Michigan-based medical device investment firm BioStar Ventures just raised $68 million for its third and largest fund. It plans to focus its investments on devices in cardiovascular and orthopedic medicine.
Its previous two funds collectively raised $65 million – and helped spawn more than 30 companies. BioStar has about 20 active portfolio companies, and 13 that have been acquired by large medical device manufacturers.
In its latest fund, BioStar has five investments made through this third fund, it said in a release – two of which that have received FDA approval and are prepping for commercialization.
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It tends to invest in startups at the seed or early stages, making initial investments of up to $1 million and from $2 million to $6 million overall.