Earlybird Venture Capital announced the first closing for its Earlybird Health Tech Fund. The fund--which is targeted to be €100 million to €120 million--plans to invest primarily in medical technology in Europe.
For the first time in Germany, a public insurer is taking part in a fund. BARMER GEK will be an investor alongside NRW.BANK, the Generali Insurance Group, Miele--a German household and medical product manufacturer--and the Federal Ministry for Economic Affairs and Energy.
“We are very pleased with the BARMER’s involvement in the fund,” said Thom Rasche, partner at Earlybird and a health tech investments specialist, in the announcement. “This represents a big step, as this is the first time a German public insurance company is participating in a VC fund. The developments in medicine and medical care resulting from the introduction and use of new digital technologies are increasingly becoming key innovation drivers in health care. Through the strategic partnership with the BARMER GEK, we expect to gain more insight into the industry and be better able to identify the most promising technologies and companies.”
Earlybird has already invested in over 100 companies since its founding in 1997.
Rasche noted that the organization’s focus is medical technology, digital health and diagnostics, with a goal of finding 12 to 15 companies to support in the “coming years.”
Earlybird also works in a partnership with Bay City Capital, a U.S. investor focused on healthcare, to gain insight on healthcare trends in the States. Bay City Capital will also help facilitate the entry of portfolio companies into the U.S. in the future. Due to this partnership, Bay City Capital’s managing director, Lionel Carnot, is a member of the Earlybird Health Tech Investment Committee.
- here's the press release