# Heal Capital

> The leading European HealthTech & AI venture capital fund. EUR 200m+ assets under management, 29 portfolio companies, and 8,000+ healthtech ventures evaluated since inception — one of the largest HealthTech deal databases in the world.

## Entity
- Legal name: heal.capital Management GmbH
- Type: Venture Capital Fund Manager (AIFM under German KAGB)
- Founded: 2020
- Location: Rosenthaler Str. 49, 10178 Berlin, Germany
- Regulated by: BaFin (Federal Financial Supervisory Authority)

## Funds
- Heal Capital Fund 1 (heal.capital I GmbH & Co. KG) — EUR 100m, 2020–2024, fully invested
- Heal Capital 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 of health insurers 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

## Limited Partners
- 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

## Team
- [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
- [Dr. Markus Müschenich](https://www.linkedin.com/in/dr-markus-m%C3%BCschenich-mph-22754a50/): Founding 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
- [Alexis Freytag von Loringhoven](https://www.linkedin.com/in/alexis-freytag-von-loringhoven-7a2393132/): Partners Associate
- [Arda Uckan](https://de.linkedin.com/in/adafromacta): Engineering Fellow
- [Peter Wibbe](https://www.linkedin.com/in/peter-wibbe-44850096/): Venture Partner
- [Dr. Christian Weiss](https://www.linkedin.com/in/drcweiss/): Venture Partner

## Portfolio (29 companies)

Heal Capital has invested in 29 European HealthTech companies across Fund 1 and Fund 2, with 4 exits to date (notably Siilo → acquired by Doctolib, Gleamer, and Formel Skin). Every company below is a Heal Capital portfolio company.

### Active (24)
- [Aitiologic](https://www.aitiologic.com): Decoding health one tissue at a time, starting with pregnancy. — Austria, Fund 2
- [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
- [Dovetail](https://www.withdovetail.com): The regulatory platform for medical devices: senior experts, an AI agent and QMS Plus to reach FDA and EU MDR clearance faster. — Germany, 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
- [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
- [Vocca](https://vocca.com): AI voice assistant for healthcare practices that answers every patient call, books appointments and follows up, 24/7. — France, Fund 2

### Exited (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

## Ecosystem Map — European HealthTech Investors
Heal Capital maintains a free, interactive directory of 328 venture capital firms, corporate investors, and accelerators actively backing healthcare and healthtech startups across Europe (25 countries). Breakdown: 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). Full searchable list with descriptions, headquarters, and websites: https://www.healcapital.com/ecosystem

## Insights — Recent HealthTech Analysis
Long-form analysis of the European HealthTech market by the Heal Capital team: AI in healthcare, German and EU healthcare reform, provider economics, reimbursement, and go-to-market for health startups. Full archive: https://www.healcapital.com/insights
- [Patients for compute: How Nvidia & Co deal their way into healthcare](https://healthtechofftherecord.substack.com/p/patients-for-compute-how-nvidia-and) — Lucas Mittelmeier, 2026-10-19
- [Real wins vs fraud? The latest and hottest wearable news](https://healthtechofftherecord.substack.com/p/real-wins-vs-fraud-the-latest-and) — Lucas Mittelmeier, 2026-10-12
- [We need to discuss the AI adoption ceiling in healthcare. What does it mean for startups?](https://healthtechofftherecord.substack.com/p/we-need-to-discuss-the-ai-adoption) — Lucas Mittelmeier, 2026-10-05
- [How Tandem Health thinks about regulation, and turned it into their strength](https://healthtechofftherecord.substack.com/p/how-tandem-health-thinks-about-regulation) — Lucas Mittelmeier, 2026-09-28
- [Neko's third annual health report is out. Can they beat your local doctor?](https://healthtechofftherecord.substack.com/p/nekos-third-annual-health-report) — Lucas Mittelmeier, 2026-09-21
- [Who will make the most in Oura’s IPO? The returns behind a unique venture story](https://healthtechofftherecord.substack.com/p/who-will-make-the-most-in-ouras-ipo) — Lucas Mittelmeier, 2026-09-14
- [Is EHR access the ultimate bottleneck of healthcare AI? How startups deal with it](https://healthtechofftherecord.substack.com/p/is-ehr-access-the-ultimate-bottleneck) — Lucas Mittelmeier, 2026-09-07
- [Oura’s 95% problem: Digging into their current lawsuit around sleep accuracy](https://healthtechofftherecord.substack.com/p/ouras-95-problem-digging-into-their) — 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) — 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) — 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) — 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) — 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) — 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) — 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) — Lucas Mittelmeier, 2026-07-13

## 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): 29 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

## ESG & Sustainability
Heal Capital integrates ESG principles into its investment process. Fund 2 is classified as SFDR Article 8, promoting environmental and social characteristics with a minimum 30% sustainable investments focused on UN SDG 3 (Good Health and Well-being), and additionally considers SDGs 5, 9, 10, and 11. Heal Capital is a signatory of the UN Principles for Responsible Investment (UN PRI) and a member of VentureESG.

## Optional
- [Full reference](https://www.healcapital.com/llms-full.txt): Comprehensive long-form version of this file
- [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
- [Crunchbase](https://www.crunchbase.com/organization/heal-capital): Crunchbase profile