The industry raked in $5 billion in funding in Q3, down from $7.2 billion in Q2. The industry’s funding peak since 2018 was $16.8 billion in the second quarter of 2021. Meanwhile, the 419 deals in Q3 were the fewest since CB Insights started tracking the data in 2018. Fifty-five percent of the deals were in the U.S., also a high.
In addition, the number of new unicorns, as well as mergers and acquisitions, was down. As in 2021, the average median deal size so far this year has been $4 million.
The top digital health investors by deals were General Catalyst (seven), Lightspeed Venture Partners, (five), Transformation Capital (four) and Arch Venture Partners (four).
