mynth
03/2022MinorityGrowth

Bpifrance & Eurazeo invest in Doctolib

FRANCE Software / Industry-Specific Software / Healthcare EV €1–10bn

Context

This transaction represents a significant Series G financing round for Doctolib, a leading European e-health platform. The capital infusion solidified the company's position as the most valuable technology startup in France at the time, underscoring strong investor confidence in its business model and growth trajectory in the digital health sector. The primary rationale for the fundraising was to accelerate the company's strategic initiatives across Europe. The proceeds are earmarked for several key areas: first, to deepen market penetration in its existing geographies of France, Germany, and Italy by significantly expanding its commercial teams to onboard a larger percentage of healthcare professionals. Second, the funding is intended to fuel substantial investment in product development and innovation. The company aims to evolve beyond its core appointment-booking service by launching new software solutions, such as a secure messaging service for caregivers and advanced administrative and medical software for practices. This strategic move aims to create a more integrated and indispensable ecosystem for healthcare providers. The transaction was led by prominent French investors, reflecting a desire to maintain a strong domestic influence in the shareholding structure of a company considered a national technology champion with a critical role in the country's healthcare infrastructure.

Doctolib, which reported an EBITDA margin of [members only] in 2022, is valued in this transaction at an EV/EBITDA multiple of [members only].

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Target

Doctolib is a European digital health and artificial intelligence technology company headquartered in France. Founded initially as an online platform for booking medical appointments, the company has since evolved into a comprehensive provider of software-as-a-service (SaaS) solutions for the healthcare industry. Its integrated suite of tools is designed to support healthcare professionals and facilities by streamlining administrative and clinical workflows. Key offerings include practice management software, electronic patient records, secure digital communication tools, billing and claims processing, and telehealth services. The company also develops AI-powered assistants to help with tasks like clinical documentation and call management, aiming to reduce the administrative load on caregivers. Doctolib operates across several major European markets, including France, Germany, Italy, and the Netherlands, tailoring its products to comply with the specific regulatory frameworks and clinical practices of each country's healthcare system. By 2025, the company served a network of hundreds of thousands of healthcare professionals and had achieved profitability.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

Above 6x

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2022
€150–250M
[members only]
[members only]
2021
€150–250M
[members only]
[members only]

Other operations with Doctolib

Other operations with Doctolib
DateAcquirerTargetCountrySector
05/2026DOCTOLIBMEDICUSUNITED KINGDOMHealthcare
04/2026ATHOS CONSORTIUM / A.P. MOLLER HOLDINGDOCTOLIBFRANCEHealthcare

Other operations with Bpifrance / Eurazeo

Other operations with Bpifrance / Eurazeo
DateAcquirerTargetCountrySector
05/2022IDIA CAPITAL INVESTISSEMENT / BPIFRANCE / SOFIPACAVECTORYSFRANCERoad Freight
04/2022TIKEHAU CAPITAL / BPIFRANCE / SOCIETE GENERALE CAPITAL PARTENAIRESCROUZETFRANCESensors & Optics
03/2022ALBAREST / BPIFRANCEMASA GROUPFRANCEDefense & Aerospace
10/2021ADVENT INTERNATIONAL / EURAZEOPLANET PAYMENTIRELANDFintech & Payments
10/2021ARES / BPIFRANCEPOINT VISIONFRANCEOphthalmology
09/2021FRENCH FOOD CAPITAL / BPIFRANCE / TIKEHAU CAPITALMARKALFRANCEFood Products
05/2021EURAZEO / SAGARDI-TRACINGFRANCECybersecurity Services
04/2021EURAZEOAROMA-ZONEFRANCEHygiene & Beauty Brands
03/2021EURAZEOGROUPE PREMIUMFRANCEWealth & Asset Management
02/2021APAX PARTNERS / BPIFRANCEBTP CONSULTANTSFRANCETIC (Testing, Inspection, Certification)

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REFERENCES

Valuation range: EV €1–10bn

Revenue range: €150–250M

EV/Revenue range: Above 6x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Doctolib by Bpifrance / Eurazeo are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: doctolib

FAQ

What transaction does this page cover?

This page covers the acquisition of a minority stake in Doctolib, a French company specialised in Industry-Specific Software, by Bpifrance and Eurazeo in 2022, structured as a growth equity investment to support its development. Ownership has since evolved, leading to a subsequent transaction with Athos Consortium / A.P. Moller Holding in April 2026 (see the dedicated deal page for details).

How was the acquisition of Doctolib by Bpifrance valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €1–10bn band and its EV/revenue multiple within the Above 6x range. Exact figures are available to members.

What was Doctolib’s revenue at the time of the deal?

At the time of the transaction, Doctolib’s annual revenue was estimated within the €150–250M range (FY 2022). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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