Heal Capital leads $10.5m round for Siilo

Harriet Matthews
30 July 2020

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Healthcare technology investor Heal Capital has led a $10.5m round for Netherlands-based Siilo, a collaboration and messaging app designed for use by healthcare professionals.

Also participating in the round were Philips Health Technology Venture Fund and existing investor EQT Ventures.

Siilo plans to use the fresh capital to expand its product offering and to expand its presence in DACH, Benelux, the UK and Ireland.

According to a statement, the company saw an increase in app users of 309% during the pandemic, with an increase of 208% in messages and 270% in video calls.

The company launched a Covid-19 crisis management service in 2020 that aimed to allow workers to communicate and provide updates on patients with minimal risk of in-hospital transmission, as well as to address capacity and resource allocation.

The deal marks the Germany-based venture capital firm's debut investment from its first fund, which held a first close in January 2020 on €80m. The fund is currently on the road and targeting €100m. The fund makes equity investments of €3-5m, deploying up to €15m per company.

Previous funding
In October 2018, EQT Ventures backed a €4.5m round for Siilo, investing via EQT Ventures Fund.

Company
Amsterdam-headquartered Siilo is a messaging app designed for use by healthcare professionals. Founded in 2016, the company aims to facilitate case-based collaboration, knowledge sharing and decision-making between healthcare workers, providing a secure communication platform. The app is free for individuals but is available as a subscription-based service for use within healthcare organisations.

According to a statement, the app is currently used by 250,000 healthcare professionals, compared with 100,000 users at the time of its last funding round in 2018. It has 48 employees, according to LinkedIn.

People
Heal Capital – Christian Weiss (managing partner).
EQT Ventures – Ashley Lundström (partner).
Philips Health Technology Ventures – Rich Wilmot (head of Philips Health Technology Ventures).
Siilo – Joost Bruggeman (CEO), Arvind Rao (CFO).