TTT Medtech Fund Research
Investment Thesis
TTT Medtech Fund is a venture capital vehicle managed by 819 Capital Partners, a Deventer, Netherlands-based investment firm spanning venture capital, private equity, and M&A/valuation advisory. Despite its "Medtech" name, TTT invests broadly across Dutch deep-tech: medical devices and diagnostics, biotech, next-generation battery and energy materials, photonics, agtech robotics, and advanced manufacturing. The fund backs breakthrough, IP-heavy spin-offs from Dutch research institutes and universities (TNO, TU Eindhoven, TU Delft, Leiden University Medical Center, Radboudumc, Maastricht University) that are commercializing deep science with long development cycles. 819 Capital Partners' stated mission across its venture activities is to "drive innovation, growth and value creation... positively impacting key sectors," with healthcare as the firm's most emphasized theme alongside technology and leisure.
Stage Focus
TTT backs seed and early-stage spin-outs, typically as first institutional capital following grant or pre-seed funding from bodies like TNO, university tech-transfer offices, or regional development agencies. Portfolio companies are frequently still pre-revenue or pre-clinical/pre-certification (e.g., Avalanche Medical pursuing FDA Breakthrough Device Designation, Phosphoenix preparing a first-in-human study).
Check Size
819 Capital Partners' venture activities (which include the Evergreen Fund and appear structurally similar to TTT) cite an initial investment of roughly €250K–€2.0M per company, with a stated preference to invest as part of a syndicate rather than solo. This range should be treated as directionally indicative for TTT MedTech Fund specifically, since the firm does not break out check size by individual fund on its public site.
Lead Tendency
Evidence points to TTT most often joining syndicated rounds alongside other Dutch and European funds (e.g., Phosphoenix's €1.3M round alongside FIRST Fund/BioGeneration Ventures, Innovatiefonds Noord-Holland, and ROM InWest) rather than leading. No public announcement confirms TTT as lead investor in any round.
Recent Activity
The most recent confirmed TTT-specific activity is participation in Phosphoenix's €1.3M financing round (announced September 16, 2026) to advance a visual neuroprosthetic toward first-in-human trials. Several TTT portfolio companies have separately closed larger follow-on rounds from other investors in the past 18 months, including Keiron Printing Technologies (€20.7M, July 2026), Avalanche Medical (FDA Breakthrough Device Designation, August 2026), SAIA Agrobotics (€10M Series A, November 2025), and Astrape Networks (€7.9M, April 2025) — these reflect portfolio momentum even where TTT's participation in the specific follow-on round is not independently confirmed.
Portfolio Highlights
TTT's tagged portfolio spans 22 companies: medtech/biotech (Phosphoenix, XS Innovations, AIKON Health, Avalanche Medical, Predica Diagnostics, ExCulture, UPyTher), deep-tech hardware and photonics (MantiSpectra, MicroAlign, Astrape Networks, Antennex, Aircision, Keiron Printing Technologies), energy and materials (LionVolt, Carbyon, Taylor, Powall, Relement), agtech (SAIA Agrobotics), industrial/advanced manufacturing (AMSYSTEMS), and water/AI (Otter Intelligence). Carbyon was reported acquired by Airhive in 2026, a notable exit signal for the portfolio.
Team
- Wim Smit — Partner, co-founder. 30+ years as serial entrepreneur and investor; 60+ VC/PE transactions including add-ons; MSc Mechanical Engineering (UT), Executive MBA (TSM, UT).
- Sven Kempers — Partner, co-founder. Prior investment management/advisory background with a med-tech and life sciences PE/VC focus; MSc Management & Economics (WUR); Register Valuator (NiRV); CFA Levels I & II.
- Thomas Smit — Partner, co-founder. 8 years as senior corporate finance advisor across food, packaging, IT, software, and production; MSc Industrial Engineering & Management (UT); Registered Valuator (NiRV).
- Gijs Berkenbosch — Jr. Investment Associate, active across the Evergreen Fund investment cycle; prior R&D and strategy consulting experience, VC experience at Rabo Investments; MSc Bioinformatics (WUR).
- Joris Bokkes — Venture Partner. Former Business Unit Manager at Johnson & Johnson Innovative Medicine; founded boutique consultancy &INNOVATE; prior roles at Philips and A.T. Kearney; dual MSc in Applied Physics and Biomedical Engineering (University of Twente).
Decision Process
819 Capital Partners operates as a small, hands-on partnership of three co-founding partners plus dedicated investment/venture staff, consistent with a partnership-style decision process rather than a solo-GP or large investment committee structure.
Founder Preferences
TTT favors technical founding teams commercializing deep, defensible IP out of Dutch research institutions, with an "exceptional (leadership) team" and "promising and distinctive market position" cited as explicit investment criteria for the firm's venture activities.
Geographic Focus
Overwhelmingly the Netherlands, with portfolio companies clustered around Eindhoven, Delft, Leiden, Amsterdam, Maastricht, and Enschede — the country's principal deep-tech and university spin-off hubs.
Firm Context
819 Capital Partners reports €100M+ in total AUM, 42 portfolio companies, €500M+ in revenues across active investments, and 1,000+ portfolio employees across its venture capital, private equity, and M&A activities combined (not TTT-specific). The firm is based in Deventer, the Netherlands, and is a member of NVP (Dutch Venture Capital & Private Equity Association) and NiRV (Dutch Institute for Registered Valuators).