$140B Raised, No IPO Since HeartFlow: Digital Health's Exit Problem

Rock Health counts over $140B raised by US digital health startups since 2011. The last IPO was HeartFlow in August 2025.

According to the report, Q3 brought $3.7B across 114 deals and takes the year to $11.1B across 358. Average deal size is $31.0M, up from $20.6M in 2024. Every year since 2020 has cleared $10B.

Not surprisingly, the exit side is much thinner. 164 M&A deals this year through September, more or less on par with 2025, and no new listing since HeartFlow, and a highly visible one, Oura, just postponed due to "market uncertainty".

On the venture side at Vorwerk Ventures I have started asking the exit question much earlier than I used to, as the exit situation in Europe is obviously even more challenging. Who buys this company in five years, and what will they still pay once the AI-native fast followers show up.