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Digital Health and Wellness Market Insights & Trends of May 2022

Digital Health and Wellness Market Insights & Trends of May 2022

Written by Edibel Quintero, RD | Fact checked by Fact checked by Rosmy Barrios, MD check
Last update: December 20, 2022
14 min
Woman in front of laptop scrolling her phone

Healthcare and technology go hand-in-hand. But the question on many people’s minds is where are they going? From digital health products to investing in the mental health sector – there has been a lot going on in the past months to help the health industry thrive.

Health Reporter looks at the latest digital health and wellness market trends this month – offering a detailed overview of the sector.

May Investments

There was over $942.5M invested across May; however, the investment amount is almost two times smaller compared to the last month.

So let’s take a look at where the most money was spent:

1. Financial Wellness – $278M in investments or 29.49% of total invested in May

Digital Products made up the bulk of this, with a total of $248M split across four companies; the top three earners in this category were as follows;

Alan – a digital health insurance platform that offers insurance services by focusing on a price-quality ratio health plan. ($183M) 

Noyo – Offers a modern data infrastructure that focuses on health insurance and benefits. ($45M)

Turquoise Health – A health tech company that simplifies administration to reduce the expense and complexity of healthcare. ($20M)

The services sector only had one company that was invested in; it was as follows;

Nova Benefits – B2B health insurance platform enabling companies to avail customized health insurance plans for their employees. ($30M)

2. Medical Systems – $220M in investments or 23.34% of total invested in May

Services was the sector most invested in, with $115.2M split across six products; the top three earners in this category are as follows;

HereNit – Provides digital medical information systems. ($113.2M)

Doxx Patient – Provides end-to-end care for all citizens’ health and medical needs. ($1.5M)

First Cure Health – Aims to simplify the surgery experience by bringing the best surgeons. ($0.3M)

Digital products again received a significant amount of investment with a total of $100.2M across five products. The top three earners in this category are as follows;

Hint Health – EHR-integrated membership management & billing software. ($45M)

Well Health – Practitioner enablement platform provides digital healthcare solutions to clinics and healthcare providers worldwide. ($34.5M)

Greater Good Health – Seeks to expand primary care access and build an enhanced healthcare system that supports the needs of both Nurse Practitioners and patients. ($10M)

The ‘Other’ category received $4.26M in investments across two products, which are as follows;

Kaid Health – Offers and specializes in AI and natural language processing for healthcare organizations. ($4.2M)

Kaizen Health – On a mission to unlock human productivity using technology focused on mental and physical wellness. ($0.06M)

3. Health Diseases – $124M in investments or 13.16% of total invested in May

Investments for this sector were split into two categories, with the larger amount going towards digital products – which received $87M across the following three products;

Hello Heart – Provides cardiovascular digital therapeutics to help people understand and improve their heart health using technology. ($70M) 

Miga Health – Digital health startup focusing on developing a consumer product for heart health. ($12M)

Upswing Health – Provides a new way to deliver orthopedic care conveniently. ($5M)

Studies and research had one product that received funding. A total amount of $37M was invested;

Full-Life Technologies – A fully integrated global Nuclear Health company. ($37M)

4. Women’s Health – $75.7M in investments or 8.03% of total invested in May

The studies and research sector dominated the investment figures, with one product receiving $60M;

Mirvie – A biotech company that creates precise, actionable, and non-invasive tests for maternal-fetal health. (Series B – $45M, Debt Financing – $15M)

The ‘Other’ sector also had just one product that received a total of $12M;

Cayaba Care – Home-based pregnancy care – personal, friendly help between OBGYN visits from your own team of experts. ($12M)

Digital products had two products that received a total amount of $3.7M;

Aavia – Female hormone health platform improving female health and wellness. ($3.7M)

Wing Women – Digital health platform where Gen Z and Millennial women navigate their sexual and reproductive health journey amongst peers. (unknown)

5. Mental Health – $68.5M in investments or 7.27% of total invested in May

The mental health sector investments were split into two categories: digital products secured an impressive $49.4M across five products. The top three were;

Osmind – Premier technology platform for breakthrough mental health treatment and research. ($40M) 

Oye – Building a community to make emotional wellness part of everyday life. ($3.5M)

Aumio – Digital training for the mental health of children. ($3.15M)

Services received $19M across two products, which are as folllows;

Moka Care – Provides a complete solution for allowing employees to take care of their mental health. ($16M)

Ami – Provides employees with one-click mental health coaching by connecting them with relevant coaches. ($3M)

6. Pets – $60.5M in investments or 6.42% of total invested in May

Just one product received investment in the Pet sector, and this fell into the studies and research category;

InVetx – Veterinary therapeutics company that focuses on biopharmaceuticals that bring human biotechnology to animal health. ($60.5M) 

7. Nutrition – $46.2M in investments or 4.91% of total invested in May

Two categories received funding in the nutrition sector, the first being physical products, which sourced $36.25M across two products;

Ascend Wellness Holdings – Cannabis operator that owns and operates cultivation facilities to provide easy and accessible products. ($36.5M)

Jirouxiaowangzi – A fitness food brand and the only brand in the industry with its own supply chain of ready-to-eat chicken breasts. (unknown)

The second category was digital products which earned $9.75M across two products;

Sifter – App and website that empowers people to discover products that fit their personal wellness preferences. ($5M)

Culina Health – Making nutrition accessible & sustainable for everyone.  ($4.75M) 

8. Other – $32.7M in investments or 3.47% of total invested in May

Digital products received a total of $28.7M across two products;

Socially Determined – Social risk analytics company for organizations committed to addressing the Social Determinants of Health. ($22.7M)

Capable Health – Modern developer platform to build digital health experiences – with less code, time & money. ($6M) 

Physical products received a total of $4M for a single product;

Alida Bio – A biotech company creating RNA analysis tools to improve human health. ($4M)

9. Family & Children – $25.1M in investments or 2.66% of total invested in May

Services received the largest investment across two products with $14.6M secured;

MahMee – Integrated care delivery platform for maternal and infant health. ($9.2M)

Evolved MD – Leading the integration of behavioral health services in modern primary care. ($5.4M)

For digital products, only one product received an investment of $6M;

SimpliFed – Telehealth company that provides access to virtual breastfeeding support to new and pregnant parents. ($6M)

Physical products also had just one product invested for a total of $4.5M;

Anja Health – Unlock new treatment options by providing the most personal source of stem cells for your family. ($4.5M)

10. Personal Health & Selfcare – $6.4M in investments or 0.68% of total invested in May

Services received $4.1M across five products; the top three are as follows;

Esaal – Offers physical health, mental health, and nutrition consultations with health professionals. ($1.7M)

Zuri Health – An E-health mobile app that provides affordable and accessible healthcare solutions. ($1.2M)

Aigis – Provide full stack comprehensive employee health benefits in one easy-to-manage platform. ($1M)

Digital products also had five products invested for a total of $2,2M; the top three are as follows;

Japa Health – An app that provides a truly holistic view of your overall health and wellness based on ten determinants of health. ($1.2M) 

Handl Health – A free cost estimator gives you access to the prices of hospital services in your area. ($0.5M)

Ponea Health – Provides an online healthcare marketplace that offers convenience, discretion, and lower cost of healthcare to Africa. ($0.4M)

11. Fitness – $5.8M in investments or 0.55% of total invested in May

Services received $5.18M across three products; they were as follows;

LottoFit – Comprehensive service platform focusing on the digital fitness personal education consumer market. ($2.68M) 

Speede – Aiming to equip every person, regardless of their current fitness level, with the tools they need. ($2.5M)

Actively Pursuing Goals – Spiritual Life & Fitness Coaching Services. (unknown)

There was just one digital product that received $0.01M in funding;

MassCells – Technology, Health and Lifestyle Company. ($0.01M)

12. Beauty – $0.05M in investments or 0.01% of total invested in May

There was only one physical product that received an investment of $0.05M;

MIJASI Cosmetics – Offers a wide range of beauty and wellness products. ($0.05M)

There was also only one digital product that received an unknown amount of funding;

SQUIN – Mobile beauty & health community platform with a personal beauty advisor inside. (unknown) 

Overview of May Investments

Here, we look at an overview of what happened in May, including the most active investors and money raised depending on the organization’s location:

Organizations by funding status
Money raised by organization location

The four biggest investors in this round were as follows;

  1. Ontario Teachers’ Venture Growth – Late-stage venture and growth equity investments in cutting-edge technology companies led by mission-driven entrepreneurs building a better future for people and the planet – invested a total of $183M in one product.
  1. Stripes – Stripes invests in software and consumer companies with amazing products and helps them scale – they invested a total of $70M in one product.
  1. Eight Roads – They back and partner with game-changing technology and healthcare companies -investing a total of $61M in one product.
  1. Banneker Partners – Leaders in software-focused private equity. Banneker Partners takes enterprise software companies to greater heights – invested $45M in one product.

Biggest Rounds

A round is often a company’s second round of funding, as well as the first substantial funding round in the venture capital stage. Outside investors can invest funds in a growing firm in exchange for equity, or a portion of the company’s ownership.

Money raised by organization name

The top four biggest round investors were as follows;

  1. Alan – From health insurance, mental well-being, and its virtual clinic, Alan offers a complete solution for businesses of all sizes and freelancers – $183M
  1. Hello Heart – Using behavioral science, the Hello Heart app helps people make better lifestyle choices. The app tracks blood pressure, sends medication reminders, and provides wellness tips, from choosing healthier food options to fun exercise ideas – $70M
  1. Invetx – Veterinary therapeutics company that focuses on biopharmaceuticals that bring human biotechnology to animal health – $61M
  1. Hint Health – Hint’s EHR-integrated membership management & billing software streamlines operations so your team can focus on patient care – $45M

Funding Status

Seed money, sometimes known as seed funding or seed capital, is a form of securities offering in which an investor invests capital in a startup company in exchange for an equity stake or convertible note stake in the company.

Seed funding is the first official equity funding stage. It typically represents the first official money that a business venture or enterprise raises.

Almost 61% of companies raising money in seed round.

Amount of organizations by funding status:

Seed – 39 companies or 60.94% of total

Early-stage venture – 20 companies or 31.25% of total

Initial public offering (IPO) – 3 companies or 4.69% of total

Late-stage venture – 3.12% of total

Biggest amounts received in series B 

Series B rounds are all about taking businesses to the next level, past the development stage. Investors help startups get there by expanding their market reach. Series B funding is used to grow the company so that it can meet these levels of demand.

Money raised by funding type

Top 5 – Money raised in USD by funding type

Biggest amounts received in series B

Series B rounds are all about pushing businesses past the development stage and into the next phase. Investors assist startups in reaching their goals by expanding their market reach. The company will use Series B capital to expand in order to satisfy these levels of demand.

  1. Series B – $288M or 30.58% of total
  2. Series E – $183M or 19.42% of total
  3. Post IPO Equity – $148M or 15.68% of total
  4. Series A – $114M or 12.1% of total
  5. Series D – $70M or 7.43% of total
Funding by location

Growth Signals

We are going to review companies with the highest growth rate in May of 2022. The growth rate of companies is measured using two mediums:

  1. Indication of growth based on the development of the number of employees
  2. Indication of growth based on rising monthly web visits

The company that grew the most based on point one was Real; Real is a mental healthcare company that provides a digital platform and in-person experience for mental health patients.

CirclesUp also faced a rapid increase in staff, with 42% joining the company that puts together groups of people who are going through the same life events – in a safe space led by professionals.

For point number two, Boulder Care saw its web traffic increase by a massive 3,273%. Boulder is a digital care provider expanding access to effective treatment for substance use.

Pear Sports also saw excellent growth in May as their web traffic increased by 603%. This company offers real-time coaching, personal content powered by AI to tailor people’s plans, and smartly capturing the user activity on the body through their fitness app.

Nominations by the Health Reporter Team

Health Reporter has carefully selected its favourite products from a variety of different sectors and categories. These products are earmarked for great future success.

The top innovative product selected by Health Reporter is as follows:



What it does – It assesses the user’s ideal and current body type based on a one-time response to 30 questions followed by a daily 30-second pulse diagnostic test using your mobile phone camera. Based on the tests, the App makes personalized recommendations on ideal yoga, pranayama, food, spa, and herbal regimens.

Why we choose this nomination – It’s the world’s first completely digital solution for personalized holistic wellness based on Ayurvedic principles.

Total Funding Amount – Unknown

The top innovative service selected by Health Reporter is as follows:



What it does – in order to combat workplace burnout, Ami provides a group of highly vetted wellness coaches who listen to employees, allow them to decompress, and work with them on the best path forward in 5 different languages.

Why we choose this nomination – Dealing with workplace stress and burnout is becoming increasingly important in today’s society.

Total Funding Amount –  total $4M ($3M May)

The top digital product selected by Health Reporter is as follows:



What it does – Sifter promotes good health by making it easier to discover, trust and buy products that fit the user’s diet, medical and lifestyle priorities. It combines nutrition and data science, food & drug interactions, and machine learning to create a personalized product assortment, which empowers consumers to discover products that fit their personal wellness preferences. 

Why we choose this nomination – enables the user to filter out products according to their diet from a large range of stores, making it easier to maintain a healthy lifestyle.

Total Funding Amount –  $5M (May).

The top physical product selected by Health Reporter is as follows:

Anja Health


What it does – It is a kit that includes all the necessary tools to collect stem cells during the child birth. The company then collects it and stores it as a bank. As a consumer you are allowed to take stem cells if you had an injury or health problems to help you heal faster.

Why we choose this nomination – umbilical cord blood and tissue banking may help solve future health issues as no donor would be needed anymore. We loved the idea, never seen such kit.

Total Funding Amount – Total $4.5M (May)

Our favorite product of April, as selected by Heath Reporter, is as follows:



What it does – The Mirvie RNA platform predicts pregnancy complications months before they occur using a simple blood test. The platform reveals vital information about a pregnancy’s unique biology by analyzing tens of thousands of RNA messages that drive dramatic changes throughout pregnancy.

Why we choose this nomination – one of the biggest fears when becoming pregnant is during the first months, this company provides an opportunity to detect this problem in early-stage and save lives.

Total Funding Amount – $65.8M ($60M, May)

So the health and wellness sector has had a highly productive round of investment in May, with products ranging from those of a physical nature, to more trendy online services. Thanks to this funding, some outstanding products out there can now continue to develop.

We will continue to report and bring you insights into the health and wellness sector so that you can stay informed.

Final Thoughts

It took the pandemic to push healthcare forward and for health institutions, providers, and patients to embrace digital health trends and new technology. 

With remote services and accelerated research and development practices now in full swing, providers and patients now understand the value of digital health services. Funding and investment activity show that others also see the value in digital health trends.

This is highlighted by the massive investment in the digital health product sector in May, with over $560M invested in products of this type alone.

However, the total investment amount is almost twice as low as last month.

We are certain that this trend will continue, given the demand for remote and digital-based products. COVID has changed how we seek medical attention and placed a growing need on patients to access healthcare online.

Written by
Edibel Quintero is a medical doctor who graduated in 2013 from the University of Zulia and has been working in her profession since then. She specializes in obesity and nutrition, physical rehabilitation, sports massage and post-operative rehabilitation. Edibel’s goal is to help people live healthier lives by educating them about food, exercise, mental wellness and other lifestyle choices that can improve their quality of life.
Fact checked by Rosmy Barrios, MD
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