Thuja Capital Management Research
Investment Thesis
Thuja Capital is a Leiden-based early-stage venture firm investing in European life science companies, both biotech and medtech. Its stated focus is on unmet medical needs, and on translating breakthrough science from the laboratory into the clinic. The firm says it invests early and works closely with research institutes and entrepreneurial teams, giving hands-on strategic, technical and operational support so companies can clear early barriers and reach key inflection points. Its homepage tagline is "Where Science Takes Shape".
The firm frames its impact around three goals: patients live longer (argenx is the example), patients live better (NightBalance) and reduced healthcare costs (EsoBiotec, which moves immunotherapy from ex vivo to in vivo). It also describes a Thuja Growth Platform, a CEO-led community with access to KOLs and experts.
Stage Focus
Thuja invests at the earliest stages, often at the spin-out from a university or research institute. Its newest vehicle, the Magnolia MedTech Fund (announced October 2026), targets Dutch medtech spin-outs at what the firm calls their riskiest stage. Thuja co-invested in the Series A of Anaheim Bio (a spin-out of portfolio company Alesta Therapeutics) in November 2026, so it also follows on in early rounds.
Check Size
Thuja does not publish check sizes. Fund III closed at EUR 76M (about USD 86M) in December 2021 per press reports, so initial tickets are likely low single-digit millions of euros. This is an inference, not a stated figure.
Lead Tendency
Not stated on the site. The Anaheim Bio Series A was a syndicate (Droia, Frazier, RTW, Novartis Venture Fund, RV Invest and Thuja per press coverage), so Thuja takes part in syndicates. Lead tendency is recorded as unknown.
Recent Activity
- November 2026: Anaheim Bio launched with an oversubscribed EUR 40M Series A to take ANA1 into the clinic for calcium pyrophosphate deposition disease. Thuja is an investor.
- October 2026: Magnolia MedTech Fund launched, managed by Thuja, for Dutch medtech spin-outs.
- October 2026: Michel de Baar (previously senior BD&L leadership at MSD) joined as Venture Partner in July 2026, introduced in a firm post.
- December 2021: Final close of Thuja Capital Healthcare Fund III at EUR 76M. The firm is likely still deploying it alongside Magnolia.
Portfolio Highlights
The portfolio page lists 25 companies across three funds (TCHF I, II and III), labelled biotech or medtech. The firm says it has over 30 investments in total. Notable names include argenx (TCHF I, biotech), EsoBiotec (TCHF III, in vivo cell therapy), NightBalance (TCHF I, founded by Operating Partner Eline van Beest and acquired by Philips), DC Prime, Alveron Pharma, MILabs and Tacalyx. Portfolio domains were not published on the page and are left null.
Team
- Evan Castiglia, Managing Partner (Partner since early 2023, formerly Head of European Investments at Philips Ventures, previously CBO at RareCyte)
- Michel Briejer, Managing Partner (since 2008, drug development at Janssen, Astellas and Crucell)
- Eline van Beest, Operating Partner (founded NightBalance, CEO of Hybridize Therapeutics)
- Florian Ludwig, Venture Partner (CEO of CardiacBooster; medtech roles at Guidant, Abbott Vascular, Covidien)
- Michel de Baar, Venture Partner (joined July 2026, ex-MSD)
- Eleanor Price, Associate (PhD, Oxford; ex-IQVIA)
- Lisanne Blauw, Associate (PhD, LUMC; co-founder of River BioMedics)
- Founder Harrold van Barlingen founded the firm in 2007 and is remembered on the site in memoriam.
Decision Process
Not disclosed. The firm has two Managing Partners plus partners and operating partners, which points to a partnership model. Recorded as partnership at low confidence.
Founder Preferences
The firm says it partners with visionary CEOs and entrepreneurial teams, and its operating and venture partners are often founders or CEOs of portfolio companies. It backs science originating in academia, industry and clinical research institutions.
Geographic Focus
Europe, with a strong Dutch and Benelux base (Leiden). Magnolia is specifically for Dutch university and knowledge-institute spin-outs. Supported by the European Investment Fund and a member of Invest Europe and the NVP.