#Twenty25 - Funding the future of health tech - Part 5/20 Interview with Johannes Blaschke, Calm/Storm

Ian Coyne: Can you give us an overview of Calm/Storm and your investment strategy?

Johannes Blaschke: Calm/Storm is still a young fund that launched just before the pandemic. You could say we were well prepared to leverage good timing, given that COVID hit two weeks after we were ready to invest, and it quickly highlighted the urgency and potential of health tech solutions. 

Fast forward to today, we've made 86 investments and have been the most active early-stage health tech VC in Europe. We focus on digital health, with ticket sizes ranging normally from €50k to €500k. Our investments are spread geographically, with 20% in the USA, 30% in the UK, and the rest across Europe. We're very founder-focused but are becoming more thesis-driven as our portfolio grows. We're currently raising our second fund and have already made 20 investments with this vehicle.

Ian: Thank you, Johannes – great context.  Let’s look ahead to 2025 and beyond. What are the two or three things you're most excited about for 2025 in health and digital health?

Johannes: On a personal note, I'm excited by the growing focus on prevention and longevity. We're seeing a surge in preventive health solutions, with people increasingly willing to pay out of pocket, especially as traditional healthcare systems struggle to keep up. Companies like Neko Health are paving the way in AI-driven preventive screening. The field remains fragmented, which creates opportunities for emerging companies to grow and scale. Secondly, as a fund we're bullish on so-called taboo topics like femtech, sexual health, and mental health. These areas have historically been underrepresented but are now seeing a surge in activity, especially with companies like Flo Health, the first European femtech unicorn.

Lastly, AI in health tech remains a major focus. 2024 was a pivotal year for AI and 2025 will be even more promising. AI has a massive potential to help clinicians spend more time with patients by automating administrative tasks. This is a crucial shift, as it’s estimated that 50% of clinicians’ time is currently spent away from patient care, which clearly needs to change. 

We're also seeing an increased activity in AI aggregation plays, with companies like Newton's Tree creating marketplaces for AI solutions to help hospitals and healthcare professionals to integrate with AI more seamlessly. Additionally, we’re excited about all elements of age-tech, which extend far beyond just remote care.

Ian: That's fascinating. On the age-tech side, do you think there are elements that are not being addressed?

Johannes: Absolutely. While at-home monitoring and telehealth are key components of age-tech, there's still significant untapped potential in managing chronic diseases remotely and improving the social and mental well-being for older adults. For example, we’ve invested in Vermut, a marketplace connecting seniors with community-driven activities and reinforcing the link between mental and physical health.

Ian: Where do you see the most exciting investments opportunities, both at your stage and in later stages?

Johannes: I believe AI and LLM applications in healthcare will be very hot in 2025. Fintech solutions within healthcare will also increase in popularity, especially those related to revenue cycle management. Connected and decentralized trial tech is another booming and under-invested area, with significant money involved and pharma companies under pressure to innovate and streamline trials.

Ian: If you had a magic wand and could change one thing in the overall health system, what would it be?

Johannes: I would address the significant funding gap in health tech. Healthcare is our most valuable asset, and it should be reflected in investor interest. With that, we need to demonstrate that health tech is suited for venture investment. If I could make a second change, it would be to create a harmonized regulatory framework across Europe. This would drastically simplify scaling for health tech companies. Currently, entering new markets often feels like launching a brand-new company depending on your go-to-market strategy.

Ian: That's a big wish. Thank you for sharing your insights, Johannes. It's been a pleasure talking with you.

Johannes: Thank you, Ian. It's been great discussing these topics with you.  I am excited about what’s ahead in 2025!

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Johannes Blaschke, Partner at Calm/Storm

Johannes joined Calm/Storm from Boston Consulting Group (BCG), where he was focusing on strategic and private equity projects for medtech, big pharma and insurance companies. He also brings experience from multiple other venture capital funds. Previously, he has been part of the investment team at Speedinvest, a pan-European early-stage fund. In addition, he worked at Oxford Sciences Enterprises VC fund in the Healthtech and Software/AI investment team. He did his undergraduate studies at St. Gallen and Harvard University and completed his MSc at the University of Oxford. In a past life, Johannes served as a certified paramedic with night shifts in rescue duty. Driven by the desire to have an impact, at Calm/Storm he is particularly excited about investing in mission-driven founders that change our lives and those around us for the better. Outside of venture, Johannes passionately follows his hobbies such as skiing and hiking in the mountains, traveling and last but not least – very much in line with the Calm/Storm philosophy – being a sailor and skipper in various lakes and seas across the globe.

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