Just when it looks like it’s time for the device industry to karaoke some Alanis Morissette and find a new partner than venture capital, there is a little hope. Despite the 29 percent drop in venture capital funding to medical devices in the first half of 2013, Minneapolis VC firm SightLine Partners has closed a $107 million fund that will go into direct investments in late-stage medtech companies. Its Healthcare Opportunity Fund II, which the company began seeking last year, was even oversubscribed by $7 million.
“Our investment strategy is well-suited to the current financing environment in the medical technology marketplace, where many late-stage companies are requiring more capital and time to achieve a successful exit,” Joe Biller, managing director at Sightline, said, according to the release.
This deal scored Scott Ward a boost from venture partner to managing director.
The company does not disclose the names of portfolio companies, according to its website, but recently made an investment in CVRx.
