The Rise of the 'Founder Banker' advising European HealthTech and MedTech

Nelson Advisors
1 hour ago
14 min read

Executive Summary

The European financial advisory landscape for Healthcare Technology (HealthTech) and Medical Technology (MedTech) is currently navigating a period of profound structural transformation. For the better part of three decades, the provision of merger and acquisition (M&A) advisory services was the exclusive domain of career financiers, individuals whose expertise lay in financial engineering, balance sheet restructuring, and capital markets access, but who frequently lacked direct operational experience in the industries they served.

As the European digital health sector matures, transitioning from a nascent collection of startups into a critical component of national infrastructure, a new paradigm is emerging: the rise of the "Founder Banker."

This report provides an analysis of this new generation of advisors. These are individuals who have successfully built, scaled and exited their own ventures before transitioning into advisory roles. They bring a distinct value proposition characterised by "operational empathy," deep technical fluency and an ability to bridge the widening gap between the metrics of the digital economy (SaaS) and the regulatory realities of healthcare (clinical validation).

The analysis reveals a marked bifurcation in the market structure. While "Mega-Cap Generalists" like Goldman Sachs and J.P. Morgan continue to dominate multi-billion dollar transformative deals, increasingly bolstering their ranks with medical doctors (MDs) to gain scientific credibility, a vibrant ecosystem of "Specialist Boutiques" has emerged to serve the mid-market.

Firms such as Nelson Advisors in the UK, Clipperton in France, and ConAlliance in the DACH region are redefining how value is articulated in a market constrained by high interest rates and regulatory headwinds like the EU AI Act.

This report outlines the biographies, strategies and market impact of these founder led firms. It explores how their operational DNA influences deal structuring, valuation methodologies and the navigation of complex regulatory frameworks.

Furthermore, it posits that the "Founder Banker" model is not merely a niche trend but a necessary evolution in an industry where the complexity of the underlying assets, AI algorithms, digital therapeutics and interconnected care platforms, exceeds the analytical capabilities of generalist finance.

The Macro-Strategic Context of the Advisory Shift

The Dissolution of the Generalist Model

The genesis of the founder-led advisory movement lies in a fundamental inefficiency within the traditional investment banking model, often referred to as the "Translation Gap." Historically, healthcare banking and technology banking operated as distinct, hermetically sealed silos. Healthcare bankers were trained to understand reimbursement codes, clinical trial phases, and the slow, capital-intensive path to regulatory approval. Conversely, technology bankers were conditioned to value assets based on software-as-a-service (SaaS) metrics: Customer Acquisition Cost (CAC), Lifetime Value (LTV), Annual Recurring Revenue (ARR), and churn rates.

The emergence of Digital Health, where software intersects directly with patient care, created a class of assets that fit neither category neatly. A digital therapeutic company might possess the recurring revenue model of a software firm but carry the regulatory burden and clinical risk profile of a pharmaceutical company. Traditional healthcare bankers often undervalued the software scalability of these assets, while tech bankers frequently underestimated the regulatory "moats" and clinical risks involved. This translation gap created a market failure where high-quality assets were either misunderstood by buyers or undervalued during exits.

The "New Generation" of advisors emerged specifically to fill this void. These individuals, often former founders themselves, possess the bilingual fluency required to speak "SaaS" to technology investors and "Clinical Outcomes" to healthcare incumbents.

The Convergence of "Tech" and "Bio"

The acceleration of this trend is driven by the increasing convergence of technology and biology, often termed "TechBio." As artificial intelligence (AI) becomes central to drug discovery, diagnostics and patient management, the diligence required for M&A has shifted from purely financial to deeply technical and scientific. The ability to distinguish between a commoditised "AI wrapper" and a defensible, proprietary algorithm requires a level of technical literacy that generalist bankers rarely possess.

The market has simultaneously transitioned from a "growth at all costs" mindset, prevalent during the Zero Interest Rate Policy (ZIRP) era, to a disciplined "flight to quality" where profitability, unit economics, and proven clinical utility are paramount. In this disciplined environment, the advisor's role transitions from a mere facilitator of transactions to a "strategic architect" of corporate destiny.

Founder bankers, having navigated these cycles as operators, are uniquely positioned to guide companies through the complex "build, buy, partner, or sell" decision matrix, offering advice that extends far beyond the transaction itself.

The Four Archetypes of Modern Advisory

The current advisory landscape in Europe can be categorised into four distinct archetypes, each serving a specific segment of the market and offering a different value proposition regarding founder involvement:

Advisory Archetype	Key Characteristics	Founder/Operator Presence	Representative Firms
The Mega-Cap Generalists	Global balance sheet, IPO execution, cross-border scale.	Medical/Scientific: Hiring MDs (e.g., Philippe Gallone) for scientific credibility rather than entrepreneurial experience.	Goldman Sachs, J.P. Morgan, Morgan Stanley
The Specialist Boutiques	Niche expertise, founder-centric, operational empathy, "Founders for Founders."	High (Entrepreneurial): Led by ex-founders who have built and exited their own ventures.	Nelson Advisors, ConAlliance, WG Partners, Think.Health
The Tech-Centric Scale Players	"Digital Economy" lens, software metrics focus, cross-border reach.	Moderate: Often tech-focused career bankers with deep venture networks and some operator partners.	Arma Partners, GP Bullhound, Clipperton
The Hybrid Investor-Advisors	Combine VC investing with strategic advisory; "Skin in the game."	Very High: Active investors who also advise, bringing portfolio management experience.	Think.Health, HGM Advisory

The "Founders for Founders" Model – The UK Ecosystem

The United Kingdom, serving as a primary hub for European digital health innovation, has birthed a specific breed of advisory firm that explicitly markets itself on the entrepreneurial pedigree of its partners. This is not merely a branding exercise but a fundamental rethinking of the advisory business model.

Nelson Advisors: The Pure Play Operator Model

Among the boutique advisors serving the European market, Nelson Advisors stands out for its distinct "Founders for Founders" operational model. Unlike traditional investment banks staffed by career financiers who have moved linearly from analyst to managing director, Nelson Advisors is led by individuals who have successfully built, scaled and exited their own HealthTech ventures.

Key Leadership and Operational Pedigree

The firm's credibility is anchored in the track records of its founding partners, Lloyd Price and Paul Hemings, whose combined experience bridges the gap between high-level corporate finance and the gritty reality of startup execution.

Lloyd Price (Co-Founder & Partner): Price represents the convergence of consumer internet and deep healthtech. His background spans over 25 years, including early roles at consumer internet giants Yahoo and Kelkoo. Crucially, he founded Zesty, a patient engagement platform. Zesty was a pioneering digital health venture that navigated the complex procurement landscape of the UK's National Health Service (NHS) before being acquired by Induction Healthcare. This trajectory is critical: Price understands the consumer engagement metrics (Daily Active Users, Monthly Active Users) that technology buyers value, but his experience with Zesty gives him the "scars" of integrating with hospital legacy systems and navigating clinical pathways. He actively leverages this status as a "Health Executive in Residence" at UCL Global Business School for Health, bridging academia, industry, and finance.
Paul Hemings (Co-Founder & Partner): Hemings offers a complementary profile, blending high-level investment banking with entrepreneurial risk-taking. His corporate finance background includes tenure at Credit Suisse and Invesco, where he executed over $50 billion in M&A and equity transactions. However, unlike a typical banker, he left the safety of the bulge bracket to co-found Neutrally, a metabolic health venture focusing on chronic lifestyle disease. This dual background allows him to structure complex cross-border financial deals while retaining the credibility of a founder who has "been in the arena." His expertise is particularly pivotal in the "TechBio" and longevity sectors, where the science is dense and the capital requirements are high.

Strategic Differentiation: "Operational Empathy"

The firm's strategy is predicated on "Operational Empathy." In the lower mid-market ($25M - $250M), where Nelson Advisors primarily operates, founders are often selling their life's work. The psychological aspect of the transaction is as significant as the financial one. A banker who has sold their own company can navigate the emotional volatility of a founder-exit in a way that a career financier cannot.

Their service offering extends beyond simple M&A execution to a broader "Build, Buy, Partner, Sell" strategy. This implies a longer-term engagement where the firm advises on growth and operational scaling before a transaction is contemplated, effectively acting as an outsourced corporate development team. This is particularly relevant in the current "distressed" or "consolidated" market, where they advise buy-side clients on "roll-up" strategies to combat "point solution fatigue" among hospital CIOs.

WG Partners and the Life Sciences Convergence

While Nelson Advisors focuses on Digital Health and Health IT, WG Partners represents the life sciences side of the UK boutique ecosystem. They specialise in capital raising and advisory for small-to-mid-cap healthcare companies.

Their relevance to the "founder banker" theme lies in their deep integration with the venture capital (VC) community. They serve as a bridge for biotech and medtech firms that are too small for the bulge bracket but require sophisticated equity storytelling for public markets or cross-border trade sales.

The distinction here is crucial: Nelson Advisors leans towards HealthTech (software/data), while WG Partners leans towards Life Sciences (biotech/devices). However, as these fields converge, exemplified by AI in drug discovery, the overlap between these advisory models increases, creating a demand for advisors who can navigate both worlds.

The DACH Ecosystem – Industrial Roots and Hybrid Models

The DACH region (Germany, Austria, Switzerland) presents a different advisory landscape, heavily influenced by its strong industrial MedTech base (Mittelstand) and a conservative, yet rapidly modernising, healthcare system. Here, the "Founder Banker" often takes the form of a "Physician-Executive" or a "Hybrid Investor-Advisor," reflecting the region's emphasis on technical precision and clinical validity.

ConAlliance: The Specialist Heavyweight

ConAlliance dominates the M&A landscape for healthcare in the DACH region. While the firm operates as a traditional M&A boutique, its "founder" DNA is embedded in its sector exclusivity and the composition of its team, which includes physicians and engineers alongside bankers.

Sector Depth: ConAlliance is strictly a healthcare advisor. They do not dilute their focus with other sectors. This allows them to maintain deep networks with family offices and specialised private equity firms that drive the German mid-market.
The Model: Their approach is "relationship-driven" rather than purely transactional. In the DACH region, where businesses are often family-owned or founder-led for generations, the trust factor is paramount. ConAlliance's ability to speak the technical language of medical devices, specifically regarding the European Medical Device Regulation (MDR) compliance, is a key differentiator. The firm leverages partners like Prof. Dr. Dr. Ulrich Hemel and Prof. Christian Langbein, integrating academic and clinical prestige into their advisory offering, which is a highly valued currency in the German market.

HGM Advisory: The Decentralised Expert Network

HGM Advisory operates as a "decentralised network" of experts rather than a traditional bank, reflecting the "gig economy" evolution of high-level advisory. This model allows them to assemble "SWAT teams" for specific deals.

The "Founder" Element: The network includes Dr. Andreas Schmidt, a biotech entrepreneur who founded and served as CEO of Proteona (single-cell sequencing), which was acquired by Singleron Biotechnologies. His presence brings recent, high-stakes transactional experience to the advisory table. Other members include Joscha, co-founder of Hacking Health Berlin, and Thomas Hagemeijer, a consultant with deep ties to the Springboard Health Angels. This structure allows HGM to offer highly specialised advice, deploying a regulatory expert for one deal and a biotech founder for another—without the overhead of a large bank.

The French Ecosystem – Tech-Centricity and Research-Led Advisory

France has established itself as a powerhouse for SaaS and AI, and its advisory landscape reflects this focus. The "Founder Bankers" here are often tech specialists who have deeply integrated into the startup ecosystem, treating HealthTech as a sophisticated vertical of the broader Digital Economy.

Clipperton: The Research-Led Specialists

Clipperton is the premier example of a tech-specialist bank that has successfully pivoted into HealthTech by treating it as a vertical of the "Digital Economy." The firm's approach is highly analytical, leveraging proprietary data to drive valuations.

Antoine Ganancia (Managing Partner): Ganancia leads the HealthTech practice. While his background is in strategy consulting (Mars & Co) and Apple, his tenure at Clipperton (since 2010) has seen him orchestrate over 80 transactions. He operates with the mindset of a tech operator, applying rigorous SaaS metrics to healthcare businesses. His leadership has been pivotal in landmark deals such as the sale of Inova Software to Carlyle and the investment in DentalMonitoring by Merieux Equity.
The Research Engine: Clipperton differentiates itself through proprietary research, such as the "European Health Tech Monitor." This thought leadership positions them as intellectual partners to founders, helping to frame the narrative around "Digital Sovereignty" and AI integration, key themes in French and European industrial policy. This research capability allows them to construct arguments for valuation premiums based on macro trends rather than just financial performance.
The VC-to-PE Bridge: Clipperton excels in guiding companies from Venture Capital backing to Private Equity buyouts. This transition requires a specific skill set: translating the "growth story" of a VC asset into the "cash flow story" required by PE. Ganancia's team successfully executed this for Braincube (sale to Scottish Equity Partners) and Rydoo (sale to Eurazeo), demonstrating their ability to manage the complex stakeholder dynamics of a VC exit.

Chausson Finance: The Pioneer of Fundraising Advisory

Chausson Finance occupies a legendary spot in the French ecosystem. Founded by Christophe Chausson, a former VC, the firm invented the model of "fundraising advisory" for startups in France.

The "Founder" Angle: Christophe Chausson is a serial entrepreneur in the financial services space. His team, including Laurence Hémery (who created a B2C travel app), embodies the "entrepreneurial" spirit. They focus almost exclusively on the "Equity Story", helping founders craft the narrative for VCs. This is upstream of M&A but critical in the lifecycle of a HealthTech company. Their "operator-first" style fosters strong partnerships with portfolio companies, ensuring sustainable growth and value creation long before an exit is considered.

The Medical-Financial Convergence – MDs in Banking

A parallel and equally significant trend to the "Founder Banker" is the recruitment of medical doctors (MDs) into senior investment banking and fund management roles. While these individuals may not be "founders" of startups in the traditional sense, they are "founders" of a new type of banking practice, one grounded in clinical science.

The Rise of the Physician Banker at the Bulge Bracket

The complexity of modern "TechBio" assets, where value is derived from biological mechanisms and AI algorithms, has rendered traditional financial due diligence insufficient. A spreadsheet cannot evaluate the efficacy of a cancer-detecting algorithm or the validity of a novel biomarker.

Philippe Gallone (Goldman Sachs): Gallone is the archetype of this trend. A trained medical doctor from the University of Lausanne, he transitioned into banking and recently moved from Moelis & Company to become a Partner and Head of Healthcare Investment Banking in EMEA for Goldman Sachs. His appointment signals a strategic shift at Goldman. For "Mega Deals" involving Big Pharma and AI, the advisor must be able to debate clinical data on par with the Chief Scientific Officers of the acquiring companies. Gallone's medical background provides an "informational bridge" that reduces risk for the buyer and justifies premium valuations for the seller. He represents the "modern healthcare banker" who combines the scale of a global bank with the scientific literacy of a clinician.
Dr. Moneer (BNP Paribas): A senior healthcare banker with a PhD in Pharmacology from Cambridge. His career path emphasises the industry's demand for "Scientist-Dealmakers" who can shed light on business from a scientific perspective.

Hedge Funds and the Search for "Edge"

This trend extends beyond investment banking into the buy-side. Major multi-strategy hedge funds (Balyasny, Point72, Millennium) are aggressively hiring doctors and scientists in Europe. This "arms race" for medical talent is driven by the need for an "informational edge" in a volatile market. The logic is that an ex-doctor can better predict FDA approvals or clinical trial outcomes than a financial analyst. Founder-bankers and MD-bankers on the sell-side are the necessary response to this increasingly sophisticated buy-side audience; to sell to a fund managed by doctors, you need an advisor who can speak their language.

Valuation Paradigms in a Founder-Led Era

The entry of founder-bankers has fundamentally altered how HealthTech companies are valued. They have moved the conversation away from generic EBITDA multiples toward nuance-rich, sector-specific frameworks that account for the unique technological and regulatory characteristics of the sector.

Deep Dive – Comparative Analysis of Advisory Models

To assist founders and investors in navigating this landscape, we present a comparative analysis of the leading firms based on their "Founder DNA" and strategic focus.

The Advisory Spectrum: A Matrix of Expertise

Firm	Operational Model	Primary Persona	"Founder" Credibility Source	Deal Size Sweet Spot	Key Differentiator
Nelson Advisors	"Founders for Founders"	The Entrepreneurial Architect	Lloyd Price / Paul Hemings: Direct founding & exit experience (Zesty, Neutrally).	$25M - $250M	Deep operational empathy; "Build/Buy/Partner/Sell" long-term strategy; focuses on Founder-led exits.
Clipperton	Research-Led Tech Specialist	The Tech Translator	Antoine Ganancia:Tech-centric career, massive deal volume, deep SaaS research.	Mid-Market ($50M - $500M)	"Dual Advisory" (Tech + Health); bridging the VC-to-PE gap; proprietary "Health Tech Monitor" data.
Think.Health	Investor-Advisor Hybrid	The Hospital Insider	Dr. Florian Kainzinger:Ex-CEO of Labor Berlin; manages active venture portfolio.	Early to Mid-Market	Unmatched access to German hospital infrastructure; implementation feasibility checks.
ConAlliance	Pure-Play Healthcare Boutique	The Industry Veteran	Team Composition:Includes physicians & engineers; exclusively healthcare.	Mid-Market (DACH focus)	Deep ties to DACH manufacturing/family offices; MDR/Regulatory expertise.
Goldman Sachs	Global Full-Service	The Scientific Powerhouse	Philippe Gallone (MD):Medical Doctor leading the practice.	Large Cap ($1B+)	Ability to speak "Science" at a mega-deal scale; global capital markets access; massive balance sheet.

Future Outlook and Strategic Implications

The "Distressed M&A" Wave and Consolidation

As the market adjusts to the end of cheap capital, Europe is seeing a wave of consolidation. "Point solution fatigue" is driving hospital buyers to demand integrated platforms.

The Founder-Banker Role: In distressed scenarios, the emotional intelligence of a founder-banker is critical. They can guide a failing founder through a "soft landing" or an "acqui-hire" with dignity, often leveraging their personal networks to find a home for the technology and team. This is a service that large banks, focused on fees, rarely provide effectively. Nelson Advisors, for instance, has actively guided buy-side clients on "roll-up" strategies to consolidate fragmented markets, creating value where generalists see only distress.

The Rise of Secondary Markets

With IPO windows remaining tight, "Continuation Vehicles" and secondary sales are becoming a primary exit route for VCs.

Specialist Requirement: Valuing a secondary stake in a private HealthTech company requires deep insider knowledge of the asset's clinical progress.

Founder bankers, who often sit on boards or maintain close ties with management, are better positioned to facilitate these opaque transactions than secondary market generalists. They can provide the "informational bridge" required to get a secondary buyer comfortable with the asset's long-term potential.

Conclusion: A Permanent Shift

The emergence of the founder banker is not a temporary phenomenon. It is a structural response to the increasing complexity of the HealthTech sector. As healthcare becomes more digital and biology becomes more engineering-driven, the barrier to entry for generalist advisors will continue to rise.

For European founders, the choice of advisor is no longer just about "who can get the highest price." It is about "who understands my code, my clinical data and my journey."

The firms profiled in this report, Nelson Advisors, Clipperton, Think.Health and their peers, represent the future of this symbiotic relationship between finance and innovation. They have successfully professionalised the role of the "Operator Advisor," ensuring that the next generation of European health champions has the guidance necessary to navigate an increasingly complex global market.

Nelson Advisors > MedTech and HealthTech M&A

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