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NEW YORK CITY Healthcare Venture Capital Report 2019 INTRODUCTION NEW YORK CITY Healthcare Venture Capital Report 2019 INTRODUCTION Welcome to the second annual New York City Healthcare Venture Capital Report. For 2019, we have expanded the scope of our report by including insights and expertise from 15 of NYC’s leading investors and entrepreneurs, and for the first time, have added a ranking of the top 25 funded health companies and highlighted NYC’s leading healthcare investors to know. Thanks to all who contributed to this report, and a Healthcare is vital to NYC’s economy in many ways special acknowledgement to our partners at Cooley, including as a major employer. Of the largest NYC who helped gather all of the data for this report, as employers listed in Crain’s New York 2018 list, 30% well as our quarterly updates throughout the year. come from our health systems (Northwell, NYC Health and Hospitals, Mount Sinai, Montefiore, NYU Langone 2018 was a remarkable year for healthcare investing in and NewYork-Presbyterian) representing 217,000 jobs. the United States reaching an all-time high of $30+ billion across multiple sectors (PitchBook-NVCA Venture As Ellie Wheeler, partner at Greycroft, points out: “There is Monitor, December 2018). New York was no different and a vibrant and ever-expanding ecosystem here in New York experienced impressive growth – we saw $1.85 billion City, including access to pharmaceutical companies and invested across 83 healthcare companies. Like the rest big insurers, not to mention a significant percentage of of the industry, we saw larger rounds at all stages. Fortune 500 companies and other big employers that all have increasing incentives to get involved in healthcare. Importantly, we saw several critical exits. Roche’s With major universities here as well, there is a significant acquisition of Flatiron Health for $2.1 billion last February amount of talent and it is only getting better.” was a watershed moment for NYC health start-ups. Ezra Mehlman, Managing Partner of Health Enterprise The New York healthcare market continues to flourish. Partners, commented: “We may just be hitting the apex We’re excited to see what the coming year has in store moment of healthcare venture capital investing: with for NYC. fundraising levels and valuations at all-time highs, the only viable exit for many companies is an IPO or In good health, multi-billion dollar acquisitions.” While Flatiron garnered the lion’s share of attention, NYC had other important exits. Syntimmune, founded in 2013 by Dr. Laurence Blumberg, a serial biopharma entrepreneur, Bunny Ellerin and his brother Dr. Richard Blumberg, was acquired by President Alexion for $400 million. WebMD (which was acquired by New York City Health Business Leaders NYC-based IAC) also added two local healthcare properties to its platform – Vitals and Jobson Healthcare. 2 2018 BY THE NUMBERS HEALTH COMPANIES IN FUNDING 83 RECEIVED $1.85B IN 2018 3% OTHER ($58M) 31% HEALTH INSURANCE 10% ($574M) DATA ANALYTICS ($177M) FUNDING BY 26% % SECTOR BIOPHARMA 13 ($488M) PATIENT ENGAGEMENT ($232M) 17% CONSUMER HEALTH ($320M) 7% SEED/ANGEL ($129M) 27% SERIES A FUNDING BY ($508.5M) 16% VENTURE BOUND ROUND ($289M) 27% 23% LATE STAGE* SERIES B ($503.5M) ($419M) * Series C/D/Corporate 3 TOP 25 FUNDED NYC $ Raised # Company Description Sector (MM) Key Investors Health insurance company employing Health Alphabet, Founders Fund, 1 technology, design, and data to $540 Insurance CapitalG, Verily humanize healthcare. Direct-to-consumer healthcare FirstMark Capital, SignalFire, company handling everything from Consumer 2 $88 Initialized Capital, General online diagnosis to convenient Health Catalyst delivery of medication. Lux Capital, The Column Group, Biotechnology company developing a Polaris Partners, Euclidean 3 BioPharma $87 platform to harness the gut-brain axis. Capital, Two Sigma Ventures, Alexandria Ventures, Bill Gates Biotechnology company developing disease-modifying gene therapies 4 BioPharma $75 Orbimed for Parkinson’s disease and other neurodegenerative disorders. Biotechnology company developing Versant Ventures, Forbion, S.R. 5 a novel drug class targeting BioPharma $54 One, Alexandria Ventures RNA-modifying proteins. Technology company rebuilding the pharmacy industry that enables Consumer Thrive Capital, Brook Capital 6 $50 customized outcomes for doctors, Health Partners hospitals, insurers, and manufacturers. Biotechnology company commercializing pharmaceuticals 6 BioPharma $50 C-Bridge Capital for patients in Emerging Markets including Asia Pacific. Biotechnology company pursuing Versant Ventures, Polaris 8 next-generation immuno-oncology BioPharma $48 Partners, LS Polaris Innovation research and drug development. Fund Medical technology company applying 9 artificial intelligence to improve clinical Data Analytics $40 GV, DFJ, Zach Weinberg diagnostics. Real-world data and analytics company using proprietary IQVIA, EW Healthcare Partners, 9 Data Analytics $40 methodology to enable precision Memorial Sloan Kettering medicine at scale. Healthcare technology company F-Prime, Polaris Partners, Oak Patient 9 improving behavioral health delivery $40 HC/FT, GV, Deerfield Engagement for patients, providers, and payers. Management Novo Holdings A/S, Sofinnova Discovery platform revolutionizing Partners, Lepu Medical, 9 cancer treatment through first-in-class BioPharma $40 Alexandria Ventures, therapeutics. Partnership Fund NYC 4 HEALTH COMPANIES IN 2018 $ Raised # Company Description Sector (MM) Key Investors AI-powered health application for Consumer 14W, Comcast Ventures, 13 consumer health education and $37.5 Health Mangrove Capital Partners linkage to primary care. Healthcare technology company that New Enterprise Associates, Flare delivers real-world evidence for life 14 Data Analytics $36.4 Capital Partners, Lakestar, Town sciences companies, payers, and Hall Ventures providers. Patient payment and engagement Kinnevik, Founders Fund, Thrive Patient 15 platform for hospitals, health systems $36 Capital, Lakestar, Sound Engagement and medical groups. Ventures New type of health plan aligning Bain Capital Ventures, F-Prime, employers, employees, and Health 16 $34 Maverick Ventures, Bessemer, providers to ahieve cost-effective, Insurance Ingleside Investor high-quality care. Biotechnology company treating Abbvie Ventures, Alexandria neurodegeneration and neuronal 17 BioPharma $31 Ventures , ARCH, Pfizer injuries through development of Ventures novel therapeutics. Goldman Sachs Investment Subscription-based personalized Consumer Partners, Goodwater Capital, 18 $29 vitamin packs. Health Juxtapose, RRE Ventures, Tusk Ventures Sequoia, Oak HC/FT, Spring Virtual clinic dedicated to women’s Consumer 19 $27 Mountain Capital, 14W, Female and family health. Health Founders Fund Healthcare technology company transforming cancer diagnosis, 20 Data Analytics $25 Breyer Capital treatment and prevention through cutting-edge AI. Episode-based digital care delivery Patient 21 $21 Insight Venture Partners and remote patient monitoring. Engagement Designing personalized health system Maverick Ventures, Thrive for qualifying Medicaid and Medicare Patient 22 $20.8 Capital, Sidewalk Labs, Oxeon, beneficiaries living in underserved city Engagement Town Hall Ventures neighborhoods. Behavioral healthcare company in Behavioral 23 $20 F-Prime Capital Partners psychiatric hospital space. Health Diabetes management platform Patient 24 that harnesses the power of mobile $17.4 Innova Capital Partners, FJ Labs Engagement computing and data science. Healthcare technology company developing and commercializing Digital 25 $17 Sanofi Ventures software as prescription medical Therapeutics treatments. & WITH NYC’S TOP QAMOVERS & SHAKERS Todd Pietri | Managing Partner, Aran Ron | Partner, FundRx Activate Venture Partners The city has developed an ecosystem of individuals New York has robust technology and healthcare who are really interested in early-stage companies. sectors. What makes New York different is that you As a result, New York is attracting a lot of young, have the life sciences and pharmaceutical corridor, high-energy, smart people with great ideas who which is a big plus and difficult to replicate. There want to start early-stage companies. New York City are multiple generations of good companies that has become the ideal environment and may even have grown up here. be better than, or at least rival, Silicon Valley. Ellie Wheeler Q: What are the benefits of Partner, Greycroft Our firm is in both New being an investor in NYC? York and Los Angeles, and to date, our healthcare investing has been led out of the New York office. It is not just out of interest of our investing partners, but Drew Schiff | Managing Partner, Aisling Capital because New York is For life science ventures, NYC provides access to and consultation with not where we are seeing the only an expert but potentially many experts that are only a subway ride away. companies located and From NewYork–Presbyterian, Rockefeller and Memorial Sloan Kettering up where we are seeing the to Montefiore/Einstein back through Columbia and Mt. Sinai and then down most opportunity. to NYU and out to Brooklyn, there are clinicians and researchers that can provide relevant and important perspective and advice. Ezra Mehlman | General Partner, Health Enterprise Partners NYC has many of the essential building blocks for a vibrant healthcare venture system. The presence of: several large health systems with well-resourced investment and innovation programs; a deep pool of intellectual talent emerging
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