Heal Capital Research
Investment Thesis
Heal Capital is a Berlin-based venture fund dedicated to HealthTech. Its pitch is that every new wave of technology creates a generation of market-leading healthcare platforms, and it backs the founders building them. The firm focuses on digital health, AI and software: care delivery tools, patient apps, health system infrastructure, and anything that changes how healthcare operates. It states plainly that it does not invest in drugs or therapeutic candidates.
Stage Focus
Pre-Seed through Series A, per the firm's homepage. Public coverage shows seed rounds (Tokura, Ditto) and a Series A lead (MediShout, 2025).
Check Size
Ticket size is stated as EUR 1M to 5M. The amounts here are the stated euro figures, not converted to USD.
Lead Tendency
The homepage lists its investment role as "Lead or Co-Lead". Recent evidence matches: it led Ditto's EUR 7.6M round (May 2026) and co-led Tokura's seed with redalpine (June 2026). It also appears as a participant in rounds led by others (for example Keyp alongside Elaia and High-Tech Gruenderfonds).
Recent Activity
Third-party sources describe roughly EUR 200M+ AUM across two funds (Heal Capital I and Heal.Capital II), 27 to 29 portfolio companies and 8,000+ ventures evaluated. Tracxn lists 2026 investments in Ditto Care and Hypervision Surgical. Fund II is the active vehicle, so the firm is treated as actively deploying.
Portfolio Highlights
- Exits: Siilo (acquired by Doctolib), Gleamer, Formel Skin, Medicilio.
- Active: Avi Medical (hybrid primary care), Infermedica (symptom checks), Apheris (data collaboration), PeakData (pharma insights), Dovetail (medical device regulatory platform), Paloma Health (AI-native clinic), Vocca (AI voice assistant for practices), Tokura (outpatient surgery centers), Ditto (appointment recording app), Hypervision Surgical (hyperspectral imaging).
- The portfolio page also shows one unannounced "Stealth" company.
Team
- Eckhardt Weber: Founding Managing Partner
- Christian Lautner: Founding Managing Partner
- Dr. Markus Mueschenich: Founding Partner
- Peter Wibbe: Venture Partner
- Dr. Christian Weiss: Venture Partner
- Marta Mrozowicz, Dr. Lucas Mittelmeier, Dr. Vahid Asimi, Felix Nizet: Investment Team
- Cecilia von Oldershausen: Finance and Operations
- Arda Uckan: Engineering Fellow
Decision Process
Not publicly stated. The firm has two founding managing partners and a wider partnership, so a partnership process is the likeliest, but this is an inference. Pitches come in through a Typeform on the site.
Founder Preferences
The firm sells itself on three things: network (introductions to customers, KOLs and partners across the European healthcare market, which it says has generated millions in ARR for portfolio companies), backing (25+ private health insurers and institutional healthcare LPs, plus an innovation council of senior figures from medicine, politics, hospitals and industry) and focus on software and AI. Founders who need healthcare-system access in Germany and Europe are the natural fit. Its portfolio skews toward operator-led, tech-enabled care delivery and healthcare workflow automation.
Geographic Focus
Europe, with a German-market emphasis. The firm sits in Berlin (Rosenthaler Str. 49), its council is heavily German, and the portfolio includes companies from Germany, the Netherlands, France, Poland, Italy and the UK.
Content and Brand
The firm runs a weekly Substack newsletter, Healthtech Off the Record, covering regulation, AI adoption, wearables and market overviews, plus an interactive European HealthTech ecosystem map of 300+ investors and accelerators and a Regulatory Monitor product.