# Heal Capital — Full Reference

> The leading European HealthTech & AI venture capital fund. EUR 200m+ assets under management, 27 portfolio companies, and 8,000+ healthtech ventures evaluated since inception — one of the largest HealthTech deal databases in the world.

## Entity Details
- Name: Heal Capital
- Legal name: heal.capital Management GmbH
- Registration: HRB 196554 B, Amtsgericht Charlottenburg, Berlin
- Type: Venture Capital Fund Manager (AIFM under German KAGB)
- Founded: 2020
- Location: Rosenthaler Str. 49, 10178 Berlin, Germany
- Supervisory Authority: BaFin (Federal Financial Supervisory Authority)
- Authorized Managing Directors: Christian Lautner, Eckhardt Weber
- Assets under management: EUR 200m+
- Portfolio companies: 27
- Ventures evaluated: 8,000+ (one of the largest HealthTech deal databases globally)

## Legal Entity Structure
- Management Company: heal.capital Management GmbH
- Fund 1: heal.capital I GmbH & Co. KG — EUR 100m, 2020–2024, fully invested
- Fund 2: heal.capital II GmbH & Co. KG — EUR 100m first close (2025), SFDR Article 8, currently investing

## Investment Focus
- Sector: HealthTech / AI in Healthcare / Digital Health
- Stage: Pre-Seed to Series A
- Check size: EUR 1-5m
- Geography: All of Europe (with selective US investments)
- Backed by 25+ investors: leading health insurers, pharma, and institutional investors

## Why Heal Capital
- Healthcare's toughest problems on costs, efficiency, quality, and access have remained unsolved until now — AI-driven HealthTech solutions have started to break through
- Heal Capital is the leading VC fund to identify, understand and benefit from radical changes in healthcare through HealthTech & AI
- Unique LP base provides portfolio companies with direct access to the healthcare system and distribution channels
- 8,000+ healthtech ventures evaluated — one of the largest HealthTech deal databases globally
- Active since 2020 with a proven track record across two funds

## Investment Thesis
We believe the convergence of healthcare and technology will create a new wave of market-leading healthcare platforms.

Heal Capital creates a partner ecosystem for best-in-class access to the healthcare market. We are backed by leading private health insurers and engage with our innovation council to solve the largest challenges in healthcare.

## Frequently Asked Questions
### What is Heal Capital?
Heal Capital is a European HealthTech venture capital fund based in Berlin, backed by 25+ health insurers, pharma, and institutional investors. We invest EUR 1-5m from Pre-Seed to Series A in founders redefining healthcare across Europe. Active since 2020, with EUR 200m+ AUM across two funds and 27 portfolio companies.

### What stage does Heal Capital invest in?
Heal Capital invests from Pre-Seed to Series A, with initial check sizes of EUR 1-5m and reserves for follow-on rounds.

### What sectors does Heal Capital focus on?
Heal Capital focuses on HealthTech, Digital Health, AI in healthcare, MedTech, and health insurance innovation. The fund has evaluated 8,000+ healthtech ventures — one of the largest HealthTech deal databases globally.

### Where does Heal Capital invest?
Heal Capital invests across all of Europe with selective US investments. The fund's portfolio spans Germany, France, the UK, Switzerland, the Nordics, and other European markets.

### Who are Heal Capital's limited partners?
Heal Capital is backed by 25+ investors including leading health insurers, pharmaceutical companies, and institutional investors. The unique LP base gives portfolio companies direct access to the healthcare system and distribution channels.

### Is Heal Capital SFDR Article 8?
Yes. Heal Capital Fund 2 is classified as SFDR Article 8, promoting environmental and social characteristics. The fund targets a minimum 30% sustainable investments focused primarily on UN SDG 3 (Good Health and Well-being). Heal Capital is a signatory of the UN Principles for Responsible Investment (UN PRI) and a member of VentureESG.

### How many portfolio companies does Heal Capital have?
Heal Capital has 27 portfolio companies across Fund 1 (2020–2024, fully invested) and Fund 2 (launched 2025, currently investing), with exits including Siilo (acquired by Doctolib), Gleamer, and Formel Skin.

### How do I submit a pitch to Heal Capital?
Founders can submit pitches via the Submit Pitch form on healcapital.com. The investment team reviews submissions on a rolling basis.

### How many venture capital firms invest in European healthtech?
Heal Capital's Ecosystem Map tracks 328 venture capital firms, corporate investors, and accelerators that actively back healthcare and healthtech startups across Europe, spanning 25 countries. The breakdown is 68 health-focused vcs, 209 generalist vcs, 32 corporate & strategic investors (cvcs), 19 accelerators & incubators.

### Which investors back healthtech startups in Europe?
The map covers 328 active healthtech investors, from dedicated health-focused funds to generalist VCs and corporate venture arms. The largest concentrations are in United Kingdom (84), Germany (81), France (37), Netherlands (24), Switzerland (17). Each entry lists the investor's focus, headquarters city, and website.

### What types of healthtech investors are on the map?
Investors are grouped into four types: health-focused vcs (68), generalist vcs (209), corporate & strategic investors (cvcs) (32), accelerators & incubators (19). Health-focused funds invest primarily in healthcare; generalist VCs back health among other sectors; CVCs are the venture arms of corporates and strategics; and accelerators run early-stage programs.

### Is the European healthtech investor map free to use?
Yes. The Ecosystem Map is a free, public, interactive directory maintained by Heal Capital. You can search and filter the full list of investors by type and country, and open each investor's website directly from the map.

### How do I add my fund to the Heal Capital Ecosystem Map?
If your fund invests in European healthtech and is missing from the map, email ops@healcapital.com and we will review it for inclusion. The map is updated regularly as the European healthtech investor landscape evolves.

## Team (11 members)
- [Eckhardt Weber](https://www.linkedin.com/in/eckhardt-weber-11651b39/): Founding Managing Partner
- [Christian Lautner](https://www.linkedin.com/in/christian-lautner-35818b9/): Founding Managing Partner
- [Marta Mrozowicz](https://www.linkedin.com/in/marta-mrozowicz/): Investment Team
- [Cecilia von Oldershausen](https://www.linkedin.com/in/cecilia-von-oldershausen-691900ab/): Finance and Operations
- [Dr. Lucas Mittelmeier](https://www.linkedin.com/in/dr-lucas-mittelmeier/): Investment Team
- [Dr. Vahid Asimi](https://www.linkedin.com/in/vahid-asimi/): Investment Team
- [Felix Nizet](https://www.linkedin.com/in/felix-n/): Investment Team
- [Dr. Markus Müschenich](https://www.linkedin.com/in/dr-markus-m%C3%BCschenich-mph-22754a50/): Founding Partner
- [Peter Wibbe](https://www.linkedin.com/in/peter-wibbe-44850096/): Venture Partner
- [Dr. Christian Weiss](https://www.linkedin.com/in/drcweiss/): Venture Partner
- [Arda Uckan](https://de.linkedin.com/in/adafromacta): Engineering Fellow

## Portfolio

Heal Capital has invested in 27 European HealthTech companies across Fund 1 and Fund 2, with 4 exits to date — notably Siilo (acquired by Doctolib), Gleamer (medical imaging AI), and Formel Skin (digital dermatology). Every company listed below is a Heal Capital portfolio company.

### Active Companies (22)
- [Apheris](https://www.apheris.com): Solves humanity's greatest challenges through global, collaborative data ecosystems. — Germany, Fund 1
- [Apriwell](https://www.apriwell.de): VIMPRO for chronic conditions delivering a convenient end-to-end solution for health needs. — Germany, Fund 1
- [Avi Medical](https://www.avimedical.com): The leading full-stack, hybrid platform for primary care services in Europe. — Germany, Fund 1
- [CereGate](https://www.ceregate.com): Develops a computer-brain-interface to augment existing or create new therapies. — Germany, Fund 1
- [Ditto](https://www.dittocare.com): Consumer healthcare app that records, summarises and shares medical appointments to put patients back at the centre of care. — Netherlands, Fund 2
- [Entyre](https://www.entyre.de): A care tech company improving the quality of care for patients, family members and payers. — Germany, Fund 1
- [FormlyAI](https://www.formly.ai): The Virtual Chief Regulatory Officer handling compliance for medtech and startups. — Germany, Fund 2
- [Handshake Health](https://handshakehealth.ai): AI-powered service provider helping healthcare companies identify and bid on public sector contracts. — Germany, Fund 1
- [Heim](https://heim.health): Seamless platform dedicated to bringing in-person clinical care to people's homes. — UK, Fund 1
- [Hema.to](https://hema.to): Decision support for increased efficiency and quality in hemato-oncology labs. — Germany, Fund 1
- [Hypervision Surgical](https://hypervisionsurgical.com): AI-powered hyperspectral imaging that enhances surgical precision and patient outcomes. — UK, Fund 2
- [Infermedica](https://infermedica.com): AI-driven platform that helps healthcare companies with fast, digital symptom-checks. — Poland, Fund 1
- [Medishout](https://www.medishout.co.uk): Healthcare's only one-stop app for resolving operational issues between hospitals and suppliers. — UK, Fund 2
- [Paloma Health](https://www.paloma.health): AI-native clinic on a mission to create affordable, accessible specialist care for all. — UK, Fund 1
- [Parto](https://www.goparto.com): The digital all-in-one payment solution for social and care institutions. — Germany, Fund 1
- [PeakData](https://www.peakdata.com): AI-driven, actionable insights to the world's leading pharmaceutical companies. — Switzerland, Fund 1
- [Praxisflow](https://praxisflow.de): Operational solution for medical practices, MVZs and practice chains that combines technology and trained teams to take over patient communication and resolve patient requests. — Germany, Fund 1
- [Qnomx](https://www.qnomx.ai): Simplified Interpretation of Genomic Profiles: Smarter, Faster, Automated. — Switzerland, Fund 1
- [Sanome](https://sanome.com): IVD innovation engine that develops medical grade combination diagnostics. — UK, Fund 1
- [Sanvivo](https://www.sanvivo.eu): All-in-one solution to help pharmacies digitalize and free up time for their core activities. — Germany, Fund 1
- [Spotlight Medical](https://spotlightmedical.com): Advanced artificial intelligence to transform cancer treatment using decades of patient data. — France, Fund 1
- [Tokura](https://www.tokura.de): Rebuilding the infrastructure for outpatient surgery with specialized, operator-led surgical centers. — Germany, Fund 2

### Exited Companies (4)
- [Formel Skin](https://www.formelskin.de): The European, vertically integrated HealthTech platform for end-to-end dermatology care. — Germany, Fund 1, exited
- [Gleamer](https://gleamer.ai): A pioneer in medical grade AI for radiology, improving clinical workflows and patient outcomes. — France, Fund 1, exited
- [Medicilio](https://www.medicilio.it): Healthcare service company building the technical solutions to provide healthcare anywhere. — Italy, Fund 1, exited
- [Siilo](https://www.siilo.com): Europe's largest medical communication and collaboration network. Acquired by Doctolib. — Netherlands, Fund 1, exited

## Limited Partners (22)
- EIF
- AXA
- Allianz
- Barmenia
- Continentale
- Debeka
- DKV
- ERGO
- Gothaer
- Hallesche
- HanseMerkur
- HUK-Coburg
- Inter
- LKH
- MEDICE
- Nürnberger
- R+V
- SDK
- Signal Iduna
- UKV
- Universa
- VKB

## Innovation Council (13 members)
- Prof. Dr. Erwin Böttinger: CEO WYSS Center for Bio and Neuroengineering
- Prof. Dr. Sylvia Thun: Director E-Health and Interoperability at Berlin Institute of Health
- Dr. Klaus Reinhardt: President of the German Medical Association
- Anna Maria Braun: Chief Executive Officer at Braun S.E.
- Prof. Dr. Heyo Kroemer: Chief Executive Officer at Charité
- Nadine Schön, MDB: Member of the German Parliament, Vice Chairwoman CDU/CSU
- Prof. Dr. Dorothee Bartels: Chief Digital Officer at Aetion
- Thomas Lemke: CEO Sana Kliniken AG, VP of the German Hospital Federation
- Dr. Florian Reuther: Director of the German Private Health Insurers' Association
- Dr. Daniel Diekmann: CEO of ID Berlin, IT in Healthcare Expert
- Thomas Andrae: Entrepreneur and Investor
- Dr. Tobias Möhlmann: CEO of Smartify
- Prof. Dr. Kristina Sinemus: Hessian State Minister for Digitalisation and Innovation

## ESG & Sustainability
Heal Capital integrates ESG principles into its investment process. Fund 2 is classified as SFDR Article 8, promoting environmental and social characteristics.

Key commitments:
- Minimum 30% sustainable investments in Fund 2
- Primary focus: UN SDG 3 (Good Health and Well-being)
- Additional SDGs: 5 (Gender Equality), 9 (Industry, Innovation and Infrastructure), 10 (Reduced Inequalities), 11 (Sustainable Cities and Communities)
- Signatory of the UN Principles for Responsible Investment (UN PRI)
- Member of VentureESG
- ESG due diligence integrated into pre-investment and monitoring phases
- Exclusion criteria: controversial weapons, tobacco, thermal coal, adult entertainment, gambling

## Ecosystem Map — European HealthTech Investors (328)

Heal Capital maintains a free, public, interactive directory of 328 venture capital firms, corporate investors, and accelerators actively investing in healthcare and healthtech startups across Europe, spanning 25 countries. Breakdown by type: 68 health-focused vcs, 209 generalist vcs, 32 corporate & strategic investors (cvcs), 19 accelerators & incubators. Largest hubs: United Kingdom (84), Germany (81), France (37), Netherlands (24), Switzerland (17), Italy (16). Browse and filter the full map at https://www.healcapital.com/ecosystem.

### United Kingdom (84)
- [Ada Ventures](https://adaventures.com): London seed fund investing in underserved markets and underrepresented founders, including healthtech and life sciences. — Generalist VCs, London
- [Ahren Innovation Capital](https://ahreninnovationcapital.com): London growth-stage investor backing transformative science companies in health, genetics, and deep tech. — Generalist VCs, London
- [Albion VC](https://albion.vc): London-based VC investing in early-stage UK technology companies across software, deep tech, and life sciences. — Generalist VCs, London
- [Alma Ventures](https://almaventures.io): London-based early-stage deep-tech and AI-driven VC investing across Europe. — Generalist VCs, London
- [Amadeus Capital Partners](https://amadeuscapital.com): UK multi-stage deep-tech investor with over two decades backing life sciences, medtech, and digital health. — Generalist VCs, London
- [Ascension Ventures](https://ascension.vc): London-based pre-seed and seed fund investing in mission-driven founders across the UK and Europe. — Generalist VCs, London
- [Atomico](https://atomico.com): London-based multi-stage VC founded by Skype co-founder Niklas Zennström, backing European tech from Series A to growth. — Generalist VCs, London
- [BACKED VC](https://backed.vc): London seed fund backing technical founders across biotech, life sciences, and deep tech. — Generalist VCs, London
- [Balderton Capital](https://balderton.com): London-based VC focused exclusively on European-founded tech companies across multiple stages from seed to growth. — Generalist VCs, London
- [Bethnal Green Ventures](https://bethnalgreenventures.com): London-based early-stage tech-for-good VC backing founders using technology to tackle social and environmental problems. — Accelerators & incubators, London
- [Blossom Capital](https://blossomcap.com): London Series A specialist making concentrated European investments across fintech, AI, and SaaS. — Generalist VCs, London
- [Claret Capital Partners](https://claret-capital.com): London-based venture debt provider offering non-dilutive growth capital to European tech and life sciences scale-ups. — Generalist VCs, London
- [Connect Ventures](https://connectventures.co): London pre-seed and seed fund investing in European product-led companies across AI, deep tech, and fintech. — Generalist VCs, London
- [Crane Venture Partners](https://crane.vc): London early-stage VC investing at inception through seed in foundational enterprise software and deep tech. — Generalist VCs, London
- [Creator Fund](https://thecreatorfund.com): London seed fund backing scientific and technical founders across healthtech and deep tech. — Health-focused VCs, London
- [Daycrest](https://daycrest.com): UK family office investing in early-stage digital health and healthcare innovation. — Health-focused VCs, London
- [Defiant](https://defiant.vc): London-based data-driven VC specializing in early-stage B2B SaaS and fintech companies. — Generalist VCs, London
- [Delin Ventures](https://delinventures.com): London early-stage VC focused on longevity, life sciences, and healthtech companies. — Health-focused VCs, London
- [Dig Ventures](https://dig.ventures): London-based early-stage VC backing B2B software, AI, and cloud infrastructure startups. — Generalist VCs, London
- [DN Capital](https://dncapital.com): London early-stage VC investing seed to Series B across software, AI, fintech, and consumer internet. — Generalist VCs, London
- [Eight Roads](https://eightroads.com): London-based global VC arm of Fidelity International, funding growth-stage tech and healthcare. — Corporate & strategic investors (CVCs), London
- [Eka Ventures](https://ekavc.com): London seed-stage impact VC investing across three themes: life essentials, preventative health, and sustainability. — Generalist VCs, London
- [Emerge](https://emergecapital.vc): London-based health-focused accelerator and early-stage fund supporting digital health ventures. — Generalist VCs, London
- [Empirical Ventures](https://empiricalventures.vc): UK deep-tech VC specializing in IP-rich life sciences and health innovation from academic research. — Health-focused VCs, London
- [Entrepreneur First](https://joinef.com): London-based talent investor matching exceptional individuals to co-found deep-tech startups from scratch. — Accelerators & incubators, London
- [Episode 1](https://episode1.com): London-based early-stage VC focused on pre-seed and seed B2B software companies. — Generalist VCs, London
- [Exceptional Ventures](https://exceptional.ventures): London early-stage VC investing in companies that improve health and wellbeing. — Generalist VCs, London
- [Felix Capital](https://felixcap.com): London VC investing at the intersection of technology and creativity, backing both B2B SaaS and consumer digital brands. — Generalist VCs, London
- [Firstminute Capital](https://firstminute.capital): London seed fund investing in European founders building global software companies across deep tech and AI. — Generalist VCs, London
- [Frog Capital](https://frogcapital.com): London growth-stage investor specializing in European purpose-driven software scale-ups. — Generalist VCs, London
- [future.bio](https://futurebio.xyz): London-based community and fund at the intersection of computation and biology, backing TechBio founders. — Health-focused VCs, London
- [G Square](https://gsquarecapital.com): London mid-cap healthcare specialist investing in health services, pharma, medtech, and diagnostics. — Health-focused VCs, London
- [Giant Ventures](https://giant.vc): London VC investing in purpose-driven innovation across AI, healthcare, agriculture, and climate tech. — Generalist VCs, London
- [H Tree Capital](https://htree.capital): London seed fund focused on biotech, TechBio, and AI-driven drug discovery companies. — Health-focused VCs, London
- [Hikma Ventures](https://hikmaventures.com): CVC arm of Hikma Pharmaceuticals investing in digital health, drug delivery, and pharma innovation. — Corporate & strategic investors (CVCs), London
- [Houghton Street Ventures](https://houghtonstreet.com): London pre-seed to Series A fund investing in LSE-affiliated entrepreneurs at the intersection of social science and tech. — Generalist VCs, London
- [Hoxton Ventures](https://hoxtonventures.com): London early-stage sector-agnostic European VC backing founders building category-defining companies. — Generalist VCs, London
- [Hummingbird Ventures](https://hummingbird.vc): London-based global seed investor across AI, biotech, deep tech, and fintech without geographic or vertical restrictions. — Generalist VCs, London
- [Index Ventures](https://indexventures.com): Multi-stage global VC backing founders from seed to IPO across fintech, AI, enterprise software, and consumer internet. — Generalist VCs, London
- [IP Group Plc](https://ipgroupplc.com): London-listed firm commercializing university IP by investing in spinouts across life sciences and deep tech. — Health-focused VCs, London
- [JamJar Investments](https://jamjarinvestments.com): London-based consumer VC by the Innocent Drinks founders, backing early-stage food, fintech, and healthtech. — Generalist VCs, London
- [JNJInnovation](https://jnjinnovation.com): Johnson & Johnson's external innovation arm scouting and investing in medtech, pharma, and health technology. — Corporate & strategic investors (CVCs), London
- [Kathaka](https://kathaka.net): London-based single-family office deploying capital into digital health and B2B enterprise ventures. — Generalist VCs, London
- [KHP Ventures](https://khpventures.com): London-based VC linked to King's Health Partners, investing in digital health and medtech companies. — Generalist VCs, London
- [Kindred Capital](https://kindredcapital.vc): London pre-seed and seed VC with a pioneer equity model that shares carry with portfolio founders. — Generalist VCs, London
- [Lavender Ventures](https://lavendervc.com): London VC investing in early-stage healthtech with a focus on women's health and underserved populations. — Health-focused VCs, London
- [LifeArc](https://lifearc.org): London-based medical research charity translating science into treatments for rare diseases and AMR. — Accelerators & incubators, London
- [LocalGlobe](https://localglobe.vc): London pre-seed and seed fund backing European founders across fintech, SaaS, and marketplaces. — Generalist VCs, London
- [LongGame](https://longgame.vc): London-based VC focused exclusively on longevity biotech and companies extending healthy human lifespan. — Health-focused VCs, London
- [Macmillan Cancer Support](https://macmillan.org.uk): London-based UK cancer charity investing in early-stage cancer-care health and tech startups. — Accelerators & incubators, London
- [Manta Ray Ventures](https://mantaray.vc): Early-stage fund backing mission-driven founders applying frontier tech to global challenges across biotech, edtech, and mobility. — Generalist VCs, London
- [Mercia Asset Management PLC](https://mercia.co.uk): UK regional asset manager providing venture capital and growth funding to early-stage tech businesses. — Generalist VCs, Henley
- [meridianhealthventures](https://meridianhealthventures.com): UK-based VC investing in early-stage digital health and medtech companies. — Health-focused VCs, London
- [MMC Ventures](https://mmc.vc): European seed and Series A investor focused on AI and data-driven companies across enterprise, fintech, and health. — Generalist VCs, London
- [Molten](https://molten.vc): London-listed VC backing European technology companies from Series A onward across fintech, software, and infrastructure. — Generalist VCs, London
- [Mosaic Ventures](https://mosaicventures.com): London thesis-driven seed and Series A investor focused on AI application-layer companies built by European founders. — Generalist VCs, London
- [Nauta Capital](https://nautacapital.com): Pan-European early-stage VC investing in B2B software across retailtech, fintech, devtools, and AI. — Generalist VCs, London
- [Nickleby Capital](https://nicklebycapital.com): London growth-stage investor deploying significant capital into UK and European tech using a PE-informed approach. — Generalist VCs, London
- [Northzone](https://northzone.com): Multi-stage European VC active since 1996, investing from seed to growth across fintech, AI, and logistics. — Generalist VCs, London
- [Notion Capital](https://notion.vc): European early-stage B2B software investor backing cloud, SaaS, and AI-driven services founders. — Generalist VCs, London
- [Octopus Ventures](https://octopusventures.com): European pre-seed to Series A investor across B2B software, bio, climate, consumer, deep tech, fintech, and health. — Generalist VCs, London
- [One Peak](https://onepeak.tech): London growth-stage VC investing in global software companies scaling to significant ARR milestones. — Generalist VCs, London
- [Oxford Science Enterprises](https://oxfordscienceenterprises.com): Oxford University-linked VC investing in science-led life sciences, deeptech, and healthtech companies. — Health-focused VCs, Oxford
- [Piton Capital](https://pitoncap.com): London-based VC focused on investing in online businesses with network effects. — Generalist VCs, London
- [Planet First Partners](https://planetfirst.partners): London-based growth-equity firm investing in sustainable tech across foodtech, healthtech, and cleantech. — Generalist VCs, London
- [Playfair Capital](https://playfair.vc): London pre-seed specialist investing in UK and European founders with strong pre-seed to Series A graduation rates. — Generalist VCs, London
- [Plural](https://pluralplatform.com): European VC backing companies that address systemic risks and reduce global opportunity gaps. — Generalist VCs, London
- [Portfolio Ventures](https://portfolio.ventures): UK seed-stage angel network investing in fintech, SaaS, and verticalized AI. — Generalist VCs, London
- [re.Mind Capital](https://remind.vc): Liverpool-based impact VC investing in early-stage mental health and neuroscience startups. — Health-focused VCs, Liverpool
- [Salica Investments](https://salicainvestments.com): London-based multi-stage investor across finance, healthcare, sustainability, and productivity. — Generalist VCs, London
- [SBRI Healthcare](https://sbrihealthcare.co.uk): NHS England programme awarding phased grants to healthtech and medtech innovations for the UK health system. — Accelerators & incubators, London
- [Seedcamp](https://seedcamp.com): European pre-seed and seed fund backing founders from day one; alumni include Revolut and Wise. — Generalist VCs, London
- [Selvedge Venture](https://selvedgeventure.com): London impact investor backing biotech and ML-driven companies tackling age-related diseases. — Health-focused VCs, London
- [SIE](https://sie.ventures): European VC investing in diverse and female-led teams building in fintech, deeptech, and B2B SaaS. — Accelerators & incubators, London
- [Simplyhealth](https://simplyhealth.co.uk): UK health plan provider investing strategically in healthtech and digital wellbeing. — Corporate & strategic investors (CVCs), Andover
- [Spex Capital](https://spexcapital.com): London-based VC investing in early-stage digital health and medtech startups across Europe. — Health-focused VCs, London
- [Talis.](https://taliscapital.com): London-based VC investing at seed and Series A across fintech, cybersecurity, and consumer. — Generalist VCs, London
- [Target Global](https://targetglobal.vc): European multi-stage VC investing in transformational technology across fintech, enterprise software, and digital health. — Generalist VCs, London
- [TempoCap](https://tempocap.com): European growth-stage technology investor backing fintech, cybersecurity, and software companies. — Generalist VCs, London
- [Thena Capital](https://thenacapital.com): London-based VC investing in early-stage technology companies across the UK and Europe. — Health-focused VCs, London
- [Triple Point Ventures](https://triplepoint.vc): London pre-seed and seed B2B software investor in fintech, AI, healthcare SaaS, and energy. — Generalist VCs, London
- [True.](https://true.global): London-based advisory and investment firm focused on consumer and retail brands. — Generalist VCs, London
- [Vishal Gulati](https://healthtech.vc): London-based healthtech angel investor and advisor backing early-stage digital health and health AI founders. — Health-focused VCs, London
- [XTX Ventures](https://xtxmarkets.com): Venture arm of quantitative trading firm XTX Markets investing in AI, science, and technology. — Corporate & strategic investors (CVCs), London

### Germany (81)
- [10x Founders](https://10xfounders.com): Munich-based early-stage VC backed by 200+ entrepreneurs investing across European tech including fintech, climate, and AI. — Generalist VCs, Munich
- [22ventures](https://22ventures.eu): Munich-based early-stage VC investing in digital health, care tech, and AI-driven healthcare startups. — Accelerators & incubators, Munich
- [415 CAPITAL Management](https://415capital.com): Growth equity fund near Munich specializing in European medtech and healthcare technology companies. — Health-focused VCs, Oberhaching
- [468 Capital](https://468cap.com): Berlin-based multi-stage fund investing in AI, enterprise software, energy transition, and consumer tech. — Generalist VCs, Berlin
- [Acton Capital](https://actoncapital.com): Munich-based growth VC investing EUR 5-10M+ at Series A and beyond in European tech-enabled business models. — Generalist VCs, Munich
- [adesso ventures](https://adesso.vc): CVC of German IT services company adesso investing in early-stage healthtech, SaaS, and enterprise software. — Corporate & strategic investors (CVCs), Berlin
- [aescuvest](https://aescuvest.de): Frankfurt-based health-focused investment platform connecting investors with European healthcare startups. — Health-focused VCs, Frankfurt
- [Altano Capital](https://altano-capital.com): Berlin-based medtech and life-sciences VC backing European companies expanding into the US and China. — Health-focused VCs, Berlin
- [Amino Collective](https://aminocollective.com): Berlin-based early-stage health and biotech VC combining venture capital with company building. — Health-focused VCs, Berlin
- [Ananda Impact Ventures](https://ananda.vc): Munich-based impact VC investing in early-stage companies tackling challenges in health, energy, and sustainability. — Generalist VCs, Munich
- [another.vc](https://another.vc): Hamburg-based early-stage VC investing in AI, bio, healthcare, and frontier tech across Europe. — Generalist VCs, Hamburg
- [Armira](https://armira.de): Munich-based investment holding backing DACH mid-market companies and growth-stage European tech. — Generalist VCs, Munich
- [Arve](https://arve.capital): Frankfurt-based seed and Series A fund focused on European healthtech and life sciences startups. — Health-focused VCs, Frankfurt
- [Auxxo](https://auxxo.de): Berlin-based pre-seed and seed fund investing exclusively in female-founded European startups. — Generalist VCs, Berlin
- [Axel Springer Digital Ventures](https://axelspringer.com/en/axel-springer-digital-ventures): Berlin-based corporate VC of Axel Springer investing early-stage in digital media, marketplaces, and consumer technology. — Corporate & strategic investors (CVCs), Berlin
- [Bayern Kapital](https://bayernkapital.de): Bavarian state-backed VC co-investing from pre-seed to scale-up in high-tech and life sciences startups in Bavaria. — Generalist VCs, Landshut
- [Beiersdorf Venture Capital](https://vc.beiersdorf.com): Hamburg-based corporate VC of Beiersdorf investing in skin health, longevity, life sciences, and digital health at Series A. — Corporate & strategic investors (CVCs), Hamburg
- [Bertelsmann Investments](https://bertelsmann-investments.com): Strategic investment arm of Bertelsmann backing growth-stage digital, health, and education technology companies. — Corporate & strategic investors (CVCs), Gütersloh
- [better ventures](https://betterventures.io): Munich-based early-stage impact VC investing across climate, health, and sustainability with a 150+ angel network. — Generalist VCs, Munich
- [Beurer](https://beurer.com): German health and wellbeing device manufacturer investing strategically in connected health innovation. — Corporate & strategic investors (CVCs), Ulm
- [bm-t](https://bm-t.de): Thuringia's state-backed VC managing EUR 445M across 12 funds, investing in innovative technology companies. — Generalist VCs, Erfurt
- [Brandenburg Kapital](https://brandenburg-kapital.de): Potsdam-based public VC investing in ICT, industry, life sciences, and healthcare in the Berlin-Brandenburg region. — Generalist VCs, Potsdam
- [Burda Principal Investments](https://burdaprincipalinvestments.com): Munich-based growth-capital arm of Hubert Burda Media backing digital and technology companies. — Corporate & strategic investors (CVCs), Munich
- [Caesar Ventures](https://caesar.vc): Munich-based very early-stage VC providing first institutional checks to DACH founders in healthtech and sustainability. — Generalist VCs, Munich
- [Capnamic Ventures](https://capnamic.com): Cologne-based early-stage VC investing pre-seed to Series A in B2B and SaaS startups from the DACH region. — Generalist VCs, Cologne
- [CARMA FUND Management](https://carma-fund.com): Munich-based fund investing in early-stage European life science and healthcare technologies. — Health-focused VCs, Munich
- [Cherry Ventures](https://cherry.vc): Berlin-based European seed VC investing across AI, energy, healthcare, fintech, and SaaS. — Generalist VCs, Berlin
- [DeepTech & Climate Fonds](https://dtcf.de): German public fund co-investing in deep tech including life sciences, biotech, and health at growth stage. — Generalist VCs, Bonn
- [DvH Ventures](https://dvhventures.de): Cologne-based media-backed VC investing in early-stage digital health and healthtech startups. — Generalist VCs, Cologne
- [Earlybird Venture Capital](https://earlybird.com): Berlin-based pan-European VC investing from pre-seed to Series A across fintech, deep tech, and health. — Generalist VCs, Berlin
- [eCAPITAL](https://ecapital.vc): Münster-based VC backing early to growth-stage software, cybersecurity, cleantech, and deeptech. — Generalist VCs, Münster
- [EIT Health](https://eithealth.eu): EU-backed pan-European health innovation network running accelerator programs for healthtech startups. — Accelerators & incubators, Munich
- [First Momentum Ventures](https://firstmomentum.vc): Karlsruhe-based pre-seed deep tech fund investing in European AI, robotics, climate, and computational biology. — Generalist VCs, Karlsruhe
- [Fly Ventures](https://fly.vc): Berlin-based first-check VC for technical founders across Europe, focused on deep tech, AI/ML, and enterprise software. — Generalist VCs, Berlin
- [Food Labs](https://foodlabs.com): Berlin-based VC backing companies at the intersection of food, health, and sustainability. — Accelerators & incubators, Berlin
- [Fresenius Medical Care](https://freseniusmedicalcare.com): Bad Homburg-based corporate venture arm of dialysis firm Fresenius, investing in medtech and digital health. — Corporate & strategic investors (CVCs), Bad Homburg
- [GIMIC Ventures](https://gimic.vc): Stutensee-based early-stage VC investing in health, deep tech, and B2B SaaS across DACH. — Generalist VCs, Stutensee
- [GMPVC](https://gmpvc.com): Berlin-based media-for-equity fund investing in consumer-facing European scale-ups across health, food, and mobility. — Generalist VCs, Berlin
- [Heal Capital](https://healcapital.com): Berlin-based European HealthTech fund backing digital health, care-delivery, and health-system software founders from pre-seed to Series A. — Health-focused VCs, Berlin
- [heartfelt.capital](https://heartfelt.capital): Berlin-based pre-seed investor deploying into European and US founders across fintech, AI, and SaaS. — Generalist VCs, Berlin
- [Hevella Capital](https://hevella-capital.com): Hamburg-based listed investment company focused on technology and real estate growth investments in Northern Germany. — Generalist VCs, Hamburg
- [High-Tech Grunderfonds](https://htgf.de): Germany's most active public seed fund co-investing across technology sectors including life sciences and medtech. — Generalist VCs, Bonn
- [Hitachi Ventures](https://hitachi-ventures.com): Munich-based CVC of Hitachi investing in European industrial tech, healthtech, and digital innovation. — Corporate & strategic investors (CVCs), Munich
- [HV Capital](https://hvcapital.com): Munich-based multi-stage VC backing European founders in fintech, SaaS, and digital companies. — Generalist VCs, Munich
- [Ignition Lab GmbH](https://ignition-labs.ai): Munich-based AI-focused venture studio building and incubating health AI and deeptech startups. — Accelerators & incubators, Munich
- [Isartal Ventures](https://isartal.vc): Munich-based corporate VC of publisher Wort & Bild, investing in early-stage e-health in the DACH region. — Corporate & strategic investors (CVCs), Munich
- [LEA Partners](https://leapartners.de): Karlsruhe-based B2B software and technology investor active across early-stage and buyout rounds. — Generalist VCs, Karlsruhe
- [Loop](https://loop.vc): Berlin-based early-stage health and biotech venture fund. — Health-focused VCs, Berlin
- [Lunar Ventures](https://lunar.vc): Berlin-based pre-seed deep-tech VC backing technical founders in AI infrastructure and frontier software. — Generalist VCs, Berlin
- [Matterwave Ventures](https://matterwave.vc): European seed and Series A investor in industrial tech, deep tech, and climate companies. — Generalist VCs, Munich
- [NAP](https://nap.vc): Berlin-based VC backing technical founders with industry experience building enterprise, AI, and infrastructure companies. — Generalist VCs, Berlin
- [naturalx health ventures](https://naturalx.vc): Berlin-based VC investing in consumer health startups across mental health, diagnostics, and wearables. — Corporate & strategic investors (CVCs), Berlin
- [Ngs Capital](https://ngs-capital.com): Berlin-based venture capital firm investing in European technology startups. — Generalist VCs, Berlin
- [OCCIDENT](https://occident.group): German deep-tech seed investor specializing in research spinoffs from scientific institutions across DACH. — Generalist VCs, Munich
- [Orthomol CVC](https://ortho-innovations.de): CVC of German nutraceutical company Orthomol investing in health nutrition and wellness startups. — Corporate & strategic investors (CVCs), Langenfeld
- [Paceventures](https://paceventures.com): Berlin-based early-stage VC investing in digital health and life sciences startups across Europe. — Health-focused VCs, Berlin
- [Picus Capital](https://picuscap.com): Munich-based early-stage tech investor from pre-seed to Series A across fintech, insurtech, and enterprise software. — Generalist VCs, Munich
- [Possible Ventures](https://possible.ventures): Munich-based pre-seed and seed fund investing in deep tech, life sciences, and climate tackling societal challenges. — Generalist VCs, Munich
- [Prequel Ventures](https://prequelvc.com): Berlin-based VC investing in European startups building more resilient and sustainable supply chains. — Generalist VCs, Berlin
- [Project A](https://project-a.com): Berlin-based early-stage VC investing across fintech, foodtech, digital health, and other sectors in Europe. — Generalist VCs, Berlin
- [Redstone](https://redstone.vc): Berlin-based multi-stage VC with a dedicated healthtech vertical alongside AI and enterprise software. — Generalist VCs, Berlin
- [Reimann Investors](https://reimann-investors.com): German family office and early-stage investor backing startups in B2B software, AI, and fintech. — Generalist VCs, Grünwald
- [Revent](https://revent.vc): Berlin-based impact VC investing in early-stage health, climate, and social impact startups. — Generalist VCs, Berlin
- [Rheingau Founders](https://rheingau-founders.com): Berlin-based early-stage VC backing pre-seed to Series A B2B, healthcare, and SaaS startups. — Generalist VCs, Berlin
- [RV Invest](https://rvinvest.de): Ravensburg-based biotech and life sciences VC backing companies in cell therapy, immunotherapy, and rare diseases. — Corporate & strategic investors (CVCs), Ravensburg
- [SevenVentures](https://sevenventures.com): Munich-based media-for-equity arm of ProSiebenSat.1 backing consumer, fintech, foodtech, and health brands. — Corporate & strategic investors (CVCs), Munich
- [SHS Gesellschaft fur Beteiligungsmanagement](https://shs-capital.eu): Tübingen-based German mid-cap healthcare PE specializing in medtech, diagnostics, and health services. — Health-focused VCs, Tübingen
- [Simon Capital](https://simoncapital.com): Düsseldorf-based seed and Series A investor backing mission-driven founders in food tech, SaaS, and biotech. — Generalist VCs, Düsseldorf
- [SPRIND - Bundesagentur für Sprunginnovationen](https://sprind.org): German federal agency in Leipzig funding disruptive innovation across deeptech, life sciences, and energy. — Accelerators & incubators, Leipzig
- [Springboard Angels](https://springboardangels.com): Berlin-based angel network focused on early-stage health and life sciences startups in the DACH region. — Health-focused VCs, Berlin
- [TVM Capital](https://tvm-capital.com): Munich-based life sciences VC with 40+ years investing in biotech, medtech, and healthcare across Europe and the US. — Health-focused VCs, Munich
- [Twip! Venture Studio](https://twip.de): Munich-based venture studio co-building early-stage digital health and medtech startups. — Generalist VCs, Munich
- [Unternehmertum Venture Capital Partners](https://uvcpartners.com): Munich-based early-stage European VC investing in B2B deep tech, climate, quantum, and robotics startups. — Generalist VCs, Munich
- [Visionaries Club](https://visionaries.vc): Berlin-based VC backed by European founders, investing in early-stage technology companies. — Generalist VCs, Berlin
- [Vorwerk Ventures](https://vorwerkventures.com): Independent CVC backed by Vorwerk Group investing in consumer tech, health, and food innovation. — Corporate & strategic investors (CVCs), Berlin
- [Vsquared Ventures](https://vsquared.vc): Munich-based deep-tech VC investing at seed and Series A in quantum, neurotech, and frontier health technologies. — Generalist VCs, Munich
- [WCap](https://wcap-invest.de): Hamburg-based VC investing in early-stage healthcare technology and services in the DACH region. — Generalist VCs, Hamburg
- [Wellington Partners](https://wellington-partners.com): Munich-based VC investing in European life sciences, medtech, and technology from early to growth stage. — Health-focused VCs, Munich
- [WENVEST Capital](https://wenvest.capital): Munich-based pre-seed and seed VC investing in B2B software companies across the DACH region. — Generalist VCs, Munich
- [yzr Capital](https://yzr-capital.com): Munich-based VC investing in early-stage healthtech and techbio startups across Europe. — Health-focused VCs, Munich
- [ZEISS Group](https://zeiss.de): Global optics and medtech corporation investing strategically in surgical technology and digital health. — Corporate & strategic investors (CVCs), Munich

### France (37)
- [Alliance for Impact](https://afi.ventures): Paris-based impact VC investing pre-seed and seed in climate, health, food, and inclusive finance across Europe. — Generalist VCs, Paris
- [Alven](https://alven.co): Paris-based independent early-stage VC investing in European founders across enterprise software, fintech, and infrastructure. — Generalist VCs, Paris
- [BNP Paribas](https://group.bnpparibas): Paris-based bank whose corporate venture arm invests in fintech, insurtech, and B2B startups. — Corporate & strategic investors (CVCs), Paris
- [Bpifrance](https://bpifrance.fr): French public investment bank providing equity and debt financing to innovative companies across all sectors and stages. — Generalist VCs, Paris
- [Breega](https://breega.com): Paris-based VC managing EUR 700M, investing pre-seed to Series A+ across digital, climate, and deep tech in Europe. — Generalist VCs, Paris
- [CapHorn](https://caphorn.vc): Paris-based multi-stage fund investing from seed to IPO across climate, healthtech, and enterprise tech. — Generalist VCs, Paris
- [Cathay Innovation](https://cathayinnovation.com): Paris-based multi-stage VC investing in consumer, health, fintech, and mobility startups. — Generalist VCs, Paris
- [Clover](https://cloverfund.vc): Paris-based early-stage VC backing future-of-work and education startups across Europe and the US. — Generalist VCs, Paris
- [Daphni](https://daphni.com): Paris-based European VC investing across multiple stages in fintech, sustainability, healthtech, and deep tech. — Generalist VCs, Paris
- [Elaia](https://elaia.com): Paris-based VC investing from seed to growth in European tech across biotech, fintech, and AI. — Generalist VCs, Paris
- entourâge: Paris-based impact fund investing in healthy aging, the silver economy, and preventive and mental health. — Health-focused VCs, Paris
- [Eqnx](https://eqnx.vc): French VC backing early-growth stage companies in healthtech, deep tech, and AI. — Generalist VCs, Paris
- [Eurazeo](https://eurazeo.com): Paris-based global investment platform managing EUR 35B+ across private equity, venture, and growth in tech and healthcare. — Generalist VCs, Paris
- [Founders Future](https://foundersfuture.com): Paris-based fund investing pre-seed to growth in AI-driven companies across cybersecurity, energy, and software. — Generalist VCs, Paris
- [Galion.exe](https://galion-exe.vc): Paris-based seed fund investing in software companies across enterprise, fintech, health, and climate. — Generalist VCs, Paris
- [HCVC](https://hcvc.co): Paris-based deep tech VC backing seed and Series A founders in robotics, biotech, and semiconductors. — Generalist VCs, Paris
- [Institut du Cerveau – Paris Brain Institute](https://institutducerveau-icm.org): Paris brain-research institute running the iPEPS incubator for neuroscience biotech, medtech, and e-health. — Accelerators & incubators, Paris
- [IRIS](https://iris.vc): Paris-based multi-corporate VC investing across stages in enterprise software, fintech, and deep tech. — Generalist VCs, Paris
- [Karista](https://karista.vc): Paris-based early-stage VC investing in French healthtech, medtech, and deep technology startups. — Health-focused VCs, Paris
- [KELES](https://keles.care): Paris-based VC dedicated to digital health and TechBio startups across diagnostics, drug discovery, and care. — Health-focused VCs, Paris
- [Kurma Partners](https://kurmapartners.com): Paris-based life sciences VC investing in biotech, medtech, and digital health from seed through Series B. — Health-focused VCs, Paris
- [Mérieux Equity Partners](https://merieux-partners.com): Lyon-based healthcare growth equity firm investing in diagnostics, medtech, and nutrition, backed by the Mérieux family. — Health-focused VCs, Lyon
- [Newfund](https://newfundcap.com): Franco-American early-stage VC backing founders across fintech, healthtech, and cybersecurity from Paris and Silicon Valley. — Generalist VCs, Paris
- [noteus partners](https://noteus.com): Paris-based growth-stage investment firm backing entrepreneurial companies scaling across Europe. — Generalist VCs, Paris
- [OneRagtime](https://oneragtime.com): European VC platform investing at seed to Series B in AI, marketplaces, fintech, and deeptech. — Generalist VCs, Paris
- [Partech](https://partechpartners.com): Global multi-stage VC with deep European roots investing across cybersecurity, infrastructure, and fintech. — Generalist VCs, Paris
- [Red River West](https://redriverwest.com): Paris-based growth-stage VC investing EUR 10-50M in European tech companies targeting US expansion. — Generalist VCs, Paris
- [Serena](https://serena.vc): Paris-based pre-seed to Series A VC investing in applied AI and energy transition across Europe. — Generalist VCs, Paris
- [Singular](https://singular.vc): Paris-based seed to Series B VC investing in Europe's high-growth entrepreneurs across fintech, healthcare, and software. — Generalist VCs, Paris
- [SISTAFUND](https://sistafund.com): Paris-based pre-seed to Series A fund backing female founders and gender-balanced teams across Europe. — Generalist VCs, Paris
- [Sofinnova Partners](https://sofinnovapartners.com): Paris-based European life sciences VC investing in biotech, medtech, and industrial biotech. — Health-focused VCs, Paris
- [Supernova Invest](https://supernovainvest.com): Paris-based deep-tech VC providing patient capital across industrial technologies, healthcare, and cleantech. — Generalist VCs, Paris
- [ternel.vc](https://ternel.vc): Paris-based VC investing in regenerative and impact-driven technology startups across Europe. — Generalist VCs, Paris
- [Turenne Santé](https://turennecapital.com): Paris-based healthcare team of Turenne Groupe running growth and buyout funds for revenue-stage medical and health companies. — Health-focused VCs, Paris
- [UI Investissement](https://ui-investissement.com): Paris-based PE and venture firm backing French SMEs across healthcare, agtech, and services. — Generalist VCs, Paris
- [Ventech](https://ventechvc.com): Paris-based seed and Series A VC with EUR 1B+ deployed across AI, digital health, and cybersecurity in Europe and Asia. — Generalist VCs, Paris
- [XAnge](https://xange.fr): Paris-based early-stage European VC with 200+ investments across fintech, enterprise software, and digital transformation. — Generalist VCs, Paris

### Netherlands (24)
- [Achmea](https://achmea.nl): Dutch insurance group offering health, life, and non-life insurance services. — Corporate & strategic investors (CVCs), Zeist
- [Achmea Innovation Fund](https://achmeainnovationfund.nl): CVC arm of Dutch insurer Achmea investing in health, fintech, and insurtech innovation. — Corporate & strategic investors (CVCs), Amsterdam
- [BioGeneration Ventures](https://biogenerationventures.com): Dutch early-stage life sciences VC investing in therapeutics and enabling platform technologies. — Health-focused VCs, Naarden
- [Borski Fund](https://borskifund.com): Amsterdam-based VC investing in companies with diverse leadership teams, with a focus on women-led startups. — Generalist VCs, Amsterdam
- [Brightlands Venture Partners](https://brightlandsventurepartners.com): Dutch seed to Series A fund investing in deep tech across health, agrifood, and renewable chemistry. — Health-focused VCs, Geleen
- [Forbion Capital Partners](https://forbion.com): Dutch life sciences VC with EUR 5B+ AUM investing across all stages in biotech and pharma. — Health-focused VCs, Naarden
- [Gilde Healthcare](https://gildehealthcare.com): Dutch mid-stage healthcare VC investing in medtech, digital health, and therapeutics across Europe. — Health-focused VCs, Utrecht
- [Graduate Entrepreneur Fund](https://graduate.nl): Delft-based Dutch pre-seed fund investing in deep tech, healthtech, and sustainability founders. — Generalist VCs, Delft
- [Healthy.Capital](https://healthy.capital): Amsterdam-based VC focused on early-stage digital health and healthtech startups in Europe. — Health-focused VCs, Amsterdam
- [Holland Capital](https://hollandcapital.nl): Amsterdam growth equity and buyout investor focused on healthcare and technology across Benelux and Germany. — Generalist VCs, Amsterdam
- [HPE Growth](https://hpegrowth.com): Amsterdam-based growth equity investor backing European healthcare and fintech companies at scale-up stage. — Generalist VCs, Amsterdam
- [INKEF Capital](https://inkefcapital.com): Amsterdam-based VC investing in European deep tech and life sciences startups from early to growth stage. — Generalist VCs, Amsterdam
- [LUMO labs](https://lumolabs.io): Eindhoven-based pre-seed and seed fund investing in digital health, spatial computing, and XR startups. — Accelerators & incubators, Eindhoven
- [M Ventures](https://m-ventures.com): Corporate VC of Merck KGaA investing in healthcare, life sciences, and advanced materials innovation. — Corporate & strategic investors (CVCs), Amsterdam
- [NATO Innovation Fund (NIF)](https://nif.fund): EUR 1B+ deep-tech fund backed by 24 NATO allies, investing in AI, quantum, space, and biotech for dual-use innovation. — Generalist VCs, Amsterdam
- [NLC - The European Healthtech Venture Builder](https://nlc.health): Amsterdam-based healthtech venture builder creating and scaling digital health companies from scratch across Europe. — Accelerators & incubators, Amsterdam
- [Noaber](https://noaber.com): Dutch family-backed impact investor supporting early-stage health and social innovation ventures. — Health-focused VCs, Lunteren
- [OTB](https://otb.vc): Amsterdam-based VC backing early-stage deeptech, space, fintech, and hardware across Europe. — Generalist VCs, Amsterdam
- [Peak Capital](https://peak.capital): Amsterdam-based early-stage fund investing in SaaS, marketplaces, and platform companies across Europe. — Generalist VCs, Amsterdam
- [Rubio](https://rubio.vc): Amsterdam-based impact fund investing early-stage growth capital in founders reshaping wellbeing and sustainability. — Generalist VCs, Amsterdam
- [Thuja Capital](https://thujacapital.com): Utrecht-based VC investing in early-stage European life sciences, medtech, and digital health companies. — Health-focused VCs, Utrecht
- [UNETI Ventures](https://uneti-ventures.com): Amsterdam-based early-stage VC investing in fintech, greentech, and medtech, led by ex-Adyen operators. — Generalist VCs, Amsterdam
- [VGZ](https://cooperatievgz.nl/cooperatie-vgz/zorg/duurzaamheid/health-impact-investeren): Arnhem-based impact fund of Dutch health insurer VGZ, investing in early-stage medtech and digital health. — Corporate & strategic investors (CVCs), Arnhem
- [WorldStartup](https://worldstartup.co): The Hague-based accelerator supporting international startups entering the European market. — Accelerators & incubators, The Hague

### Switzerland (17)
- [B2venture](https://b2venture.vc): St. Gallen-based early-stage VC investing at pre-seed to Series A in DACH startups across AI, fintech, and deep tech. — Generalist VCs, St. Gallen
- [Basel Area Business & Innovation](https://baselarea.swiss): Basel-based regional innovation agency running accelerators for life sciences, healthtech, and medtech startups. — Accelerators & incubators, Basel
- [CSS](https://css.ch): Swiss health insurance company investing in digital health and healthcare innovation. — Corporate & strategic investors (CVCs), Lucerne
- [Debiopharm](https://debiopharm.com): Swiss pharma group's investment arm funding biotech and drug development companies. — Corporate & strategic investors (CVCs), Lausanne
- [Equity Pitcher Ventures](https://equitypitcher.com): Zurich-based generalist VC backing DACH Series A startups across deep tech, robotics, and enterprise. — Generalist VCs, Zürich
- [Helsana](https://helsana.ch): Swiss health insurer's venture arm investing in health innovation and digital care. — Corporate & strategic investors (CVCs), Dübendorf
- [InnoSource Ventures](https://innosourceventures.com): Zurich-based innovation arm of family office Toledo Capital, backing healthcare, deeptech, and sustainability. — Generalist VCs, Zurich
- [IPF Partners](https://ipfpartners.com): Geneva-based healthcare specialist providing royalty and debt financing to medtech and biopharma companies. — Health-focused VCs, Geneva
- [Kodori.ch](https://kodori.ch): Zug-based Swiss VC specializing in early-stage mental health and healthtech startups. — Health-focused VCs, Zug
- [Lakestar](https://lakestar.com): European multi-stage VC investing from seed to growth in deep tech, healthcare, and fintech, early backers of Spotify and Revolut. — Generalist VCs, Zurich
- [MTIP AG](https://mtip.ch): Basel-based healthtech VC investing in European digital health, medtech, and biotech at early and growth stages. — Health-focused VCs, Basel
- [Planven Entrepreneur Ventures](https://planvenev.com): Zurich-based growth equity firm investing in innovative B2B SaaS companies scaling internationally. — Generalist VCs, Zürich
- [Redalpine](https://redalpine.com): Swiss-rooted multi-stage European VC investing at the intersection of software and science across health and enterprise. — Generalist VCs, Zürich
- [Venture Partners](https://vpventurepartners.com): Zurich-based pre-seed and seed VC investing in deep-tech life science and medical device companies. — Health-focused VCs, Zürich
- [VERVE](https://verve.vc): Zurich-based seed-stage deep-tech VC investing in energy, computing, and health/bio startups across Europe. — Generalist VCs, Zürich
- [VSP Invest](https://vspinvest.com): Zug-based investor in high-tech healthcare and life sciences across Europe and the UK. — Health-focused VCs, Zug
- [Zühlke](https://zuehlke.com): Schlieren-based venture arm of Swiss engineering firm Zühlke, funding early-stage healthtech and medtech. — Corporate & strategic investors (CVCs), Schlieren

### Italy (16)
- [Angelini Ventures](https://angeliniventures.com): Rome-based CVC of the Angelini pharma group investing in medtech, healthtech, and pharmaceutical innovation. — Corporate & strategic investors (CVCs), Rome
- [CDP Venture Capital SGR](https://cdpventurecapital.it): Rome-based state-backed VC asset manager and fund-of-funds investing across strategic sectors including healthcare and life sciences. — Generalist VCs, Rome
- [Claris Ventures](https://clarisventures.com): Turin-based biotech VC investing early-stage in Italian biopharma across rare disease, oncology, and immunology. — Health-focused VCs, Turin
- [Fondo Italiano d'Investimento SGR](https://fondoitaliano.it): Milan-based public-backed asset manager investing in Italian SMEs across venture, private equity, and private debt, including healthcare and medtech. — Generalist VCs, Milan
- [Indaco Venture Partners](https://indacosgr.com): Milan-based deeptech VC investing across electronics, robotics, and new materials, with a dedicated medtech and biotech life sciences vertical. — Generalist VCs, Milan
- [Innogest Capital](https://innogestcapital.com): Turin-based early-stage VC with a dedicated healthcare practice covering medical devices, diagnostics, and digital health. — Generalist VCs, Turin
- [Italian Angels for Growth](https://italianangels.net): Milan-based angel investor network backing early-stage life sciences, deeptech, digital, and fintech startups. — Generalist VCs, Milan
- [Italian Founders Fund](https://italianfoundersfund.com): Milan-based pre-seed to Series A fund investing in startups with Italian DNA across SaaS and consumer tech. — Generalist VCs, Milan
- [LIFTT](https://liftt.com): Turin-based deeptech VC holding company spun out of Politecnico di Torino, investing across health, energy, and data. — Generalist VCs, Turin
- Lumen Ventures: Milan-based seed-stage VC investing in digital health, fintech, insurtech, and cybersecurity. — Generalist VCs, Milan
- [Moonstone](https://moonstone.fund): Milan-based pre-seed and seed impact fund investing across healthtech, deep tech, and climate. — Generalist VCs, Milan
- [Padda Health](https://paddahealth.com): Italian family office focused on European digital health and healthcare AI startups. — Health-focused VCs, Binasco
- [Panakes Partners](https://panakes.it): Milan-based VC investing in early-stage European medtech and life sciences companies. — Health-focused VCs, Milan
- [Terravita Capital](https://terravitacapital.it): Rome-based venture fund investing in digital health, medtech, and agri-food tech under a One Health approach. — Health-focused VCs, Rome
- [Vertis SGR](https://vertis.it): Naples-based VC and private equity firm backing innovative Italian startups, including health and biotech. — Generalist VCs, Naples
- [XGEN Venture](https://xgenventure.com): Milan-based early-stage life sciences VC backing therapeutics, medical devices, diagnostics, and digital health. — Health-focused VCs, Milan

### Belgium (10)
- [Astanor](https://astanor.com): Brussels-based impact VC investing in agrifood and sustainability technology across Europe and the US. — Generalist VCs, Brussels
- [Capricorn Partners](https://capricorn.be): Belgian VC and growth investor with dedicated health, cleantech, and advanced technology funds. — Health-focused VCs, Leuven
- [Entourage](https://entourage.io): Ghent-based venture studio and early-stage fund building and investing in B2B SaaS companies. — Accelerators & incubators, Ghent
- [Ethias Ventures](https://ethias.be): CVC arm of Belgian insurer Ethias investing in insurtech, mobility, health, and property innovation. — Corporate & strategic investors (CVCs), Brussels
- [HERAN Partners](https://heranpartners.com): Antwerp-based growth equity firm investing in European medtech and health technology companies. — Health-focused VCs, Antwerp
- [Qbic Fund](https://qbic.be): Belgian inter-university seed fund investing in research spinoffs across biotech, medtech, and deep tech. — Generalist VCs, Ghent
- [RDY.VC](https://rdy.vc): Antwerp-based early-stage VC investing in pre-revenue tech founders demonstrating fast execution. — Generalist VCs, Antwerp
- [Smartfin](https://smartfinvc.com): Brussels-based growth-equity VC investing in European B2B tech including fintech and SaaS. — Generalist VCs, Brussels
- [Syndicate One](https://syndicate.one): Brussels-based pre-seed and seed VC backing Belgian tech founders across sectors. — Generalist VCs, Brussels
- [Verlinvest](https://verlinvest.com): Brussels-based patient capital investor in high-growth consumer brands across food, health, and lifestyle. — Generalist VCs, Brussels

### Sweden (9)
- [Almi Företagspartner](https://almi.se): Swedish state-owned business development lender providing loans and advisory to growth-stage companies across sectors. — Generalist VCs, Stockholm
- [Creandum](https://creandum.com): Stockholm-based early-stage VC known for early bets on Spotify and Klarna, investing across fintech, AI, and mobility. — Generalist VCs, Stockholm
- [EIR Ventures](https://eirventures.eu): Stockholm-based VC investing in early-stage Nordic life sciences and biotech companies. — Health-focused VCs, Stockholm
- [EQT Ventures](https://eqtventures.com): Stockholm early-stage fund within EQT deploying EUR 2-50M into European AI, fintech, and deep-tech companies. — Generalist VCs, Stockholm
- [HealthCap](https://healthcap.se): One of Europe's largest dedicated life sciences VCs, investing in biotech and medtech from Stockholm since 1996. — Health-focused VCs, Stockholm
- [Kinnevik AB](https://kinnevik.com): Stockholm-listed growth investor with digital health as a core sector alongside software and climate. — Generalist VCs, Stockholm
- [Nordic Science Capital](https://ns.capital): Swedish VC investing in Nordic early-stage life sciences and health innovation from academic research. — Accelerators & incubators, Nacka
- [Norrsken VC](https://norrsken.vc): Stockholm-based impact VC backing startups across UN SDGs including healthcare, energy, and AI. — Generalist VCs, Stockholm
- [Spintop Ventures](https://spintopventures.com): Malmö-based early-stage VC investing in innovative Nordic software companies with sustainability focus. — Generalist VCs, Malmö

### Spain (8)
- [acurio](https://acurio.vc): Bilbao-based seed and Series A investor with a sector-agnostic approach across Europe. — Generalist VCs, Bilbao
- [Asabys Partners](https://asabys.com): Barcelona-based VC investing in early-stage health sciences and deeptech startups across Southern Europe. — Health-focused VCs, Barcelona
- [CARDUMEN CAPITAL](https://cardumencapital.com): Madrid-based VC investing in B2B technology across AI, cybersecurity, and data in Europe and the Middle East. — Generalist VCs, Madrid
- [Crossroad Biotech](https://crossroadbiotech.com): Madrid-based venture firm investing in early-stage biotech and life sciences, mainly in Spain. — Health-focused VCs, Madrid
- [GoHub](https://gohub.vc): Valencia-based early-stage fund investing in B2B software, AI, and digital health. — Generalist VCs, Valencia
- [K Fund](https://kfund.vc): Madrid-based multi-stage VC investing in tech startups across Spain, Portugal, and Southern Europe. — Generalist VCs, Madrid
- [Nina Capital](https://nina.capital): Barcelona-based seed fund exclusively focused on European digital health and healthtech startups. — Health-focused VCs, Barcelona
- [Seaya](https://seaya.vc): Madrid-based VC investing in technology and sustainability-focused companies across Southern Europe. — Generalist VCs, Madrid

### Austria (7)
- [3VC](https://three.vc): Vienna-based VC backing European tech startups from Series A onward across software, healthtech, and fintech. — Generalist VCs, Vienna
- [APEX Ventures](https://apex.ventures): Vienna-based deep-tech seed fund with a focus on medical technology, AI, and frontier science startups. — Generalist VCs, Vienna
- [Calm/Storm Ventures](https://calmstorm.vc): Vienna-based seed and pre-seed fund investing in healthtech startups across Europe. — Health-focused VCs, Vienna
- [PUSH Ventures](https://push.ventures): Vienna-based early-stage VC investing across healthtech, cleantech, and deeptech. — Generalist VCs, Vienna
- [Speedinvest](https://speedinvest.com): European multi-stage VC investing from pre-seed to growth across AI, climate, deep tech, fintech, and health. — Generalist VCs, Vienna
- [UNIQA Insurance Group](https://uniqaventures.com): Vienna-based corporate VC arm of insurer UNIQA investing in digital health, mobility, fintech, and insurtech. — Corporate & strategic investors (CVCs), Vienna
- [xista science ventures](https://xista.vc): Austrian VC spun out of ISTA, investing in early-stage deep-tech and life sciences from academic research. — Generalist VCs, Klosterneuburg

### Ireland (5)
- [Fountain Healthcare Partners](https://fh-partners.com): Dublin-based life sciences VC investing in specialty pharma, biotech, and medical devices, and one of Ireland's largest dedicated healthcare funds. — Health-focused VCs, Dublin
- [Frontline Ventures](https://frontline.vc): Dublin-based transatlantic VC with a seed fund for European founders and a growth fund for US-Europe expansion. — Generalist VCs, Dublin
- [NDRC](https://ndrc.ie): Ireland's national accelerator providing funding and mentorship to early-stage tech startups. — Accelerators & incubators, Dublin
- [Seroba](https://serobavc.com): Dublin-based life sciences VC backing early-stage biotech and medtech companies addressing unmet medical needs across Europe. — Health-focused VCs, Dublin
- [VentureWave Capital](https://venturewave.com): Dublin-based Series A and B investor in global technology across health, education, agriculture, and climate. — Generalist VCs, Dublin

### Norway (5)
- [Alliance Venture](https://alliance.vc): Oslo-based early-stage VC backing Nordic tech founders from pre-seed to Series A across AI, fintech, and climate. — Generalist VCs, Oslo
- [Frøya Ventures](https://froyaventures.com): Stavanger-based early-stage VC backing Nordic healthtech and digital health startups. — Generalist VCs, Stavanger
- [Hadean Ventures](https://hadeanventures.com): Oslo-based life sciences VC investing in Nordic biotech and pharmaceutical companies from seed to growth. — Health-focused VCs, Oslo
- [Sandwater](https://sandwater.com): Oslo-based early-stage VC investing in Nordic health and life sciences technology startups. — Generalist VCs, Oslo
- [Verdane](https://verdane.com): Oslo-based growth equity and buyout firm investing in Nordic tech-enabled companies driving sustainability. — Generalist VCs, Oslo

### Denmark (4)
- [byFounders](https://byfounders.vc): Copenhagen seed fund for Nordic and Baltic founders building globally ambitious startups in dev tools, energy, and health. — Generalist VCs, Copenhagen
- [Denmark`s Export and Investment Fund](https://eifo.dk): Danish state investment fund providing equity and debt across sectors including life sciences and healthtech. — Generalist VCs, Copenhagen
- [Heartcore Capital](https://heartcore.com): Copenhagen early-stage VC investing from inception to Series A in European fintech, enterprise, and consumer tech. — Generalist VCs, Copenhagen
- [People Ventures](https://people.ventures): Copenhagen pre-seed and seed fund investing in Nordic tech startups building software and digital health products. — Generalist VCs, Copenhagen

### Luxembourg (4)
- [Alpha Intelligence Capital](https://aicapital.ai): Luxembourg-based fund focused exclusively on deep AI and machine learning companies globally. — Generalist VCs, Luxembourg
- [Biovision Ventures](https://biovision.vc): Luxembourg-based VC focused on early-stage European biotech and healthcare companies. — Health-focused VCs, Luxembourg
- [Brighteye Ventures](https://brighteyevc.com): Luxembourg-based early-stage VC investing in European edtech and future-of-work startups. — Generalist VCs, Luxembourg
- [Catalpa Ventures](https://catalpa-ventures.com): Luxembourg-based early-stage VC investing in European technology startups. — Health-focused VCs, Luxembourg

### Portugal (3)
- [Faber](https://faber.vc): Lisbon-based pre-seed and seed fund investing in deep tech, climate, and digital transformation in Southern Europe. — Generalist VCs, Lisbon
- [Portugal Ventures](https://portugalventures.pt): Portuguese state-backed VC investing pre-seed to Series A across digital tech, health tech, and tourism. — Generalist VCs, Porto
- [Shapers](https://shapers.com): Lisbon-based VC built by fintech operators, investing in fintech founders across Europe. — Generalist VCs, Lisbon

### Czechia (2)
- [PurposeTech](https://purposetech.vc): Prague-based early-stage VC investing in healthtech and purpose-driven technology across CEE and Europe. — Generalist VCs, Prague
- [ZAKA Startups](https://zaka.vc): Prague-based seed fund backing health, biotech, and industrial tech startups across CEE. — Generalist VCs, Prague

### Finland (2)
- [INNOVESTOR](https://innovestor.fi): Helsinki-based early-stage VC investing in Nordic technology and life science startups. — Generalist VCs, Helsinki
- [Voima Ventures](https://voimaventures.com): Helsinki-based seed fund investing in Finnish deep-tech and science-driven startups including health and bio. — Generalist VCs, Helsinki

### Malta (2)
- [Apeiron Investment Group](https://apeiron-investments.com): Malta-based multi-strategy investment group active across biotech, fintech, deep tech, and real estate. — Generalist VCs, Sliema
- [Elevat3 Capital](https://elevat3.vc): Malta-based VC focused on longevity and healthtech startups across Europe. — Generalist VCs, Sliema

### Poland (2)
- [Innovation Nest](https://innovationnest.com): Krakow-based early-stage VC investing in B2B software and SaaS across Europe. — Generalist VCs, Krakow
- [Inovo](https://inovo.vc): Warsaw-based VC backing seed and Series A tech startups across Poland and CEE. — Generalist VCs, Warsaw

### Estonia (1)
- [Karma Ventures](https://karma.vc): Tallinn-based VC investing in late seed and Series A deep-tech software startups across Europe. — Generalist VCs, Tallinn

### Greece (1)
- [Genesis Ventures](https://genesis-ventures.vc): Athens-based angel co-investment fund backing pre-seed and seed startups in Greece and Southeast Europe. — Generalist VCs, Athens

### Iceland (1)
- [Crowberry Capital](https://crowberrycapital.com): Reykjavik-based Nordic seed fund investing in early-stage startups across Iceland and Scandinavia. — Generalist VCs, Reykjavík

### Slovenia (1)
- [Silicon Gardens Fund](https://silicongardens.com): Ljubljana-based pre-seed and seed fund investing in marketplaces, SaaS, and consumer tech in the Adria and CEE. — Generalist VCs, Ljubljana

### Turkey (1)
- [500 Emerging Europe](https://500ee.co): Istanbul-based seed VC backing pre-seed and seed startups across Turkey and CEE. — Generalist VCs, Istanbul

### Ukraine (1)
- [Roosh Ventures](https://roosh.vc): Kyiv-based pre-seed to Series A VC investing in AI/ML, gaming, and fintech across the EU. — Generalist VCs, Kyiv

## Insights — HealthTech Analysis by the Heal Capital Team (44)

Long-form analysis of the European HealthTech market written by the Heal Capital team (Lucas Mittelmeier, Felix Nizet, Vahid Asimi, Heal Capital), covering AI in healthcare, German and EU healthcare reform, provider economics, reimbursement, and go-to-market for health startups. Browse them all at https://www.healcapital.com/insights.

- [Oura’s 95% problem: Digging into their current lawsuit around sleep accuracy](https://healthtechofftherecord.substack.com/p/ouras-95-problem-digging-into-their): A lawsuit has called Oura s sleep accuracy a coin flip , and Oura responded. It s the perfect example of how the complexity of science and the rules of marketing clash. Let s dissect it. — Lucas Mittelmeier, 2026-08-31
- [Can AI solve German hospitals' €150b+ billing problem? A market overview](https://healthtechofftherecord.substack.com/p/can-ai-solve-german-hospitals-150b): Let's discuss where (German) hospitals lose money across revenue cycle management, and which challenges founders run into when trying to fix it with AI. — Lucas Mittelmeier, 2026-08-24
- [My top AI productivity habits as a VC. What actually saves time - and what doesn't?](https://healthtechofftherecord.substack.com/p/my-top-ai-productivity-habits-as): Sometimes small habits make the difference. I've noted my top AI use cases and how they changed my daily work as a VC. I'm also telling you what's been useless. — Lucas Mittelmeier, 2026-08-17
- [Healthcare business ideas that sound great but don't scale. Part 2: AI women's health apps](https://healthtechofftherecord.substack.com/p/healthcare-business-ideas-that-sound-84b): This claim will get me in trouble: AI-based women's health apps are one of the most overpitched ideas. Let's discuss why, and where VCs might put their money instead. — Lucas Mittelmeier, 2026-08-10
- [The state of the AI receptionist market: About competition, pricing and who can win](https://healthtechofftherecord.substack.com/p/the-state-of-the-ai-receptionist): The market for AI front office solutions in healthcare is hot: Rounds are being raised, companies hit millions of ARR. How do you win in such a market? And what's the end state? — Lucas Mittelmeier, 2026-08-03
- [AI rollouts in hospitals: How they make or break the next healthtech unicorns](https://healthtechofftherecord.substack.com/p/ai-rollouts-in-hospitals-how-they): Many hospital AI companies have raised massive funding and signed first contracts. Now they face the challenge of implementing their tech at scale. Let's discuss where this breaks and how to nail it. — Lucas Mittelmeier, 2026-07-27
- [Is AI alone better than doctor-in-the-loop? Recent data raises interesting question marks](https://healthtechofftherecord.substack.com/p/is-ai-alone-better-than-doctor-in): Multiple studies suggest that doctors using LLMs fail to judge the LLM outputs in multiple directions. Let's discuss how, and what doctors and startups can do about it. — Lucas Mittelmeier, 2026-07-20
- [How we built the AI operating system for our VC fund, and how it works](https://healthtechofftherecord.substack.com/p/how-we-built-the-ai-operating-system): Time to build in public! We share our VC fund's internal AI stack, speak about obstacles, use cases, and how we think about future automation. — Lucas Mittelmeier, 2026-07-13
- [The 3 wildest debates in Germany's healthcare reform (and how it impacts startups)](https://healthtechofftherecord.substack.com/p/the-3-wildest-debates-in-germanys): Up to 68k revenue loss per clinic, the sick note drama, and a 30% price cut for DiGAs... an update on German healthcare policy and its startup impact. — Lucas Mittelmeier, 2026-07-06
- [Can someone build the "Shift for healthcare"? The gold rush on robotics training data](https://healthtechofftherecord.substack.com/p/can-someone-build-the-shift-for-healthcare): In NY, you can now get your apartment cleaned for free - if you let them record training data for humanoid robots. It's a matter of time until that business model reaches healthcare — Lucas Mittelmeier, 2026-06-29
- [Another full-body scan, really? Why I'd give Midjourney's idea a shot](https://healthtechofftherecord.substack.com/p/another-full-body-scan-really-why): The idea of scanning your entire body for diseases is not new. Now Midjourney enters the race as an outsider, with a wild but refreshing approach. Let's discuss risk and upside. — Lucas Mittelmeier, 2026-06-22
- [20% more patients get access to care? What happens when modern clinics implement AI](https://healthtechofftherecord.substack.com/p/20-more-patients-get-access-to-care): Does AI actually improve a clinic's daily operations? Or is it just window dressing? Today we take a rare look inside avi medical's AI stack and the KPIs it has produced. — Lucas Mittelmeier, 2026-06-15
- [Outpatient surgery as the next big shift in German healthcare? Why we invested in Tokura](https://healthtechofftherecord.substack.com/p/outpatient-surgery-as-the-next-big): Germany is ready to shift millions of surgeries from hospitals to outpatient settings. The infrastructure is not - but we know who's building it. — Lucas Mittelmeier, 2026-06-09
- [How do I join the best healthtech startups? My go-to sources and green flags](https://healthtechofftherecord.substack.com/p/how-do-i-join-the-best-healthtech): Finding a great startup role is tricky. Nobody tells you which startups are truly successful, and how to get in. Some tactical advice based on my VC and operator experience. — Lucas Mittelmeier, 2026-06-01
- [How regulation shapes our portfolio at Heal Capital - and how we monitor it](https://felixnizet.substack.com/p/how-regulation-shapes-our-portfolio-133): As a healthtech VC, regulatory changes have had a massive impact on our portfolio companies - both ups and downs. We re now publishing a tool to monitor them. — Felix Nizet, 2026-05-29
- [Three strategies to conquer the hospital AI market: About speedboats and fortresses](https://healthtechofftherecord.substack.com/p/three-strategies-to-conquer-the-hospital): Hospital AI startups are booming, and every founder feels the pressure to expand. We'll explore how they build differentiation over time, and which strategy is winning. — Lucas Mittelmeier, 2026-05-25
- [Reading between the lines: Google vs Whoop, and Telemedicine vs Pharmacies](https://healthtechofftherecord.substack.com/p/reading-between-the-lines-google): Sector lines in healthcare are getting blurrier. Google moves into Whoop's territory, Whoop into clinical services. And German pharmacies might soon move into telemedicine... — Lucas Mittelmeier, 2026-05-18
- [We invested in Ditto. Time for AI to change how we navigate care.](https://healthtechofftherecord.substack.com/p/we-invested-in-ditto-time-for-ai): Heal Capital just announced leading Ditto's 7m+ Seed round. I'll talk about why it's an exciting time for consumer AI in healthcare, and how Ditto stands out. — Lucas Mittelmeier, 2026-05-12
- [Special Edition: Why we invested in Hypervision Surgical. The future of AI-driven surgery.](https://healthtechofftherecord.substack.com/p/special-edition-why-we-invested-in): Hypervision Surgical just announced their GBP 17m Series A. Let's talk about what they're building, why we love it and why it's essential for the future of automated surgery. — Lucas Mittelmeier, 2026-04-30
- [OpenAI & Anthropic double down on healthcare. What does it mean for founders?](https://healthtechofftherecord.substack.com/p/openai-and-anthropic-double-down): Since January, it's been quiet around the big LLM labs' healthcare teams. Until now. Let's discuss how their moves shape the competitive landscape. — Lucas Mittelmeier, 2026-04-27
- [Why healthcare rollups are hard - and what founders have started doing instead](https://healthtechofftherecord.substack.com/p/why-healthcare-rollups-are-hard-and): Let's discuss roll-up pain points, physician preferences, and a new wave of "trusted business partner" models in European healthcare. — Lucas Mittelmeier, 2026-04-20
- [The €67m ARR DiGA and an Anti-Doctolib-Law: German healthtech is on a roll](https://healthtechofftherecord.substack.com/p/the-67m-arr-diga-and-an-anti-doctolib): After last week's 40b savings report, two further updates have hit German healthcare: Official 2025 DiGA stats and new health data legislation. What does it mean for startups? — Lucas Mittelmeier, 2026-04-13
- [Germany's healthcare politicians want to save €40b. What healthtech startups should know](https://healthtechofftherecord.substack.com/p/germanys-healthcare-politicians-want): A German healthcare commission published 66 cost cutting recommendations. Let's discuss how the healthcare system is changing, and why startups should be prepared. — Lucas Mittelmeier, 2026-04-06
- [Germany's practice management system market is a graveyard for startups. Why?](https://healthtechofftherecord.substack.com/p/germanys-practice-management-system): Germany's market for practice management systems hosts billion-dollar incumbents. Why do startups struggle to disrupt it? Let's check the growth data. — Lucas Mittelmeier, 2026-03-30
- [Reading between the lines: Gleamer exit, patients' AI use, ChatGPT triage debate](https://healthtechofftherecord.substack.com/p/reading-between-the-lines-gleamer): In the recent weeks, multiple large players have made moves in healthcare AI. We'll debate some of those headlines, plus a more quiet trend among patients. — Lucas Mittelmeier, 2026-03-23
- [Who will be the "OpenEvidence of Europe"? Market map and critical questions](https://healthtechofftherecord.substack.com/p/who-will-be-the-openevidence-of-europe): OpenEvidence's success in the US has inspired many new entrants in Europe. With 2m+ doctors in Europe, we should see an equivalent here, right? Let's break it down. — Lucas Mittelmeier, 2026-03-16
- [Anthropic released job market predictions. What can we learn for healthcare?](https://healthtechofftherecord.substack.com/p/anthropic-released-job-market-predictions): Anthropic released a metric to predict job replacement by AI. I'll discuss the healthcare implications, and if startup dealflow could be another indicator of AI impact. — Lucas Mittelmeier, 2026-03-09
- [Is shadow AI going physical? What happens when you bring AI glasses to the hospital...](https://healthtechofftherecord.substack.com/p/is-shadow-ai-going-physical-what): AI hardware companions might be the next form of shadow AI. Let's discuss opportunities and challenges, and who's best positioned for this market. — Lucas Mittelmeier, 2026-03-02
- [Notes on recent startup acquisitions - is European healthtech consolidating?](https://healthtechofftherecord.substack.com/p/notes-on-recent-startup-acquisitions): We've seen notable acquisitions in clinical documentation and consumer health platforms. I'll dig into examples, the rationale behind them and what's next. — Lucas Mittelmeier, 2026-02-23
- [AI won’t cut healthcare costs, it will increase demand. A thought experiment.](https://healthtechofftherecord.substack.com/p/ai-wont-cut-healthcare-costs-it-will): The mainstream belief is AI will save costs for the healthcare system. It will plug the supply-demand gap. Are we sure? The opposite might be true. — Lucas Mittelmeier, 2026-02-16
- [Reading between the lines in healthtech news: BigTech vs Health, AI Adoption & Prescriptions](https://healthtechofftherecord.substack.com/p/reading-between-the-lines-in-healthtech-96b): The year was already packed with AI healthcare news. Let's catch up on some recent global news and their implications for venture. — Lucas Mittelmeier, 2026-02-09
- [We're hiring! Join Heal Capital as a Partner Associate](https://healthtechofftherecord.substack.com/p/were-hiring-join-heal-capital-as): You heard correctly. We are looking to expand our team - although it's not a normal investor role. I'll explain. — Lucas Mittelmeier, 2026-02-02
- [How to sell an AI product to doctors (fast)? The strategy behind Heidi Health's growth](https://healthtechofftherecord.substack.com/p/how-to-sell-an-ai-product-to-doctors): Heidi is known for their unconventional go-to-market, resulting in 2m+ consultations per week and $100m+ in funding. Some learnings from their head of growth, Jesse. — Lucas Mittelmeier, 2026-01-26
- [The Narrow Path to Venture-Scale Dx Companies](https://vahidasimi.substack.com/p/the-narrow-path-to-venture-scale): BillionToOne s IPO, the public-market reset, and what it takes to get there — Vahid Asimi, 2025-12-23
- [Why we invested in Spotlight Medical](https://vahidasimi.substack.com/p/why-we-invested-in-spotlight-medical): Building toward precision oncology for every patient — Vahid Asimi, 2025-09-10
- [Veeva is breaking up with Salesforce](https://felixnizet.substack.com/p/veeva-is-breaking-up-with-salesforce-c6e): Life science software giant Veeva is sunsetting its Salesforce-based CRM, forcing customers to migrate. Could be an opening for new startups... — Felix Nizet, 2025-06-11
- [Will Diagnose for Data](https://felixnizet.substack.com/p/will-diagnose-for-data): A Few Loose and Dubiously Informed Opinions on the Future of AI Doctors — Felix Nizet, 2025-05-30
- [The Art of ‘Shipping’ in Bio x AI](https://vahidasimi.substack.com/p/the-art-of-shipping-in-bio-x-ai): Lessons from Lovable and NewLimit. — Vahid Asimi, 2025-01-13
- [Foundation Models and Powerful AI in Biology](https://vahidasimi.substack.com/p/foundation-models-and-powerful-ai): Reflections on ML in biology amidst the rise of o3 and the rapid proliferation of FMs. — Vahid Asimi, 2025-01-06
- [Heal Capital | May Newsletter](https://healcapital.substack.com/p/heal-capital-may-newsletter): Dear Healthtech Enthusiast , — Heal Capital, 2021-05-28
- [Heal Capital | April Newsletter](https://healcapital.substack.com/p/heal-capital-april-newsletter): Dear Healthtech Enthusiast , — Heal Capital, 2021-04-30
- [Heal Capital | March Newsletter](https://healcapital.substack.com/p/heal-capital-march-newsletter): International Women's Day — Heal Capital, 2021-03-31
- [Welcome to Heal Capital's Substack !](https://healcapital.substack.com/p/welcome-to-heal-capitals-substack): Dear HealthTech and VC Enthusiast! — Heal Capital, 2021-02-25
- [Insights on the HealthTech Venture Capital Scene in Europe](https://healcapital.substack.com/p/coming-soon): Welcome to Heal Capital Newsletter written by one of Europe s leading dedicated #venturecapital funds for integrated #HealthTech in #technology #healthcare #startups — Heal Capital, 2021-02-17

## Key Links
- [Website](https://www.healcapital.com): Heal Capital homepage
- [Insights](https://www.healcapital.com/insights): HealthTech analysis and newsletter archive
- [Portfolio](https://www.healcapital.com/portfolio): 27 HealthTech portfolio companies across Fund 1 and Fund 2
- [Team](https://www.healcapital.com/team): Investment team and partners
- [Ecosystem Map](https://www.healcapital.com/ecosystem): Interactive directory of 328 European HealthTech investors across 25 countries
- [Portfolio Careers](https://www.healcapital.com/jobs): Open positions across portfolio companies
- [LinkedIn](https://www.linkedin.com/company/heal-capital/): Company page
- [Newsletter](https://healthtechofftherecord.substack.com/): "Healthtech Off The Record" by Dr. Lucas Mittelmeier — weekly European healthtech data and insights, 1,000+ subscribers
- [Submit Pitch](https://rs6yq4ccslh.typeform.com/to/ioitIG4d): Rolling review for founders
- [Crunchbase](https://www.crunchbase.com/organization/heal-capital): Crunchbase profile

## Optional
- [Summary (llms.txt)](https://www.healcapital.com/llms.txt): Concise version of this reference
- [Sitemap](https://www.healcapital.com/sitemap.xml): XML sitemap
- [Image sitemap](https://www.healcapital.com/image-sitemap.xml): Image-focused sitemap
- [RSS feed](https://www.healcapital.com/feed.xml): Portfolio updates as RSS 2.0
- [Security contact](https://www.healcapital.com/.well-known/security.txt): Security disclosure (RFC 9116)