2023 year-end digital health funding: Break on through to the other side

Following trends in the broader venture market, 2023 saw venture funding dive in digital health—continuing the downhill trajectory that began in 2022. Annual venture funding for 2023 closed out at $10.7B raised across 492 deals, the lowest amount of capital invested in U.S.-based digital health startups since 2019.

This year, the new beginnings of a macro funding cycle marked a year of transition. While we predicted 2023’s low funding numbers, some of the other activities we anticipated as a result of tough market conditions didn’t materialize. In 2023, M&A activity did not increase, even though cash-strapped startups were expected to look for buyers. And despite tightening capital availability and a sluggish exit market, there wasn’t a pronounced spike in...

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