European HealthTech Fundraising Funnel 2025: Scale-Up & Growth Funds You Need to Know

Fundraising in Europe is shifting. After the slowdown in 2023, healthtech startups are seeing a rebound in 2024–2025 — but the real action is in scale-up and growth capital. Early-stage accelerators and seed VCs may help you get started, but if you’re building a healthtech company that’s ready to cross borders, expand teams, and prepare for exit or IPO, you need to know which funds are writing the big checks.

In this blog, I’ll map out the European HealthTech Growth Funnel, showing you who funds what and how to position your startup to attract the right investors.

Why This Matters

• Series B+ is the hardest stage in Europe. Many healthtech companies die in the “valley of death” between initial traction and global scaling.

• Investor expectations change. At growth stage, it’s not about MVPs, it’s about regulatory readiness, reimbursement strategy, and strong financial models.

• Knowing the right capital providers saves months. Instead of knocking on every VC’s door, map the ecosystem and target the ones aligned with your model.

That’s exactly why I built the Stress-Free Fundraising Framework at GrowthVybz — to help founders de-risk their fundraising and secure the right partners faster.

👉 Explore the full fundraising services here.

The Growth Capital Funnel Framework

When I guide startups, I use a funnel system:

1. Pre-Seed / Seed Accelerators → get clinical validation, early pilots.

2. Early-Stage Healthcare VCs → fund regulatory and reimbursement pathways.

3. Generalist Seed VCs Active in Health → give breadth and network effects.

4. Corporate Venture Arms → strategic fit with pharma, medtech, or insurers.

5. Scale-Up & Growth Funds → this is where the €20–100m rounds live.

6. Public & Non-Dilutive Funding → blended finance to extend runway.

This post focuses on Stage 5: Scale-Up & Growth Funds.

Scale-Up & Growth Funds in European HealthTech

Here’s the most comprehensive list of 35+ credible players in Europe who deploy growth capital into healthtech, medtech, digital health, and life sciences scale-ups:

Pan-European & Specialist Life Sciences Growth

• EQT Life Sciences (ex-LSP)

• Forbion Growth

• Gilde Healthcare Venture & Growth

• Wellington Partners Life Sciences

• Andera Partners – Life Sciences

• Kurma Partners Growth

• Sofinnova (later funds / crossover)

• Medicxi (UK/CH/IT)

• Syncona (UK)

• Abingworth (UK/US, Carlyle Group)

• TVM Capital Life Science

Digital Health & HealthTech Growth

• MTIP (CH)

• AlbionVC (UK) – HT Breakfast Club

• Lauxera Growth I (FR)

• Keensight Capital (FR)

• Highland Europe (UK)

• Eight Roads Ventures (UK, Fidelity-backed)

Private Equity & Growth Equity with Healthcare Focus

• GHO Capital (UK) – healthcare growth PE

• Permira Growth Opportunities (UK/EU)

• Advent Life Sciences (UK/US crossover)

• CVC Growth (Lux/UK)

• Ardian Growth (FR)

• Capvis Equity Partners (CH)

• Archimed (FR)

Impact & Long-Term Capital

• Apollo Health Ventures (DE) – longevity

• Trill Impact (Nordics/DE) – health & impact

• Novo Holdings (DK) – one of Europe’s largest health investors

• Novo Seeds → growth transitions

Crossover & Global Players Active in Europe

• Omega Funds (EU–US crossover)

• Baillie Gifford (UK) – large healthtech growth bets

• General Atlantic (Europe arm)

• Kreos Capital (UK/Lux) – venture debt & growth capital

• IP Group (UK) / Kiko Ventures Health

Systems to Grow with These Funds

When working with founders, I emphasize three systems to attract growth funds:

1. Investor Fit Matrix → Match your business model (AI diagnostics, medtech, SaaS, DTx) with the fund’s thesis (e.g., MTIP for digital health SaaS vs. Syncona for biotech).

2. Proof of Scale Framework → Show not just pilots, but revenue traction, reimbursement, and international readiness.

3. Funding Stack Blending → Combine growth equity with grants (Horizon Europe, Innovate UK, EIC Accelerator) to reduce dilution.

Why Founders Fail Here (and How to Avoid It)

• Pitch mismatch: Talking to biotech funds with a digital health SaaS deck.

• No reimbursement clarity: Without proof of payment, investors won’t scale you.

• Underestimating non-dilutive capital: Leaving EU grants on the table shortens runway.

This is where a structured fundraising system matters.

👉 Book GrowthVybz fundraising services to map your funnel, match the right funds, and build investor-ready systems.