Finding Europe’s next healthtech leaders: Insights from Antoine D’Hollander

Second in a two-part investor insight series on the EIT Health Catapult programme.

As European healthcare systems navigate increasing pressure to innovate, the role of early-stage investors in identifying and scaling meaningful solutions is more critical than ever. Antoine D’Hollander, Investment Director at Capricorn Partners, brings a pragmatic and experienced voice to the discussion.

Through Capricorn’s Healthtech Fund II, D’Hollander focuses on digital health and medtech innovations that don’t just push boundaries – they deliver measurable impact. In this conversation, he shares his views on the evolving landscape, the realities of healthtech fundraising, and how the EIT Health Catapult programme helps investors cut through the noise.

Balancing innovation with market reality

“Right now, we’re interested in technologies that align with value-based care,” D’Hollander explains. That includes tools that improve outcomes while demonstrating cost-effectiveness – whether smart diagnostics, connected implants, or digital therapeutics. “But it’s not just about the tech. Market access strategy, regulatory readiness, and clarity on reimbursement are equally critical.”

“Three things tend to make a company stand out,” says D’Hollander.

“Clarity and focus. If a team can clearly explain their problem-solution fit, regulatory path, and business model – especially in digital health – it shows real maturity. We need to know who pays, who uses, and who benefits.”

“Preparedness. It’s a huge green flag when teams come ready with answers on validation, reimbursement, competition, and IP. It saves everyone time and shows they understand what it takes to scale.”

“Collaborative mindset. We look for founders who treat the fundraising conversation as a dialogue. If they’re thoughtful, open to feedback, and can integrate new perspectives, that tells us a lot about how they’ll handle future challenges.”

He also points to a few major shifts shaping the current landscape: AI’s growing role in diagnostics and decision support, the rise of hybrid care models that combine virtual and in-person elements, and the convergence of connected devices with digital platforms. “We’re seeing devices that generate real-time, actionable data — that changes how chronic diseases are managed and how care is delivered.”

Fundraising in a tighter climate

It’s no secret that early-stage capital has become harder to secure. “Funding has tightened. Regulatory complexity has increased. Corporate partners are retrenching,” D’Hollander says. “It means founders need to be much sharper: leaner, clinically rigorous, and better prepared to demonstrate both patient value and economic return to the healthcare system.”

In his view, start-ups often underestimate the importance of investor alignment and long-term planning. “Fundraising is not just a transaction. Founders often focus heavily on valuation, traction metrics, or product features, but they overlook that raising capital isn’t purely transactional. We’re not just evaluating the business – we’re asking: Can we work with this team long-term? Do we trust their judgment, communication style, and resilience? Especially in medtech and digital health, where regulatory hurdles and go-to-market paths are complex, the strength and adaptability of the founding and management team is everything.”

Catapult as a strategic filter

For investors navigating a crowded field, EIT Health’s Catapult programme provides a powerful filter. “It’s a uniquely structured programme that brings forward some of Europe’s most promising but lesser-known ventures,” D’Hollander notes. “The due diligence and mentoring built into the programme helps de-risk the companies before we even meet them.”

He first engaged with Catapult as a jury member and continues to value the experience. “You get access to founders at a formative stage, when input still has an impact. And the mix of digital tools and in-person interaction makes it accessible, even for time-strapped investors.”

While the in-person pitch events and networking are invaluable, D’Hollander highlights the Catapult Video on Demand (VoD) platform as a particularly effective tool. “You can screen high-potential ventures based on geography, funding needs, or technology focus. It’s efficient and thoughtful deal sourcing.”

“The EIT Health Catapult programme isn’t just another pitch competition. It’s a curated window into the future of medtech and digital health. As a VC, I’m constantly looking for ways to identify and support early-stage companies solving meaningful problems, and Catapult offers a front-row seat to that. Beyond that, the unique ecosystem it creates is important to make meaningful connections.”

From trends to traction

What excites D’Hollander about the future? “We’re seeing a shift toward more disciplined, evidence-based investing. Evidence in the broadest term ranging from scientific validation to proof of business models for more low- tech companies. The era of easy capital is behind us, but that’s not necessarily a bad thing. It’s pushing founders to demonstrate clearer paths to clinical impact, regulatory approval, and commercial viability earlier in their journey.”

He anticipates continued convergence between technology and biology – especially in areas like AI-enhanced clinical tools, smart devices, and TechBio platforms that merge biotech with computational power. “The biggest opportunities will go to companies that don’t just innovate but fit structurally into how care is delivered and paid for.”

A call to investors: Shape the ecosystem

As the 10th edition of the EIT Health Catapult programme opens for applications, D’Hollander encourages fellow investors to get involved. “It’s not just about finding the next great deal. By engaging as a jury member or mentor, you help shape companies earlier — and that leads to stronger outcomes, for both founders and investors.”

He sees the programme as an important tool for reinforcing Europe’s innovation pipeline. “Programmes like EIT Health’s Catapult are essential. They make high-quality deal flow more accessible, support ecosystem-building across borders, and ensure that critical health innovations don’t fall through the cracks.”

Get involved

• Attend the HLTH Europe conference in Amsterdam on 17 June, where the Catapult winners will be announced. Watch the EIT Health Catapult programme finalists pitch on the Startup Stage 11:45-12:45, and later on the Summit Stage 15:00-16:00 for the award ceremony.
• Stay tuned for the 10th edition of the EIT Health Catapult programme launching soon. Be part of shaping the next wave of European healthtech as a mentor or jury member. Contact us to express your interest.