Healthcare Cap Stack Heat Map | What’s Market in Early-Stage Medtech?

Earlier this week, I spoke with a MedTech founder about where SAFE terms are landing for early-stage raises ahead of full in vivo data. Here's what we’re seeing

Device startups frequently raise SAFEs after early feasibility or pilot studies, but before completing full GLP-compliant animal studies to support an IDE. At this stage, terms tend to remain relatively investor-friendly:

Before in vivo

- Valuation caps typically fall in the $6-8M post-money range

-Discounts of 20-25% are common

- Uncapped SAFEs or caps below $6M tend to be outliers.

- Caps above $8M happen but usually require a strong case (breakthrough designation, early strategic interest, or a standout team)

After full in vivo

We generally see founders gain better leverage once full animal data is available, with valuation caps often pushing into the $8-10M range or higher, with a lower discount.

If you're approaching that animal data milestone, holding off may make a material difference in the terms you're able to command.

Are you seeing similar trends? Always interested in comparing notes.