Crista Galli Ventures, an early stage health tech fund in Europe, is officially launched today. The company offers “patient capital” – with just a single LP (the Danish family office IPQ Capital) – and promises to provide portfolio companies with extensive healthcare expertise and the additional runway necessary to overcome regulatory and effectiveness hurdles and reach the next level.
One of the companies already supported by Crista Galli Ventures (CGV) is Skin Analytics, which uses AI to improve the diagnosis of skin cancer. Quibim, who applies AI to the field of radiomics; and Ampersand Health, which is developing digital therapies for patients with inflammatory diseases like Crohn̵
CGV is managed by the consulting radiologist Dr. Fiona Pathiraja and has offices in London and Copenhagen. CGV acts as an “evergreen” fund, which means it doesn’t follow the traditional five-year VC donation cycles. Initially, the VC company has $ 65 million in usable patient capital.
“We like to invest in the broad areas of deep tech, digital health and personalized health care,” Pathiraja told TechCrunch. “We prefer technology solutions that make patients’ lives easier, better, and in some cases help support people’s health before they become patients. Our area of responsibility also includes technical solutions in healthcare that improve the efficiency and productivity of providers. “
In addition to the main fund, CGV is also introducing Crista Galli LABS, which in part aims at greater diversity in health technology by supporting founders with an under-represented background in the pre-foundation phase. In addition to the pre-seed investments, startups enrolled in the program will have access to mentoring and coaching from the CGV team.
“When I was in the hospital there were people from different backgrounds and that was the norm … [but] That was really not my experience when I started investing, ”explains Pathiraja. “I am impressed by how homogeneous founding teams and investment teams can be. While our main investment focus is on seeds and Series A, Crista Galli LABS invests smaller ticket sizes in outstanding pre-seed founders and ensures that at least 50% of them come from underrepresented backgrounds. This means first of all those who are female, BAME, LGBT. “