The 415 CAPITAL Fund I is aimed at supporting MedTech start-ups developing advanced technologies for diagnosis and treatment of Cardiovascular disease and associated risk factors
415 CAPITAL Management, a specialist venture capital firm, has announced the first closing of its new MedTech Venture Capital fund (415 CAPITAL Fund I) to invest in medical device companies in Europe, Israel and the US.
The company is expected to announce the final closing of the $100m fund later in 2020.
The 415 CAPITAL Fund I is aimed at supporting MedTech start-ups developing advanced technologies for diagnosis and treatment of Cardiovascular disease and associated risk factors, including coronary artery disease, structural heart disease, stroke, hypertension and vascular disease.
The new fund has also attracted outside investors, marking the first outside capital for the partners to continue the firm’s investment strategy. The European Investment Fund (EIF), KfW Capital, and MedTech entrepreneurs include the investors in first-closing.
415 CAPITAL has partnered with CoRRect Medical
In addition to providing early-stage funding for MedTech startups, 415 CAPITAL is said to provide its portfolio companies with direct access to the European healthcare market, through collaboration with CoRRect Medical.
CoRRect is a medical device distributor that works closely with physicians from more than 200 hospitals and clinical sites in cardiac surgery, cardiology, radiology and vascular surgery.
For more than 2 decades, CoRRect has been commercialising advanced medical device technologies, including pre-crimped coronary stents, transcatheter aortic heart valve replacement (TAVR), and the stroke protection for left-heart interventions.
In addition, the equity investments provider InnovFin Equity supports the fund, through financial backing from the European Union, under the Horizon 2020 financial instruments and the European Strategic Investment Partnership (EFSI).
415 CAPITAL has been established by MedTech entrepreneurs and investors Frank Groenewegen, David Thompson and Frederik Groenewegen, who introduced various medical device technologies to the European market and made personal investments in MedTech companies.
Furthermore, the team has privately made investments in 45 start-ups, realizing more than 25 exits to date, including ReBound Therapeutics, Claret Medical, ReCor Medical, ImThera Medical, CardiAQ Valve Technologies, and CoreValve.