European Telemedicine Update | H1 2022

PARIS | August 16th, 2022 — Drake Star is pleased to release the H1 2022 European Telemedicine Report, which showcases the market’s sustained momentum of growth following major sector upheavals driven by the COVID-19 pandemic.

According to the report, in H1 2022, the number of fundraisings decreased by -35% compared to H2 2021, going from 37 to 24. However, the total European disclosed fundraising amount increased by 102%, reaching €773m in H1 2022 against €382m in H2 2021.

“We continue to be optimistic regarding the European telemedicine market,” said Christophe Morvan, Managing Partner at Drake Star. “Despite current market turmoil, investment by government authorities, better understanding of the services itself, increase in the elderly population, and technological developments in medical diagnostic methods create optimal conditions that position the market to thrive long-term.”

Key transactions and funding announcements during H1 2022:

  • Lloyds Pharmacy, a subsidiary of McKesson Europe, was acquired by Aurelius through a €533m LBO
  • The GP Service was acquired by Kanabo for €12.8m
  • Snapmed was acquired by Dropin for €3.0m
  • Doctolib raised €500m of venture funding in a deal led by Eurazeo
  • Ada Health raised €105.8m of Series B venture funding in a deal led by Leaps by Bayer
  • Wellster Healthtech raised €52.5m of Series B venture funding in a deal led by Dermapharm and Claret Capital Partners.

“Right now, there is an excess and increasing supply of telemedicine resulting from heavy capital expenditures during the peak of the pandemic compared to the actual decreasing demand,” said Lawrence Giesen, Partner at Drake Star. “As a result, we anticipate market consolidation and a swing towards late-stage VC investments over the next few months as focus shifts from hyper-growth to profitability.”

Drake Star European Telemedicine Team:

Christophe Morvan, Lawrence Giesen


For further inquiries, please contact:

Christophe Morvan
Managing Partner | Drake Star | +33 1 70 08 76 10

Lawrence Giesen
Partner | Drake Star | +33 1 70 08 76 12



For further inquiries, please contact:

Christophe Morvan
Managing Partner FinTech Software/SaaS Digital Services
Lawrence Giesen
Partner Consumer & Retail Tech Digital Media



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