Healthquest Partners already looks to be raising its second fund, with aims to raise $175 million, according to a regulatory filing. The Bay Area venture firm focuses its investments on medical devices, diagnostics and healthcare IT.
Healthquest Partners spun out last year from Sofinnova Ventures, kicking off with a $110 million fund. The rationale for its launch was to tap the medtech market more comprehensively – as Sofinnova focuses more specifically on biotechnology, evidenced last year by a $500 million fund dedicated to that industry.
With that first fund, HealthQuest planned to fund about a dozen companies – focusing primarily on regions that don’t attract much venture capital activity. For instance, it invested in Castle Bioscience, a molecular cancer diagnostics company based in Friendswood, Texas.
The Power Behind Enterprise EHR Software for Large Healthcare Systems
Enterprise EHR boosts scalability, interoperability, and governance for large healthcare systems.
From the first fund, Healthquest Partners has made seven investments in medtech startups, including arthroscopy diagnostics maker Trice Medical, specialty drug health IT startup VirMedica, and First Aid Shot Therapy – a consumer-facing startup that purveys over-the-counter “liquid shots” that treat pain, hangovers, heartburn and colds.