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.Key Topics:What VCs actually look for in a Medtech pitchBuilding an equity story that sellsWhy surgical robotics and neurostimulation are hot right nowThe key traits of an acquirable companyCommon reasons fundraises fall flatRelated Insights:Strategic hires matter just as much as the productMarket conditions now demand clearer commercial pathwaysSoftware alone isn't enough, hybrid models are risingInvestors are more risk-averse and selective than everCore Challenges:More competition than ever for VC attentionDelayed investment timing across the boardBurnout risk from unstructured fundraising effortsDifficulties scaling across fragmented EU markets🎧 Tune in now to learn what it really takes to raise and exit in Medtech.The Crux of MedTech podcast is brought to you by Cruxx, a specialist surgical robotics recruitment agency. To learn more about Cruxx,⁠⁠⁠⁠⁠⁠⁠⁠ ⁠click here.⁠⁠⁠⁠⁠⁠⁠⁠A big thank you to our sponsors on this season of the podcast; ⁠⁠⁠⁠⁠⁠⁠TTP plc⁠⁠⁠⁠⁠⁠⁠⁠⁠ With a 35-year track record, TTP excels in turning innovative ideas into market-ready solutions. Their team of 300+ experts deliver breakthrough solutions in areas ranging from endoluminal robotics and navigation systems to ultrasound imaging. Whether you're a startup or a multinational, ⁠⁠⁠⁠⁠⁠⁠⁠⁠TTP plc⁠⁠⁠⁠⁠⁠⁠⁠⁠ can accelerate your development with the latest technologies. Learn more at ⁠⁠⁠⁠⁠⁠⁠⁠⁠TTP.com⁠⁠⁠⁠⁠⁠⁠⁠⁠&⁠⁠⁠KUKA⁠⁠⁠ is a global leader in robotics with over 25 years of experience partnering with medtech companies on their journey to market. Their reputation is built on robust technology, reliability and long term collaboration and being more than just a supplier.KUKA provides trusted support throughout the product life cycle, from development to integration and beyond. Find out more at ⁠⁠⁠⁠⁠⁠⁠kuka.com/healthcare