Avi Medical, the Munich-based HealthTech telemedicine service provider, has raised 50 million euros ($54.5 million) in a Series B funding round, the lead backer announced on Wednesday (April 6). .
Founded in 2020, this latest round of funding brings the German healthcare company to a valuation of 80 million euros ($87 million).
Avi Medical, which said it saw 8x growth in the first quarter, plans to use the cash to increase the number of its clinics to at least 100 in Germany by 2024. Today, the HealthTech operates from of eight sites in the country.
Additionally, Avi said it will continue to develop its technology to improve the patient and physician experience.
The round was led by Balderton Capital, the London-based venture capital firm with existing investors including Heal Capital and Addition Capital, alongside Picus Capital, Vorwerk Ventures, Eurazeo and 3VC. UiPath founder Daniel Dines and Forward Health founder Adrian Auon also participated.
“Avi Medical was born out of our belief that modern technology could be better harnessed to reinvent the patient-doctor relationship and build the healthcare service we all deserve,” said Vlad Lata, co-founder of Avi Medical.
In January, PYMNTS reported that the COVID-19 pandemic has forced patients to seek alternatives to health services, fueling a boom in the use of technology and innovation in the health sector.
Read also: Global healthtech sector continues to attract investor interest in 2022
As a direct result, investments in global health tech startups have soared since the start of the pandemic, rising 280% from 2016 levels to reach $51.3 billion in 2021, data shows. from London & Partners (LP) and Dealroom.co.
With investment starting to pour in this year, this trend is likely to continue, especially as uncertainty surrounding the end of the pandemic persists.