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

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