Earlybird Health, a unit of Berlin-based VC firm Earlybird Venture Capital, announced that it has closed its latest healthcare fund at €173M. According to Earlybird, this fund is “significantly larger” than its predecessor.
The fund will primarily invest in European companies in facilitating the progression of technologies from development to regulatory approval and commercialisation.
The fund targets a broad spectrum of healthcare sectors, including digital health, diagnostics, medical devices, R&D tools, and biopharma, with a focus on achieving positive patient outcomes, irrespective of the technology employed.
Additionally, it also aligns with Article 8 Fund criteria in accordance with the EU’s Sustainable Finance Disclosure Regulation (SFDR).
Newly-appointed Partner, Florent Gros says, “Joining Earlybird Health felt like a natural evolution, given that we have a shared commitment to revolutionise patient care.”
“Earlybird’s prior investment in my company Priothera, coupled with my previous role with the Novartis Venture Fund helps us leverage our experience in strengthening Earlybird’s impact, especially in biotech and biopharma.”
Brief about Earlybird Health Fund
Earlybird Health uses the proprietary AI tool, Eagle Eye, to enhance its investment team’s experience. The tool sources deals through data aggregation, covering startups and established entities, and offering market intelligence for deal sourcing.
Dr. Christoph Massner, Principal at Earlybird Health, says, “Eagle Eye will soon be the driver of a more effective, efficient, and inclusive deal sourcing and due diligence process for our investment teams. Earlybird Health is proud to set the standard for dynamic and informed deal flow in the European healthcare sector.”
According to tech.eu, Earlybird Health has initiated capital deployment from its recent fund by investing in ImCheck Therapeutics, Oculis, Grey Wolf Therapeutics, and Ariceum Therapeutics. The fund is also in the process of finalising deals with three medical device companies, withholding details until the agreements are finalised.
Investors supporting the fund
The Fund has support from major institutional investors across Europe, including health insurers, strategic investors, and public and private organisations throughout the region.
Christine Hockley, MD for Funds at British Patient Capital, says, “We are delighted to be investing in Earlybird Health to support them in building out their healthcare investment strategy, especially within the UK.”
“The UK is a global centre for healthcare innovation, and this investment aligns with our strategy of increasing the sources of capital to innovative breakthrough companies within the sector.”
BARMER, a German health insurer, claims to have made history as the first of its kind to invest in a venture capital fund through Earlybird Health.
Prof. Dr. Christoph Straub, CEO of BARMER, says, “We are proud to pave the way for health insurers to invest in venture capital through our ongoing support for Earlybird Health. This reflects our commitment to fostering innovation within the German and European healthcare ecosystem. We are confident these efforts will yield positive outcomes for patients worldwide.”
Brief about Earlybird Venture Capital
Founded in 1997, Earlybird is a VC firm that claims to invest across all phases of technology company development and growth. The firm not only provides financial resources but also offers strategic support and access to an international network and capital markets for its portfolio companies.
Earlybird Venture Capital has expanded into four distinct and specialised teams:
- Digital West Fund: Primarily focused on early-stage digital technology opportunities in GSA, Nordics, UK, Benelux, France, and Southern Europe.
- Digital East Fund: Concentrated on early-stage ICT investment opportunities in Eastern Europe and Turkey, making it a leading tech VC in that region.
- Health Fund: Concentrates on early and later-stage opportunities in digital health, medical devices, diagnostics, enabling technologies, and biopharma across Europe.
- Earlybird-X: Backs deep tech innovation, including robotics, AI, and mobility, at the earliest stages by leveraging a network of leading European universities.
With €2B under management across all fund streams, nine IPOs and 31 trade sales, Earlybird claims to be one of the active VC firms in Europe.
The firm is dedicated to eco-sustainability in its operations, aiming to offset its carbon footprint and encouraging the same commitment from its portfolio companies.
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