Market Insights

Healthcare’s Week in the Sun: Friday Dealbook for 2/28/2020

February 28, 2020

Healthcare investments made a splash this week, as Andreessen Horowitz led $10.25 million and $40 million rounds for Ribbon Health and Q Bio, respectively. Meanwhile, financial inclusion scored another win, with Jumo raising $55 million for financial accessibility in emerging markets for traditionally inaccessible customers. As the digital identity market begins to mature in western markets, investors are increasingly looking to emerging markets for innovative solutions and new opportunities.

 

The Top Deals Covered by OWI this Week

 

Ribbon Health \ ribbonhealth.com \ Founded in 2016

Developer of a healthcare platform designed to provide cost-effective, convenient and quality care decisions. The company’s healthcare platform provides the most accurate and comprehensive data on doctors, plans, and costs for digital health, enabling users to track their healthcare journey and healthcare costs.

The company raised $10.25 million of Series A venture funding from BoxGroup, Andreessen Horowitz and Y Combinator on February 26, 2020. Nathaniel Turner, Vivek Garipalli and Eric Roza also participated in the round. The funds will be used to expand its customer base across payers, providers, and digital health companies.

 

Jumo \ jumo.world \ Founded in 2014

Developer of an ultra-lean banking technology intended to deliver progressive financial choices to customers in emerging markets across Africa and Asia. The company’s platform connects banks with traditionally inaccessible customers in cost-effective, low-risk and responsible ways, as well as company’s money marketplace, uses behavioral data from mobile usage to create financial identities for small and medium enterprises, enabling the customers to receive the best savings product or working capital to grow their business.

The company raised $55 million of venture funding in the form of debt and equity from Leapfrog Investments, The Goldman Sachs Group and Odey Asset Management on February 27, 2020. Other undisclosed investors also participated in the round. With this funding the company plans to move into new markets and launch new products in Asia and Africa.

 

Q Bio \ q.bio \ Founded in 2015

Developer of a diagnostic technology created to reinvent healthcare to be preventive, personalized and accessible to everyone. The company’s diagnostic technology quantifies, digitizes, and simulates human physiology, and uses machine learning to increase the predictive accuracy of the diagnostic tests, enabling patients to get accurate treatment.

The company raised $40 million of Series B venture funding in a deal led by Andreessen Horowitz on February 20, 2020. Founders Fund, Beast Ventures, Khosla Ventures, Sea Lane Ventures, Thirty5 Venturers and SciFi VC also participated in the round. The funds will be used to continue to improve the company’s proprietary platform and technology.

 

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Investor Highlight

 

BoxGroup \ boxgroup.com \ Founded in 2007

Founded in 2007, BoxGroup is a venture capital firm based in New York, New York. The firm makes investments in early-stage firms in the technology sector. It prefers to invest in the curated web, mobile, e-commerce and technology sectors with a focus on New York.

Active Portfolio – 219

Investments (TTM) – 47

Med. Round Amount – $3.55M 

Med. Valuation – $18.00M

Exits – 121

 

Deal History

In the past year, BoxGroup has invested in the following 5 identity companies:

Gradient Technology

K Health

Karuna Health

Ribbon Health

Routable 

 

*Source: PitchBook Data Inc. with proprietary keyword searches set by OWI Analysts