2070 Health Bags $30 Mn To Build India’s First Healthcare Venture Studio
Summary
2070 Health will deploy the capital to build the platform and launch new startups in the healthtech space The studio plans to invest in 15-20 startups over the course of four to five years to grow its portfolio As per an Inc42 report, Indias healthtech market is projected to grow to a market size of $21.3 Bn by 2025Healthcare venture studio 2070 Health has raised $30 Mn as part of its seed funding round from US-based venture capital firm W Health Ventures.The venture studio will deploy a part of the capital to build the platform, hire more employees and spruce up its tech stack. Via companies launched by 2070 Health, we aim to impact the future of healthcare for one billion Indians over the next decade, said the president of W Health, Sunil Wadhwani.According to Jethwani, the studio will largely ideate and build startups that will have a minimum addressable market of 100-300 Mn users and prioritise areas where it is capable of building a 10X better solution than existing products in the market.Our guiding principle is keeping patient experience and results front and centre. Armed with a seasoned cross-functional team and a cohort of founders, the platform claims to evaluate hundreds of potential ideas that address white spaces in healthcare, which subsequently undergo a validation process at the venture studio.The proposed solution is run through clinical studies and go-to-market experiments to finally devise a proposed product range. Afterwards, Health 2070 brings together a founding team and deploys various playbooks across clinical development, product, marketing, omnichannel growth, and enterprise partnerships to further fuel the ideas.The studio also claims to have built a 40-member team across venture design, product development, and go-to-market verticals that work closely with the founders to grow the portfolio startups.It also pumps in seed capital to kick-start the operations of these companies and then the startup is free to raise further funds.We are developing these playbooks leveraging the teams decades of experience building healthcare, technology, and consumer companies. Describing the studios investment thesis, Jethwani told Inc42 that 2070 Health currently targets two major areas Indian startups building for Bharat and Indian startups building SaaS products for global markets.As part of this, 2070 Health has already unveiled three startups as part of its first cohort medical weight loss startup ElevateNow, tech-led pain management chain of clinics Nivaan Care, and healthtech SaaS platform Reveal HealthTech.Despite the ongoing funding winter and waning pandemic-era growth, the homegrown healthtech ecosystem is poised for growth, and it is this industry that 2070 Health intends to tap into.According to an Inc42 report, Indias healthtech overall market is projected to balloon to a market size of $21.3 Bn by 2025 on the back of greater adoption of digital health services and rising internet penetration.