healthcare.digital December 24, 2025
Introduction: The End of the Hypergrowth Era and the Emergence of the Off-Ramp
The European healthtech and medtech ecosystem is currently navigating a period of profound structural transformation, a phase that can be best characterised as “The Great Calibration.” Following the unprecedented capital liquidity of the 2020–2021 vintage driven by zero-interest-rate policies (ZIRP) and pandemic-induced digital health adoption, the market has settled into a new, unforgiving equilibrium. The period from 2023 through 2025 has not merely been a cyclical downturn but a fundamental resetting of the venture capital lifecycle, particularly at the critical junction between Series A and Series B financing.
For a generation of startups that raised Seed and Series A capital during the boom years, the path forward...
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