Endeavour Medtech Growth closes on €250m

According to Endeavour, the fund was oversubscribed and received considerable interest from new institutional investors. The GP stated the medtech market was estimated to be worth $369bn in 2015.

Endeavour came about through the three-way merger of Genevest, a European venture capital firm established in 1983; Vision Capital Europe, founded in 1997 with a focus on transatlantic venture; and Endeavour, an entrepreneurs-backed investor.

In its early days, the GP focused on IT investments and then broadened its scope to include biotech. It began targeting the medtech market in 2007.

According to Endeavour's managing partner Bernard Vogel, speaking to unquote", the GP felt over recent years it "needed to concentrate on one area as specialisation improves performance". As the firm had generated similar returns across all three strategies, it made its decision based on what sector it thought would show the most growth over the next 20 years.

The firm decided medtech was the best option as, generally, it is overlooked by investors. Furthermore, the GP felt the area is going to change considerably in the coming years as technological advances continue. Additionally, the sector will increasingly address macro pressures including ageing populations, inefficient healthcare systems and increasing pressure on governments to reduce their healthcare spend.

VCP Advisors acted as placement agent.

Investors
This latest fund attracted commitments from new institutional investors, which make up for around two-thirds of the vehicle. Investment came from several UK and Swiss pension funds as well as a number of fund-of-funds. The remaining commitments came from entrepreneurs and family offices. 

Investments
EMG will seek to invest in European and US companies operating in the medical device and digital health sectors. It will target those with innovative solutions, which have already gained regulatory approval and are starting to generate revenues. The vehicle will make typical allocations of between €10-20m per investment.

The fund has already closed four investments: Gynesonics, ReShape Medical and two further deals to be announced in the coming weeks.

People
Endeavour Vision – Bernard Vogel, Sven Lingjaerde (managing partners); Damien Tappy (president, managing partner).

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