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1 Issue 4 StartUp Health Magazine 1 2019 Q3StartUp Health InsightsA year-to-date report on health innovation and the health moonshots transforming the world.ABOUT STARTUP HEALTH INSIGHTS StartUp Health collects and shares market insights because these data points tell a critical part of the health innovation story. More than simply chronicling the flow of money, this report provides a glimpse into the overall progress of our health moon-shots. The story beneath the top-line figures opens up new challenges as well as oppor-tunities. Health moonshots require radical collaboration, so we encourage you to dig into this report and then bring your own in-sights to the table at hq.startuphealth.Report Authors Nicole Clark | Polina HaninContributors Anne Dordai | Jennifer HankinNicole Kinsey | Tara SalamoneDesign Logan Plaster- 2019 StartUp Health Holdings, Inc. StartUp Health and Health Transformer and associated logos are registered trademarks of StartUp Health LLC. ABOUT STARTUP HEALTHStartUp Health is on a 30-year mission to collaborate with entrepreneurs to improve the health and wellbeing of everyone in the world. Since 2011, StartUp Health has been investing in a global army of entrepreneurs to achieve health moonshots and has the worlds largest health innovation portfolio with 300 companies across six continents and 24 countries. - Join the movement at startuphealthSign up to receive weekly funding insights at startuphealth/insidernull2 StartUp Health InsightsSTARTUP HEALTH INSIGHTSOverviewHealth Innovation Funding HighlightsKEY MARKETS SEE SPIKES IN FUNDINGIn the first three quarters of 2019, health innovation companies raised $10.4B. As is typical of this time of year, the third quarter saw a modest dip in funding. In fact, in seven of the past nine years, the third quarter was either flat or down from its preceding quarter. But this quarter offered multiple bright spots and exceptions.This quarter, funding in support of population health saw a jump of 200%, the highest of any function we track, bringing in over $720M in Q3 and $1.2B for the year. The Womens Health and Access to Care Moonshots continue to enjoy a steady surge of capital for the year $4.5B YTD for Access to Care and $295M YTD for Womens Health along with upticks in deal volume. This comes despite a politically charged time for both womens health rights and global debates over government-sponsored healthcare models.The Addiction Moonshot, which saw a funding increase of 223%. Two health moonshots were up on QoQ deal count: Cancer with a 113% increase in volume and Addiction with a 100% jump. Womens Health continued to lead from a YoY outlook, with funding up by 66%, and 65% more deals than this time last year. Access to Care is historically our most lucrative health moonshot by way of funding and deal count and remained so in Q3, raking in $1.5B across 101 deals.FUNDING FOR WOMENS AND CHILDRENS HEALTH HELPS NARROW INNOVATION GAPNot surprisingly, we continue to see high percentages of early stage deals in the Womens Health and Childrens Health Moonshots (71%). This is important evidence of an increase in R and 2) with quarterly mega deals becoming a new norm in this maturing market, we expect to see several Q4 $100M+ raises top off funding.Largest U.S. Deals Q3Company Amount Function1 Capsule $200M Patient Empowerment 2 Freenome $160M Research3 Recursion Pharma $121M Research4 VillageMD $100M Population Health5 HiFiBiO Therapeutics $67M Research6 One Drop InforMed Data Systems$40M Patient Empowerment 7 Notable Labs $40M Clinical Workflow8 Insilico Medicine $37M Research9 Exo Imaging $35M Personalized Health10 Ginger.io $35M WellnessLargest Non-U.S. Deals Q3STARTUP HEALTH INSIGHTS / THE MARKETFundingDEAL COUNT152287474641610565869556Total Funding$2.2B$2.3B$7.1B$6.2B$8.2B$14.6BCompany Amount Function1 Babylon Health $550M Population Health2 AllinMD $100M Admin Workflow3 Healthy.io $60M Biometric Data Acquisition4 Intorem S.A. $43M Research5 AlayaCare $39M Clinical Workflow6 Synyi $36M Clinical Workflow7 AMBOSS $33M Education + Content8 Huimei Healthcare$30M Admin Workflow9 Keranova $26.5M Clinical Workflow10 MDClone $26M Population HealthTHE STORY$714M$538M$773M$2.0B$2.8B$1.8B$2.4B$4.9B$2.5B$11.7B679776Source: StartUp Health Insights | startuphealth/insights. Note: Report based on publicly available data through 9/30/19 on seed (incl. accelerator), venture, corporate venture, and private equity funding only. Companies tracked in StartUp Health Insights may fall under multiple moonshots and therefore will be represented throughout the report.$250M$10.4BYTDSTARTUP HEALTH INSIGHTS / THE MARKETInvestorsSource: StartUp Health Insights | startuphealth/insights. Note: Report based on publicly available data through 9/30/19 on seed (incl. accelerator), venture, corporate venture, and private equity funding only. Companies tracked in StartUp Health Insights may fall under multiple moonshots and therefore will be represented throughout the report. 4 StartUp Health Insights 5 *StartUp Health does not lead rounds.Most Active Investors 2019 YTD2019 YTD Deals2018 Total Deals 1 StartUp Health 13 102 Khosla Ventures 10 142 F-Prime Capital Partners 10 114 Y Combinator 8 74 GV 8 66 Optum Ventures 7 47 Echo Health Ventures 6 67 DCVC 6 57 Sequoia Capital 6 47 ARCH Venture Partners 6 47 Maverick Capital 6 47 Tencent 6 3Access to CareCost to Zero Cure DiseaseCancerWomensHealthChildrensHealthNutrition& FitnessBrain Health AddictionMental Health& Happiness LongevityTHE STORY With 1,061 total investors, 2019 investor count so far is 87% of the total 2018 number. StartUp Health held the top place as the most ac-tive investor with 13 deals YTD. In a single quarter, Khosla Ventures and F-Prime doubled their investments from H1 2019. With the exception of last year, since we started tracking health innovation funding in 2010, corporate VCs have been included in this list, with Optum Ventures and Echo Health Ventures making a re-appearance. StartUp Health ranked as the most diverse investor, with eight of the 11 health moonshots represented this year, while Khosla Ventures and Y Combinator invested in seven. The Access to Care Moon-shot held the top spot with the most investors for the year at 504, with Cost to Zero, the next largest pool of investors, trailing at 409.Total Investors YoY# OF DEALS BY INVESTOR 2 3 4 5 6+ TOTAL UNIQUE INVESTORS 2994956166431235 12192019 YTD201820172016201520142013201210619228040120INVESTOR COUNT1404 StartUp Health Insights 5 STARTUP HEALTH INSIGHTS / THE MARKETHubs of InnovationMost Active Metro Areas in the United States68 5 4 9 21 3THE STORY As the year progressed, the San Francisco Bay Area, Boston and New York continued to hold their posi-tions as the top three most funded U.S. cities. San Francisco is on track to meet, if not beat, its funding from last year. And other established health hubs like Chicago, Salt Lake City, Seattle and Columbus are already ahead of their 2018 totals. With one quarter to go, were excited to see whether Top 10 entrants from last year, like Nashville and Austin, will make an appearance on this list.City/Region Funds Raised 2019 YTD Deals 2018 Deals1 San Francisco Bay Area $2.7B 97 1392 New York City $1.2B 56 973 Boston $734.3M 34 444 Chicago $354.1M 16 135 Salt Lake City $282.6M 6 36 Seattle $145.5M 15 147 Denver $118.8M 12 78 Los Angeles $81.0M 18 299 Columbus $75.2M 3 610 Boulder $69.0M 3 -10Source: StartUp Health Insights | startuphealth/insights. Note: Report based on publicly available data through 9/30/19 on seed (incl. accelerator), venture, corporate venture, and private equity funding only. Companies tracked in StartUp Health Insights may fall under multiple moonshots and therefore will be represented throughout the report. 7# OF DEALS BY INVESTOR 2 3 4 5 6+ TOTAL UNIQUE INVESTORS 6 Issue 4 StartUp Health Magazine 7 Most Active Non-U.S. Metro Areas5 2 3 1 4 9THE STORY In Q3, four of the top ten metro areas were in China. Thats worth noting given recent reports that the worlds second largest economy is expanding at its slowest pace since the 1990s. Beijing and Bangalore remained on par with last years Q3 funding, and oth-er top cities like Paris and Tel Aviv are already ahead of last years totals. Beijings healthy spike in funding from last quarter tied it with London this quarter as the most-funded non-U.S. health hubs.City/Region Funds Raised 2019 YTD Deals 2018 Deals1 Beijing, China $725.4M 10 202 Paris, France $394.0M 8 73 Tel Aviv, Israel $181.9M 12 104 Bangalore, India $178.1M 7 155 London, U.K. $129.9M 13 206 Guangzhou, China $103.0M 2 37 Hangzhou, China $100.0M 2 28 Warsaw, Poland $93.5M 2 -9 National Capital Region, India$84.9M 6 1310 Zhejiang, China $80.0M 1 -6 107Source: StartUp Health Insights | startuphealth/insights. Note: Report based on publicly available data through 9/30/19 on seed (incl. accelerator), venture, corporate venture, and private equity funding only. Companies tracked in StartUp Health Insights may fall under multiple moonshots and therefore will be represented throughout the report. STARTUP HEALTH INSIGHTS / THE MARKETHubs of Innovation6 StartUp Health Insights86 Issue 4 StartUp Health Magazine 7 mSTARTUP HEALTH INSIGHTSThe Quest to Achieve Health MoonshotsAt StartUp Health, we believe that radical collaboration around audacious heatlh goals will change the world. Here are the health moonshots that we are currently working towards, and which we use to categorize the market. AccesstoCareCost toZeroCureDiseaseEndCancerWomensHealthChildrensHealthNutrition &FitnessBrainHealthAddiction MentalHealth &HappinessLongevity$1.7B$444.1M$82.8M$244.3M$937.8M$95.3M$295.1M$1.0B$2.9B$3.6B$4.5B2019 Q3 Funding by Health Moonshot (YTD)Deal CountAccess to Care Moonshot Together we can deliver quality care to everyone, regardless of location or incomeCost to Zero Moonshot Together we can reduce the cost of care to “zero”Cure Disease Moonshot Together we can rid the world of disease End Cancer Moonshot Together we can end cancer as we know itWomens Health Moonshot Together we can improve the health of every woman, closing the gender gapChildrens Health Moonshot Together we can ensure that every child has access to quality care Nutrition & Fitness Moonshot Together we can ensure access to food, water and a healthy lifestyle Brain Health Moonshot Together we can unlock the mysteries of the brain to improve health and wellnessMental Health & Happiness Moonshot Together we can connect mind, body and spirit in the pursuit of wellbeingAddiction Moonshot Together we can end addiction and the opioid epidemicLongevity Moonshot Together we can add 50 healthy years to every human life7 StartUp Health InsightsSource: StartUp Health Insights | startuphealth/insights. Note: Report based on publicly available data through 9/30/19 on seed (incl. accelerator), venture, corporate venture, and private equity funding only. Companies tracked in StartUp Health Insights may fall under multiple moonshots and therefore will be represented throughout the report. 7 2591941353428194117745698 Issue 4 StartUp Health Magazine 9 STARTUP HEALTH INSIGHTS / HEALTH MOONSHOTSAccess to CareTop Deals 2019 YTDCompany Round Size Function01Babylon Health $550M Population Health02Tencent Trusted Doctor$250M Personalized Health03Capsule $200M Patient Empowerment 04Doctolib $170M Patient Empowerment 05Waterdrop $145M Insurance06Hims $100M Patient EmpowermentDeal CountQ32019$1.6BQ2 2019$1.7BQ12019$1.3BQ42018$1.2BQ32018DollarsRoundsInvestment Spectrum22 Deals ($295.9M)6 Deals ($128.4M) 77 Deals ($1.2B)12 Deals ($195.5M)38 Deals ($356.9M)43 Deals ($688.2M)21 Deals ($451.6M)26 Deals ($866.7M)9 Deals ($275.1M) 5 Deals ($40.8M)Frequency of Deal Size*Under $1M$1M$5M$5M$10M$10M$25M$25M$50M$50M$100M$100M+3755413722185Number of Deals By Round*SeedSeries ASeries BSeries CSeries DSeries E or laterTHE STORYFunding for the Access to Care Moonshot continued to climb with a YoY increase of 20% in funding and a 34% increase in deal count. As the moonshot that represents the widest range of health functions, we were pleased to see a balance of early- to late-stage deals. 65% of deals YTD are early-stage and 30% are mid-stage, indicating that innovation is alive and well in this health moonshot. That funding majority was an-chored by two Q3 mega deals, both of which made it into our top deals list, including Babylon Healths $550M raise, whose deal accounts for 35% of total funding for this health moonshot. How Funding Is Balanced Across 10 Functions Deal CountWellnessResearchPatient Empowerment Biometric Data AcquisitionAdmin WorkflowClinical WorkflowPersonalized HealthPopulation HealthInsuranceEducation + Content Q22018$1.1B $2.2B* Deals that were not associated with a specific round are not included in this particular breakdown.*Raises without a publicly disclosed dollar amount are counted in the total number of deals, but not represented in frequency of deal size analysis.Source: StartUp Health Insights | startuphealth/insights. Note: Report based on publicly available data through 9/30/19 on seed (incl. accelerator), venture, corporate venture, and private equity funding only. Companies tracked in StartUp Health Insights may fall under multiple moonshots and therefore will be represented throughout the report. 8 StartUp Health InsightsFunding Total Access to Care Funding1005110158697249473214432019 QUICK STATSDEALS259MEDIAN DEAL SIZE $6.8MINVESTORS504MOST ACTIVE INVESTORSRanking1 Khosla Ventures1 F-Prime Capital Partners1 Tencent4 Maverick Ventures4 Pi Ventures2019 YTD8 Issue 4 StartUp Health Magazine 9 STARTUP HEALTH INSIGHTS / HEALTH MOONSHOTSCost to ZeroTop Deals 2019 YTDCompany Round Size Function01 Clover Health$500M Insurance02Collective Health $205M Insurance03Waterdrop $145M Insurance04Thrive Earlier Detection$110M Personalized Health05Hims $100M Patient Empowerment 06VillageMD $100M Population HealthDeal CountQ32019$670MQ2 2019$1.4BQ12019$1.5BQ42018$1.1BQ32018Funding Total Cost to Zero FundingDollarsRoundsInvestment Spectrum33402913629 Deals ($281.0M)8 Deals ($157.2M) 20 Deals ($308.4M)11 Deals ($190.1M)57 Deals ($594.3M)55 Deals ($647.2M)6 Deals ($153.1M)13 Deals ($197.0M)14 Deals ($1.0B) 1 Deal ($33.0M)Frequency of Deal Size*Under $1M$1M$5M$5M$10M$10M$25M$25M$50M$50M$100M$100M+19432933231249 Number of Deals By Round*SeedSeries ASeries BSeries CSeries DSeries E or laterTHE STORYThe Cost to Zero Moonshot mirrored Access to Cares 15% YoY funding increase and is another health moonshot that boasts a strong culture of innovation 59% of this moonshots deals were early-stage rou
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