for an undisclosed amount. The acquisition aims to expand Triage's healthcare staffing capabilities and increase its presence in the travel nurse staffing market. (Staffing Industry Analysts

Nirvana, a health tech solution leveraging AI to enable instant insurance verification and cost-estimates, raised $24.2 million in Series A funding. The new funding will allow the company to expand into more specialties. (Business Wire)

๐ŸŽ‰ SubPop Health, which enables the analysis of provided benefits and their costs, was acquired by MedeAnalytics, a provider of healthcare data enrichment and analytics, for an undisclosed amount. The combined offering aims to support employers with an AI-powered solution able to surface the "next best action" to drive down healthcare spend and improve outcomes. (Accesswire

Dimer Health, a healthtech startup focused on reducing hospital readmissions, raised $14 million in a Series A funding round. The company's platform uses machine learning to predict which patients are at risk of being readmitted, allowing hospitals to intervene and provide necessary care. The funding will be used to expand the platform's capabilities and reach more hospitals. (Axios)

๐ŸŽ‰ Health Data Decisions, a healthcare data analytics solution specializing in gap closure, and predictive analytics, was acquired by NationsBenefits, a supplemental benefits administrator for payors, for an undisclosed amount. The acquisition reportedly positions NationsBenefits as the only vertically integrated platform combining fintech, healthcare, and outcomes seamlessly. (Business Wire)

๐ŸŽ‰ Data IQ, a provider of business intelligence tools for skilled nursing facilities, was acquired by Covr, a workforce management platform for post-acute care providers. The acquisition aims to enable facility operators to step a level up, enabling them to benchmark enterprise-wide performance and identify areas for operational enhancement. (Business Wire

PatientPartner, a digital platform connecting patients with mentors who have experienced similar health journeys, raised $7 million to enhance its platform and expand partnerships with pharmaceutical companies. (Endpoints News

๐ŸŽ‰ Tenure Health, an innovator in Medicare-focused benefits, was acquired by NCD, a national provider of supplemental health benefits, for an undisclosed amount. The acquisition aims to create a new standard for health and supplemental insurance product development by combining NCD's digital capabilities with Tenure Health's product development expertise. (PR Newswire)

Starling Medical, developer of an at-home urinalysis device used to remotely monitor the status of chronic conditions, quietly raised $6.8 million. (SEC

๐ŸŽ‰ Zipari, a modern member engagement platform, was acquired by mPulse, a provider of member-facing digital solutions for payors, for an undisclosed amount. The acquisition aims to enhance mPulse's capabilities in delivering personalized, interactive health and wellness engagement experiences while providing health plans with a complete end-to-end member engagement solution. (Business Wire

Arya Health, a healthcare workforce automation platform helping streamline scheduling, payroll, onboarding, and compliance, raised $4 million in seed funding after achieving 6x revenue growth. The investment will fuel Arya Health's mission to revolutionize workforce management in the healthcare industry through innovative AI and automation technologies. (Business Wire)

Nudj Health, a tech-enabled service helping integrate lifestyle wellness into patient care, quietly raised $3 million. (SEC)

Kinsome, creator of digital child-grandparent engagement tools, raised $2 million to enhance the development and marketing of their app. (TechCrunch

๐ŸŽ‰ HUSK, a provider of tele-nutrition, virtual behavioral health, and tele-physical therapy, was acquired by Volaris, a large holding company itself operated by Constellation Software, for an undisclosed amount. (GlobeNewswire)

MyndYou, a patient engagement tool able to detect unserved care needs from conversational audio, raised an undisclosed amount of capital from PE-firm WindRose Health Investors. The funding will be used to accelerate investments in its technology, operations, and sales capabilities. (The SaaS News


Around the World

Doccla, a London-based provider of remote patient monitoring and virtual ward rounding services, raised ยฃ35 million to solidify its position within the UK and expand operations across Europe. (Tech.eu)

Mevo, a Brazilian startup aiming to replace traditional paper-based prescriptions, raised $19 million in a Series B funding round to fuel expansion of its operations across Brazil. (Techmub

Koltin, a Mexican company specializing in senior healthcare and insurance services, raised $7.3 million in a Series A funding round. The funds will be used to enhance their technology platform, expand their team, and increase their market presence. (Pulse 2.0

NeoSilver, a French platform working to combat the loneliness epidemic among seniors, raised โ‚ฌ4 million in seed funding. The funds will be used to expand their activity-planning services for senior living facilities, municipalities, and insurers beyond France into Spain and Germany. (Natixis Investment Managers)

Vivian Labs, a German digital health startup addressing the lack of menopausal care within traditional providers, raised โ‚ฌ300,000. The funds will be used to develop a digital platform offering personalized care for women experiencing menopause, including features like symptom tracking, educational content, and access to expert consultations. (FemTech Insider)


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