Capital for DTx is harder to raise than for almost any adjacent category. The thesis that FDA clearance would unlock automatic payer coverage broke publicly with Pear's wind-down and Better's restructuring, and most growth investors have stepped back from pre-reimbursement DTx. The capital still moving is underwritten on signed payer contracts, prescription claim data and real-world outcomes rather than regulatory milestones.

The active investor mix for DTx now spans healthcare-focused funds like General Catalyst Health, F-Prime, 7wireVentures, Define Ventures and Oxeon, life-sciences crossover funds such as Casdin and RTW that hold DTx alongside pipeline assets, and the pharma and PBM corporate venture arms that engage where a DTx programme attaches to a specific drug franchise - Eli Lilly Ventures, Novartis Venture Fund, J&J Innovation, Optum Ventures and CVS Health Ventures among them. Flow has direct relationships across this set and runs outreach against funds with recent DTx or reimbursement-led deployments rather than a generic health-tech list.

Flow has experience running VC fundraising processes for digital therapeutics companies across prescription DTx, SaMD platforms, cardiometabolic programmes, respiratory and neurology operators, substance use platforms and OTC wellness adjuncts. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.