Midwest healthcare startups raise more than $1 billion in first half of 2016
Midwest healthcare startups are booming so far this year, according to a new report from Cleveland-based BioEnterprise.
In total, Midwest healthcare companies raised more than $1 billion in new equity investments in the first half of 2016, the largest amount raised over a six-month period since BioEnterprise began publishing the report in 2005.
Chicago raised the most money among cities in the Midwest with $260 million, Minneapolis was second at $226 million and St. Louis was third with $143 million. Illinois raised the most money among other Midwestern states in large part to Chicago’s success.
“Not only have we seen a record first-half, but we are also seeing some of the largest individual deals since BioEnterprise started tracking these numbers,” said Aram Nerpouni, president and CEO or BioEnterprise, in a statement.
Chicago-based Accretive Health, which creates revenues cycles solutions for providers, raised $200 million.
When broken into categories, healthcare IT, software and services companies received the most funding with a whopping $538 million, 51 percent of the total funding. Biotech and pharmaceutical companies received $280 million while medical device companies got $226 million.
To read the full report, click here.
As a Senior Writer for TriMed Media Group, Katherine primarily focuses on producing news stories, Q&As and features for Cardiovascular Business. She reports on several facets of the cardiology industry, including emerging technology, new clinical trials and findings, and quality initiatives among providers. She is based out of TriMed's Chicago office and holds a bachelor's degree in journalism from Columbia College Chicago. Her work has appeared in Modern Healthcare, Crain's Chicago Business and The Detroit News. She joined TriMed in 2016.