Does early-stage health tech need more ‘patient’ capital? – ProWellTech
The new Crista Galli Ventures fund is led by radiologist consultant Dr. Fiona Pathiraja
Crista Galli Ventures, a new early stage health technology fund in Europe, officially launched last week. The firm offers “patient capital” – with just one LP (the Danish family office IPQ Capital) – and promises to provide portfolio companies with deep healthcare expertise and the extra lead needed to overcome regulatory and effective hurdles and move on to the next.
The company has an initial $ 65 million to distribute and is led by Dr. Fiona Pathiraja, a consultant radiologist. With offices in London and Copenhagen, it operates as an “evergreen” fund, which means it does not follow the traditional five-year VC fundraising cycles.
Indeed, Crista Galli Ventures’ The tone is that the traditional enterprise is not suited to early stage healthcare technology, where it can take much longer to find the right product market for healthcare professionals and systems and then obtain licensing from local regulators.
To explore this aspect and CGV’s investment mandate more generally, I interviewed Pathiraja about what he is looking for in health technology founders and startups. We also discussed Crista Galli LABS, which works alongside the main fund and supports founders from underrepresented backgrounds in the pre-seed phase.
ProWellTech: Describe Crista Galli Ventures (CGV) as an early stage health technology fund that offers capital to patients and supports companies in Europe. In particular, she cites deep technology, digital health and personalized health care. Can you elaborate a little more on the fund’s mandate and what are you looking for in founders and startups at such an early stage?
Dr. Fiona Pathiraja: We like founders with bold ideas and international ambitions. We are looking for mission-oriented founders who believe their companies can have a real and positive impact on the lives of people and patients around the world.
We will be looking for founders who deeply understand the problem they are trying to address from all angles – especially the patient’s point of view, but also that of the competent physician and regulators – and we want to see that they are building their own solutions to solve it. This means that they will make an effort to understand the complex and nuanced healthcare landscape and all stakeholders in it.
In terms of founder traits, in my opinion, the best founders will be mission-driven, able to tell a compelling story and motivate others to join them. Grit and resilience are important, and many of our portfolio companies were founded some 6-8 years ago and stubbornly continue to build.