Why Most Medtech Fundraisers Fail and What to Do Instead - Kiko Filipov, Partner at APPARIUS
Raising capital in Medtech is tougher than ever. Investor expectations have shifted. Competition is up. And many founders are still pitching like it’s 2018. In this episode, Henry Norton sits down with Kiko Filipov, Partner at APPARIUS Corporate Finance and Strategic Advisor at Cruxx, to unpack the real mechanics of a successful fundraise in 2025. From first-in-human data to commercial readiness, Kiko shares what separates the rounds that get oversubscribed from the ones that stall. He also explores the changing landscape of Medtech innovation and why strategic exits take years of planning, how emerging markets are joining the race, and where VCs are placing bets across surgical robotics, neurostimulation, and digital health. Whether you're gearing up for Series A or preparing your pitch deck, this episode delivers tactical clarity from someone who’s in the room with both founders and funds.
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Why Most Medtech Fundraisers Fail and What to Do Instead
Kiko Filipov, Partner at APPARIUS
Fundraising and M&A in MedTech: Lessons from the Frontline with Kiko Filipov
Raising capital in medtech has never been easy—but in 2025, it’s harder than ever. On Episode 8 of The Crux of MedTech Podcast, we sat down with Kiko Filipov, Partner at Apparius Corporate Finance and strategic advisor to Cruxx, to explore why so many startups are struggling to raise—and what separates the winners from the rest.
Why MedTech Fundraises Fail in 2025
There’s no shortage of innovation. But too many founders focus on tech, not the equity story. Kiko highlighted several recurring issues:
Lack of reimbursement strategy – Investors need confidence in ROI. A killer indication without clarity on reimbursement won’t fly.
Weak commercial planning – Even at pre-Series A, you need a vision for market entry and sales infrastructure.
Spray-and-pray outreach – Sending your deck to every VC on LinkedIn? It’s a fast track to being blacklisted.
“One of the most common reasons fundraises fail is the disconnect between a founder’s excitement about their tech—and what investors actually care about.”
What Investors Want to See in 2025
The bar has risen.
🔹 First-in-human isn’t enough Where VCs used to back pre-clinical companies, many now want proof: clinical data, recurring revenue, and de-risked pathways to market.
🔹 Commercial-ready leadership Founders need to show they’re building a company—not just a device. This means recruiting experienced operators early.
🔹 A credible plan for the next raise VCs are cautious. They want to know how far this round will take you, and what’s coming next.
Building a Winning Pitch Deck and Data Room
Forget filler slides. According to Kiko, here’s what a world-class pitch includes:
✅ Clear clinical need ✅ Strong economic rationale (especially if you’re displacing legacy systems) ✅ Reimbursement pathway ✅ GTM (Go-to-Market) plan, tailored by geography ✅ Realistic deployment of funds—validated with hiring benchmarks
The data room? It’s more than a folder—it’s your first impression. Being able to respond quickly to investor requests matters as much as what’s in it.
“Investors aren’t just evaluating your tech. They’re evaluating you—how fast you respond, how you think, how prepared you are.”
Why (and When) to Use an Investment Bank
Hiring an investment advisor might seem like overkill, especially in early rounds. But Kiko made the case that founders are often too close to the story. A good advisor:
Helps craft a compelling equity narrative
Targets the right investors (and avoids the wrong ones)
Manages the time-drain of a raise so CEOs can stay focused on running the business
Kiko puts it simply:
“Fundraising is a full-time job. We lighten the load and bring structure, discipline, and reach.”
What Gets VCs Excited in 2025
Despite tough conditions, capital is still flowing—into the right areas.
🔹 Neurostimulation – Massive potential, early innings 🔹 Digital surgery and soft tissue robotics – Still evolving, especially with software integration 🔹 AI in imaging – Crowded, but high ceiling if reimbursement and economics align 🔹 Large, scalable markets – Cardiology, spine, and new frontiers in women’s health
And while Neuralink gets the headlines, Kiko believes the real opportunity may lie in the ecosystem around these breakthrough devices—training tools, supportive software, adjacent enabling tech.
MedTech M&A: How to Make Yourself Acquirable
If fundraising is a marathon, M&A is the finish line. Kiko shared what makes a startup attractive to strategics:
Recurring revenue and reference clients
Regulatory approvals and reimbursement in place
Fit with the acquirer’s portfolio and sales force
Scalable, de-risked operations
Crucially, M&A conversations should start years before a deal.
“The best exits are years in the making. It’s about relationships, not transactions.”
The Cruxx + Apparius Partnership: Talent Meets Capital
At Cruxx, we specialise in solving two of the biggest challenges in MedTech: 🔹 Executive talent 🔹 Access to capital
Our partnership with Apparius means we help our clients build the right teams and raise the right funding—with joined-up thinking from the start.
Whether it’s building a budget model with realistic hiring assumptions or co-pitching to VCs with aligned messaging, this partnership has helped companies win.
“We think like medtech nerds. But we act like your strategic partners.”