Earlybird holds first close for health tech fund

The VC is targeting €120m for the North Rhine-Westphalia-based vehicle. It declined to disclose the amount reached at first close.

Parallel to the fundraising, Earlybird also announced a partnership with US-based Bay City Capital, a VC focused on healthcare. Earlybird hopes the collaboration will facilitate the entry of its portfolio companies into the US. As part of the agreement, Bay City partner Lionel Carnot became a member of the Earlybird health tech investment committee.

Investors
The fund's investors include NRW Bank, the Generali insurance group, German household and medical products manufacturer Miele, and the Federal Ministry for Economic Affairs and Energy with a share of the federally administered special fund of the European Recovery Program (ERP Fund).

Barmer GEK also came on board at the first public health insurer in Germany to take part in a VC funding round, according to Earlybird.

Investments
The vehicle will invest primarily in the fields of medical technology, digital health and diagnostics, aiming to back 12-15 companies.

People
Earlybird – Thom Rasche (partner).

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