What Makes a Healthcare Startup Attractive to VCs and Private Equity?

So far in 2025, Pittsburgh-based healthcare startup Abridge has landed $250 million in funding, UK-based OrganOx closed $142 million, and Transcarent merged with Accolade, Inc.. Both Transcarent and Datavant appear to be open to additional acquisitions as they build toward IPO. Meanwhile, healthcare investors and several healthcare mega-companies have signaled that they "don't much of an appetite" for big deals this year according to Business Insider.

What does this mean? Let's figure this out!