German venture capital firm Earlybird Venture Capital announced the first closing of its health tech fund.
Investors include NRW.BANK, the Generali Insurance Group, the German household and medical products manufacturer Miele, the Federal Ministry for Economic Affairs and Energy with a share of the federally administered special fund of the European Recovery Program, the so-called ERP Fund, and BARMER GEK, a public health insurer.
Headquartered in North Rhine-Westphalia, Earlybird Health Tech Fund will invest primarily in the field of medical technology across Europe. The fund, led by Thom Rasche, Partner at Earlybird and specialist in health tech, has a target size of €100m/120m.
Founded in 1997, Earlybird is one of the leading venture capital investors in Europe, placing a strong emphasis on the financial, strategic and operational support of high technology and innovative companies. The firm, which has invested in more than one hundred companies, also works in partnership with Bay City Capital, a US-based venture capital investor focused on health care. This gives insight into innovation and new trends in the US and in the future will facilitate the entry of portfolio companies into the US. As part of this partnership, Lionel Carnot, Managing Director of Bay City Capital, is also a member of the Earlybird Health Tech Investment Committee.