Longevity investment hits $3.01bn in full-year 2023

Our 2023 report on the state of longevity investment drops today: the numbers, the sectors, the top deals, the key players and the outlook for 2024

Has the longevity industry truly arrived? The answer is both yes and no. We categorize longevity across 25 different domains, but for simplicity, in terms of ‘arrival,’ the longevity industry can be divided into ‘longevity now’ and ‘longevity next’.

‘Longevity now’ refers to in-market companies generating revenue e.g. selling biomarker tests and supplements, or offering high-end services in longevity clinics. These companies are ‘now’ companies, they’re appearing everywhere, but the numbers are still small in terms of the target addressable market, so there’s plenty of room for growth.

‘Longevity next’ relates to biotech companies that are investing heavily while striving for successful clinical trials in diverse fields such as cellular reprogramming, mitochondrial dysfunction, longevity gene therapies and neuropharma.

Whether focused on the present or the future, as detailed in our Annual longevity investment report 2023, all players in the industry aim to extend healthspan for longer, healthier lives – in this year’s report we explore the scientific and investment highlights of 2023:

  • Longevity investments have varied over the past decade, starting at $0.57bn in 2013, reaching a peak of $9.26bn in 2021, and currently standing at $3.01bn in 2023;
  • Median and average deal size has improved in the last 10 years, post-2014, deal sizes fluctuated between $17mn and $30mn, landing at $20.16mn in 2023, where the median deal size was $5.00mn in 2023;
  • Longevity deals by quarter remained stable, averaging 48 deals per quarter;
  • The domain with the highest financing from 2019-2023 was Longevity Discovery Platforms, securing $10.61bn in investments. This was followed by Neuropharma with $6.27bn and Cellular Reprogramming with $4.35bn;
  • The report covers multiple other data points.

“The emerging longevity ecosystem is attracting substantial investment, indicating a shift towards proactive wellness strategies and innovative aging-related therapeutics,” said report foreword author, Rajiv Ahuja, Director, Milken Institute, Center for the Future of Aging. “Longevity.Technology’s annual report underscores the resilience and growth of longevity investments over the past decade, reflecting a shared commitment to healthier aging.”

While everyone will recognize that 2023 was a tough year, many will take some comfort for the fact that longevity as a sector wasn’t alone in experiencing an investment downturn.

“Longevity has yet to experience its AI moment, like last year’s surge in public awareness and investor interest sparked by ChatGPT,” commented report co-author, Phil Newman, Editor-in-chief, Longevity.Technology. “But embedded in these data are companies that will change the world 10 years from now. We just need to stay on it and stay patient.”

How did we do with our predictions for 2023?

It’s always good to calibrate predictions with the benefit of hindsight (the new report has predictions for 2024): here’s how we did:

  1. Breakthrough clinical progress spurs pick-up in financing in 2H-2023
    We have seen the progression of companies ‘moving to the right’ in the clinical pipeline, but while progress remains promising, we haven’t seen a major breakthrough per se. 2H23 financing hit $2.14bn, approaching 2.5x of 1H23 (which hit $850mn).
  2. Deeper longevity engagement by Big Pharma
    While Big Pharma remains largely below the radar in longevity, it is omnipresent in investment discussions around Phase 2b stage biotechs. Pharma’s appetite for GLP-1s (despite having been discovered over 30 years ago) picked-up significantly in 2023, and weight loss directly correlates with longevity through improved cardiovascular health and the mitigation of diabetes. So, indirectly, Big Pharma was engaged in longevity – but it’s a stretch.
  3. Competition for trailblazers in longevity
    BioAge Labs attracted significant capital and media interest in 2023 and represented the perfect longevity company. However, Fauna Bio came out of relative obscurity to announce a $494mn collaboration with Eli Lilly: boom, the art of the possible from two female founders. But, in general, it’s fair to say that 2023 was a heads-down for most companies, both biotech and non-biotech.
  4. Non-biotech longevity gains share with longevity clinics proliferating
    Yes, investor appetite for ‘consumer longevity’ companies grew in 2023. Longevity clinics also multiplied, opening new centers around the world, expanding their services and partnering with real estate developments and vacation destinations.
  5. A new bold-faced entrant into the field of longevity
    Our final prediction was, admittedly, something of a wild card, but thanks Bryan, you delivered.

To access and purchase ($19.99) the Annual longevity investment report 2023 please click here.