At a challenging time for digital health startups, Define Ventures announced on Tuesday it has raised $460 million to invest in these early-stage companies.
The last time Define Ventures managing partner Lynne Chou O’Keefe announced she’d raised a fund, in January 2021, things were different. A perfect storm of the pandemic, hype, and available money created a frenzy of investment, boosting funding for digital health companies to a record $29 billion by year-end. But that number fell by nearly half last year, and 2023 is off to an ominously slow start.