#Twenty25 - Funding the future of health tech - Part 10/20 Interview with Greta Anderson, Balderton Capital

Ian Coyne: Greta, thank you for joining us today. To start, what do you think will be the most interesting health tech investments in 2025? 

Greta Anderson: We’re in a compelling moment for consumer health companies, as we are seeing how quickly they can grow even within just the B2C market. Consumers are spending more out-of-pocket on their health than ever. This applies to both broader preventative health solutions, as well as more focused areas, like women’s health, or sufferers of chronic diseases.  We have seen this working with companies like Zoe, who has shown the remarkable depth of the B2C market for consumers wanting to improve their health by understanding their own personal nutrition and gut microbiome profile. The data being collected by these companies is extraordinarily valuable, to unlock novel insights, and build a clear health-economic case.  The companies who do this well will be best positioned to move beyond the self-pay market to work with private and public payers, which would unlock truly massive scale potential.    

Ian: Beyond 2025, what other trends or areas do you think will drive health tech innovation? 

Greta:  Adoption of AI by healthcare providers is always going to lag what we see in unregulated industries, but given what’s at stake, it’s imperative that the industry continues to push forward here.  Among AI-enabled vertical SaaS, we’re seeing that areas with relatively standard processes – like medical coding, intake and referrals, have been the quickest to develop.  Adoption of AI here will be a slow progression, but undoubtedly the driving theme for the next years.  

Ian: Where do you think we are in the AI hype cycle in health, and what are the implications? 

Greta: I believe we’ve already seen some peaks in the AI hype cycle, for instance in categories like ambient scribe technology, where many companies are now competing. Looking ahead I do see a risk that value in this category will accrue to the EHR (Electronic Health Records) players as they begin to embed these capabilities natively. For startups here to become sustainably valuable, they should be focused on expanding into a broader platform, and on using the generated clinical notes just as a starting point.

Ian: Are there any business models you think will become more prevalent in the next few years? 

Greta:  Product-led-growth has not been a favoured go-to-market within the health SaaS space, because individual doctors and healthcare professionals don’t typically have the same level of autonomy to trial new software products. But interestingly, this is exactly what many of the medical scribe startups have done successfully – they’ve made their standalone (not integrated) product easily trial-able for free. Beyond this, there is a category of infrastructure companies who offer healthcare systems a single OS for procuring, deploying, and monitoring AI applications in a hospital (either system-wide or in a particular area like radiology).  This would be a massive enabler to PLG motions, as healthcare buyers would be able to ‘discover’ AI applications through an AI application marketplace and trial them with very low friction.  

Ian: If you had a magic wand, what would you change to accelerate health tech innovation and adoption? 

Greta: The number one change would be improving the interoperability of healthcare software systems. The lack of interoperability is a significant barrier to developing AI applications in healthcare. For example, in radiology, the DICOM standards were introduced more than three decades ago, and as a direct result, radiology has by far the largest number of FDA-cleared AI applications compared to any other area of medicine. Similar standards and regulations in other areas of healthcare could unlock vast amounts of data for researchers and developers, driving innovation.

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Greta Anderson, Principal at Balderton Capital

Greta joined Balderton’s investment team in 2020. At Balderton, Greta is focused primarily on investment activities in the UK and Southern Europe, and is particularly interested in fintech, health, B2B SaaS, and foodtech.

Prior to Balderton, Greta worked on the product team at Pleo, the unicorn business-spending platform based in Copenhagen. Before Pleo, Greta was an early employee at NYC-based reservation platform Resy (acquired by Amex), where she served as head of Data and Analytics. Greta started her career at Goldman Sachs in New York City, working on the Cross Asset Derivatives team for two years

Greta holds an MBA from INSEAD and a B.S. from Stanford University in Engineering. She speaks Swedish and loves everything related to restaurants and hospitality – she previously consulted for Noma, considered the number one restaurant in the world.

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