Scaling Healthcare VC Operations: How Heal Capital Built Institutional-Grade Infrastructure on bunch

Heal Capital is a European healthtech venture capital fund backing founders tackling healthcare’s biggest challenges through patient-centric platforms, software enabling providers, and breakthrough technologies redefining healthcare. Founded in 2019 and based in Berlin, Heal Capital partners with mission-driven teams across Europe, investing €1-5M from Pre-Seed to Series A. The fund’s first vehicle was backed entirely by German private health insurers as part of a national initiative to accelerate innovation in healthcare.

Much like bunch, Heal operates in a sector long overdue for real digital disruption.

Cecilia von Oldershausen, who leads finance and operations at Heal Capital, joined the firm in early 2024 as the team prepared to launch Fund II. Everything was outsourced to a traditional fund administrator. It worked well but it didn't scale. More importantly, it didn't align with the firm's identity. Heal invests in founders digitising healthcare, a sector stuck in manual workflows, fragmented data, and outdated infrastructure. The same problems private markets face. 

Heal Capital’s LP base presented another layer of complexity, all of them being large German private health insurances. And while there are “only” 23 LPs on paper, the operational reality is far more complex: across those institutions, Heal manages over 100 individual stakeholders solely in Fund I, each requiring role-appropriate access, structured approval workflows, and the kind of data visibility that corporate finance teams demand. As Fund II prepared to launch with an extended LP structure, the operational demands would only intensify. 

The firm needed infrastructure that could handle complexity without adding headcount.

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Adding the EIF: a different class of requirements

Alongside its insurance LP base, Heal Capital counts the European Investment Fund (EIF) as a key backer. A relationship that brings significant strategic credibility but also a distinct set of operational demands.

The EIF has specific reporting requirements that go beyond standard LP updates, as well as bespoke processes for capital calls and distributions that must be handled with precision. Before bunch, all of this would have been managed manually and in-house.

The firm chose bunch based on three key factors:

1. Shared vision: Heal invests in healthcare digitisation. Using a manual fund admin did not align with that. Instead, bunch’s modern infrastructure reflected what they believed in.

2. Institutional LP expertise: Managing 20+ large German private health insurers or the EIF, each with distinct compliance, approval, and reporting requirements, demonstrating bunch’s ability to handle institutional-grade complexity.

3. German regulatory frameworks: Being local means understanding regulatory requirements, accounting standards, and the operational reality of working with German institutional LPs.

Since migrating both funds to bunch, Heal Capital operates with full visibility and control. Capital calls that once required manual follow-ups now run automatically. Reporting that lived in static PDFs now updates in real time.

• Seamless Fund II launch: By onboarding LPs on Fund I first, the team and investors built familiarity with the platform before Fund II went live. The second fund launched seamlessly.
• Institutional access management at scale: With 30+ LPs representing 145+ individual stakeholders - now across two funds - Heal needed a platform that could handle tiered access, multi-signatory workflows, and institution-level permissions without manual intervention. bunch's Investor Portal made this manageable.
• Single source of truth: All fund data across two funds and 30+ LPs lives in one system with real-time accuracy and transparency.
• Focus on alpha: With operations automated, the Heal team focuses on supporting portfolio companies and raising more funds.

As Heal Capital continues scaling across Europe and deepening its health tech portfolio, the partnership with bunch has become part of their core infrastructure. The firm operates with a lean team of eight people and expects the platform to scale with them. Looking ahead, Heal sees potential for deeper automation, more self-service functionality, and continued innovation in how funds operate. 

The vision is clear: technology should enable focus, not create friction.