Prime Ventures injects €5m into Forcare

Prime will hold a minority stake in Forcare, while founders Harm-Jan Wessels, Andries Hamster and Mark Sinke will retain their majority participation.

The fresh capital marks the first institutional round ever for Forcare. The healthcare software developer had previously received seed funding from its management team, according to the VC.

The Amsterdam-based firm invested via its Prime Ventures IV Fund. The vehicle held a final close on around €170m and thus fell short of the €250m target set at launch in January 2011. It had raised €100m at first close in January 2013, according to unquote" data.

Prime Ventures IV targets €5-25m deals, predominantly in European internet, software and technology companies.

The VC's recent transactions include a $16m round in Danish social media management developer Falcon Social in March and a $14.5m round into cluster management solutions provider Bright Computing in July 2014.

According to Prime Ventures, its current involvement with Forcare stems from a previous deal in 1995, which saw managing partner Sake Bosch – then employed by Holland Venture – investing in healthcare business Applicare Medical Imaging, owned at the time by Forcare's current CEO Harm-Jan Wessels.

The Amsterdam player was interested in Forcare's fast-growing revenues and the company's potential to fill the market niche of interoperability of patient related-data between doctors and patients. 

Forcare plans to use the fresh capital to develop its sales team and finance technological developments. The business seeks to bolster its international presence across markets including North America and Germany, France, Russia and the UK.

Company
Founded in 2006, Forcare is the developer of a modular health software suite. Its cloud platform provides healthcare professionals and patients with integrated access to medical information, even if records are held on systems based on different industry standards.

The company's partners include IBM, Philips and McKesson. Headquartered in Zeist, the Netherlands, the company currently employs a workforce of 35.

People
Prime Ventures was represented by managing partner Sake Bosch. Harm-Jan Wessels is CEO at Forcare.

Advisers
Equity – Jones Day, Marcel van de Vorst (Legal).
Company – Finch Corporate Strategy Services, Wim Weijting (Corporate finance); Holland van Gijzen, Sijmen de Lange (Legal).

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