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- Patient 21
Patient 21 Funding, Investors & Competitors
Patient 21 has raised $154M across 5 funding rounds, most recently a $76M Series C in May 2023.
Last Patient 21 funding round
$76M
Series C · May 2023
Cumulative funding Patient 21 raised
$154M
across 5 funding rounds
Key investors in Patient 21
Target Global
Piton Capital
PICO Venture Partners
Eight Roads Ventures
Pitango VC
Kingsway Capital
Cold Start Ventures
Bertelsmann Investments
About Patient 21
Patient21 is a platform enhancing doctor-patient connections via data access and cross-specialty collaboration in the United States. It equips physicians with universal records to deliver personalized treatments, addressing fragmentation in modern healthcare delivery.
Founded
2019
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Patient 21 Funding History
Patient 21 has raised a total of $154M across 5 funding rounds.
Patient 21's first fundraising round was a $4M pre-seed round in April 2019. The most recent completed round was a $76M Series C in May 2023.
Patient 21 funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| May 2023 | Series C | Pitango VC (lead); PICO Venture Partners; Artian Investments; Piton Capital; Maria Raga; Target Global; Bertelsmann Investments; Mario Kohle | $76M | Patient21 is a German digital healthcare platform founded in 2019 that combines a cloud-based software system with physical brick-and-mortar clinics in Berlin. The platform spans the entire patient journey including online bookings, digital case histories, check-ins, billing, insurance management, and clinical data sharing. The company's software is designed to enhance rather than replace in-person care, freeing medical teams from administrative burdens while increasing patient health literacy and engagement. Patient21 raised €100 million ($108 million) in a Series C funding round in May 2023, making it the largest funding round raised by a European health platform in 2023 at that time. The round was led by Israeli venture capital firm Pitango and included equity and growth debt components, with more than 70% being equity. Other investors included Bertelsmann Investments, Artian, Target Global, Piton Capital, PICO Venture Partners, and several angel investors including Mario Kohle and Maria Raga, with debt provided by IPF Partners. Patient21 had previously raised approximately €66 million in earlier funding rounds. The company planned to use the new capital to develop its software platform further and expand into additional European markets beyond Germany, with plans to launch in two new markets within 12 months. The company's physical clinics became operationally profitable quickly, allowing expansion with minimal additional equity investment, with most of the new funding directed toward software development and platform enhancement. |
| Jun 2021 | Series B | Cold Start Ventures; PICO Venture Partners; Piton Capital; Target Global; Eight Roads Ventures | $57M | - |
| Oct 2020 | Series A | PICO Venture Partners; Piton Capital; Target Global | $9M | - |
| Jan 2020 | Seed | Piton Capital; Kingsway Capital; Target Global | $8M | Patient21, founded in 2019 by Christopher Muhr, operates a digi-physical healthcare platform focused on digitizing patient records and improving care delivery, starting with dental clinics. The company, also known as Dental21, provides digital services like management software for appointments and patient data, alongside operating 25 clinics in 19 German cities. Patient21 emerged from stealth after raising a total of $142 million across multiple rounds led by Target Global, with participation from Eight Roads, Piton Capital, Pico Capital, Thomas Stafford, and Kingsway Capital. An earlier funding round occurred at the start of 2021 from Kingsway Capital, Piton Capital, and Target Global, prior to the larger $142 million announcement. The company reported over 300% growth since 2020 and plans European expansion into primary care areas like GPs and cardiology. |
| Apr 2019 | Pre-seed | Piton Capital; Target Global | $4M | Patient 21, founded in 2019 in Berlin, Germany by Christopher Muhr, initially operated as a digital agency focused on dentist offices, providing digital services combined with dental-specific tasks for local practices. The company later rebranded or operated as Dental21. In early 2021, Dental21 raised capital from investors including Kingsway Capital, Piton Capital, and Target Global. |
Who has invested in Patient 21?
11 investors have backed Patient 21 across its funding rounds, including Target Global, Piton Capital, PICO Venture Partners, Eight Roads Ventures, Pitango VC and Kingsway Capital.
Lead investors include Pitango VC.
Patient 21 Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Participant | Apr 2019 | ||
| 5 | Participant | Apr 2019 | ||
| 3 | Participant | Oct 2020 | ||
| 1 | Participant | Jun 2021 | ||
| 1 | Lead | May 2023 | ||
| 1 | Participant | May 2023 | ||
| 1 | Participant | May 2023 | ||
| 1 | Participant | Jan 2020 | ||
| 1 | Participant | Jun 2021 | ||
This data is available for Pro users. Sign up to see all 11 Patient 21 investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialPatient 21 Competitors
Patient 21 competitors include listed companies like B-Soft Co. and Phreesia, and private ones like Commure, Doctolib, Abridge and Shanghai LinkedCare Information Technology.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $200M | - | $7B | 35.0x | ||
| Private | $400M | - | $6.4B | 16.0x | ||
| Private | $117M | - | $5.3B | 45.3x | ||
| Private | - | - | $1.5B | - | ||
| Publicly listed | $157M | ($37M) | $769M | 4.8x | ||
| Publicly listed | $481M | $27M | $638M | 1.3x |
Patient 21 Public Comps
Patient 21 is still privately-owned, but its public comps include IQVIA, Veeva, IDEXX Laboratories, Roper Technologies, GE HealthCare, ICON plc, Pro Medicus, United Imaging, Glaukos and M3 Inc..
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $16B | $3.4B | 3.6x | 3.4x | 17.2x | 14.8x | |||
| $3.2B | $965M | 11.1x | 10.2x | 36.9x | 22.4x | |||
| $4.3B | $1.5B | 9.5x | 8.9x | 27.1x | 24.9x | |||
| $7.9B | $3.2B | 6.1x | 5.7x | 15.2x | 14.6x | |||
| $21B | $3.7B | 1.8x | 1.8x | 10.1x | 10.0x | |||
| $8.3B | $816M | 1.9x | 1.9x | 19.2x | 11.3x | |||
| $186M | $147M | 66.6x | 62.7x | 84.4x | 77.6x | |||
| $2.1B | $367M | 5.5x | 4.8x | 30.7x | 26.9x | |||
This data is available for Pro users. Sign up to see all Patient 21 competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Patient 21
| When was Patient 21 founded? | Patient 21 was founded in 2019. |
| Where is Patient 21 headquartered? | Patient 21 is headquartered in Berlin, Germany. |
| Is Patient 21 publicly listed? | No, Patient 21 is a private, VC-backed company. |
| How much funding has Patient 21 raised? | Patient 21 has raised $154M across 5 funding rounds. |
| What was Patient 21's last funding round? | Patient 21's last funding round was a $76M Series C in May 2023, led by Pitango VC. |
| Who are Patient 21's investors? | Patient 21's investors include Piton Capital, Target Global, PICO Venture Partners, Cold Start Ventures, Pitango VC, Artian Investments, Maria Raga, Kingsway Capital, Eight Roads Ventures, Bertelsmann Investments and 1 other. |
| Which companies are comparable to Patient 21? | Companies comparable to Patient 21 include Commure, Doctolib, Abridge, Shanghai LinkedCare Information Technology, B-Soft Co. and Phreesia. |
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