415 Capital Research
Investment Thesis
415 Capital is a specialist Munich-based venture capital firm dedicated exclusively to breakthrough and life-saving medical technology innovation. For over 30 years the core team (predecessor to the current fund structure) has backed exceptional entrepreneurs in medical devices with capital, operating expertise, and market access. The firm invests exclusively in large unmet patient needs in chronic diseases, with a strong emphasis on cardiovascular and neurovascular disorders — the world's leading causes of death and the largest cost driver in global healthcare systems. Its stated mission is to improve patient outcomes and quality of life while lowering long-term healthcare costs.
Sector Focus
415 Capital invests exclusively in Medical Technologies, with named sub-sectors of: Structural Heart Disease, Heart Failure, Aortic & Peripheral Vascular Disease, Neurovascular Disease / Stroke, Hypertension, Electrophysiology, Neuromodulation for Chronic Diseases (cardiovascular, sleep apnea), Medical Imaging, Medical Robotics, and Patient Monitoring. The firm explicitly excludes Biotech/Pharma, Healthcare Services, and Wellness Products from its mandate — a clean, disciplined MedTech-only thesis.
Stage Focus
The firm invests from Clinical through Commercial stage, i.e. it enters after core technology risk is being retired (first-in-human or pivotal-trial-adjacent) through to commercial scale-up, rather than at true seed/concept stage. This lines up with typical Series B/C/D-style rounds seen across its active portfolio (e.g. a led $42M Series B in Endovascular Engineering, participation in Supira Medical's $120M Series E, TRiCares' $50M Series D).
Check Size
Typical investment range is €5-15 million per company, consistent with a firm that writes meaningful, often lead or co-lead, checks into capital-intensive clinical-stage medical device programs.
Lead Tendency
415 Capital has explicitly led rounds (e.g., the $42M Series B in Endovascular Engineering, announced Feb 2025) and has also participated as a syndicate member in larger rounds led by others (e.g., Supira Medical's Series E). Lead tendency is best characterized as "both."
Recent Activity
The firm closed its second fund, a €150 million vehicle, in October 2024, alongside key appointments to its Investment Committee — evidence of active, ongoing deployment. Portfolio companies have been highly active through 2025-2026: ReEmerge exited stealth with an oversubscribed $37M Series A (Sep 2026); Endovascular Engineering (E2) raised an $80M Series C (Apr 2026) following the 415-led $42M Series B (Feb 2025); Supira Medical received FDA approval to advance its SUPPORT II pivotal trial (Apr 2026); TRiCares received FDA approval for its TRICURE US IDE pivotal trial (Apr 2026) and separately closed a €20M EIB loan (Jan 2026); CorFlow Therapeutics completed Phase 1 and began enrolling Phase 2 of its MOCA II pivotal trial (Apr 2026); Distalmotion continued to expand FDA clearances for its DEXTER robotic surgery platform across multiple procedure types through 2025-2026; and Hilo (the rebranded Aktiia) launched new wearable blood pressure monitoring hardware (Jul 2026) after receiving FDA OTC clearance for its cuffless monitor (Jul 2025).
Portfolio Highlights
415 Capital's team has a deep multi-decade track record in cardiovascular and neurovascular MedTech, including funding and commercializing pre-mounted coronary stents (AVE, acquired by Medtronic for $3.7bn, 1998), minimally invasive AAA repair (IPO on NASDAQ, 2000), transcatheter aortic valve replacement (CoreValve, acquired by Medtronic for $850M, 2009), ultrasound renal denervation (ReCor Medical, acquired by Otsuka for $350M, 2018), transcatheter mitral valve replacement (CardiAQ, acquired by Edwards Lifesciences, 2015), and cerebral embolic protection (Claret Medical, acquired by Boston Scientific for $270M, 2018). The firm reports 50+ medical technology companies funded, 25+ realized exits (trade sales and IPOs), a 4.3x realized multiple on cash invested, and 25+ active investments across its fund families (415 Capital and CardioVentures). Current active portfolio standouts include Distalmotion (DEXTER surgical robot, multiple recent FDA clearances and a $150M Series G), TRiCares (Topaz transcatheter tricuspid valve replacement, in pivotal trials in the US and EU), Supira Medical (percutaneous VAD for high-risk PCI/cardiogenic shock, $120M Series E), R3 Vascular (bioresorbable vascular scaffolds, $87M Series B), CorFlow Therapeutics (microvascular obstruction diagnosis/therapy), Endovascular Engineering (Hēlo thrombectomy platform for pulmonary embolism), Laza Medical (AI-powered robotic cardiovascular imaging), Hilo (cuffless wearable blood pressure monitoring), Cardiac Success (V-sling transcatheter ventricular repair for HFrEF), and ReEmerge (deep brain stimulation for cognitive deficits from traumatic brain injury).
Team
The investment team is led by General Partners Frederik Groenewegen and David Thompson, with Azin Parhizgar as Managing Director for the US, Ruben Osnabrugge as Partner & Chief Medical Officer, Linus Rieder as Principal, Eduardo Palma as Associate, and Julia Hoffmeister and Matheus Abizaid as Investment Analysts. Senior advisors include Michael Braun (Senior Venture Partner) and Steven Bolling (Senior Advisor), alongside Frank Groenewegen as Chairman Emeritus. The team combines backgrounds in investing, entrepreneurship, biomedical engineering, regulatory affairs, quality control, medicine, and medical device commercialization, and has personally founded/funded 50+ device startups and realized 20+ exits.
Decision Process
With a small, senior partnership (two General Partners plus a US Managing Director and a Partner/CMO) and a dedicated Clinical Team of physicians and specialists advising on clinical practice, decisions appear to run through a partnership-style process informed by clinical/medical diligence rather than a large investment committee — though the 2024 fund close did add "key appointments to the Investment Committee," suggesting a formal IC exists for the new fund.
Founder Preferences
415 Capital backs technical and clinical entrepreneurs building capital-intensive, evidence-heavy MedTech devices — companies already past concept stage and moving through pivotal trials toward commercialization, in cardio/neurovascular and adjacent chronic-disease categories.
Geographic Focus
The firm invests across Europe, Israel, and North America, headquartered in Munich, Germany, with a Managing Director based in the US and portfolio companies spanning the US, Switzerland, France, and Israel.