The physical therapy and rehabilitation industry in the DACH region consists of a mix of hospitals, private clinics, medical device manufacturers, and tech startups. Companies here offer a range of services, from traditional physiotherapy and occupational therapy to innovative rehabilitation technologies and digital health solutions. With a growing emphasis on personalized treatment plans, the industry is increasingly integrating telehealth and wearable tech to enhance patient experience. As the demand for rehabilitation services rises, supported by an aging population, we can expect to see continued investment in cutting-edge solutions that improve recovery outcomes and efficiency in care.


The investors highlighted in this article represent a blend of corporate and venture capital entities primarily based in the DACH region. From established firms like Novartis and Ottobock to emerging names like Calm/Storm and YZR Capital, these investors vary in size with many managing a compact team of fewer than 50 staff while focusing on early-stage opportunities. Founded as early as 1919 and as recently as 2021, the investment activity in 2024 shows robust engagement, with deal counts ranging from 2 to 77 across diverse health tech sectors.


Top 18 Physical Therapy and Rehabilitation Investors in DACH


1. Calm/Storm

  • Website: calmstorm.vc
  • Type: Venture Capital
  • Headquarters: Vienna, Vienna, Austria
  • Founded year: 2020
  • Headcount: 1-10
  • Number of deals in 2024: 13
  • LinkedIn: calm-storm

Calm/Storm Ventures is a venture capital firm based in Vienna, Austria, founded in 2020. The firm specializes in early-stage investments in health tech startups, focusing on purpose-driven founders. They provide capital, support, and networking opportunities to help these companies thrive in the competitive health tech landscape. Among their notable transactions, they have invested in Oska Health, which raised $2,671,637 in a Pre-Seed round in March 2023, indicating a focus on health-related technologies. Other investments include MoonRise, Curio, re:sleep, and 9amHealth, which, while not all directly related to physical therapy, reflect a commitment to addressing various health issues. Their diverse portfolio suggests a potential interest in innovations that could impact physical therapy and rehabilitation.


2. Novartis

  • Website: novartis.com
  • Type: Corporate
  • Headquarters: Basel, Basel, Switzerland
  • Founded year: 1996
  • Headcount: 10001+
  • Number of deals in 2024: 7
  • LinkedIn: novartis

Novartis AG is a leading pharmaceutical company based in Basel, Switzerland, founded in 1996. The company specializes in developing and manufacturing innovative medicines aimed at addressing serious diseases across various therapeutic areas. Novartis emphasizes research and development to enhance patient outcomes globally. In recent years, Novartis has engaged in several significant transactions that reflect its strategic interests in healthcare innovation. For instance, their acquisition of Kate Therapeutics for up to $1.1 billion focuses on gene therapies for inherited neuromuscular diseases, which could have implications for rehabilitation therapies. Additionally, Novartis participated in the Series A funding of NuvoAir, a company that is expanding its digital care platform, which may facilitate decentralized clinical trials and improve patient care in rehabilitation contexts. These activities highlight Novartis's commitment to advancing healthcare solutions that could intersect with physical therapy and rehabilitation.


3. Bayern Kapital

  • Website: bayernkapital.de
  • Type: Venture Capital
  • Headquarters: Landshut, Bavaria, Germany
  • Founded year: 1995
  • Headcount: 11-50
  • Number of deals in 2024: 27
  • LinkedIn: bayern-kapital-gmbh

Bayern Kapital is a venture capital firm based in Landshut, Bavaria, Germany, founded in 1995. The firm specializes in providing investment and growth capital to innovative high-tech startups and scale-ups in Bavaria. With a focus on sectors such as life sciences and software, Bayern Kapital supports its clients with financial resources and access to a network of industry experts, helping them navigate the challenges of growth and development. Notably, Bayern Kapital has been involved in significant transactions within the physical therapy and rehabilitation context, particularly with Reactive Robotics, which raised multiple rounds of funding (Series A, B, and C) to develop robotic assistance technologies aimed at improving patient mobilization in intensive care. This involvement highlights Bayern Kapital's commitment to supporting advancements in healthcare technology, particularly in rehabilitation and therapy applications.


4. Wellington Partners


Wellington Partners is a venture capital firm based in Munich, Bavaria, Germany, founded in 1998. The firm specializes in life sciences, focusing on early- and growth-stage companies. They provide capital and strategic support to entrepreneurs in sectors such as therapeutics and medical devices. Notably, Wellington Partners has participated in several significant funding rounds, including a €4.5 million Seed Round for nyra health, which aims to scale its AI technology in healthcare, and multiple rounds for Polares Medical, which is developing innovative medical devices. Additionally, their investment in Koa Health, a digital mental healthcare provider, highlights their commitment to supporting innovative healthcare solutions that could have implications for physical therapy and rehabilitation. Overall, Wellington Partners is dedicated to helping startups develop breakthrough technologies and achieve market success in the life sciences sector.


5. Endeavour Vision

  • Website: endeavourvision.com
  • Type: Venture Capital
  • Headquarters: Geneva, Geneva, Switzerland
  • Founded year: 2000
  • Headcount: 11-50
  • Number of deals in 2024: 2
  • LinkedIn: vision-capital

Endeavour Vision is a venture capital firm based in Geneva, Switzerland, founded in 2000. The firm specializes in healthcare technology investments, providing both financial backing and strategic guidance to healthcare innovators. Endeavour Vision's portfolio includes notable transactions in the physical therapy and rehabilitation sector, such as their investment in Miach Orthopaedics, which raised $40 million to commercialize the BEAR® Implant, a device designed to enhance healing in orthopedic surgery. They also participated in funding rounds for Relievant Medsystems, a company focused on pain management solutions, which raised significant capital to expand its operations and research efforts. These investments reflect Endeavour Vision's commitment to supporting transformative technologies that improve patient care and modernize healthcare systems.


6. IBB Ventures


IBB Ventures is a venture capital firm based in Berlin, Germany, founded in 1997. The firm specializes in early-stage financing and has invested in over 270 startups, providing not only funding but also expertise and resources to help these businesses thrive in competitive markets. Among their notable transactions, IBB Ventures has participated in funding rounds for companies like Medbelle, which operates in the healthcare sector, and Selfapy, a digital health company focused on mental health. These investments highlight IBB Ventures' commitment to supporting innovative health solutions, which may include applications relevant to physical therapy and rehabilitation.


7. Boehringer Ingelheim Venture Fund

  • Website: boehringer-ingelheim-venture.com
  • Type: Venture Capital
  • Headquarters: Ingelheim Am Rhein, Rhineland-Palatinate, Germany
  • Founded year: 2010
  • Headcount: 11-50
  • Number of deals in 2024: 5

Boehringer Ingelheim Venture Fund is a venture capital firm founded in 2010, based in Ingelheim Am Rhein, Rhineland-Palatinate, Germany. The fund specializes in investing in pioneering science and biotechnology innovations, particularly within the healthcare sector. They provide both capital and expertise to help startups develop and commercialize their products. Notable transactions include their investment in Dopavision, which raised €12 million in a Series A round to further clinical trials for MyopiaX, a digital therapy aimed at addressing childhood myopia. This therapy transforms the use of digital devices into a beneficial therapeutic activity, showcasing the fund's interest in digital health solutions. Additionally, they invested in Rinri Therapeutics, which is developing stem cell therapies for hearing loss, indicating their engagement in innovative therapeutic approaches. These investments highlight the fund's commitment to supporting healthcare innovations that may have applications in rehabilitation and therapy contexts.


8. Ananda Impact Ventures

  • Website: ananda.vc
  • Type: Venture Capital
  • Headquarters: Munich, Bavaria, Germany
  • Founded year: 2010
  • Headcount: 11-50
  • Number of deals in 2024: 6
  • LinkedIn: anandaventures

Ananda Impact Ventures is an impact investment firm based in Munich, Bavaria, Germany, founded in 2010. The firm specializes in supporting early-stage companies that aim to create significant social and environmental impact across various sectors, including healthcare, education, and sustainability. Ananda provides both investment and strategic support to entrepreneurs, helping them scale their operations and achieve their impact goals. Notably, Ananda has made significant investments in the healthcare sector, including a Series A investment in Caspar Health, which raised €5.3 million to develop innovative care models for hospitals and patients, directly impacting rehabilitation services. They also participated in a Series B round for Caspar Health, raising over $10 million, further emphasizing their commitment to enhancing healthcare delivery. Additionally, their co-investment in Doktor 24, a healthcare services provider, showcases their interest in companies that may contribute to physical therapy and rehabilitation services. These transactions highlight Ananda's active role in the healthcare space, particularly in areas relevant to physical therapy and rehabilitation.


9. HBM Partners AG


HBM Partners AG is an investment management firm based in Zug, Switzerland, specializing in healthcare investments. Founded in 2001, the firm focuses on venture, growth, and buy-out financing for private companies, as well as public company investments in the biopharma, medtech, diagnostics, and healthcare sectors. Notably, HBM Partners has invested in Reha Technology AG, which specializes in rehabilitation technology, indicating their active role in the physical therapy and rehabilitation space. Additionally, they have participated in various funding rounds for other healthcare companies, such as Vascular Dynamics and Aculys Pharma, showcasing their commitment to enhancing value creation in the healthcare industry.


10. SHS Capital


SHS Gesellschaft für Beteiligungsmanagement mbH, commonly known as SHS Capital, is a private equity firm based in Germany, founded in 1993. The firm specializes in healthcare investments, providing capital and strategic support to fast-growing healthcare companies. SHS Capital has been involved in several notable transactions within the healthcare sector, including investments in companies relevant to physical therapy and rehabilitation. For instance, they invested in Selfapy, a digital therapy provider that focuses on online therapy solutions, which aligns with modern rehabilitation practices. Additionally, their acquisition of Medical Technology Rostock in 2024 suggests a commitment to expanding their portfolio in the healthcare technology space, potentially including rehabilitation technologies. Their diverse investment strategy and focus on healthcare innovation position them as a significant player in the physical therapy and rehabilitation industry.


11. Sictic

  • Website: sictic.ch
  • Type: Venture Capital
  • Headquarters: Zurich, Zurich, Switzerland
  • Founded year: 2014
  • Headcount: 201-500
  • Number of deals in 2024: 77
  • LinkedIn: sictic

Sictic is a not-for-profit venture capital organization based in Zurich, Switzerland, founded in 2014. It connects smart money investors with innovative Swiss early-stage technology startups, providing investment opportunities, networking events, and educational resources to facilitate the growth of startups and the investment community. Among its notable transactions, Sictic has invested in Emovo Care, which raised $537,203 in a Seed Round in June 2024, indicating a focus on health-related solutions that could be applicable to physical therapy and rehabilitation. Additionally, Sictic has been involved in other health and wellness-related startups, such as VAY and Alip Training, which may also have relevance to the physical therapy sector. This diverse portfolio suggests that Sictic is actively engaging with companies that could contribute to advancements in physical therapy and rehabilitation.


12. Earlybird Venture Capital


Earlybird Venture Capital is a venture capital firm founded in 1997, based in Germany, that specializes in investing in European technology innovators. They provide financial resources and strategic support to startups, particularly in the digital health and deep tech sectors. Earlybird has been involved in several notable transactions, including investments in Eyetronic Therapie, which raised funds in multiple rounds (2010, 2013, and 2015) and appears to focus on therapeutic solutions. Additionally, they participated in funding rounds for Polares Medical, which, while primarily focused on cardiac solutions, indicates their engagement in the health technology space. Earlybird's business model emphasizes nurturing early-stage companies through funding and mentorship, helping them navigate growth challenges in various sectors, including health.


13. Verve Ventures

  • Website: verve.vc
  • Type: Venture Capital
  • Headquarters: Zurich, Zurich, Switzerland
  • Founded year: 2010
  • Headcount: 11-50
  • Number of deals in 2024: 25
  • LinkedIn: investiere-venture-capital

Verve Ventures is a Zurich-based venture capital firm founded in 2010, specializing in deep tech investments across Europe. With a focus on science and technology startups, they provide funding and strategic support to help entrepreneurs grow in various markets. Their investment portfolio includes sectors such as climate tech, industrial technology, and health & bio. Notably, Verve Ventures has participated in significant funding rounds for companies like Sympatient, which develops digital tools for managing anxiety disorders, and Scewo, an ETH spin-off that focuses on innovative mobility solutions, potentially relevant to rehabilitation. Their involvement in these health-related startups highlights their interest in the health sector, making them a potential player in the physical therapy and rehabilitation space.


14. Redstone


Redstone is a venture capital firm based in Berlin, Germany, founded in 2014. The firm specializes in investing in technology startups across various sectors, including FinTech, Industrial, Sustainability, and Quantum. Redstone provides investment management services and conducts research on the venture capital landscape, particularly focusing on the participation of pension funds in the startup ecosystem. In 2023, Redstone participated in a pre-seed funding round for eaze, a Berlin-based healthtech startup that raised €1.7 million to enhance customer acquisition and develop AI technologies for health applications. This investment aligns with their interest in healthtech, showcasing their potential involvement in the physical therapy and rehabilitation sector. Additionally, they have invested in other health-related startups, such as Aris4Autism, indicating a broader interest in health and wellness technologies.


15. Ottobock

  • Website: ottobock.com
  • Type: Corporate
  • Headquarters: Duderstadt, Lower Saxony, Germany
  • Founded year: 1919
  • Headcount: 5001-10000
  • Number of deals in 2024: 2
  • LinkedIn: otto-bock

Ottobock SE & Co. KGaA is a prominent medical device manufacturer based in Duderstadt, Lower Saxony, Germany, specializing in orthopedic technology. Founded in 1919, the company has established itself as a leader in providing innovative solutions for mobility enhancement, including prosthetics, orthotics, wheelchairs, and exoskeletons. In recent years, Ottobock has made significant acquisitions to strengthen its position in the physical therapy and rehabilitation sector. Notably, they acquired Pace Rehabilitation in January 2023, a UK-based provider of prosthetic and rehabilitation services, aimed at enhancing their patient care network. Additionally, their acquisition of MARCENAC ET DUCROS SA in May 2021, which focuses on custom prosthetic design, and the acquisition of Pohlig, an orthotics and prosthetics provider, further illustrate their commitment to expanding their capabilities in this field. These strategic moves highlight Ottobock's dedication to improving the quality of life for individuals with disabilities and their active role in the rehabilitation industry.


16. Atlantic Labs

  • Website: atlanticlabs.de
  • Type: Venture Capital
  • Headquarters: Berlin, Berlin, Germany
  • Founded year: 2013
  • Headcount: 11-50
  • Number of deals in 2024: 13
  • LinkedIn: atlantic-labs

Atlantic Labs is a venture capital firm based in Berlin, Germany, founded in 2013. The firm is dedicated to supporting exceptional, mission-driven founders throughout their entrepreneurial journey. They invest in startups across various sectors, including climate tech, AI, and digital health, providing both capital and strategic guidance to help these businesses grow. Notably, Atlantic Labs has been involved in multiple funding rounds for Caspar Health, a company that raised a total of approximately $14 million across Series A and B rounds, focusing on developing innovative care models for hospitals and patients. This involvement highlights their interest in the health sector, particularly in areas that intersect with physical therapy and rehabilitation. Additionally, they have invested in Steady Health, further indicating their engagement in health-related ventures.


17. Partners Group

  • Website: partnersgroup.com
  • Type: Private Equity
  • Headquarters: Baar, Zug, Switzerland
  • Founded year: 1996
  • Headcount: 1001-5000
  • Number of deals in 2024: 19
  • LinkedIn: partners-group

Partners Group Holding AG is a prominent investment management firm based in Baar, Zug, Switzerland, specializing in private equity, private infrastructure, private real estate, and private debt. Founded in 1996, the firm manages over USD 149 billion in assets and is recognized for its innovative investment strategies and commitment to sustainability. Among their notable transactions, Partners Group has invested in Healogics, a leader in wound care and rehabilitation, through a significant equity investment, highlighting their engagement in the physical therapy sector. They also acquired Axia Women's Health, a major women's healthcare provider, and Forefront Dermatology, further demonstrating their focus on healthcare services. These transactions reflect Partners Group's strategic interest in the healthcare industry, including areas related to physical therapy and rehabilitation.


18. Nestlé Health Science


Nestlé Health Science is a health and nutrition company founded in 2011, based in Lausanne, Switzerland. It specializes in medical nutrition, active lifestyle nutrition, and pharmaceuticals, aiming to improve health outcomes for patients and consumers. The company has made several strategic acquisitions to enhance its portfolio, including IM HealthScience and NBTY, which focus on health and wellness products. Notably, in 2016, Nestlé Health Science acquired Phagenesis, a UK medical device company that developed the Phagenyx device for restoring swallowing control, highlighting its interest in rehabilitation technologies. Additionally, the acquisition of PronoKal Group in 2022 further emphasizes its commitment to health solutions, although this is more focused on weight loss. Overall, Nestlé Health Science operates globally, providing innovative products and solutions to meet diverse nutritional and health needs.



Physical Therapy and Rehabilitation Insights: Key Investors in DACH


InvestorHeadquarterSizeFoundedDeals 2024
Calm/StormVienna, Vienna, Austria1-10202013
NovartisBasel, Basel, Switzerland10001+19967
Bayern KapitalLandshut, Bavaria, Germany11-50199527
Wellington PartnersMunich, Bavaria, Germany11-5019989
Endeavour VisionGeneva, Geneva, Switzerland11-5020002
IBB VenturesBerlin, Berlin, Germany11-50199718
Boehringer Ingelheim Venture FundIngelheim Am Rhein, Rhineland-Palatinate, Germany11-5020105
Ananda Impact VenturesMunich, Bavaria, Germany11-5020106
HBM Partners AGZug, Zug, Switzerland11-5020010
SHS CapitalGermany11-5019932
SicticZurich, Zurich, Switzerland201-500201477
Earlybird Venture CapitalGermany51-200199729
Verve VenturesZurich, Zurich, Switzerland11-50201025
RedstoneBerlin, Berlin, Germany11-50201414
OttobockDuderstadt, Lower Saxony, Germany5001-1000019192
Atlantic LabsBerlin, Berlin, Germany11-50201313
Partners GroupBaar, Zug, Switzerland1001-5000199619
Nestlé Health ScienceLausanne, Vaud, Switzerland10001+20112


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