Despite economic uncertainty in 2020 due to the virus outbreak, global health tech innovation funding stood at a record-breaking $21.6 billion, besting 2019 by 55%, a report by Startup Health revealed.
This is partly due to healthcare systems worldwide seeking ways to maintain services while reducing face-to-face contact with patients.
“Health innovation is now a priority for every nation, organization, and person on the planet as a result of the global pandemic,” said Steven Krein, CEO and co-founder of StartUp Health.
A new wave of digital health IPOs indicates increased confidence from investors, showing significant growth opportunities with the largest IPO in the sector valued in the region of $1.14 billion.
Investors’ appetite will continue to increase going forward well past the pandemic, StartUp Health’s president and co-founder Unity Stoakes claims.
“We see a great health platform race accelerating as legacy healthcare companies compete (and merge) with newer health platforms and a scramble to get closer to the consumer. It’s still wide open and very early, but the smart ones are moving fast to acquire new health innovation,” Stoakes added.
Sidekick Health was a part of the trend, securing a $20 M Series A funding led by Wellington Partners and Asabys Partners with participation from our core investors Novator Partners and Frumtak Ventures.