Transaction Case Studies
Robust financing process leading to a successful $50M Series B
Situation Assessment
- aptihealth is a digital health company developing a behavioral health platform that partners with health plans and systems to deliver personalized care programs for patients at every acuity level
- Locust Walk partnered with aptihealth to develop effective investor outreach materials and achieve a target $50M fundraise for their Series B financing round
- To preserve optionality, build competitive tension, and maximize value, aptihealth engaged Locust Walk in a multi-track process to find strategic partners interested in aptihealth’s platform
Key Activities
- Worked closely with aptihealth to prepare high impact investor outreach materials that emphasized aptihealth differentiation and resonated with investors
- Leveraged our relationships to conduct a targeted yet broad outreach to notable investors within digital health, including VCs, growth equity funds, family offices, and corporate VCs
- Helped company prepare a use of proceeds plan, pro forma model, and financing roadmap
- Ran several financial analyses including a comparable transaction analysis of analog private financings, M&A transactions, and IPOs to support investor valuation conversations
- Led numerous investors through a confidential due diligence process, facilitating over 70 management presentations with investors as well as co-managing the CDA process and VDR
- Provided extensive guidance on deal dynamics and worked in collaboration with company, co-lead investors, and legal teams to drive financing to close
Successful Outcome
- aptihealth successfully raised a $50M Series B financing led by Takeda Digital Ventures and Pivotal Life Sciences, with participation from Olive Tree Ventures, Vista, Claritas Capital, and What-If Ventures
- Funding enables aptihealth to continue developing their innovative behavioral health platform and drive its geographical expansion with payers and health systems across the Northeast
