Success! You're on the list.

Success! You're on the list.

German platform Patient21 raises €100M, sets record with largest healthtech funding round of 2023: What about competition?

Patient21 founders
Photo credits: Patient21

Two major challenges exist in healthcare – inconsistent data and excessive administrative tasks. These issues hinder doctors and patients from making informed decisions and reduce the time spent on patient care. German healthcare company Patient21, initially targeting dentistry, offers a solution. It consolidates the entire patient journey onto a single digital platform. By streamlining processes and centralising information, Patient21 aims to improve healthcare experiences for both doctors and patients.

Now, Patient21 has picked up €100 million in the biggest funding round raised by a European health platform so far in 2023. This funding round was led by Israel’s largest venture capital fund Pitango that backed Magenta Medical and Ctrl recently, joined by Bertelsmann Investments and Artian, and supported by existing investors Target Global, Piton Capital, PICO Venture Partners, and several high-profile angel investors, including Mario Kohle and Maria Raga. Growth debt from IPF Partners, which constitutes a small part of the funding, has been secured to complement the equity raise.

Patient21 will use the investment to drive the development of its transformative software platform and expand from Germany into further European markets.

Chris Muhr, CEO and Co-founder added: “Our technology is built to enhance, not replace, in-person care as we believe people should be at the heart of it. This relieves our doctors and medical teams from time-consuming admin and frees them up to do what they are best at: taking care of patients. At the same time we are boosting patients’ health literacy by providing them with their clinical data in a user-friendly way and allowing them to play a more proactive part in their healthcare journey.”

Rami Kalish, Managing Partner and Co-founder at Pitango said: “For too long, the healthcare industry has remained slow to adopt digital technologies, often defaulting to the use of outdated legacy systems. However, a fully digitised healthcare system would lack the vital one-to-one contact that both patients and medical professionals need. We see Patient21 as a healthcare-native tech company that is already reshaping the future of the industry and are very excited to be investing in that vision.”

Shmuel Chafets, Partner and Co-founder at Target Global commented: “There are very few businesses globally that will have a significant impact on the future of healthcare – and Patient21 is one of them. Its hybrid approach is unique and one that we are confident will set the benchmark in this sector for others to follow. Chris is an outstanding entrepreneur, an incredible visionary and someone that we have repeatedly invested in dating back to his Auto1 days. It is great to have Pitango, Artian and Bertelsmann join us on this latest round and we can’t wait to see what 2023 brings.”

Digitises traditional healthcare

Founded by serial entrepreneur Christopher Muhr, who has launched and exited several high-profile tech companies and Nicolas Hantzsch in 2019, Patient21 is touted to be one of the fastest-growing digi-physical healthtech startups in Europe.

Patient21’s proprietary software stack covers every aspect of the patient experience from online booking, digital case history, check-in, diagnosis, and treatment planning to clinical quality control. The company has also started work on AI-driven diagnostic support.

All the Patient21 software tools are designed in close cooperation with their own practitioners, making it software designed by doctors for doctors. The software stack further enables patients to set up their own healthcare assistant to track their treatment process and monitor their clinical data, empowering them to play a more active role in their own healthcare journey.

This seamless digital automation allows the company to achieve high customer satisfaction and to run its clinics more efficiently which is key in an industry defined by staff shortages. This platform supports a rapidly growing network of clinics owned by Patient21, which currently handles over 300,000 patient visits annually.

What about competition?

Some potential competitors in the European healthcare market include:

Doctolib: A leading digital healthcare platform that offers online appointment booking, telemedicine services, and medical practice management software. Paris-based platform for the healthcare industry raised €500 million in equity and debt funding, at a valuation of €5.8 billion in 2022.

Babylon Health: London-based digital healthcare platform offering virtual consultations and AI-powered symptom checking. Its biggest funding round was $550 million in 2019, followed by $35m in this month.

Ada Health: German AI-driven healthcare platform that offers symptom assessment and personalised health information. Its biggest funding round was $120 million in 2022.

DocPlanner: This one is global healthcare platform that enables patients to find and book appointments with doctors, dentists, and other healthcare professionals, while also offering practice management tools for medical providers. In January 2020, the Polish company secured $80 million in a Series E funding round led by One Peak Partners and Goldman Sachs Private Capital and an undisclosed amount in 2021 at unicorn valuation.

Kry (Livi): Swedish telehealth platform that connects patients with doctors through video consultations. Its largest funding round was $155 million in 2019.

Related Posts

Get daily funding news briefings in the tech world delivered right to your inbox.

Enter Your Email
join our newsletter. thank you