Genesis Innovation Group said today it formed the Cultivate(MD) Capital Fund, which looks to manage $10 million to invest in early stage healthcare companies with a focus on medical device and orthopedic technologies.
Holland, Mich.-based Genesis said it expects the Cultivate(MD) fund to be fully operational and seeking companies to invest in by early 2018. The company said the fund will continue its focus on investing in early stage medtech companies and expand into mid to later-stage companies and investment opportunitites.
“Health care is a dynamic space, and inventors and entrepreneurs face significant risk during their development stages, cultivate(MD) brings the necessary capital and access to an experienced team that will guide an innovation to market. In addition to financial capital, innovators need a network of intellectual capital that will help convert their ideas and assumptions into marketable innovations. Genesis provides a nurturing environment for health care innovations,” Genesis Innovation Group CEO & Cultivate(MD) fund manager Rob Ball said in a press release. “We derive our success through the intersection of improved outcomes, cost savings, experienced teams and strong brands, Cultivate(MD)’s unique partnership with Genesis Innovation Group provides for a rich and tangible participation, and a capital-efficient process, that delivers true innovation in market.”
The newly formed fund will look to invest in technologies with “demonstrated evidence of effectiveness” and will partner with Genesis Innovation Group to appropriately utilize its team and network with goals of reducting the cost of healthcare while improving outcomes for patients.
“Health care innovations can come from many sources, including surgeon or other practitioner, and Genesis has quickly brought together a network of talented and experienced professionals with a successful track record. Genesis’ deep connectivity with key opinion leaders in the medical device field has given us access to test and drive solutions to successful execution,” R&D VP Don Running said in a prepared statement.
Genesis said that the model it is using with the Cultivate(MD) fund has previously resulted in several high-growth, emerging medical device companies including the Magnesium Development Company, Shoulder Innovations and iMagen Orthopedics.
“For more than three decades, the Genesis team members have created and launched dozens of successful health care technology ventures. Throughout this process they have developed close relationships with leading experts in the medical community. I have been personally engaged with several of these projects and witnessed their attention to the entrepreneur and advisors, as well as their never ending commitment to patient care,” medical director R. Churchill said in a prepared release.