Healthtech companies raised $3B globally in November

Steven Loeb · December 6, 2023 · Short URL:

Healthtech, fintech, and AI all stayed strong, even as funding dipped 16% from 2022

In the US, funding to the healthtech space has been a bit of a rollercoaster this year: after investments dropped in every single quarter from the one prior in 2022, Q1 of 2023 seemed to show some promise. But then Q2 and Q3 both once again saw big drops.

Things may not be as bad as they seem, however, as the healthtech sector is still holding strong globally, even as overall funding has dropped, according to new data from Crunchbase

The healthcare and financial services sectors each raised $3 billion in November, the largest amounts of any spaces; this happened even as global venture funding overall fell 16% year-over-year, from $23 billion to $19.2 billion. That means that healthtech and fintech combined for over 31% of all funding for the month. 

Healthtech funding rounds in November included $100 million for Forward$84 million for Cytovale; and $175 million for Terremoto Biosciences.

The other big winner last month was artificial intelligence, with AI companies raising $2.4 billion; as Crunchbase notes, the biggest fundraisings were from companies in the AI infrastructure sector, with Aleph Alpha, which raised $500 million, and Together AI, which raised $102.5 million.

In terms of stage, it was the younger companies that got hit hardest in November, with early-stage funding falling 34% year-over-year, with seed funding dropping more than 15%. Late-stage funding, meanwhile, increased by around 7% in the same time period. 

All told, venture funding to U.S. companies in November reached close to $9 billion — slightly less than 50% of total global funding.

Healthtech funding in Q3

The third quarter 2023 saw the second-lowest amount of funding since the fourth quarter of 2019, aka the one right before the pandemic hit. It was also the fourth of the five past quarters to log funding in the $2 billion range, the exception being Q1 of this year.

In all, there was $8.6 billion raised across 365 deals in the first three quarters of the year, down 32% from the $12.6 billion invested at the same time in 2022, and down 20% from the 458 deals in the first three quarters of the prior year. 

2023 is now on track to see total investments of around $11.5 million, which would be down 25% from 2022, and a whopping 60% from 2021.

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