CB-Insights Healthcare-Report-Q3-2021

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

Company Company Count Investor Group Country
2 CVC Canada
1 Desjardins Capital 2 CVC Canada
1 TELUS Ventures 2 VC Canada
1 BDC Capital 2 VC Canada
1 Amplitude Ventures 1 CVC Canada
5 MCI Onehealth 1 Asset/investment management Canada
5 Brookfield Asset Management 1 Private equity Canada
5 TD Capital 1 VC Canada
5 iGan Partners 1 VC Canada
5 Vistara Growth 1 Asset/investment management Canada
5 TGIC2 1 Private equity Canada
5 Penfund 1 Private equity Canada
5 Persistence Capital Partners
201
State Of Healthcare | Canada Trends

Asia Trends

REGIONAL TRENDS: Q3 2021

202

Deals and dollars in 2021 YTD have already topped 2020's totals

$25.0B Funding De1a,8ls00
$22.6B 1,680
$20.0B 665 1,008 1,158 1,572 1,455 1,529
$15.0B $5.6B $7.1B $8.2B $15.9B $12.6B $20.1B 2021 1,600
$10.0B 2017 YTD
2018 2019 2020 1,400
$5.0B
1,200
$0.0B
1,000

800

600

400

200

0

2015 2016

State Of Healthcare | Asia Trends 203

Deals and dollars reach all-time highs in Q3'21

$10.0B 800

$9.0B $7.9B $7.3B Deals
$8.0B 770030
Funding
$7.0B $6.8B 6$080.6B

$6.3B 500

$6.0B $5.7B 460 400
$5.0B
$4.0B 438 $5.2B 413 490 300
$3.0B 422 365 380 346
347 355 $4.6B 479 200
305 323 311 $3.7B 341
100
239 254 276 374 296
$3.4B
248
$3.0B
193 210 $2.8B
$2.3B

152 158 162 $2.0B $1.9B $2.0B $2.2B $2.0B $2.1B $2.2B
$1.5B $1.0B $1.6B
$2.0B $1.6B $1.8B
$1.0B
$1.2B $1.2B

$.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 | Asia Trends 204

Early-stage deal share up to 58% in 2021 YTD after dipping in 2020

6% 4% 6% 6% 5% 7% Other, 5%
17% 14% 15% 13% 14% 15% Late-stage, 13%

13% Mid-stage, 24%
14% 16% 18% 20%

25%

69% Early-stage, 58%
63% 62% 63% 61%

52%

2015 2016 2017 2018 2019 2020 2021
YTD

State Of Healthcare | Asia Trends 205

Asia: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total Funding
Date 8.2%
3.6%
1 Abogen $700M Series C Qiming Venture Partners, Lilly China 3.6%
2021-08-20 N/A Asia Ventures, Boyu Capital, 2.7%
2.6%
Yunfeng Capital, Invesco
206
2 Zhiyuan Zhongan $310M Corporate Minority N/A ZhongAn Insurance China
2021-09-16

Lilly Asia Ventures, Sinovation

3 MediTrust Health $308M Series C N/A Ventures, Boyu Capital, China
2021-08-10 Huasheng Capital, Marathon China

Venture Partners

OrbiMed Advisors, SpringHill

4 Miaoshou Doctor $232M Series F $1.0B Management, Sequoia Capital
2021-08-03 China, UOB Venture

Management, B Capital Group

5 Lenskart $220M Series H Chiratae Ventures, Temasek, India
2021-07-19 $2.5B Bay Capital, Falcon Edge

Capital

State Of Healthcare | Asia Trends

Asia: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total Funding
Date 2.3%
2.3%
6 OrbusNeich $200M Series A Shenzhen Capital Group, CCB Hong Kong 1.8%
2021-08-30 N/A International, Galaxy Capital, 1.7%
1.4%
Wanhui Capital

6 Digit Insurance $200M Series E $3.5B Sequoia Capital India, Faering India
2021-07-02 Capital, IIFL AMC

8 Meiwei Dental $155M Series B $437M Fortune Capital, New Hope China
2021-07-15 Group, TFTR Investment

9 JOINN Biologics $150M Series B Green Pine Capital Partners, China
2021-08-06 N/A Hongtai Capital Holdings,

Huagai Capital, YINGKE PE

10 Gene+ Technology Series C GGV Capital, CCB International,
2021-07-22
$116M $283M Fortune Capital, Baidu China

Ventures, Alibaba Health

State Of Healthcare | Asia Trends 207

Driven by an uptick in M&A activity, 2021 YTD exits have already exceeded
last year's total

136 M&A, 133

117 114
101

88 80 84 IPO, 78
72 70

67 54
66

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

State Of Healthcare | Asia Trends 208

M&A exits reach record high in Q3’21

50 M&A, 51

44
40 41

31 31 31 31 33 38

28 23 25 25 30 25 24 25 23 IPO, 30
26 22 21
23 22 33 20 31
20 21 20 19

18 23 16
15 19 21 14
15 19 15 13 13 13
11 11 11
15 9 13
Q1
10

1 1 1 SPAC, 0

0000000000000000 0 00000 Q3
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 | Asia Trends 209

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

Company Company Count Investor Group Country
27 VC China
1 Sequoia Capital China 21 VC China
2 bioVENTURE 17 CVC China
3 Lilly Asia Ventures 17 VC China
3 Qiming Venture Partners 13 VC China
5 Sherpa Venture Capital 13 VC China
5 BioTrack Capital 12 Asset/investment management China
7 Hillhouse Capital Management 12 VC China
7 Legend Capital 11 VC China
9 5Y Capital 11 VC China
9 TF Capital 11 VC China
9 Matrix Partners China
210
State Of Healthcare | Asia Trends

Europe Trends

REGIONAL TRENDS: Q3 2021

211

2021 YTD funding blows past last year's total

$14.0B 870 876 975 1,084 Funding 1,200
$12.0B $4.9B $6.0B $8.3B $8.5B $13.1B 1,000
$10.0B 2017 800
2018 2019 2020 Deals
$8.0B 902
$6.0B
$4.0B 528 684 600
$2.0B $3.6B $3.6B
$0.0B 2016 400
2015
200

2021 0
YTD
212
State Of Healthcare | Europe Trends

Deals and dollars fall sharply QoQ in Q3'21

$7,000M $6,615M 400
$6,000M 346
$5,000M 350
$4,000M 241 268 300
243 285 276 269 300
252 254
D2e5a26l5s0
207 208 204 217 226 214 221 215 212 $3,663M
200
$3,000M 163 170 $2,938M
$2,000M F1u50nding
$1,000M 145 138 137 144 $2,350M $2,439M $2,812M

108 $2,029M $2,050M $2,187M 100

$1,520M $1,703M $1,570M$1,441M$1,737M$1,549M $1,501M 50

$1,082M $1,211M $1,273M $1,269M

$1,005M $731M $866M
$734M $655M
$468M $580M

$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 | Europe Trends 213

Early-stage deal share flat at 66% in 2021 YTD Other, 10%
Late-stage, 11%
11% 14% 13% 14% 10% 12% Mid-stage, 12%
13% 11% 12% 14% 14% 10%
12% 8% 8% 9% 9% 12% Early-stage, 66%

64% 66% 67% 64% 67% 66%

2015 2016 2017 2018 2019 2020 2021
YTD

State Of Healthcare | Europe Trends 214

Europe: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
1 Artios Pharma 5.4%
2 T-Knife $153M Series C Novartis Venture Funds, SV United Kingdom
3 Beckley Psytech 2021-07-27 Health Investors, Pfizer Venture 3.9%
3 Oviva $256M Investments, Life Sciences 2.8%
3 Amolyt Pharma Partners, Omega Fund 2.8%
Management 2.8%

Versant Ventures, Life Sciences 215

$110M Series B N/A Partners, RA Capital Management, Germany
2021-08-02 Casdin Capital, Sixty Degree

Capital

$80M Series B Delphi Ventures, Adage Capital United Kingdom
2021-08-16 N/A Management, Prime Movers Lab,

Palo Santo, Integrated

$80M Series C F-Prime Capital, Eight Roads United Kingdom
2021-09-01 $96M Ventures, Sofina, MTIP, Temasek

Holdings

OrbiMed Advisors, Life Sciences

$80M Series B N/A Partners, Andera Partners, France
2021-09-16 Sectoral Asset Management,

Mass General Brigham Ventures

State Of Healthcare | Europe Trends

Europe: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
Cardior 2.7%
6 Pharmaceuticals High-Tech Grunderfonds, 2.7%
2.6%
$76M Series B $59M Sunstone Capital, Life Sciences Germany 2.4%
2021-08-25 Partners, Bristol-Myers Squibb, France 2.2%
Denmark
INKEF Capital 216

7 TreeFrog Therapeutics $75M Series B XAnge Private Equity, Bristol-
2021-09-13 $36M Myers Squibb, Leonard Green &

Partners, Bpifrance

Novo Holdings, Life Sciences

8 Muna Therapeutics $73M Series A N/A Partners, Polaris Partners,
2021-07-09 Sofinnova Partners, Sanofi

Ventures

9 Touchlight Genetics $67M Private equity N/A Novator Partners, Bridford United Kingdom
2021-09-15 Investments

10 Leapwork $62M Series B $312M DN Capital, KKR, Salesforce Denmark
2021-08-25 Ventures, Headline

State Of Healthcare | Europe Trends

M&A, IPO, and SPAC exits up in 2021 YTD

417 M&A, 448
390
365

271
245 229

46 37 58 38 24 32 IPO, 44
2015 1 SPAC, 2
0 0 0 0 2020
2016 2017 2018 2019 2021
YTD

State Of Healthcare | Europe Trends 217

M&A exits decline for second straight quarter in Q3'21

166

141 143

M&A, 139

111 107 107 105 103

87 91 90
83

74 69 62 62 64 76 69
58
52 82
46
62 51 65

21 16 12 15 17

12 11 11 12 10 8 8 11 13 12 12 8 5 9 9 6 5 6 11 1 IPO, 12
Q1 1 0 0 SPAC, 1
4 3 Q4 Q1
Q2 Q3
000000000000000000000

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 | Europe Trends 218

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

Company Company Count Investor Group Country
10 VC United Kingdom
1 Eight Roads Ventures 8 VC Netherlands
2 Life Sciences Partners 7 Asset/investment management United Kingdom
3 Janus Henderson Investors 5 CVC Netherlands
4 Philips 5 VC Germany
4 Global Founders Capital 5 VC France
4 Sofinnova Partners 4 VC United Kingdom
7 Oxford Sciences Innovation 4 VC United Kingdom
7 LocalGlobe 4 CVC Switzerland
7 Novartis 4 Private equity France
7 Andera Partners 4 VC United Kingdom
7 Medicxi Ventures
219
State Of Healthcare | Europe Trends

LatAm Trends

REGIONAL TRENDS: Q3 2021

220

2021 YTD funding has already exceeded last year's 12-month total by 177%

$700M 50 $642M 62 Deals 70
$600M 58 65 60
$500M $83M $179M 50
$400M 2018 2019 2020 Funding
$300M $496M
$200M
$100M $349M 39 40
23
$0M $68M 30
2015 2017
19 20
$146M
10
2016
0

2021
YTD

State Of Healthcare | LatAm Trends 221

LatAm startups raise $85M across 25 deals in Q3'21

$600M $528M 30
$500M
27

Deals
2525

$400M 17 17 16 17 $276M 20
$300M 16 16 13 15
$200M $301M 15 15 10
$100M 13 15
14
$0M 11

9

77 7 $109M 67 $135M

5 85 5
4
Funding
2 2 $54M $50M $66M $55M $85M
$0M $0M $23M $24M $34M
$14M $14M $20M $36M $23M $31M $32M $26M

$2M $11M $2M $11M

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 | LatAm Trends 222

Early-stage deal share continues to dominate in 2021 YTD

9% 6% 10% Other, 9%
17% Late-stage, 8%
16% 15% Mid-stage, 9%

17% 8% 24% 10% Early-stage, 74%

0% 16% 5% 21% 11%

11% 10%
2%

74% 72% 69%

58% 60% 60%

2015 2016 2017 2018 2019 2020 2021
YTD

State Of Healthcare | LatAm Trends 223

LatAm: Top 10 equity deals in Q3'21

Company Round Amount Round Select Investors Country % of Total Funding
Date 23.5%
1 Osana 23.5%
1 Pipo Saude $20M Series A General Catalyst, FJ Labs, Afore Argentina
3 Salux 2021-08-31 Capital, Quiet Capital, Addition 1. 11.8%
4 Moons
5 Terraflos $20M Series A Monashees+, Thrive Capital, Kaszek Brazil
2021-07-28 Ventures, Florian Otto, ONEVC

$10M Undisclosed SBPar Brazil
2021-08-05

$9M Seed VC Dila Capital Mexico 10.6%
2021-07-07 9.4%

$8M Seed VC MPE Partners, Yaax Capital, FLA Virgin Islands (British) 224
2021-08-27 Ventures, Glassford Investment

State Of Healthcare | LatAm Trends

LatAm: Top 10 equity deals in Q3'21

Company Round Amount Round Select Investors Country % of Total Funding
Date 8.2%
6 Nexodata 4.7%
7 MDHealth $7M Series A Fir Capital, Mercado Libre Fund, Brazil 3.5%
8 Axenya 2021-07-08 Hospital Israelita Albert Einstein, 3.2%
9 Examedi Floating Point, IKJ Capital 1.2%
10 Huli
$4M Angel Thomas de Almeida Brazil 225
2021-09-27

$3M Seed VC Big Bets, Alexia Ventures, Igah Uruguay
2021-07-30 Ventures

$3M Seed VC Goodwater Capital, 8VC, Quiet Chile
2021-09-17 Capital

$1M Seed VC Carao Ventures Costa Rica
2021-07-13

State Of Healthcare | LatAm Trends

M&A accounts for 96% of exits in 2021 YTD

81 66 71 M&A, 51

17 20 41 5 1 1 IPO, 1
0 0 0 SPAC, 1
1 1 4
2015 0 0 2018 2019 2020 2021
YTD
2016 2017

State Of Healthcare | LatAm Trends 226

M&A exits increase for second straight quarter in Q3'21

35

29
27

19 18 18 19 M&A, 20

14

13 13

11 11 13
11 12
989 10

4 4 5 4 4 43 2 1211 1 1 1 SPAC, 1
1 11 IPO, 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 | LatAm Trends 227

LatAm: Top investors in Q3'21 by company count

Company Company Count Investor Group Country
2 VC Cayman Islands
1 Argonautic Ventures 2 Private equity Brazil
1 DNA Capital 2 Asset/investment management Cayman Islands
1 Panacea Venture 1 VC Costa Rica
4 Carao Ventures 1 VC Argentina
4 Kaszek Ventures 1 VC Brazil
4 Monashees+ 1 Asset/investment management Brazil
4 Base Partners
228
State Of Healthcare | LatAm Trends

Report Methodology Equity fundings to joint ventures and spinoffs/spinouts are What is excluded:
included, given that they meet the VC-backed criteria
If you have questions about the definitions or methodological No contingent funding. If a company receives a commitment for
principles used, or if you feel that your firm has been Unicorn data includes private companies valued at $1B or more $20M subject to hitting certain milestones but first gets $8M,
underrepresented, please reach out to [email protected]. in the private markets globally, per the same 4 sources listed only the $8M is included in our data.
above and relied on for funding events, which include valuations
What is included: disclosed in credible media sources. The list is maintained No business development/R&D arrangements, whether
publicly and updated in real time at transferable into equity now, later, or never. If a company signs a
Equity financings into private companies. Fundings must be to https://www.cbinsights.com/research-unicorn-companies. $300M R&D partnership with a larger corporation, this is not
VC-backed companies, which are defined as companies that equity financing nor is it from venture capital firms. As a result, it
have received funding at any point from: venture capital firms, Geography notes: Israel funding figures are classified in Asia; is not included.
corporate venture arms, growth equity, or super angel investors. Caribbean region figures included in Latin America, or “LatAm”;
The exception is companies that are in the Healthcare or Funding to Australia and Africa is included in global figures but No buyouts, consolidations, or recapitalizations. All three of
Technology sectors as defined by CB Insights, and for those not spotlighted in this report. these transaction types are commonly employed by private
companies, equity financings from Private Equity and other equity firms and are tracked by CB Insights. However, they are
investment firms are included even if those companies are not Rounds to private companies that may be majority- or minority- excluded for the purposes of this report.
backed by investors meeting the definition of VC. Technology owned subsidiaries of other private companies.
and Healthcare sectors include but are not limited to the No private placements. These investments, also known as PIPEs
following industries from the proprietary CB Insights taxonomy: Valuation data includes estimates to calibrate median and (Private Investment in Public Equities), are not included even if
Internet Software, Computer Hardware, Drug Discovery, Drug average valuations based on current and previous quarter made by a venture capital firm.
Manufacturing, Medical Devices & Equipment. disclosed valuations gathered from the aforementioned four
sources. The estimating method will control for the over- No debt/loans of any kind (except convertible notes). Venture
Fundings of private companies only. Funding rounds raised by sampling of large rounds that are reported quickly versus a debt or any kind of debt/loan issued to emerging, startup
public companies of any kind on any exchange (including Pink comparative lag in valuations obtained from other sources. companies, even if included as an additional part of an equity
Sheets) are excluded from our numbers, even if they received financing, is not included. If a company receives $3M with $2M
investment from a venture firm. Exits include IPO, SPACs, M&A and other liquidity events; only from venture investors and $1M in debt, only the $2M is included
first exits are counted. in these statistics.
Only includes the investment made in the quarter for tranched
investments. If a company does a second closing of its Series B Headquarters are determined by publicly available sources No non-equity government funding. Grants or loans by the
round for $5M and previously had closed $2M in a prior quarter, including company-owned websites and profiles, legal filings, federal government, state agencies, or public-private
only the $5M is reflected. and press releases. partnerships to emerging, startup companies are not included.

Round numbers reflect what has closed, not what is intended. If All figures in the report are in USD. No fundings to subsidiaries of a larger parent corporation unless
a company indicates the closing of $5M out of a desired raise of that subsidiary is a private entity and meets other criteria for
$15M, our numbers reflect only the amount which has closed. US financing trends follow the combined statistical area (CSA) inclusion.
methodology. Silicon Valley refers to the San Jose-San
Only verifiable fundings are included. Fundings are verified via Francisco-Oakland CSA. Accelerators, incubators, business-plan competitions, economic-
(1) various federal and state regulatory filings; (2) direct development entities are excluded from rankings of most active
confirmation with firm or investor; (3) press release; or (4) investors, even if making equity financings.
credible media sources.
Rankings for top investors are calculated according to “company
count,” or the number of unique companies an investor funds in
a quarter, and so excludes follow on deals.

229