415 CAPITAL Management GmbH (415 CAPITAL) today announced that it has held a first closing of its new MedTech Venture Capital fund (415 CAPITAL Fund I). The fund will invest in early and development-stage medical device companies in Europe, Israel and the United States with a strong focus on startups developing groundbreaking technologies to diagnose and treat cardiovascular disease and its associated risk factors, including coronary artery disease, structural heart disease, heart failure, stroke, hypertension and vascular disease. The fund will hold a final closing at up to €85 million later in 2020.
About Cardiovascular Disease:
Cardiovascular disease is the worldwide leading cause of death and the single largest cost driver in the global healthcare system. The disease causes one in three deaths each year and the World Health Organization projects the global economic burden of cardiovascular disease to exceed $1 trillion annually by 2030, fueled by several secular trends such as population ageing and growth and the global obesity epidemic.
About 415 CAPITAL:
415 CAPITAL has been formed by MedTech entrepreneurs and 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 as well as making private investments in innovative MedTech companies. The team has funded 45 MedTech startups over the years, realizing 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).
The new fund marks the first-time that the three partners are bringing in capital from outside investors to continue their strategy. First-closing investors include the European Investment Fund (EIF), KfW Capital, several family offices and distinguished MedTech entrepreneurs. The founding partners have themselves committed over 20% of the current fund size.
Close Cooperation with European Physicians and Clinical Sites:
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). Led by MedTech engineer Michael Braun and supported by a designated team of clinical and regulatory specialists, CoRRect closely works with leading physicians across over 200 hospitals and clinical sites in the fields of cardiac surgery, cardiology, radiology and vascular surgery. Over the past two decades, the CoRRect team has commercialized dozens of groundbreaking medical device technologies, including the world’s first pre-crimped coronary stents, transcatheter aortic heart valve replacement (TAVR) and the world’s first stroke protection for left-heart interventions.
“The CoRRect team has been at the forefront of innovation in cardiovascular health for over two decades and we are very excited to start this new chapter in our partnership. We will continue to leverage our access to hospitals and physicians to accelerate the clinical and commercial adoption of our fund’s portfolio technologies in order to create value for patients, physicians and investors.” – commented Frederik Groenewegen, Co-Founder and Managing Director of 415 CAPITAL
P+P Pöllath + Partners acted as legal and structuring advisor to 415 CAPITAL.
Horizon 2020, EFSI and 415 CAPITAL: 415 CAPITAL Fund I GmbH & Co. KG is supported by InnovFin Equity with financial backing of the European Union under the Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing.