Scaling Healthcare VC Operations: How Heal Capital Unified Two Funds 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. Much like bunch, Heal operates in a sector long overdue for real digital disruption. 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.

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Cecilia 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 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 Heal invests in founders digitising healthcare, a sector stuck in manual workflows, fragmented data, and outdated infrastructure.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. With 23 limited partners in Fund I, all large German health insurances, the firm was managing corporate-scale approval workflows. Each LP had dedicated asset management teams, multiple signatories, and rigid compliance requirements. 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.

After experiencing the limitations of traditional fund administration platforms, Heal Capital knew they needed a different approach for their growth phase. 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) Responsive partnership: From day one, the bunch team was accessible, proactive, and genuinely invested in making things work—not just a vendor checking boxes.

3) German expertise: 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 transparency and control. Capital calls that once required manual follow-ups now run automatically. Reporting that lived in static PDFs now updates in real time.

• Single source of truth: All fund data across two funds and 30+ LPs lives in one system with real-time accuracy and transparency.
• Seamless Fund II launch: By training LPs on Fund I first, the second fund launched without operational friction.
• Focus on portfolio: With operations automated, Cecilia and the team focus on supporting portfolio companies driving innovation in health tech.

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.