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Photo: European flags fluttering in the wind outside the EU headquarters in Brussels, Belgium, July 21, 2022/iStock, Alexandros Michailidis
Germany-based venture capital fund Earlybird Health has closed its latest healthcare fund totaling 173 million euros ($185.4 million), the group announced on Thursday.
According to Earlybird Health, this latest fund is “significantly” larger than previous funds and is designed to support technology advances in the early stages of development that are nearing regulatory approval and eventual commercialization. It will be donated to a European company located in . The fund aims to invest in companies in the biopharmaceutical sector as well as diagnostics, digital health, medical devices, and R&D tools.
Early Bird noted that the fund is backed by “major institutional investors” in Europe, including health insurance companies, strategic investors, public and private investors. Investors include German public health insurance company BARMER.
“We are proud that through our continued support of Earlybird Health, we were able to pave the way for health insurance companies to invest in venture capital. “We believe these efforts will lead to positive outcomes for patients around the world,” BARMER CEO Christoph Straub said in a statement. .
According to Earlybird, the company uses a proprietary AI-based technology known as Eagle Eye for deal sourcing, which will be the basis for future funding rounds.
“Eagle Eye will soon be driving a more effective, efficient and comprehensive deal sourcing and due diligence process for our investment teams. We are proud to set the standard for dynamic and informed deal flow,” Christoph Massner, President of Earlybird Health, said in a statement.
Early Bird isn’t the only fund raising money for a 2024 launch. In January, Goldman Sachs Asset Management closed its first life sciences fund, called West Street Life Sciences I, with $650 million in funding.
Earlier this month, Scion Life Sciences launched a $310 million oversubscribed fund aimed at investing in the life sciences sector. The fund is led by Samuel Hall, former partner at Apple Tree Partners, Aaron Kantoff, former venture partner at Medixi, and managing partner at private healthcare investment firm Petrichor. They are three industry veterans, including Tad Wessel.
Tyler Patchin is a staff writer at. biospace. Contact tyler.patchen@biospace.com. Follow him on LinkedIn.
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