The physical therapy practice industry in DACH focuses on rehabilitative care, helping patients recover from injuries through manual therapy, exercise, and modern technologies. Companies range from traditional clinics to innovative startups offering digital therapy solutions and personalized treatment plans. As the demand for rehabilitation services grows, the industry is increasingly integrating technology such as telehealth and AI-supported therapies, enhancing patient access and engagement. Additionally, there is a noticeable shift towards preventative care, emphasizing the importance of physical therapy in maintaining overall health and wellness. The industry is evolving quickly, promising exciting opportunities for both practitioners and investors.


The top physical therapy practice investors in DACH represent a mix of venture capital firms, private equity, and corporate investors. Based in key locations like Germany, Switzerland, and Austria, these organizations vary in size, with most hosting between 11-50 employees. Founded primarily in the late 1990s and early 2000s, they have collectively made significant investments in 2024, signaling robust growth in the sector. Investors such as SHS Capital and Bayern Kapital are strategically placing their bets on innovative health companies, showcasing an ambitious commitment to advancing physical therapy practices in the region.


Top 18 Physical Therapy Practice 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 focuses on early-stage investments in health tech startups, emphasizing support for purpose-driven founders. Their investment strategy includes providing capital, support, and networking opportunities to help startups succeed in a competitive landscape. Notable transactions include investments in Lillian Care, which raised funds to address healthcare shortages and improve primary care services, and Meela, which raised over $2.8 million in a pre-seed round. These investments indicate a commitment to enhancing healthcare delivery, which can encompass physical therapy practices as part of the broader health tech ecosystem.


2. 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, particularly in 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. Among its notable transactions, Bayern Kapital has invested in Reactive Robotics, a company that develops robotic solutions for early mobilization of intensive care patients, which is highly relevant to physical therapy practices. Additionally, they have participated in funding rounds for iATROS, a company that raised capital for healthcare solutions, further demonstrating their engagement in the healthcare and physical therapy sectors.


3. 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, focusing on providing capital and strategic support to fast-growing healthcare companies. SHS Capital has been involved in several notable transactions relevant to the physical therapy practice context, including the investment in Selfapy, a digital therapy provider that raised €6M to expand its online therapy platform. Additionally, they have acquired Medical Technology Rostock, further emphasizing their commitment to healthcare innovation. Their portfolio also includes investments in companies like Dr.Dropin, which aims to modernize healthcare services, showcasing their broader interest in enhancing healthcare delivery through technology and innovation.


4. 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. Notably, IBB Ventures has participated in several transactions relevant to the healthcare sector, including Selfapy, a digital health company focused on mental health, and Recovery Cat, which raised funds for its health-related services. Their investment in Krankenhaus, a healthcare startup, further demonstrates their commitment to the health industry, making them a potential player in the physical therapy practice space.


5. Wellington Partners


Wellington Partners is a venture capital firm based in Munich, Bavaria, Germany, founded in 1998. The firm specializes in life sciences, investing in early- and growth-stage companies that are developing breakthrough technologies in therapeutics and medical devices. Wellington Partners provides not only capital but also strategic support to entrepreneurs, helping them achieve market success. Notable transactions include their investment in nyra health, which raised €4.5m to enhance its AI technology for healthcare, and Sidekick Health, a digital therapeutics company that raised $55 million in Series B funding to expand its operations. These investments reflect Wellington's focus on innovative healthcare solutions that could be relevant to the physical therapy practice industry.


6. 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. They provide both investment and strategic support to entrepreneurs across various sectors, including healthcare, education, and sustainability. Notably, Ananda has been involved in several relevant transactions in the healthcare space, such as leading a €5.3 million Series A round for Caspar Health, which focuses on developing innovative care models for hospitals and patients, and participating in a Series B round for the same company, raising over $10 million. Additionally, they co-invested in Doktor 24, a healthcare services provider in Hungary, further emphasizing their active role in the healthcare sector. Their investments reflect a commitment to enhancing healthcare delivery, which is closely related to physical therapy practices.


7. 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 aimed at improving mobility for individuals with disabilities. Ottobock's product range includes prosthetics, orthotics, wheelchairs, and exoskeletons, catering to amputees and healthcare professionals. In recent years, Ottobock has made significant acquisitions to enhance its presence in the rehabilitation and physical therapy sectors. Notably, the acquisition of Pace Rehabilitation in January 2023 expanded their patient care network in the UK, focusing on prosthetic and rehabilitation services. Additionally, their acquisition of Pohlig in 2018 and Sahva in 2024 further emphasizes their commitment to strengthening their position in the orthotics and prosthetics market, which is integral to physical therapy practices. These strategic moves highlight Ottobock's dedication to improving patient outcomes and advancing the field of rehabilitation.


8. 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 support and strategic guidance to innovators in the healthcare sector. Endeavour Vision has been involved in several notable transactions that highlight their commitment to advancing healthcare solutions. For instance, they participated in a $40 million financing round for Miach Orthopaedics, which is focused on the commercialization of the BEAR® Implant, a product that has implications for orthopedic rehabilitation. Additionally, they were involved in a financing round for VertiFlex, a company that develops minimally invasive treatments for spinal stenosis, which is highly relevant to physical therapy practices that manage spinal conditions. These transactions reflect Endeavour Vision's focus on transformative healthcare technologies that can enhance patient care and modernize healthcare systems, particularly in areas related to physical therapy.


9. 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. Notably, Atlantic Labs has been involved in multiple funding rounds for Caspar Health, a company that focuses on creating new care models for hospitals and patients, which directly relates to physical therapy practices. They participated in Caspar Health's Seed rounds in 2016 and 2017, as well as Series A and B rounds in 2020 and 2021, respectively. This consistent support for a company in the digital health space highlights their interest in the healthcare sector, particularly in areas that can impact physical therapy.


10. Vi Partners

  • Website: vipartners.ch
  • Type: Venture Capital
  • Headquarters: Altendorf, Schwyz, Switzerland
  • Founded year: 2001
  • Headcount: 11-50
  • Number of deals in 2024: 6
  • LinkedIn: vi-partners-ag

Vi Partners is a venture capital firm based in Altendorf, Schwyz, Switzerland, founded in 2001. The firm specializes in providing funding and advisory services to innovative companies primarily in the tech and healthcare sectors. They operate mainly in Switzerland and Europe, helping startups secure the necessary capital and strategic guidance to grow and succeed in their respective markets. Notable transactions include investments in Lambda Health System, which raised $771,188 in a seed round, and Sequana Medical, which has raised significant funds across multiple rounds (including $25,513,252 in Series B and $9,268,661 in Series C). These investments indicate a strong focus on healthcare innovation, which could encompass physical therapy practices and related technologies.


11. HBM Partners AG


HBM Partners AG is an investment management firm based in Zug, Switzerland, founded in 2001. The firm specializes in healthcare investments, focusing on venture, growth, and buy-out financing for private companies, as well as public company investments in the biopharma, medtech, diagnostics, and healthcare sectors. HBM Partners serves institutional and professional clients, providing capital and strategic support to enhance value creation. Notably, HBM Partners has been involved in significant transactions such as the investment in Reha Technology AG, which focuses on rehabilitation technology, indicating their engagement in the physical therapy practice context. Other transactions include investments in companies like Vascular Dynamics and Aculys Pharma, which, while not directly related to physical therapy, showcase their broader commitment to healthcare innovation.


12. 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. Notably, Redstone has invested in healthtech companies such as eaze, which raised €1.7 million in a pre-seed funding round aimed at enhancing customer acquisition and developing AI technologies for healthcare. Additionally, they have participated in funding rounds for other health-related startups, indicating a growing interest in the healthtech space, which may encompass physical therapy solutions.


13. 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. Notable transactions include the acquisition of Forefront Dermatology, a significant player in the dermatology sector, and Axia Women's Health, a leading women's healthcare provider in the US. These investments highlight Partners Group's focus on healthcare services, indicating a strategic interest that could extend to physical therapy practices as part of their broader healthcare investment strategy.


14. Think.Health

  • Website: think-health.de
  • Type: Venture Capital
  • Headquarters: Flensburg, Schleswig-Holstein, Germany
  • Founded year: 2007
  • Headcount: 11-50
  • Number of deals in 2024: 3

Think.Health is a venture capital firm based in Flensburg, Schleswig-Holstein, Germany, founded in 2007. The firm specializes in investing in early-stage and growth opportunities within the healthcare sector, particularly focusing on digital healthcare, medical technologies, and health service providers. They provide active support and advisory services to their portfolio companies, helping them navigate the complex healthcare landscape. Notably, Think.Health has participated in significant transactions such as Caspar Health, which raised €5.3 million in a Series A round to develop innovative care models for hospitals and patients, and Selfapy, a digital therapy provider that has raised multiple rounds of funding to expand its digital therapeutics for mental health disorders. These investments highlight Think.Health's commitment to advancing healthcare solutions, including those relevant to physical therapy practices.


15. 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. The firm provides funding and strategic support to science and technology startups, particularly in sectors such as climate tech, industrial technology, and health & bio. Notably, Verve Ventures has participated in several relevant transactions, including a Series A investment in Sympatient, a digital health startup that develops tools for managing anxiety disorders, which could have implications for physical therapy practices focusing on holistic patient care. Additionally, their involvement in MultiOmic Health, which focuses on diabetic kidney disease, showcases their interest in health innovations that may intersect with physical therapy. Overall, Verve Ventures is positioned to support innovative health solutions that could enhance physical therapy practices.


16. Heal Capital

  • Website: healcapital.com
  • Type: Venture Capital
  • Headquarters: Berlin, Berlin, Germany
  • Founded year: 2019
  • Headcount: 1-10
  • Number of deals in 2024: 4
  • LinkedIn: heal-capital

Heal Capital is a venture capital firm based in Berlin, Germany, founded in 2019. The firm specializes in HealthTech investments, supporting mission-driven founders by providing capital and access to the healthcare system. Heal Capital focuses on innovative digital technologies that enhance healthcare delivery. Among their investments, they have participated in funding Avi Medical, which raised significant capital in multiple rounds, including a Series B round where they contributed to a €50 million investment aimed at launching 100 physical clinics. This involvement highlights their commitment to supporting healthcare solutions that may encompass physical therapy practices. Additionally, they have invested in other health-related startups, such as Medicilio and CereGate, further demonstrating their focus on the healthcare sector.


17. BackBone Ventures

  • Website: backbone.vc
  • Type: Venture Capital
  • Headquarters: Zurich, Zurich, Switzerland
  • Founded year: 2018
  • Headcount: 1-10
  • Number of deals in 2024: 10
  • LinkedIn: backbone-ventures

BackBone Ventures is a venture capital firm based in Zurich, Switzerland, founded in 2018. The firm specializes in early-stage investments, particularly focusing on startups led by underrepresented founders in Germany and Switzerland. They provide funding and support across various industries, including HealthTech and B2B SaaS. Notably, BackBone Ventures has invested in Exakt Health, a health-tech startup that aims to make musculoskeletal (MSK) healthcare more accessible through quality digital physiotherapy. This investment, along with their participation in other health-related startups like Aepsy, which focuses on mental health, showcases their commitment to enhancing healthcare solutions. Their recent transactions indicate a proactive approach to supporting innovations that can significantly impact the physical therapy practice landscape.


18. Barmenia Next Strategies

  • Website: bns.vc
  • Type: Corporate
  • Headquarters: Wuppertal, North Rhine-Westphalia, Germany
  • Founded year: 2021
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: barmenianextstrategies

Barmenia Next Strategies GmbH is a venture capital firm based in Wuppertal, North Rhine-Westphalia, Germany, founded in 2021. The firm specializes in investing in digital business models within the healthcare and insurance sectors, providing early-stage startups with capital, expertise, and resources to help them develop and scale their innovative solutions. Notable transactions include their participation in the seed round for Exakt Health, which raised over $2.4 million in September 2024, indicating a commitment to health technology. Additionally, they were involved in the pre-seed funding round for eaze, a Berlin-based healthtech startup, which raised €1.7 million in July 2023. This involvement in healthtech startups suggests a strategic interest in supporting innovations that could enhance healthcare delivery, including physical therapy practices.



Physical Therapy Practice Insights: Key Investors in DACH


InvestorHeadquarterSizeFoundedDeals 2024
Calm/StormVienna, Vienna, Austria1-10202013
Bayern KapitalLandshut, Bavaria, Germany11-50199527
SHS CapitalGermany11-5019932
IBB VenturesBerlin, Berlin, Germany11-50199718
Wellington PartnersMunich, Bavaria, Germany11-5019989
Ananda Impact VenturesMunich, Bavaria, Germany11-5020106
OttobockDuderstadt, Lower Saxony, Germany5001-1000019192
Endeavour VisionGeneva, Geneva, Switzerland11-5020002
Atlantic LabsBerlin, Berlin, Germany11-50201313
Vi PartnersAltendorf, Schwyz, Switzerland11-5020016
HBM Partners AGZug, Zug, Switzerland11-5020010
RedstoneBerlin, Berlin, Germany11-50201414
Partners GroupBaar, Zug, Switzerland1001-5000199619
Think.HealthFlensburg, Schleswig-Holstein, Germany11-5020073
Verve VenturesZurich, Zurich, Switzerland11-50201025
Heal CapitalBerlin, Berlin, Germany1-1020194
BackBone VenturesZurich, Zurich, Switzerland1-10201810
Barmenia Next StrategiesWuppertal, North Rhine-Westphalia, Germany1-1020211


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