Heal Capital
Heal Capital is a Berlin-based venture capital firm founded in 2019 that invests in technology-enabled healthcare and HealthTech companies from pre-seed to Series A across Europe. It is one of Europe's leading dedicated HealthTech funds, backed by a consortium of more than 25 German private health insurers (including Allianz, AXA and DKV) plus pharma and institutional investors, and manages over EUR 200m across two funds. The firm writes EUR 1-5m tickets into areas such as digital health applications, telemedicine, AI diagnostics, and care delivery, and was originally set up and managed with support from digital-health builders Heartbeat Labs and Flying Health.
Key facts
Recent exits
Coverage notes
2 funds tracked, 25 portfolio companies (22 active · 3 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
25 companiesFunds & portfolio
Every fund Heal Capital has raised, with its portfolio companies. Hand-checked from public filings.
Heal Capital Fund IIVC2025 · 1yr€100M7 active
Unrealized
7 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Healthcare |  Netherlands | 2026 | |
| SaaS |  Germany | 2025 | |
| SaaS | Germany | 2025 | |
| MedTech |  UK | 2026 | |
| SaaS | UK | 2025 | |
| MedTech |  Switzerland | 2025 | |
| Healthcare | Germany | 2026 |
Netherlands· Entry 2026Germany· Entry 2025Germany· Entry 2025UK· Entry 2026UK· Entry 2025Switzerland· Entry 2025Germany· Entry 2026Heal Capital Fund IVC2020 · 6yr€100M15 active · 3 realized
Unrealized
15 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Cybersecurity | Germany | 2022 | |
| HealthTech | Germany | 2023 | |
| Healthcare | Germany | 2021 | |
| MedTech | Germany | 2020 | |
| HealthTech | Germany | 2022 | |
| Healthcare | UK | 2024 | |
| MedTech | Germany | 2023 | |
| SaaS | Poland | 2020 | |
| HealthTech |  Italy | 2023 | |
| HealthTech | UK | 2024 | |
| Fintech | Germany | 2024 | |
| SaaS | Switzerland | 2022 | |
| MedTech | UK | 2021 | |
| SaaS | Germany | 2023 | |
| MedTech |  France | 2024 |
Germany· Entry 2022Germany· Entry 2023Germany· Entry 2021Germany· Entry 2020Germany· Entry 2022UK· Entry 2024Germany· Entry 2023Italy· Entry 2023UK· Entry 2024Germany· Entry 2024Switzerland· Entry 2022UK· Entry 2021Germany· Entry 2023France· Entry 2024Realized
3 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Healthcare | Germany | 2021 | 2025 | Trade Sale | – | ||
| MedTech | France | 2023 | 2026 | Trade Sale | – | ||
| TMT | Netherlands | 2020 | 2022 | Trade Sale | – |
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Investment team
Senior partners. Hand-checked from public filings and the firm's own site.
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Germany·€3.0BGet the full picture on Heal Capital.
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