German healthcare company Patient21 has raised €100 million in Series C funding to further develop its software platform and expand from Germany into further European markets.
The health tech is a hybrid model that combines its software with a network of owned and operated physical clinics in Germany, enabling end-to-end control of the patient journey.
The round was led by new investor Pitango, joined by Bertelsmann Investments and Artian and supported by existing investors Target Global, Piton Capital, PICO Venture Partners and angel investors, including Mario Kohle and Maria Raga.
Growth debt from IPF Partners, which constitutes a small part of the funding, has been secured to complement the equity raise.
“The existing healthcare system puts a heavy administrative burden on doctors and clinical staff, reducing the time they can spend with their patients. In certain specialties, a doctor spends on average less than seven minutes with a patient during a visit. Our technology is built to enhance, not replace, in-person care as we believe people should be at the heart of it. This relieves our doctors and medical teams from time-consuming admin and frees them up to do what they are best at: taking care of patients. At the same time we are boosting patients' health literacy by providing them with their clinical data in a user-friendly way and allowing them to play a more proactive part in their healthcare journey," says Chris Muhr, CEO and co-founder of Patient21.
The company currently operates 53 outpatient clinics across Germany with an average patient satisfaction score of 4.9 out of 5. With a current focus on dental services as the biggest of all outpatient specialties it is the fourth biggest dental provider in Germany by number of clinics operated and also owns several GP and women’s health clinics. Revenue has tripled in the last 12 months.
“The intersection between the physical and digital aspects of healthcare is essential to the success of the next wave of health tech solutions. For too long, the healthcare industry has remained slow to adopt digital technologies, often defaulting to the use of outdated legacy systems. However, a fully digitised healthcare system would lack the vital one-to-one contact that both patients and medical professionals need. We see Patient21 as a healthcare-native tech company that is already reshaping the future of the industry and are very excited to be investing in that vision," says Rami Kalish, Managing Partner and co-founder at Pitango.