With an eye toward new health technologies that will support a post-pandemic life, the venture capital firm Endeavour Vision has closed its second medtech fund with commitments of $375 million.
Dubbed EMG II LP, the fund won backing from a mix of public pension funds, including U.K. local government schemes, alongside multi-manager funds, family offices and individuals, Endeavour said.
The firm, based in Minneapolis and Geneva, Switzerland, plans to invest the proceeds in growth-stage medtech and digital health developers. That's similar to the dedicated strategy of Endeavour’s previous fund, which raised $275 million in early 2016.
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This time around, Endeavor hopes to focus on the opportunities presented by COVID-19 to cement the adoption of remote patient care methods, such as telehealth, and the technologies required to timely treat aging populations and people with chronic conditions.
“Governments, citizens and investors are now more aware than ever of our healthcare systems’ strategic importance and current limitations,” Bernard Vogel, Endeavour Vision’s co-founder and managing partner, said in a statement. “This is accelerating the demand for pioneering solutions that can deliver sustainable healthcare.”
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Since its last fund, Endeavour has invested in companies such as the Swiss data platform developer Sophia Genetics and the California-based neuromodulation device maker Nalu Medical—as well as Vertiflex, which, with its minimally invasive spine spacer implant, was acquired for $465 million by Boston Scientific in 2019.
“Medical technology and digital health are truly unique within the healthcare sector because they offer the opportunity to invest in companies in the early stages of commercialization and before major value-inflection milestones, yet still at attractive valuations.” said Damien Tappy, Endeavour’s president and managing partner.