€200 million. Not a sum we see every day in European HealthTech, especially outside AI hype-cycles. Munich-based Ortivity broke the mould—raising a mega‑round led by Apheon, with new capital from Unigestion, allowing existing shareholders a partial exit.
What is Ortivity?
If you are not living in Germany, you probably never heard about it. Founded in 2022 Ortivity has over the past four years bacame one of Germany’s most prominent outpatient healthcare platforms. It operates over 100 sites across three regional clusters in Germany, offering a full spectrum of orthopaedic services, including diagnostics, anaesthesia, surgery, prevention, and aftercare.
Ortivity’s physician partnership model and emphasis on clinical excellence is unique. It is owned equally by physicians and capital providers.
Leadership & Founders: Meet the Faces Behind the Platform
Founding Doctors
Ortivity was launched in 2022 through a collaboration between Dr med Reinhard Wichels and Apheon, along with a network of leading physicians. Wichels framed the vision from day one as “physician networks closing gaps in access and quality,” a quote that still anchors the company’s ethos.
New Co-CEO: Dr Michael Thorwarth
Joining Ortivity as co‑CEO on 1 June 2025, Dr Michael Thorwarth brings dual expertise in medicine (MKG surgery), healthcare management (MBA), and consulting. Prior to Ortivity, he was a Partner at BCG, CEO at DEIN DENTAL, and Group CEO at Ergéa Group, a pan-European player in oncology, radiology and diagnostics.
Why This Round Matters
- Mega‑scale in a cautious market: A €200 million deal in EU HealthTech is rare. It signals renewed investor confidence in service-oriented MedTech, beyond devices or AI.
- Leadership reflects intent: Bringing on a seasoned strategist with transformation credentials like Thorwarth indicates clear intent to scale fast and structure for international growth.
- Physician-led, but platform-focused: Ortivity’s buy‑and‑build model expanding into regional orthopaedic clusters in NRW, Bavaria, Baden-Württemberg shows a credible path to consolidation in a fragmented EU market
The Bigger Picture for EU MedTech
- From cottage to platform: Europe’s MedTech strength has been in manufacturing devices, but scaling integrated care platforms remains elusive. Ortivity’s rise suggests that’s beginning to change.
- Orthopaedics as export vertical: With ageing demographics, musculoskeletal care is a high‑demand field. A platform that delivers standards, scale, and efficiency across borders has global potential.
- Private equity getting serious: Apheon remains the lead investor, indicating commitment and patience. With Unigestion joining, it’s clear the capital strategy is long‑term, not flip‑and‑sell
Takeaway
This isn’t just another €200 million HealthTech round. It’s a watershed moment for European MedTech. A proof that physician‑led outpatient platforms can attract serious capital, build organisational muscle and potentially export a scalable model.
And, ironically, the biggest disruption in health might come not from injecting AI into everything, but from getting people back on their feet: efficiently, compassionately, and at scale.
