Avi Medical, the Munich-based HealthTech provider of telemedicine services, has raised 50 million euros ($54.5 million) in a Series B funding round, the lead funder announced 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 experienced 8x growth in the first quarter, expects to use the cash to increase the number of its clinics to at least 100 in Germany by 2024. Today, the HealthTech operates from eight locations in the country.
In addition, Avi said it will continue to develop its technology to improve the patient and doctor 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 leveraged to reimagine the patient-doctor relationship and to build the healthcare service that we all deserve,” said Vlad Lata, Avi Medical co-founder.
In January, PYMNTS reported that COVID-19 pandemic had forced patients to seek alternatives to health services, fueling a boom in the use of tech and innovation in healthcare sector.
Read also: Global HealthTech Sector Continues to Grab Investor Interest in 2022
As a direct result, investments in global health technology startups have skyrocketed since the onset of the pandemic, increasing 280% from 2016 levels to hit $51.3 billion in 2021, according to recent data from London & Partners (LP) and Dealroom.co.
With investments starting to pour in this year, that trend is likely to continue, especially as uncertainty around the pandemic’s end continues.
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