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Silicon Valley venture firm General Catalyst is investing in health tech like it's early 2022.

Why it matters: Despite a years-long slump in digital health dealmaking, General Catalyst led and joined many of Q1's highest-profile health care deals.

Zoom in: Of the six health care deals the firm led in the first quarter of the year, three were over $50 million and five were in the double digits.

Case in point: The firm steered a $95.5 million round in Harbor Health, an Austin-based specialty and primary care clinic group founded in 2021.

General Catalyst also led a $60 million Series A in health care operations enabler Fabric Health and a $53 million Series A in health care staffing LLM developer Hippocratic AI, as well as:

A $30 million Series B in pediatric mental health company InStride Health

A $10 million raise in Brazilian autism care startup Genial Care

An $8 million seed in cardiology enabler Chamber Cardio

By the numbers: Including deals in which it was the lead investor, General Catalyst participated in a total of seven health care fundraises in Q1 2024 for a total of $490.2 million.

Those figures resemble the firm's bets in terms of deal number and total capital for Q2 and Q4 of 2022 — the year digital health funding began its historic and precipitous decline.

Context: Q1 2024 was the lowest first quarter for digital health sector funding since 2019, per a recent Rock Health report.

The other side: Other notable Q1 2024 digital health deals in which General Catalyst did not participate include Abridge's $150 million Series C, Zephyr AI's $111 million Series A and Ambience Healthcare's unlabeled $70 million raise.

General Catalyst led 6 of Q1's top health deals

The Silicon Valley VC firm banked $500M on health care startups in Q1 2024.

Health tech deals

Fluctuation in General Catalyst's healthcare deal flow from 2022 to 2024, with a peak in Q1 2022 and a significant drop in Q3 2022.

Silicon Valley venture firm General Catalyst is investing in health tech like it&#x27;s early 2022.Why it matters: Despite a years-long slump in digital health dealmaking, General Catalyst led and joined many of Q1&#x27;s highest-profile health care deals.

General Catalyst led 6 of Q1's top health deals

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