415 CAPITAL holds first closing of targeted USD100m new medtech VC fund
415 CAPITAL Management (415 CAPITAL) has held a first closing of its new medtech venture capital fund, 415 CAPITAL Fund I.
The new fund will invest in medical device companies in Europe, Israel and the United States, with a focus on startups developing groundbreaking technologies to diagnose and treat Cardiovascular disease and its associated risk factors, including coronary artery disease, structural heart disease, stroke, hypertension and vascular disease. The fund will hold a final closing at up to USD100 million (EUR85 million) later in 2020.
The new fund marks the first time that the partners are bringing in capital from outside investors to continue their investment strategy. First-closing investors include the European Investment Fund (EIF), KfW Capital, several reputable family offices and distinguished medtech entrepreneurs. The 415 CAPITAL founding partners have themselves committed over 20 per cent of the current fund size.
415 CAPITAL has been formed by medtech entrepreneurs/investors Frank Groenewegen, David Thompson and Frederik Groenewegen. The three founding partners share a 28-year history of introducing medical device technologies to the European market and making personal investments in innovative medtech companies. The team has privately funded 45 medtech startups, realising over 25 exits to date, including ReBound Therapeutics (sold to Integra LifeSciences in 2019), Claret Medical (sold to Boston Scientific in 2018), ReCor Medical (sold to Otsuka Holdings in 2018), ImThera Medical (sold to LivaNova in 2018), CardiAQ Valve Technologies (sold to Edwards Lifesciences in 2015), and CoreValve (sold to Medtronic in 2009).
In addition to providing medtech startups with early-stage funding, 415 CAPITAL offers its portfolio companies direct access to the European healthcare market through a partnership with medical device distributor CoRRect Medical GmbH (CoRRect), which works closely with leading physicians at 200+ hospitals and clinical sites in cardiac surgery, cardiology, radiology and vascular surgery. Over 2+ decades, CoRRect has commercialised dozens of novel medical device technologies, including the world’s first pre-crimped coronary stents, transcatheter aeortic heart valve replacement (TAVR), and the world’s first stroke protection for left-heart interventions.