CB-Insights Healthcare-Report-Q3-2021

Q3’21 sees the birth of 1 new unicorn, bringing the global herd to 12

12 Total unicorns, 12
11

7

66 6

55 5

44 44

2 2 2 22 2

1 11111 1 1 11 1 New unicorns, 1
1

0000 00 0 0 000 0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2016 2017 2018 2019 2020 2021

State Of Healthcare | Collection Spotlights | Health IT 151

Driven by record M&A, exits in 2021 YTD have already surpassed 2020's
year-end total

M&A, 38

28 27 28
23

17 14

1 1 0 2 4 2 IPO, 3
2015 2017 1 SPAC, 2
0 0 0
2016 2018 2019 2020 2021
YTD

State Of Healthcare | Collection Spotlights | Health IT 152

In Q3'21, M&A exits decline for the first time since Q2'20

16

12

10 M&A, 10

9 9 9 2
8
7 88 33 1 IPO, 1
6 11 SPAC, 1
44 77
00
6 1 6 Q1 Q2 Q3
1
1 5 4 2021
Q1 44

33

2

11 1

0000000000000000000000
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2015 2016 2017 2018 2019 2020

State Of Healthcare | Collection Spotlights | Health IT 153

Top 10 investors in Q3'21 by company count

Company Deals Investor Group Country
5 VC United States
1 General Catalyst 2 CVC United States
2 Froedtert 2 CVC United States
2 Providence Ventures 2 CVC United States
2 UPMC Enterprises 2 Private equity China
2 New Alliance Capital 2 Asset/investment management United States
2 Goldman Sachs Asset Management 2 CVC United States
2 Google Ventures
154
State Of Healthcare | Collection Spotlights | Health IT

Top 10 investors in Q3'21 by company count

Company Deals Investor Group Country
2 CVC United States
2 MemorialCare Innovation Fund 2 CVC United States
2 Banner Health 2 CVC United States
2 HCA Healthcare 2 Asset/investment management United States
2 Tiger Global Management 2 VC United States
2 Spark Growth Ventures 2 CVC United States
2 Optum Ventures
155
State Of Healthcare | Collection Spotlights | Health IT

Mental Health/
Wellness Tech

GLOBAL: Q3 2021

156

2021 YTD funding already surpasses 2020's year-end total by 66%

$3,500M 239 Funding 300
$3,000M $1,997M $3,317M 250
$2,500M 200
$2,000M 2020 Deals
$1,500M 211
$1,000M
144 198 150
$500M $817M $1,232M
$0M 75 109 119 2018 100
$239M $495M 2019
2015 $318M 2017 50
2016
0

2021
YTD

State Of Healthcare | Collection Spotlights | Mental Health/Wellness Tech 157

Deals and funding both down QoQ in Q3'21

$1,600M $1,502M 80
$1,400M
$1,200M 66 69 76 De7a0ls
64

59 66

56 60

$1,000M 50 49 50 50
$800M 43
$600M 42 42 $869M Funding
$400M $49046M
$200M 33 27 26 33 33 34 $541M $579M
$0M $94M $91M $70M 31 26 $499M $502M 30

20 22 23 22 $418M 20
$18M $70M $63M
18 15 $324M $331M 10
$59M $92M $256M
$228M 0
$186M $158M $111M $127M $132M Q3

$63M $88M

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2015 2016 2017 2018 2019 2020 2021

State Of Healthcare | Collection Spotlights | Mental Health/Wellness Tech 158

US continues to lead in funding, seeing $0.8B in Q3’21

US Asia Europe LatAm Canada All Other Regions

$0.8B

$1.0B

$0.8B

$0.5B $0.0B
$0.3$B0.4B
$0.4B
$0.3B

$0.1B $0.2B $0.0B $0.0B $0.0B

$0.0$B0.1$B0.0$B0.0$B0.0$B0.1B $0.0$B0.0$B0.0$B0.0B $0.0$B0.0$B0.0$B0.0$B0.0$B0.0B $0.1B $0.0$B0.0$B0.0$B0.0$B0.0$B0.0B
$0.0$B0.0B $0.0$B0.0$B0.0B

Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021

State Of Healthcare | Collection Spotlights | Mental Health/Wellness Tech 159

US deal share increases in Q3'21, while Asia deal share slips

15% 6% 7% 9% 9% All Other Regions, 2%
6% 7% Canada, 3%
19% 17% 18% 8% LatAm, 2%
25% 14% 17% 12% 15% 20% 19% Europe, 21%
14% 26% 18% 19% 18% 16% 20% Asia, 14%
29% 29%
12% 20% 27% 16% US, 59%
27% 20%

9% 16% 17% 19% 10% 12% 16%
29% 11% 22% 27%
8% 21% 12%

12% 17% 17% 18%

60% 83% 87% 48% 61% 59% 64% 73% 50% 77% 45% 61% 60% 60% 68% 69% 60% 51% 52% 58% 64% 48% 61% 49% 58% 47%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015 2016 2017 2018 2019 2020 2021

State Of Healthcare | Collection Spotlights | Mental Health/Wellness Tech 160

Average deal size in 2021 so far is 64% higher than it was in 2020

$18M

$8M $11M

$7M $3M
2020
$5M

$4M $4M $2M $2M $2M
$1M 2019
$0M $1M 2021
2015 2016 YTD
2017 2018
Average Deal Median Deal 161

State Of Healthcare | Collection Spotlights | Mental Health/Wellness Tech

Early-stage deal share continues to dominate in 2021 YTD

12% 12% 8% 8% 7% 9% Other, 7%
3% 1% 6% Late-stage, 11%

7% 3% 11% 17% 10% 10% Mid-stage, 13%
6%

9% 13%

72% 79% 78% 73% 78% 69% Early-stage, 69%

2015 2016 2017 2018 2019 2020 2021
YTD

State Of Healthcare | Collection Spotlights | Mental Health/Wellness Tech 162

Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
1 SonderMind 15.9%
2 Maven Clinic $150M Series C F-Prime Capital, General Catalyst, United States 11.6%
3 Woebot Health 2021-07-28 $1.4B Partners Group, Drive Capital, 9.5%
4 Thrive Global 8.5%
5 Quit Genius Smash Ventures 6.8%

Series D Sequoia Capital, Icon Ventures, Lux 163
2021-08-17
$110M $1.0B Capital, Dragoneer Investment United States

Group, Oak HC/FT Partners

$90M Series B New Enterprise Associates, United States
2021-07-21 $208M BlackRock, Owl Ventures, Jazz

Venture Partners, Kicker Ventures

$80M Series C Institutional Venture Partners, Owl
2021-07-08 $122M Ventures, Jazz Venture Partners, United States

Goldman Sachs Asset Management

$64M Series B Octopus Ventures, Atomico, United States
2021-07-19 $225M Kinnevik, StartUp Health, Triple

Point Ventures

State Of Healthcare | Collection Spotlights | Mental Health/Wellness Tech

Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
6 Linus Health 5.8%
7 Alma $55M Series B N/A Morningside Technology Ventures United States 5.3%
8 NOCD 2021-07-06 3.5%
9 Haoxinqing 3.3%
10 Empathy $50M Series C Insight Partners, Primary Venture United States 3.2%
10 Meru Health 2021-08-31 $96M Partners, Rainfall Ventures, Sound 3.2%

Ventures, Optum Ventures 164

Series B F-Prime Capital, Health Enterprise
2021-09-21
$33M $32M Partners, Eight Roads Ventures, United States

7wire Ventures, Kaiser Permanente

$31M Series B Decheng Capital, Fosun China
2021-09-07 N/A Pharmaceutical, Bytedance, 6

Dimensions Capital, Richen Capital

$30M Series A N/A General Catalyst, Entree Capital, United States
2021-09-30 LocalGlobe, Primetime Partners

$30M Series B Industry Ventures, J.P. Morgan &
2021-09-23 $35M Co., Freestyle Capital, BOLD Capital United States

Partners, Leksell Social Ventures

State Of Healthcare | Collection Spotlights | Mental Health/Wellness Tech

Q3’21 sees 2 new unicorn births, bringing the global herd to 8

Total unicorns, 8

7

5

3 33 New unicorns, 2
2
2 22222
2

1

00000 0 Q1 Q2 Q3
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021

2019 2020

State Of Healthcare | Collection Spotlights | Mental Health/Wellness Tech 165

Driven by record-breaking M&A activity, exits in 2021 YTD have already
surpassed 2020's total

M&A, 18

15
14

8 3 3 6 0 3 SPAC, 2
2015 2019 IPO, 1
1 0 0 0
2017 2018 2020 2021
0 YTD
2016

State Of Healthcare | Collection Spotlights | Mental Health/Wellness Tech 166

M&A accounts for all exits in Q3'21

10

M&A, 8

77

5

3 33

2 22 22

1 1 1 1 1 1 1 1 11 11111

IPO, 0
SPAC, 0
000000000000000000000

Q1 Q2 Q3 Q4 Q2 Q3 Q4 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2017 2018 2019 2020 2021

State Of Healthcare | Collection Spotlights | Mental Health/Wellness Tech 167

Top 10 investors in Q3'21 by company count

Company Deals Investor Group Country
3 VC United States
1 General Catalyst 3 Angel United States
1 Gaingels 2 VC United States
3 F-Prime Capital 2 VC United States
3 Able Partners 2 VC United States
3 Owl Ventures 2 Asset/investment management Sweden
3 Leksell Social Ventures

State Of Healthcare | Collection Spotlights | Mental Health/Wellness Tech 168

Top 10 investors in Q3'21 by company count

Company Deals Investor Group Country
2 VC United States
3 Khosla Ventures 2 VC United States
3 Jazz Venture Partners 2 VC United States
3 Alumni Ventures Group 2 CVC United States
3 Optum Ventures 2 Asset/investment management United States
3 Tiger Global Management 2 VC United States
3 SOSV

State Of Healthcare | Collection Spotlights | Mental Health/Wellness Tech 169

Telehealth

GLOBAL: Q3 2021

170

2021 YTD funding has already surpassed 2020's total by 26%, despite 25%
fewer deals

$14.0B 493 655 Funding 700
$12.0B $6.0B $10.4B $13.1B 600
$10.0B 500
465 Deals 400
$8.0B $6.0B 491 300
$6.0B 200
$4.0B 354 412 450 100
$2.0B $3.4B $3.8B $3.3B

$0.0B 0

2015 2016 2017 2018 2019 2020 2021
YTD

State Of Healthcare | Collection Spotlights | Telehealth 171

Funding down 36% QoQ in Q3'21

$6,000M 179 $5,298M 200
$5,000M 173 166
$4,000M 180
$3,000M 148 154 149 174
$2,000M $4,399M De1a60ls
$1,000M 115410
112 114 117 123 132 130
124 120
106 106 107 112 $3,352M
109 107 Funding
$310,3084M
95 91 88 $2,971M
82 86 85 80

$2,230M $2,151M 60
$1,972M
40
$1,667M $1,545M $1,564M
$1,534M 20
$1,494M $1,411M $1,310M

$998M $1,141M $1,169M

$939M $918M $775M $800M $943M

$574M $543M $565M

$346M

$0M 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015 2016 2017 2018 2019 2020 2021

State Of Healthcare | Collection Spotlights | Telehealth 172

US remains the leader in telehealth funding, seeing $2.6B in Q3’21

US Asia Europe LatAm Canada All Other Regions
$2.6B

$3.6$B3.5B

$3.0B

$2.1B $0.3B
$1.5$B1.5B
$1.3B

$0.3B $0.5$B0.5$B0.$3B0.3B $0.3$B0.3$B0.1$B0.3$B0.2B $0.0B $0.0B $0.0B

$0.1$B0.1B $0.0$B0.0$B0.0$B0.0$B0.0$B0.0B $0.0$B0.0$B0.1$B0.0$B0.0$B0.2B $0.0$B0.0$B0.0$B0.0$B0.0$B0.0B

Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021

State Of Healthcare | Collection Spotlights | Telehealth 173

Asia and the US both see an increase in deal share in Q3'21

3% 8% 12% 10% 10% All Other Regions, 3%
9% 9% 20% Canada, 1%
13% 18% 15% 16% 19% 21% 19% 22% 21% 17% 17% 16% 19% 18% 14% 20% 18% 16% 21% 23% LatAm, 0%
16% 18% 24% 8% 18% 9% 20% 24% 20% 16% 16% 6% 14% 12% 15% 15% 12% 15% 15% 13% Europe, 17%
16% 22%
12% Asia, 16%
20%

73% 78% 77% 61% 53% 66% 75% 69% 58% 63% 55% 51% 50% 59% 63% 71% 59% 64% 63% 64% 55% 53% 61% 60% 55% 56% US, 62%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015 2016 2017 2018 2019 2020 2021

State Of Healthcare | Collection Spotlights | Telehealth 174

Average deal size in 2021 so far is 50% higher than it was in 2020

$30M

$17M $20M

$15M $5M
2020
$11M $11M

$9M $7M

$4M $4M 2021
YTD
$2M $2M $2M
175
2015 2016 2017 2018 2019
Average Deal Median Deal

State Of Healthcare | Collection Spotlights | Telehealth

Early-stage deal share continues to erode while late-stage share grows in
2021 YTD

10% 12% 14% 12% 10% 10% Other, 10%
11% 6% 7% 9% 8% 11% Late-stage, 13%

12% Mid-stage, 21%
13% 13% 17% 21% 21%

65% 70% 66% 63% 61% 58% Early-stage, 56%

2015 2016 2017 2018 2019 2020 2021
YTD

State Of Healthcare | Collection Spotlights | Telehealth 176

Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
1 Cityblock Health 11.8%
2 Carbon Health $400M Series D $5.7B SoftBank Group United States 10.3%
3 SonderMind 2021-09-03 4.4%
4 Maven Clinic 3.3%
5 Calibrate Lux Capital, Blackstone,
5 Tia 3.0%
$350M Series D $3.0B Brookfield Asset Management, United States 3.0%
2021-07-21 Dragoneer Investment Group,
177
Fifth Wall Ventures

$150M Series C F-Prime Capital, General United States
2021-07-28 $1.4B Catalyst, Partners Group, Drive

Capital, Smash Ventures

Sequoia Capital, Icon Ventures,

$110M Series D $1.0B Lux Capital, Oprah Winfrey, United States
2021-08-17 Dragoneer Investment Group,

Oak HC/FT Partners, Bond

Threshold Ventures, Founders

$100M Series B $8M Fund, Tiger Global Management, United States
2021-08-25 Forerunner Ventures, Optum

Ventures

$100M Series B Threshold Ventures, Lone Pine United States
2021-09-14 $12M Capital, Compound, Human

Ventures, Combine VC

State Of Healthcare | Collection Spotlights | Telehealth

Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
7 Lark Health 2.8%
8 Cricket Health $95M Series D $735M N/A United States
9 Oviva 2021-09-07 2.5%
10 Wayspring
$84M Series B Oak HC/FT Partners, Blue Shield 2.4%
2021-08-05 $261M of California, Cigna Ventures, K2 United States
2.2%
$80M Series C HealthVentures, Valtruis
2021-09-01 178
F-Prime Capital, Eight Roads
$75M Series D $96M Ventures, Sofina, MTIP, Temasek United Kingdom
2021-09-28
Holdings

HLM Venture Partners, .406
$73M Ventures, The Blue Venture Fund, United States

Centene, Oak HC/FT Partners

State Of Healthcare | Collection Spotlights | Telehealth

Q3’21 welcomes 3 new unicorns, bringing the global herd to 30

28 Total unicorns, 30

22
19
12 13 15 14 13 14 15 14 16

667666788888 77

33 4 112 43 New unicorns, 3
12
1 11

12 0 000 0000 0 0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015 2016 2017 2018 2019 2020 2021

State Of Healthcare | Collection Spotlights | Telehealth 179

2021 YTD exits have already surpassed 2020's year-end total

73 M&A, 72

16 18 27 25 47 10 IPO, 9
1 SPAC, 5
3 5 2 2 5 2020
2015 0 0 1 1 2021
2018 2019 YTD
2016 2017

State Of Healthcare | Collection Spotlights | Telehealth 180

M&A and IPO exits down QoQ in Q3'21

32

24

21 20 M&A, 20
16

15 14

12

11 10

98 8678
4
5 6
3
4 4 4 4 3 4 4 4 3 2
1 1 1 1 2 11 1
2 1 111 11 1 2 1 SPAC, 2
1 IPO, 1

00000000000000000 0000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015 2016 2017 2018 2019 2020 2021

State Of Healthcare | Collection Spotlights | Telehealth 181

Top 10 investors in Q3'21 by company count

Company Deals Investor Group Country
4 Asset/investment management United States
1 Tiger Global Management 4 VC United States
1 General Catalyst 4 VC United States
1 F-Prime Capital 3 VC United States
2 Founders Fund 3 CVC United States
2 Optum Ventures 3 VC United States
2 7wire Ventures 3 VC United Kingdom
2 Eight Roads Ventures 3 Angel United States
2 Gaingels 3 VC United States
2 Oak HC/FT Partners 3 VC United States
2 Define Ventures
182
State Of Healthcare | Collection Spotlights | Telehealth

Geographic Trends

183

US Trends

REGIONAL TRENDS: Q3 2021

184

US funding in 2021 YTD has already surpassed last year's total by 18%

$70.0B 2,624 2,516 2,809 2,942 2,979 2,885 Funding 3,500
$60.0B $23.6B $22.7B $30.6B $39.4B $37.2B $50.5B $59.4B 3,000
$50.0B 2015 2016 2017 2,500
$40.0B 2018 2019 2020 Deals
$30.0B 2,352
$20.0B
$10.0B 2,000

$0.0B 1,500

1,000

500

2021 0
YTD
185
State Of Healthcare | US Trends

US funding declines for the second straight quarter in Q3'21, albeit at a
slower pace

$25.0B 900

780 767 806 783 $21.8B Deals
776 700 809 735 808800
$19.3B
$20.0B 664 660 665 674 701 699 704 705 711 722 718 700
684 675 684
Funding
635 638 $61080.3B
608 596
500
$15.0B $13.4B $13.9B
$10.0B 400
$11.6B $11.7B
$5.0B 300
$10.0B $9.9B $10.3B $10.1B $10.0B
200
$8.8B $9.2B $8.7B
100
$8.2B $8.3B

$6.6B $6.4B $7.1B $6.7B $6.8B

$6.1B $5.8B

$4.5B $5.0B $4.8B

$0.0B 0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015 2016 2017 2018 2019 2020 2021

State Of Healthcare | US Trends 186

Early-stage deal share up to 46% in 2021 YTD

29% 31% 29% 28% 28% 30% Other, 24%
11% 12% 11% 10% Late-stage, 11%
11% 10% 14% 15% 15% 18% Mid-stage, 19%
15% 13%
46% 45% 46% 43%
46% 46% 2020 Early-stage, 46%
2017 2018 2019
2015 2016 2021
YTD

State Of Healthcare | US Trends 187

US: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
1 Laronde 2.4%
2 Olive $440M Series B Flagship Pioneering, T. Rowe Price, United States 2.2%
2 Cityblock Health 2021-08-30 $33M Invus Group, BlackRock, Fidelity 2.2%
2 XtalPi 2.2%
5 Carbon Health Investments 1.9%

State Of Healthcare | US Trends $400M Series H $4.0B Tiger Global Management, Vista Equity United States 188
2021-07-01 Partners, Base10 Partners

$400M Series D $5.7B SoftBank Group United States
2021-09-03

$400M Series D OrbiMed Advisors, Sequoia Capital United States
2021-08-11 $2.0B China, Tencent Holdings, 5Y Capital,

Houpu Capital

$350M Series D Lux Capital, Blackstone, Brookfield United States
2021-07-21 $3.0B Asset Management, Dragoneer

Investment Group, Fifth Wall Ventures

US: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
1.6%
6 Netskope $300M Series H Lightspeed Venture Partners, Sequoia United States 1.5%
2021-07-09 $7.5B Capital, Accel, Sapphire Ventures, 1.5%
1.4%
Geodesic Capital, ICONIQ Growth 1.2%
1.2%
7 Cybereason $275M Series F SoftBank Group, Neuberger Berman, United States
2021-07-14 $2.4B Irving Investors, Liberty Strategic 189

Capital

8 Sonoma $265M Series B Google Ventures, ARCH Venture United States
Biotherapeutics 2021-08-04 $51M Partners, Frazier Healthcare Partners,

Casdin Capital, Lilly Asia Ventures

9 Imperative Care $260M Series D Bain Capital, Ally Bridge Group, United States
2021-07-15 $176M Ascension Ventures, D1 Capital

Partners, AMED Ventures

10 Exo $220M Series C BlackRock, RA Capital Management, United States
2021-07-29 $594M Sands Capital, Pura Vida Investments,

Avidity Partners

10 Reify Health $220M Series C Battery Ventures, Sierra Ventures,
2021-08-10 $2.2B Adams Street Partners, ICONIQ Capital, United States

Coatue Management

State Of Healthcare | US Trends

M&A exits in 2021 YTD have already exceeded last year's total

1,035 M&A, 1,036

970 968
918

839 760

82 61 61 87 90 114 IPO, 111
2015 2 3 6 SPAC, 21
0 0 2018 2019
2016 2017 2020 2021
YTD

State Of Healthcare | US Trends 190

M&A and IPO exits are down QoQ in Q3'21, SPACs up 50%

362
349

302 M&A, 325

261 249 277 269 257 278
240 239
239 229 234 228 224 235
213
209
181

194 193 195 194
181 169

18 32 18 14 12 21 13 15 11 14 17 19 12 25 26 24 23 27 22 18 16 25 33 40 28 43 IPO, 40
2 0 01 2 6 6 6 SPAC, 9

00000000000000 000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015 2016 2017 2018 2019 2020 2021

State Of Healthcare | US Trends 191

US: Top 10 investors in Q3'21 by company count

Company Company Count Investor Group Country
27 VC United States
1 OrbiMed Advisors 25 VC United States
2 SOSV 18 Asset/investment management United States
3 RA Capital Management 16 VC United States
4 Khosla Ventures
14 CVC United States
Alexandria Venture
5 Investments 14 VC United States
5 General Catalyst 13 Private equity United States
7 Logos Capital 12 VC United States
8 Casdin Capital 12 VC United States
8 F-Prime Capital 12 CVC United States
8 Google Ventures
192
State Of Healthcare | US Trends

Canada Trends

REGIONAL TRENDS: Q3 2021

193

2021 YTD funding is already up 29% from last year's total

$1,600M 142 188 176 178 Funding 200
$1,400M $684M $788M $823M $1,031M $1,334M 180
$1,200M 2018 160
$1,000M 102 115 2017 Deals 140
$435M $465M 126 120
$800M 2015 2016 100
$600M 2021 80
$400M YTD 60
$200M 40
20
$0M 0

2019 2020

State Of Healthcare | Canada Trends 194

Canada-based startups raise $422M across 41 deals in Q3’21

$600M 70

$549M 60

58 F5u0nding
$422M
$500M 53 D4e0als
$400M 41
$300M 49 48 $405M
$200M 30
$100M 42 46 44 $375M 44 49 $363M 42
39 37 40 20
38 37 43
36 10

27 33 32 33 $252M $247M $240M
$88M 29
$207M
24 $226M $184M $228M

$184M 20 21 $180M $173M $172M $146M
22 $147M
$151M $139M

$113M

$72M $92M $75M

$62M $69M

$0M 0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015 2016 2017 2018 2019 2020 2021

State Of Healthcare | Canada Trends 195

Early-stage deal share continues to decrease while late-stage share
increases

33% 24% 30% 31% 30% 33% Other, 32%

8% Late-stage, 17%
Mid-stage, 6%
7% 4% 15% 14% 11% 13%
5% 6% Early-stage, 44%

6% 5% 7%

63%
55% 49% 50% 53% 47%

2015 2016 2017 2018 2019 2020 2021
YTD

State Of Healthcare | Canada Trends 196

Canada: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
1 Deep Genomics 42.7%
2 Virogin Biotech Khosla Ventures, True
3 Swift Medical 28.4%
4 LQT Therapeutics $180M Series C N/A Ventures, Fidelity Investments, Canada
5 Smile CDR 2021-07-28 SoftBank Group, Alexandria 8.3%

State Of Healthcare | Canada Trends Venture Investments 4.5%

$120M Series D Shenzhen Capital Group, China Canada 3.8%
2021-09-24 Life Investment Holding
N/A Company, Fortune United 197
Partners, China Capital
Management, GF Qianhe

$35M Series B Claritas Capital, Chrysalis
2021-07-12 N/A Ventures, Data Collective, BDC Canada

Capital, Pender Ventures

$19M Series A Lumira Ventures, Fonds de Canada
2021-08-10 Solidarite FTQ, Alexandria
N/A Venture Investments,
Amplitude Ventures, Amzak
Health

$16M Series A N/A UPMC Enterprises, 30 North Canada
2021-08-06 Group

Canada: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
6 Rna Diagnostics 1.9%
7 Hoshi International $8M Series B N/A iGan Partners, BDC Capital Canada 1.4%
8 Fluid Biotech 2021-09-24 1.2%
9 Pattern Pharma 0.9%
9 Kisolite $6M Series A N/A Green Acre Capital, Flora Canada 0.9%
2021-08-24 Growth
198
$5M Seed VC Amino Capital, Bluesky Canada
2021-08-11 N/A Equities, Shangbay Capital,

Alabaster, Thin Air Labs

$4M Undisclosed N/A N/A Canada
2021-09-29

$4M Undisclosed N/A N/A Canada
2021-07-05

State Of Healthcare | Canada Trends

M&A accounts for 92% of exits in 2021 YTD

93 103 M&A, 102

43 55 23 68 20
37 18 2018 2020
2017 14
10 8 2019 IPO, 9
2015 2016
2021
YTD

State Of Healthcare | Canada Trends 199

In Q3'21, M&A exits decline for the first time since Q2'19

35 35

29 30 M&A, 32
27
25
22 23 23

20 20

17 16 17

17 13 14 14 14

11 11

8 88 7
334566656635
66 1 454 44
4

4 222

0 0 IPO, 1

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015 2016 2017 2018 2019 2020 2021

State Of Healthcare | Canada Trends 200