The authors are involved in building MEDKAP, KAPSLY, and the Healthechpark. This article describes the rationale behind that work.
In the rapidly evolving landscape of HealthTech, transitioning from an early-stage startup to a scaling enterprise requires a fundamental shift in strategy. While early funding rounds (Pre-Seed and Seed) focus heavily on product development and initial clinical feasibility, a “growth round” (typically Series B, C, and D) is fundamentally about scaling a proven business model, accelerating commercialization, and expanding market reach.
As the digital health and medtech sectors mature, investors are setting higher bars for growth-stage capital. Drawing from industry best practices and recent mega-rounds, this article outlines the general blueprint for raising a growth round in HealthTech and examines how Oviva successfully applied these principles to secure a massive $220M Series D round.
Part 1: The Blueprint
To successfully raise tens or hundreds of millions in a growth round, HealthTech companies must demonstrate that they have moved past the “valley of death” and are ready to capture significant market share. Investors at this stage are primarily looking for de-risked assets with exceptional commercial velocity.
- Proven Commercial Traction and Scalability
At the growth stage, the focus shifts entirely to commercial execution. Investors want to see undeniable commercial traction, which is often evidenced by existing and recurring revenue. Founders must present a clearHealthTech Growth Round
go-to-market strategy, precise target customer identification, and a deep understanding of market payment processes. Furthermore, the solution must demonstrate scalability. Startups must prove that their customer acquisition costs (CAC) are sustainable and that their sales models (often B2B or B2B2C) can be replicated across different regions or geographies.
- Rock-Solid Clinical Validation
A sleek digital interface is not enough; HealthTech solutions must deliver measurable patient outcomes. Growth investors require concrete evidence of clinical efficacy and safety through robust trials and studies. Solutions that can point to peer-reviewed data and real-world evidence (RWE) validating their positive care effects will stand out.
- Seamless Workflow Integration and Reimbursement
A recurring hurdle in HealthTech adoption is the disruption of clinical workflows. To scale, solutions must ensure seamless integration with existing healthcare systems and interoperability with other digital health platforms (like electronic health records). Additionally, securing established reimbursement pathways, such as DiGA in Germany or specific billing codes in the US and UK, is highly attractive to growth investors, as it transitions the product from an out-of-pocket novelty to a staple of the healthcare system.
- Clear Regulatory Pathways and Strategic Exit Alignment
Growth investors need assurance that the startup can navigate complex regulatory environments across new geographies. A clear understanding of the regulatory landscape and a well-defined plan for obtaining necessary approvals is critical. Finally, founders must start with the end in mind; because IPOs are very rare and not a reliable exit strategy in this sector, growth-stage companies must clearly understand the value they create for potential strategic acquirers.
Part 2: Case Study – How Oviva Raised a $220M Series D
A perfect illustration of these growth principles in action is Oviva, a European provider of AI-enabled digital care for weight-related and chronic conditions. In January 2026, Oviva announced a massive $220M Series D financing round, led by a $100M investment from Kinnevik, alongside prominent backers like Sofina and Temasek. Analyzing Oviva’s trajectory reveals exactly how they checked the boxes required by top-tier growth investors:
Solving a Massive, Strain-Inducing Problem
Oviva targets a colossal unmet need: over 200 million adults live with obesity and weight-related chronic conditions in Europe. By offering a scalable, digital solution, they address the severe clinician shortages that currently strain European healthcare systems. Growth investors seek massive total addressable markets (TAMs), and Oviva operates in one of the largest.
Unassailable Clinical Rigor
Matching the requirement for clinical validation, Oviva did not just build a wellness app; they built an evidence-based clinical intervention. Their approach has been validated by more than 90 peer-reviewed studies. This immense clinical rigor gave Kinnevik and other late-stage investors the confidence that the platform delivers best-in-class, sustainable outcomes.
Exceptional Commercial Traction and Profitability
Oviva didn’t just promise future growth; they brought hard numbers to the table. By the time of their Series D, they had supported over one million patients. Over the previous two years, they successfully tripled their new patient intake. Most impressively for a growth-stage digital health company, Oviva achieved cash-flow profitability in 2025. This underscored the durability and financial soundness of their business model, making the investment highly attractive in a macro-environment that values sustainable growth over “growth at all costs.”
Mastering Reimbursement and Integration
Oviva achieved what many digital health startups struggle to do: seamless payer integration. Their programs are fully integrated into national reimbursement frameworks and physician workflows. Because they achieved full reimbursement status in their core markets (Germany, the UK, and Switzerland), the programs are free of charge for patients. This creates a frictionless adoption funnel for both doctors and patients, a “win-win-win” scenario that drives rapid scaling.
A Future-Proof AI Strategy
With the $220M in fresh capital, Oviva is not resting on its laurels. The funds are earmarked for expanding into additional markets and adjacent chronic conditions, such as hypertension and type 2 diabetes. Furthermore, they are doubling down on their AI initiatives. Their AI-enabled platform currently personalizes patient support and frees up clinicians from administrative burdens, allowing them to focus on real patient impact.
Conclusion
Raising a growth round in HealthTech requires moving beyond the promise of a great technology. As demonstrated by the general market prerequisites and Oviva’s monumental $220M Series D, success at this stage demands a potent combination of clinical evidence, seamless healthcare integration, embedded reimbursement models, and undeniable commercial profitability. Startups that can align these pillars will not only attract top-tier capital but will be positioned to fundamentally transform the global healthcare landscape.
Closing Remark
Switzerland offers many of the right ingredients: talent, funding, IP strength and regulatory clarity. Yet capitalizing on this moment will take more than favorable trends. Angels, VCs, corporates and public actors must work together to turn scientific and entrepreneurial promise into companies that scale – and stay. The window is open.
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About the author
Manuel Baumann: Manuel Baumann is a prominent entrepreneur and leader in the European digital health space, best known as the co-founder of Oviva. Under his leadership, Oviva has emerged as a standout success story, becoming a leading provider of AI-enabled digital care for weight-related and chronic conditions. Manuel helped scale Oviva into a market leader, recently securing a massive $220 million Series D funding round in early 2026 to further expand its digital-first care model.
