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Digital Health and Wellness Market Insights and Trends of July 2022
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Digital Health and Wellness Market Insights and Trends of July 2022

HR_author_photo_Edibel
Written by Edibel Quintero, RD | Medically reviewed by Medically reviewed by Rosmy Barrios, MD check
Published on 2022 August 26
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11 min
Digital Health Market Insights & Trends of July 2022
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Digital healthcare and wellness isn’t something that you probably talk about at the table with your friends or family, but it surely is paving its way as the best way to seek medical attention. 

It helps us reach professionals and seek their help in real time without having to wait in lines. As a result, more and more companies either create new products or invest in already-existing ones. The month of July was no exception.

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

July Investments

Compared to June, July was a relatively calm month, with over $558M being invested in the digital health and wellness market. In June, these numbers exceeded $2.8B.

Let’s quickly skim through the biggest investments:

July Investments

1. Personal health and self-care – $265.6M or 47.5% of total invested in July

Once again, the biggest players in this sector were services. The top three earners in this category were as follows:

KRY – Helps patients make active health choices in partnership with public and private healthcare professionals. ($160M)

InBrace – A personalized behind-the-teeth teeth straightener that’s completely hidden. ($45M)

NutriSense – A metabolic health platform that combines real-time monitoring with personalized dietitian coaching. ($25M)

Digital products were the sole winners in this category, combining $180M in investments, while 9 physical products got $85.6M.

2. Medical system – $101.5M or 18.16% of total invested in July

Once again, services top this category after bringing in $66.2M in investments. The biggest funding was allocated to these companies:

Elation – The clinical-first platform powering the future of sustainable primary care. ($50M)

Humanity Health – The premier career acceleration and talent sourcing platform for underrepresented leaders in healthcare and life sciences. ($6M)

RXLive – A nationwide telehealth platform of clinical pharmacists delivering comprehensive medication management. ($5M)

Digital products also got their fair share of investment, with Health Note (a clinical platform that helps healthcare practitioners collect and enter information for patient reconciliation) and Healthie (offers an infrastructure for next-gen digital health companies that provide virtual-first care), each bringing in $17M.

3. Financial wellness – $51.7M or 9.25% of total invested in July

Services were at the forefront in this category, too, with $32.5M split across 4 products:

Centivo – Offers a digital health plan aimed at self-funded employers looking to provide employees with the quality care they can afford. ($30M)

Grape – An insurer to pay for employees’ health, supporting the team with coaching and therapies. ($1.7M)

The SageHouse – The first company to work with fitness and wellness startups as both investors and consultants to build long-term foundations for sustainable success. ($0.8M)

SaveIN – A fintech platform that offers embedded finance at healthcare clinics and wellness centers. (unknown)

The rest of the $51.7M were dedicated to digital products:

Gravie – Offers the fields of health insurance, healthcare, and employer benefits. ($15M) 

Rey – The dedicated and integrated health, life, and critical illness insurtech company. ($4.2M)

4. Mental health – $49.4M or 8.84% of total invested in July

Digital products got the biggest piece of the pie in this category, with 6 products getting $36.5M. The top three companies were as follows:

Wysa – A mental health wellness platform that helps individuals manage their mental and emotional stress. ($20M)

Intellect – A mental health company that makes mental healthcare and well-being support accessible to everyone. ($10M)

Flourish Labs – Combines mental health science and technology to foster flourishing minds for all. Builds a future where everyone can be their best self and achieve their potential, starting with college students. ($6.4M)

Physical products also got their share, with HAVN Life (focused on standardizing extraction of psychoactive compounds, the development of natural health products, and developing innovative mental health treatments) and Filament Health (a natural psychedelic extraction and drug discovery company), getting $6.9M and $1.9M, respectively.

5. Health disease – $33.2M or 5.94% of total invested in July

This sector was dominated by two products that gathered $19.8M in investments:

Xilis – An oncology and precision health company that provides technologies to diagnose cancer. ($19M)

UCHU Biosensors Inc. – UCHU Biosensors develops a platform of tooth-mounted sensors to effortlessly track health through saliva. ($0.83M)

The second biggest investment in this sector in July went to a physical product Fitterfly, which offers customized and personalized wellness programs for diabetes and obesity. ($12M)

Older adults – $20M or 3.57% of total invested in July.

All $20M were received by a single product that specializes in cardiovascular prevention programs – Moving Analytics.

6. Family/children – $10M or 1.79% of total invested in July

Digital products got the whole investment pie in this category, with $10M spread across two products:

Summer Health – With a simple text message, get answers from expert, board-certified pediatricians in 15 minutes. Anytime, day or night. ($7.5M) 

Ubenwa – A MedTech startup that builds the future of automated sound-based medical diagnostics. ($2.5M)

7. Fitness – $9.6M or 1.73% of total invested in July

Physical products were clear winners in this category, with two products racking up $8.7M:

Proteus – Fitness and physical rehabilitation technology designed to optimize movement using 3D resistance training and analytics. ($8.5M)

Zero Wheel – A high-end fitness product focused on making core and upper-body development effective and accessible. ($0.2M)

In the digital products category, Hudl (a sports and fitness discovery and booking platform with 300+ sports venues and sports events/tournaments available for booking) got a funding of $1M.

8. Men’s health – $6M or 1.07% of total invested in July

All $6M were received by Posterity Health, the only digital male fertility clinic that empowers you to learn about your fertility and take action.

9. Other – $5.7M or 1.01% of total invested in July

Only two products got the funding of nearly $6M, and both of them were physical:

Addex Therapeutics – A biopharmaceutical company that discovers and develops allosteric modulators for human health. ($4.2M) 

Craftport Cannabis Corp. – Provides premium craft cannabis from legacy growers. ($1.5M) 

10. Women’s health – $5.1M or 0.91% of total invested in July

Physical and digital products in this sector got similar funding in July. Physical products prevailed only by $0.1M.

The Lowdown – A femtech startup that aims to transform women’s health, starting with contraception. ($2.5M)

Noula – Personalized reproductive health information and support made accessible through at-home testing and 1:1 coaching. ($0.1M)

The sole digital product that got the investment of $2.5M was Midday, a digital platform for menopause and women’s health.

11. Beauty – $0.7M or 0.13% of total invested in July

Only two products are present in this category this time, and they both fall under the service sector:

Naturaz – A clean health and beauty company that manufactures and sells vegan haircare products for curly hair. ($0.5M) 

Leigh Valentine Beauty – An established brand that offers nationally recognized pharmaceutical and spa-grade health and beauty products. ($0.2M)

Nutrition – $0.28M or 0.04% of total invested in July.

All $0.28M were invested in Space Goods, a powerful all-in-one mushroom and adaptogenic powder blend to unlock your super, natural self. 

Overview of July Investments

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

Amount of organizations by funding status
Money raised by organization location

The four biggest investors this month were as follows:

Ascension Ventures – A St. Louis-based venture capital firm with a focus on private healthcare startups and companies; invested a total of $50M in one product.

Horizon Technology Finance – A leading venture-lending platform that thoughtfully and creatively provides structured debt products to life science and technology companies; invested a total of $45M in one product.

Morgan Health is investing its capital in healthcare companies focused on improving healthcare in the commercial marketplace; invested a total of $30M in one product.

1315 Capital A private investment firm focused on providing expansion and growth capital to commercial-stage medical technology, healthcare service, and specialty therapeutic companies; invested a total of $25M in two products.

Biggest rounds

A round financing is funding that a startup receives from private equity investors or venture capitalists. It is normally the second stage of financing after seed capital and the first major funding round in the venture capital stage.

Money raised and total funding amount (in USD) by organization name

The top four biggest round investors were as follows:

KRY – Helps patients make active health choices in partnership with public and private healthcare professionals. ($160M)

InBrace – A personalized behind-the-teeth teeth straightener that’s completely hidden. ($45M)

Elation – A healthcare startup in California that focuses on improving the physician-patient relationship. ($50M.)

Centivo – A digital health plan aimed at self-funded employers looking to provide employees with the quality care they can afford. ($30M.)

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.

More than half of the companies raised money in seed rounds in July.

Amount of organizations by funding status:

Seed – 43 companies or 55.84% of total

Early Stage Venture – 16 companies or 20.78% of total

IPO – 11 companies or 14.29% of total

Late Stage Ventures – 7 companies or 9.09% of total

Biggest amounts received in Series D

Companies that do continue with the Series D funding tend to either do so because they are in search of a final push before an IPO or, alternatively, because they have not yet been able to achieve the goals they set out to accomplish during the Series C funding.

Money raised by funding type

Top 5 – Money raised in USD by funding type

Series D – $210M or 37.56% of total

Series A – $155M or 27.81% of total

Seed – $53M or 9.43% of total

Series B – $50M or 8.94% of total

Debt Financing – $45M or 8.05% of total

Amount of companies that received funding by organization location

Growth Signals

We are going to review the companies with the highest growth rate in June, 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

Two companies that grew the most – by 7% – based on point one were Olaqin (a company that seeks to sustainably simplify the daily life of each health profession by means of innovative solutions and services) and Behavioral Health Link (a mental healthcare company providing addiction and mental health treatments).

For point number two, JOGO’s web traffic grew by an astonishing 15.088%! JOGO is a digital therapeutics company with the mission to treat neuromuscular conditions.

Vik, a company that creates and develops a virtual companion to support every patient with cancer and chronic diseases (asthma, eczema), also saw excellent growth. Its web traffic increased by 814%.

Nominations by the Health Reporter team

Health Reporter has carefully selected its favorite 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:

#1 UCHU Biosensors Inc. – Tracking health through saliva

https://www.uchubiosensors.com/

What it does – UCHU Biosensors develops a platform of tooth-mounted sensors to effortlessly track health through saliva.

Why we chose this nomination – UCHU is changing the field of preventative healthcare by developing a platform of sensors mounted onto a tooth that effortlessly monitors health through one of the body’s most vital diagnostic fluids – saliva.

Total funding amount – $1.1M.

The top innovative service company selected by Health Reporter is:

#2 Posterity Health – Male fertility platform

https://posterityhealth.com/

What it does – Posterity Health is the only digital male fertility platform that empowers men to learn about their fertility and take action.

Why we chose this nomination – 1 in 6 couples in the U.S. deal with infertility. Posterity Health helps take action on men’s fertility, consultations, coaching, help for surgery, and others. Great niche and focus.

Total funding amount – $6M.

The top digital product selected by Health Reporter of July is:

#3 Wysa – AI-guided chat buddy for mental health 

https://www.wysa.io/

What it does – Wysa provides a mental health wellness platform to help manage the stress and anxiety of employees and patients. It blends AI-guided listening with professional knowledge.

Why we chose this nomination – Wysa provides early intervention to high-risk groups through an AI chatbot, a library of evidence-based self-help tools, and messaging-based support from human therapists.

Total funding amount – $29.4M.

The top physical product of July selected by Health Reporter is:

#4 Bristle – Mouth health monitoring through saliva

https://www.bristlehealth.com/

What it does – Test your saliva to measure the bacteria that cause bad breath, tooth decay, and gum inflammation. Get coaching and a personalized care plan to improve your health.

Why we chose this nomination – Easy and convenient way to have your oral health checked at home.

Total funding amount – $3M.

Health Reporter’s favorite product of July is:

#5 InBrace – Invisible, behind-the-teeth straighteners

https://inbrace.com/

What it does – InBrace is a behind-the-teeth teeth straightener with a custom smartwire designed to brush and floss like normal so you never have to compromise your oral hygiene. Their patented self-guiding technology uses light and continuous forces to gently correct your smile with less pain and fewer doctor visits.

Why we chose this nomination – This seems to be a big step forward in orthodontic treatment. The teeth straightening process is faster and invisible.

Total funding amount – $217.6M.

Final Thoughts

July was a relatively calm month after the record-breaking June when more than $2.8B was poured into the digital health and wellness market.

Unlike in June, when most of the investments were allocated to digital products, physical products and services really stepped up in July and evened the field.

The overall funding was almost 5 times lower than that in June; this time, Series D investments dominated.

However, with COVID-19 still knocking on our door, digital products continue to emerge as the newest paradigm for seeking medical attention. And this trend shows no stopping.

HR_author_photo_Edibel
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.
Medically reviewed byRosmy Barrios, MD
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