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BLUE SPARROWS MEDTECH FUND

We invest money & experience

in early-stage medtech

and e-health startups.

What we do

Experience to accelerate.

Our fund is unique:

  • Founded and managed by successful MedTech entrepreneurs
  • Active hands-on support with weekly coaching by 7 MedTech entrepreneurs (broad expertise within the group).

Our aim:

  • To accelerate development and commercialization timelines and rapidly increase the value of the companies invested in.

Harvard published research is showing that
such experience increases the chances of success of a company by 50%

Through active coaching of the 7 medtech entrepreneurs, the fund expects to accelerate development and commercialization timelines and rapidly increase the value of the companies invested in. The Blue Sparrows have encountered the medical market in real life; their mistakes are not to be made again and their hands-on, done-it-before experience paves the pathway to success. Harvard published research showing that such experience increases the chances of success of a company by 50%.

Blue Sparrows helped us to quickly set up our medical certification and streamline our production, enabling us to launch our product during the COVID-pandemic. This has tremendously accelerated growth during the first years of our company.
- Daan Hoek, CEO UV Smart

Think about developing medical software, class 1 and 2 medical products, setting up production, negotiating with suppliers, complying to medical regulations, setting up quality management systems, designing and leading clinical trials, setting up reimbursement dossiers, and commercializing internationally through hospitals, doctors or homecare providers. The good thing about the young entrepreneurs: they have done all of this, shown their own successes and their experience is still very recent, meaning that advice is very relevant for today’s world.

Our way of working

We have a very clear focus and cycle, realizing investments within 3 months.

Medtech Focus: The Blue Sparrows MedTech Funds focuses on early stage medtech companies. By that we mean:

  • Early stage: could be as early as just an idea with a business plan.
  • Medtech: any technology or e-health solution that is used to increase health for the benefit of patients and doctors.
  • Typical for most first investments: €100-300k to develop proof of concept. Subsequently, Blue Sparrows also funds follow-up investments.
  • Typical team: very motivated, medical or technical background, eager to learn

 

3 month Cycle: The Blue Sparrows MedTech Fund aims to close an investment within 3 months:

  • Step 1: Connect with the Sparrows. We will discuss, ask questions and evaluate your plan.
  • Step 2: If we see a match, we will invite you to a monthly Sparrows meeting to present your plan and we will discuss the possible next steps.
  • Step 3: If the presentation is positive, a 1-month mini due diligence will follow with a list of topics that we would like to know more about.
  • Step 4: If the due diligence is positive, you will receive a term sheet with an investment proposal.
  • Step 5: Our aim is to finalize the due diligence and close the investment round within 2 months after signing the term sheet.

Skills & Coaching

Broad expertise within the group.

Clinical Validation & Clinical Trials
Eline & Peter have set up and executed over 15 clinical trials in Europe and the US within their own (former) companies. The international trials led to high-quality publications enabling reimbursements, coding and acquisitions.

 

Medical Device CE & FDA Certification and Audits
Thijs, Peter, Bo & Boudewijn have all acquired medical certification (CE class 1 – 2b) and FDA approval within their own (former) companies. They have gone through extensive FDA audits, ISO 13485 certifications which required them to implement a Quality Management System within their companies.

 

Sales & Marketing in the medical world
Bo, Hicham, Peter and Eline have together sold their products to hundreds of hospitals, healthcare facilities, distributors, and insurance companies nationally and internationally. To facilitate this, they set up strong sales teams as well as keen marketing, pricing, and branding strategies. Their medical companies have jointly generated more than 60 million in revenues.

 

Medical product development, software development and production
Thijs and Boudewijn have set up product teams to develop medical hardware. These products have been produced and launched successfully. Hicham, Peter and Bo have led their software teams to develop and scale medical software solutions.

 

Reimbursement coding
Eline has experience in setting up market access strategies and has successfully acquired reimbursement coding for her product – a novel therapy – for several countries in Europe as well as the US.

 

Filing & protecting intellectual property
Thijs, Peter, Boudewijn and Eline have successfully filed and protected more than 50 patents and built keen IP strategies and patent umbrellas. With these, they have gained experience in opposition and litigation with competitors.

Scientific & Medical Advisory board
Hicham and Eline have successfully formed valuable scientific and medical advisory boards to challenge development and clinical roadmaps and add brand value to the company.

 

Venture building
Lex, Govert, Rogier, and all other Sparrows have built their companies from idea to over 50 employees. Which means they have experienced in person every aspect of venture building – from business modelling to organizational scaling. Together, the Sparrows have experience in doing business in more than 20 countries: NL, US, UK, Germany, Norway, Denmark, Sweden, Finland, Belgium, South Korea, France, Brazil, India.

 

Funding, grants and exit strategy
Boudewijn, Rogier and all the other Sparrows have jointly acquired more than 20 million in grants and subsidies. Eline, Hicham, Bo and others have also raised more than 40 million in capital. Peter, Thijs and Eline have successfully exited their companies to large multinationals. Lex and Govert have done 20+ venture exits of over €125M in total in multiple countries: NL, UK, Norway, South Korea, France, Brazil.

 

Internationalization (Europe and US)
Eline and Bo have both set up successfully entities and offices with multiple employees in the US. The Sparrows have globally done business, with emphasis on Europe (UK, DACH, France, Nordics) and the US (Texas, California, Massachusetts, Michigan, Minnesota).

 

Business to Business partnerships with large corporations
Hicham, Eline, Peter and Bo have built successful partnerships with Philips, Resmed, Zimmer Biomet, Medtronics, GE, Siemens.

Bootcamps

Masterclasses for MedTech entrepreneurs

Several times a year, the Blue Sparrows Medtech Fund, in collaboration with partners Yes! Delft / TUDelft and Groningen UMC, provides special masterclasses for early-stage medtech companies or people with a medtech idea. Nowadays these are also given virtually.

 

Bootcamp 1 – Introducing the Blue Sparrows Medtech Fund
Bootcamp 2 – Overview of the Dutch healthcare system for startups and entrepreneurs
Bootcamp 3 – Fundraising in MedTech
Bootcamp 4 – Medical Device Development
Bootcamp 5 – Medical Device Certification
Bootcamp 6 – Setting up a Clinical Trial for a MedTech product
Bootcamp 7 – Business Modeling & Sales of MedTech products
Bootcamp 8 – Reimbursement of Medtech Products

Portfolio

Our investments

November 5, 2020
Investment:
Reperio
March 18, 2020
Investment:
Welly
September 12, 2018
Investment:
UV Smart
October 15, 2018
Investment:
CloudCuddle

About us

The team

The Blue Sparrows MedTech Fund is formed by 7 medtech entrepreneurs and 2 seasoned entrepreneurs with fund creation and management experience. The medtech entrepreneurs collectively have more than 90 years of experience in starting up and commercializing medtech companies. Their value and aim is to support early stage startup companies with active coaching.

 

Together the aim of the team is to accelerate, remove growth barriers and to support the development of early stage medtech startups, resulting in quicker commercialization and increased value of the companies invested in.

NewCompliance Group

Bo Wiesman

Decision Support Software Platform for Critical and Acute Care (OR, ICU)
Where: 5 Countries
Team: 42
Achievements:
• Generated over €30M in cum. revenue
• Successfully founded and sold a medical distribution company
• Offices in the USA (Houston, Mayo Clinic) and the Netherlands

Laevo

Boudewijn Wisse

Lightweight intuitive exoskeletons
Where: 40+ countries
Team: 15
Achievements:
• Founder of three successful companies: InteSpring & Laevo
• Worldwide market leader in passive (back-) exoskeletons
• NATO recognition as an expert in the field of exoskeletons.

NightBalance

Eline Vrijland-van Beest

Wearable medical device for treatment of positional sleep apnea
Where: 11 Countries
Team: 40
Achievements:
• 80.000 nights performed in clinical trials
• Gaining reimbursement coding for US & NL
• Achieved CE Class IIa and FDA approval
• Company acquisition by Philips

Now: CEO of Hybridize Therapeutics

LeQuest

Hicham Shatou

Training and certifying healthcare professionals for the use of medical technology through web-based simulation trainings
Where: 19 Countries
Team: 50+
Achievement:
• Raised 12 Million in total and collaborations with the top global manufacturers of medical equipment

Clinical Graphics

Peter Krekel

3D medical image analysis for orthopedic surgery
Where: 14 countries
Team: 12
Achievement:
• Exit to a large US-based publicly traded corporation in 2016

Intespring & Laevo

Rogier Barents

Lightweight intuitive exoskeletons
Where: 40+ countries
Team: 15
Achievements:
• Founder of three successful companies: InteSpring, Anchis & Laevo.
• Worldwide market leader in passive (back-) exoskeletons.
• NATO recognition as an expert in the field of exoskeletons.

NightBalance

Thijs van Oorschot

Wearable medical device for treatment of positional sleep apnea
Where: 11 Countries
Team: 40
Achievements:
• Developed three editions of the Sleep Position Trainer
• Achieved CE Class IIa and FDA approval
• Company acquisition by Philips

Now: Director Technology & IT of LiGalli

Shamrock Partners

Govert Brasser

Various funds successfully closed
Experience: Financial, Strategy, financing, M&A, management of over 15(international) companies. Supervisory Boards (international) companies. Set-up, management and ownership of funds.

Shamrock Partners

Lex Vriesendorp

Various funds successfully closed
Experience: Law, Marketing, M&A, management of over 15 (international)companies. Supervisory Boards (international) companies. Management and ownership of funds.

Track Record

The Blue Sparrows in Numbers

> 100.000

Patients helped

> 30

Medical Products brought to market

> 20

Countries active

2

FDA approved products

> 10

Clinical trials done

> 100

Years of medtech & fund experience

> 15

Patents filed

2

Exits to publicly traded multinationals

Apply for investment

Eager to get a “money and experience investment” for your MedTech start-up?

The Blue Sparrows MedTech Fund aims at early-stage MedTech companies which comply with the following selection criteria:

  • The product/service is considered either a Medical Device (CE Class I, Class IIa or Class IIb), E-Health Solution that improves self-reliance of patients or Wellness Product with a positive effect on the health(care) system.
  • The product/service is not considered a CE Class III Medical Device, Pharmaceutical or Biotechnology.
  • The company strives to have its primary activity in the Netherlands.

Contact

Other questions?

New business

info@bluesparrows.nl

 

Call us

+31 (0)85 401 83 10

8AM – 5 PM CET MONDAY TO FRIDAY

Send us a note, we are happy to learn more about you.

Apply for funding? Please fill out our Investment Application form.

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