Editors’ note: Halle Tecco wrote this piece and published it on her website. I liked it so much that I asked her to share it for our audience on Second Opinion, and she agreed! I hope you enjoy it as much as I did! For our next project, Halle and I are looking to develop a list of quiet success stories in health-tech to balance out all the skepticism we’re seeing in the ether. Are you aware of a privately-held health-tech company that’s quickly hit $100m in revenue? And is demonstrating exciting growth? We’re looking for anonymous submissions! If you’re aware of a company that meets the threshold, reach out to one or both of us!

What Happened to the Digital Health Unicorns of 2020-2022?

Disclaimer: Halle Tecco is an investor in several companies in this cohort, including Cityblock, Kindbody, Omada Health, Everly Health, and Viz.ai.

2020-2022 were exceptional years for venture funding, with healthcare founders raising at generous valuations. During this period, often referred to as ZIRP (zero-interest rate period, which was technically from March 2020 to March 2022), cash was both cheap and abundant due to historically low interest rates. The number of deals, the valuations, and the amount raised all skyrocketed.