TOP VCs of 2023

Health Tech 50 is the most up to date, comprehensive and insightful Global Health Tech VC ranking for the digital health community.

The Health Tech 50 ranking methodology was created by Kilo Health and Galen Growth. We sought to craft a methodology that would incorporate metrics that define a great investor. We reached beyond traditional financial performance metrics, taking into account less traditional metrics such as the portfolio companies’ maturity score, and partnership score to reflect interconnectedness and collaborative potential of the companies in the portfolio with external entities. Lastly, we did not forget you - the digital health community. Your voice also counts.

In the Health Tech 50 ranking, Venture Capital investors are ranked based on 10 distinct metrics. We have split the metrics into two separate groups: direct and indirect metrics.

Direct metrics:
These metrics take into account the investment activity of the investor. We only included investments into technology-enabled healthcare products and services that contribute to people‘s wellbeing, quality of lives, improve healthcare delivery, and speed up the transformation of the traditional healthcare sector. Investments into pharmaceutical, biotechnology and related innovations are not included into Health Tech 50 ranking.

There are seven direct investor metrics used in our methodology. Each metric was taken into account while calculating the overall Investor Score. Each direct metric has its own weighting. All seven direct metrics combined represent 67,5% of the final Investor Score.

Seven direct metrics are as follows:
Metric #1: Companies invested in the year 2019 (Pre-Covid19): number of investments into new health tech companies over the year 2019 (2019.01 - 2019.12).
Metric #2: Companies invested in years 2020 and 2021 (During-Covid19): number of investments into new health tech companies over the years 2020 and 2021 (2020.01 - 2021.12).
Metric #3: Companies invested in years 2022 and 2023 (Post-Covid19): number of investments into new health tech companies over the years 2022 and 2023 (2022.01 - 2023.11).
Metric #4: Exits (year 2019 (Pre-Covid19)): number of exits (health tech companies only) completed by the investor over the year 2019 (2019.01 - 2019.12).
Metric #5: Exits (years 2020 and 2021 (During-Covid19)): number of exits (health tech companies only) completed by the investor over the years 2020 and 2021 (2020.01 - 2021.12).
Metric #6: Exits (years 2022 and 2023 (Post-Covid19)): number of exits (health tech companies only) completed by the investor over the years 2022 and 2023 (2022.01 - 2023.11).
Metric #7: Portfolio companies (with a valuation above $100M): number of health tech companies in the portfolio valued above $100M.


Indirect metrics:
Indirect metrics take into account the non-investment related activity of the investor. Three indirect investor metrics were taken into account while calculating the overall Investor Score. Each indirect metric has its own weighting. All three indirect metrics combined represent 32,5% of the final Investor Score.

Three indirect metrics are as follows:
Metric #8: Alpha score: an average investor / fund portfolio score as of 2023.11.01.
Metric #9: Partnership score: reflects interconnectedness and collaborative potential of the companies in the portfolio with external entities, indicating the overall network influence and potential growth opportunities.
Metric #10: Public score: number of public votes cast for the investor by the public on the HealthTech50.com platform by 17th of November, 2023.


To be included in the list, investors have to have minimum 5 investments during 2019-2023 and minimum 2 new investments during the last period (after-Covid9) 2022.01 - 2023.11

The final Investor Score is derived based on 10 distinct metrics, and investors are ranked accordingly in the final Health Tech 50 list. The list is dynamic, Metric #10 will change during the voting period, and the final Health Tech 50 list will be published on the 28th of November, 2023. The cut-off time for public votes is November 17, 2023, 23:59 CET.