Earlybird Venture Capital today announced the 1st closing of its Earlybird Health Tech Fund, which has a target size of between $112 million and $135 million (EU €110-120 million).
Investors in the round included NRW.Bank, The Generali Insurance Group, Miele, public health insurer Barmer Gek, the Federal Ministry for Economic Affairs and Energy with a share of the federally administered special fund of the European Recovery Program.
“Our goal is to identify 12 to 15 exceptional companies in the coming years and support them in their development. Our focus is medical technology, digital health and diagnostics,” Rasche said in a prepared statement.
The venture capital firm said it has invested in more than 100 companies since its initial inception in 1997. The firm works in partnership with U.S.-based health care VC group Bay City Capital, which the group said will allow for the entry of U.S. portfolio companies in the future.
“We are very pleased with the Barmer’s involvement in the fund. This represents a big step, as this is the first time a German public insurance company is participating in a VC fund. The developments in medicine and medical care resulting from the introduction and use of new digital technologies are increasingly becoming key innovation drivers in health care, Through the strategic partnership with the Barmer Gek, we expect to gain more insight into the industry and be better able to identify the most promising technologies and companies,” Earlybird partner Thom Rasche said in a press release.