This funding will help Palta develop more health and wellness apps. Here are the top-line bullets you need to know.
Palta, a health and wellness apps developer, raised $100M in a Series B that drew participation from Target Global and Vostok New Ventures.
HOW’S THE COMPANY PERFORMING?
- UK-based Palta is a healthtech company that develops wellness apps. Its portfolio includes Flo.Health, Simple Fasting, and Zing Fitness Coach.
- Over the past year, Palta’s products have attracted more than 100M active users globally, with more than 46M monthly active users.
- Palta has approximately 600 employees and offices in Munich, Vilnius, Warsaw, and other places. Its R&D department was founded in Eastern Europe.
WHY DOES THE MARKET MATTER?
- The digital health market is expected to be valued at $639B by 2026, growing at a CAGR of 28.5%, according to Global Market Insights.
- In Q2’21, global healthcare investment rose for the seventh consecutive quarter, albeit at a slower pace. Funding surpassed $34.7B across nearly 1.6K deals. The acceleration of digital transformation initiatives was a major contributor, with digital health startups accounting for 40% of both the deals and funding raised in the quarter ($14.1B across 628 deals).