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NYC Healthcare Venture Capital Report

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2020 New York City Healthcare Venture Capital Report INTRODUCTION Welcome to the third annual New York City Healthcare Venture Capital Report. 2019 marked the ten-year anniversary of NYC Health We also explore key trends that are driving investment, Business Leaders (NYCHBL), during which we have seen interest and excitement including: a decade of incredible growth for NYC health start-ups. When Dr. Yin Ho and I co-founded NYCHBL in 2009, • LIFE SCIENCES. A decade ago, it was hard to name our goal was to build an organization that would help any biotechs calling NYC home. Today it’s a vastly connect people passionate about healthcare, because different story as you’ll learn from our dedicated section we believed that NYC should be at the center of on the sector’s growth. (See pages 16-19) healthcare innovation given our many assets. Ten years, • DIGITAL THERAPEUTICS. An emerging area that 55 events and 250 speakers later, New York City has in marries therapeutics with technology to drive better fact become the epicenter of tech-driven healthcare. It’s patient outcomes, digital therapeutics (DTx) are gaining rewarding that we’ve been able to play a part in the traction. As we hear from leaders in this exciting growth story. space, DTx are poised to change clinical practice The 2020 report reflects your overwhelming response, and alter the way healthcare is delivered in the future. inspiring feedback and thoughtful commentary to last (See pages 12-13) year’s report. There are more expert insights, observations • INVESTOR LANDSCAPE. Interest in investing and interviews from leading entrepreneurs, investors and in health has gone far beyond the names we have advisors. We added data and content around growth traditionally seen. While pulling together the most areas like digital health, life sciences, digital therapeutics active investors in NYC health, we discovered many and behavioral health. Importantly, in 2020 we saw consumer and tech-focused firms on the list. The 40% growth in both the number of companies thesis is that consumers will drive change and that financed and dollars invested. And for the first time, is borne out by the financing. (See pages 14-15) we are pleased to present the NYC Digital Health 100 – our list of the 100 most promising NYC start-ups. Thank you to all who contributed to this report, and a special acknowledgment to Sanofi, our inaugural sponsor, and to Cooley for their data analysis and ongoing support. As we look ahead to 2020 and beyond, we look forward BUNNY ELLERIN to continued growth, innovation and transformation in President, healthcare in NYC. NYC Health Business Leaders 2 EXPERT INSIGHTS Many Thanks to Our Contributors For our 2020 report, we have assembled an array of esteemed contributors who comprise the who’s who in the NYC healthcare ecosystem — the top entrepreneurs, investors and thought leaders. Sundeep Bhan | Co-Founder & CEO Steve Kraus | Partner PROGNOS BESSEMER VENTURE PARTNERS Nancy Brown | General Partner Ofer Leidner | Co-Founder & President OAK HC/FT HAPPIFY HEALTH Brenton Fargnoli, MD | Partner Hua Lin, PhD | Chief Scientific Officer & ALLEYCORP Co-Founder FORKHEAD BIOTHERAPEUTICS James E. Flynn | Managing Partner DEERFIELD MANAGEMENT Michael Meng | CEO STELLAR HEALTH Jenna Foger | Senior Vice President Science & Technology Emily Minkow | Chief Business Officer ALEXANDRIA VENTURE INVESTMENTS PREVAIL THERAPEUTICS Ron Goldman | Co-Founder Patrick Pilch | Senior Managing Director & KOGNITO National Healthcare Practice Leader BDO Wendy Goldstein | Partner COOLEY Trevor Price | CEO, OXEON HOLDINGS General Partner, TOWN HALL VENTURES Orin Herskowitz | Executive Director COLUMBIA TECHNOLOGY VENTURES Raju Rishi | General Partner RRE VENTURES Trip Hofer | CEO ABLETO Carlo Rizzuto, PhD | Partner VERSANT VENTURES Walter Jin | Chairman & CEO PAGER Brad Svrluga | Co-Founder & General Partner PRIMARY VENTURE PARTNERS Bozidar Jovicevic MD, MBA VP | Global Head of Digital Therapeutics Nina Tandon, PhD | CEO & Co-Founder SANOFI EPIBONE Taylor Justice | Co-Founder & President Chris Wasden | Head of HappifyDTx UNITE US HAPPIFY HEALTH Eric Kinariwala | Founder & CEO Rod Wong, MD | Chief Investment Officer & CAPSULE Managing Partner RTW INVESTMENTS David Benshoof Klein | Co-Founder & CEO CLICK THERAPEUTICS 3 2019 BY THE NUMBERS HEALTH IN FUNDING COMPANIES IN 2019 117 RECEIVED $2.6B FUNDING BY STAGE FUNDING BY SECTOR 5% Seed/Angel % 42 % 30% Life Sciences 6 % Delivery/ Late stage VC 34 Providers Series A 6% % Diagnostics 23% 46 & Devices Series B Digital/ 8% Tech-enabled Other Early stage VC EXITS IPOS Company Acquired by Deal Amount Dassault $5.7 Billion Systèmes Veeva $550 Million Systems $520 Million Lantheus (estimated) YEAR OVER YEAR 2019 2018 Change # Companies Financed 117 83 41% Overall Investment $2.6 Billion $1.85 Billion 41% 4 DIGITAL HEALTH ECOSYSTEM New York State of Mind Over the past ten years, since the inception of NYCHBL, we have seen a dramatic increase in the number of digital health businesses in NYC. Companies like WebMD, Medidata, Crossix, and EverydayHealth NANCY BROWN paved the way for a new generation of startups, General Partner, creating a fertile breeding ground for innovation Oak HC/FT and transformation of the digital health space. Here’s why leading investors and entrepreneurs are bullish THE NUMBER OF TECH-ENABLED on New York’s growth. and digital healthcare companies has exploded. Five years ago, we had just one company in NYC. Now we have at least 6-7 teams with a presence: Galileo, Maven, Quartet, Unite Us to name a few. RAJU RISHI General Partner, RRE Ventures THE ECOSYSTEM HAS EVOLVED SIGNIFICANTLY OVER THE LAST SUNDEEP BHAN DECADE. I started a company in Co-Founder & CEO, 2000 and at that time, Boston and Prognos California were the hubs of startup innovation and VC. Today, NYC is faster I’VE BEEN PART OF THE growing than any other city and we have NYC DIGITAL HEALTH the technical talent to sustain it. ECOSYSTEM for more than 20 years. Prognos is my third company. What’s different today besides the sheer number of start-ups is that larger healthcare companies are more collaborative BRAD SVRLUGA and open to having a dialogue Co-Founder & General Partner, with innovators. Primary Venture Partners BEING IN NYC AND BEING FOCUSED ON NYC makes our lives related to deal flow a lot easier, and it makes us as investors more impactful since we’re not chasing deals in the Bay Area, Austin, Chicago, or anywhere else. Our ability to support entrepreneurs with resources that are generally not more than 20–30 minutes away is a key differentiator. 5 TOP 25 Digital Health Investments in 2019 No. Company Description Funding (MM) Stage Select Investors Rebuilding the pharmacy industry, TCV, Glade Brook Capital, M13, enabling customized outcomes for Late 1 $200 Thrive Capital, University Growth doctors, hospitals, insurers, and stage VC Fund, Oxeon Ventures manufacturers. FirstMark Capital, PROOF Fund, Direct-to-consumer telehealth company Early 2 $85 Evolution VC Partners, TQ Ventures, with brands Roman, Rory and Zero. stage VC Sand Hill Angels, J Ventures Centene, GV, Echo Health Ventures, Improves behavioral health delivery Late 3 $67.5 Polaris Partners, Oak HC/FT, Deerfield for patients, providers, and payers. stage VC Management, F-Prime Capital Provides personalized primary care, Redpoint Ventures, Emblem Health, Early 4 behavioral health care, and social services $65 Thrive Capital, Oxeon Ventures, Town stage VC for underserved urban populations. Hall Ventures, Maverick Ventures Greycroft Partners, Bracket Capital, Provides teeth alignment technology Early 5 $63.4 Bessemer Venture Partners, Riverpark designed to be hassle-free. stage VC Ventures, Fantail Ventures Sequoia, Samsung Venture Direct-to-consumer weight loss and Late Investment, TransLink Capital, 6 $58 exercise tracking mobile applications. stage VC Aglae Ventures, Primary Venture Partners, RRE Ventures Revolution Group, Top Tier Capital Offers affordable and confidential Late Partners, Nomura Capital Partners, 7 online therapy with network of $50 stage VC Spark Capital, Compound, Norwest licensed therapists. Venture Partners Transforming cancer diagnosis, treatment Early Breyer Capital, HealthCare Ventures, 8 $45 and prevention through cutting-edge AI. stage VC Kenan Turnacioglu Harnesses mobile computing and data Early Bayer, Innova Capital Partners, 9 science to transform the lives of people $40 stage VC FJ Labs, RRE Ventures with diabetes. Provides care coordination platform Oak HC/FT, Scout Ventures, Town Hall Early 10 bringing together healthcare and $35 Ventures, Omidyar Network, New York stage VC social services. Ventures, Blossom Street Ventures Polaris Partners, First Round Full-service marketplace for Late Capital, RRE Ventures, 406 11 $34 healthcare jobs. stage VC Ventures, Icon Ventures, Silicon Valley Bank, AlleyCorp 6 EARLY STAGE: Seed/Angel, Series A, Series B LATE STAGE: Series C and beyond No. Company Description Funding (MM) Stage Select Investors Connects patients and consumers Late Ascent Biomedical Ventures, 12 to leading wellness professionals and $31.8 stage VC Northwell Ventures remote monitoring. 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