Thuja Capital

Thuja Capital Management B.V. is a Netherlands-based venture capital and private equity firm that focuses on early-stage investments in the healthcare and biotechnology sectors. Established in 2005 and located in Utrecht, the firm specializes in incubation and bridge financing, targeting seed and start-up companies rather than growth capital. Its investment interests include life sciences, biopharmaceuticals, therapeutics, digital health, nutraceuticals, medical devices, diagnostics, and platform technologies. Thuja Capital typically invests between €0.25 million and €2.5 million in equity, as well as between €0.50 million and €1 million in debt, while actively seeking roles as lead or co-investor. The firm has a strong preference for engaging in the governance of its portfolio companies by taking positions on their supervisory boards. Its geographic focus encompasses the Netherlands, Belgium, Luxembourg, Flanders, and broader Western Europe.

Harrold van Barlingen

Managing Partner

Michel Briejer

Managing Partner

Vrijland-Van Beest, Eline

Venture Partner

48 past transactions

Synerkine Pharma

Series A in 2021
Synerkine Pharma is engaged in the development of novel fusion proteins aimed at treating inflammatory, neuropathic, and osteoarthritic pain. The company's innovative protein targets key regulatory mechanisms associated with various forms of chronic pain, offering unique properties that help normalize pain and inhibit inflammation. This approach enables patients to access effective pharmaceutical solutions designed to reduce pain across multiple pre-clinical models.

ATRO Medical

Venture Round in 2021
ATRO Medical B.V., based in Nijmegen, the Netherlands, specializes in the development of an anatomically shaped polymer-based meniscus implant known as the Trammpolin. This innovative implant is designed to restore the protective function of the meniscus by acting as a spacer in the joint. ATRO Medical emerged as a spin-out from DSM and Radboudumc, leveraging expertise gained from a collaborative initiative that began in 2010, which included universities, private companies, and support from the Dutch government. The company combines clinical, biomechanical, and polymer knowledge to advance the Trammpolin design and its prototype development.

Kinetyx Sciences Inc.

Seed Round in 2021
Kinetyx Sciences Inc., founded in 2020 and based in Calgary, Canada, specializes in developing in-shoe sensor-based solutions designed for various sports and performance applications. The company focuses on creating sensory insoles equipped with advanced research-grade sensor technology, which enables accurate measurement of human activity in real-world environments. This innovative approach provides valuable insights into performance and readiness, offering users data that was previously unattainable.

Salvia BioElectronics

Series A in 2020
Salvia BioElectronics B.V., founded in 2017 and based in Eindhoven, the Netherlands, specializes in developing bioelectronic therapies for individuals with chronic neurological diseases. The company operates in the burgeoning field of bioelectronics, merging principles of biology and electronics to create innovative therapeutic solutions. The name "Salvia," derived from the Latin word for "to stay healthy," reflects the company's commitment to enhancing health and well-being. Salvia aims to deliver accessible bioelectronic treatments that address severe neurological disorders. The team comprises experienced professionals from diverse backgrounds in the medical device industry, including notable companies such as Medtronic and Philips, ensuring a strong foundation for the development of their cutting-edge technologies.

NutriLeads

Series B in 2020
NutriLeads is an innovative startup that develops nutritional ingredients with demonstrated health effects. NutriLeads aims to catalyze nutritional health innovation in the food industry by partnering with relevant companies to identify promising lead ingredients, develop sustainable and commercially viable production processes, and initiate scientific & clinical programs to substantiate the health effects of these ingredients. Together we will bring the benefits of the proprietary ingredients to patients and consumers.

Indigo Diabetes

Series B in 2020
Indigo Diabetes nv is a medical device company based in Ghent, Belgium, founded in 2016 by Danaë Delbeke and her team. The company specializes in developing an innovative invisible glucose monitor that utilizes advanced photonics technology to measure and manage blood glucose levels without the need for finger pricks. This high-tech sensor is designed to be inserted under the skin, allowing for continuous monitoring of blood sugar levels. Indigo Diabetes aims to enhance the user experience for individuals living with diabetes by providing a more accurate and convenient method for glucose monitoring, thereby transforming diabetes management.

Synerkine Pharma

Series A in 2019
Synerkine Pharma is engaged in the development of novel fusion proteins aimed at treating inflammatory, neuropathic, and osteoarthritic pain. The company's innovative protein targets key regulatory mechanisms associated with various forms of chronic pain, offering unique properties that help normalize pain and inhibit inflammation. This approach enables patients to access effective pharmaceutical solutions designed to reduce pain across multiple pre-clinical models.

Salvia BioElectronics

Seed Round in 2019
Salvia BioElectronics B.V., founded in 2017 and based in Eindhoven, the Netherlands, specializes in developing bioelectronic therapies for individuals with chronic neurological diseases. The company operates in the burgeoning field of bioelectronics, merging principles of biology and electronics to create innovative therapeutic solutions. The name "Salvia," derived from the Latin word for "to stay healthy," reflects the company's commitment to enhancing health and well-being. Salvia aims to deliver accessible bioelectronic treatments that address severe neurological disorders. The team comprises experienced professionals from diverse backgrounds in the medical device industry, including notable companies such as Medtronic and Philips, ensuring a strong foundation for the development of their cutting-edge technologies.

Salvia BioElectronics

Seed Round in 2018
Salvia BioElectronics B.V., founded in 2017 and based in Eindhoven, the Netherlands, specializes in developing bioelectronic therapies for individuals with chronic neurological diseases. The company operates in the burgeoning field of bioelectronics, merging principles of biology and electronics to create innovative therapeutic solutions. The name "Salvia," derived from the Latin word for "to stay healthy," reflects the company's commitment to enhancing health and well-being. Salvia aims to deliver accessible bioelectronic treatments that address severe neurological disorders. The team comprises experienced professionals from diverse backgrounds in the medical device industry, including notable companies such as Medtronic and Philips, ensuring a strong foundation for the development of their cutting-edge technologies.

Mellon Medical

Series B in 2017
Mellon Medical provides suturing tools for surgeons to improve medical procedures. The company's goal is to help medical specialists improve patient outcomes by providing them with the best possible suturing tools. It commercializes surgical instruments to allow single-handed stitching, enabling efficient and effective suturing of tubular and layered structures. Mellon Medical was established in 2013 and is headquartered in Nijmegen, Gelderland.

ATRO Medical

Series A in 2017
ATRO Medical B.V., based in Nijmegen, the Netherlands, specializes in the development of an anatomically shaped polymer-based meniscus implant known as the Trammpolin. This innovative implant is designed to restore the protective function of the meniscus by acting as a spacer in the joint. ATRO Medical emerged as a spin-out from DSM and Radboudumc, leveraging expertise gained from a collaborative initiative that began in 2010, which included universities, private companies, and support from the Dutch government. The company combines clinical, biomechanical, and polymer knowledge to advance the Trammpolin design and its prototype development.

NutriLeads

Series A in 2017
NutriLeads is an innovative startup that develops nutritional ingredients with demonstrated health effects. NutriLeads aims to catalyze nutritional health innovation in the food industry by partnering with relevant companies to identify promising lead ingredients, develop sustainable and commercially viable production processes, and initiate scientific & clinical programs to substantiate the health effects of these ingredients. Together we will bring the benefits of the proprietary ingredients to patients and consumers.

Indigo Diabetes

Series A in 2016
Indigo Diabetes nv is a medical device company based in Ghent, Belgium, founded in 2016 by Danaë Delbeke and her team. The company specializes in developing an innovative invisible glucose monitor that utilizes advanced photonics technology to measure and manage blood glucose levels without the need for finger pricks. This high-tech sensor is designed to be inserted under the skin, allowing for continuous monitoring of blood sugar levels. Indigo Diabetes aims to enhance the user experience for individuals living with diabetes by providing a more accurate and convenient method for glucose monitoring, thereby transforming diabetes management.

MILabs

Venture Round in 2016
MILabs B.V. manufactures preclinical nuclear imaging systems. Its preclinical imaging systems include X-ray and optical imaging systems. The company also provides clinical imaging systems, such as G-SPECT, an advanced full-ring SPECT system for imaging various isotopes. In addition, it offers materials imaging solutions for nanomedicine, environmental, and agricultural applications, as well as food, chemistry, and process control industries. The company’s instruments are used for imaging applications in various fields, including pharmacology, oncology, cardiology, bone research, diabetes, and neuroscience. MILabs B.V. was founded in 2006 and is based in Utrecht, the Netherlands.

Nightbalance

Series B in 2016
NightBalance B.V. develops and markets an obstructive sleep apnea (OSA) device for the treatment of positional obstructive sleep apnea to customers in Europe. It develops Sleep Position Trainer (SPT), which measures the sleep behavior of the patient continuously; gives a gentle vibration once the patient turns into the supine position; and reminds the patient to change their sleeping position without disrupting their natural sleeping architecture. The company was founded in 2009 and is based in The Hague, the Netherlands. As of May 8, 2018, NightBalance B.V. operates as a subsidiary of Koninklijke Philips N.V.

NutriLeads

Seed Round in 2015
NutriLeads is an innovative startup that develops nutritional ingredients with demonstrated health effects. NutriLeads aims to catalyze nutritional health innovation in the food industry by partnering with relevant companies to identify promising lead ingredients, develop sustainable and commercially viable production processes, and initiate scientific & clinical programs to substantiate the health effects of these ingredients. Together we will bring the benefits of the proprietary ingredients to patients and consumers.

FABPulous

Series B in 2015
FABPulous B.V. develops and markets diagnostic solutions for primary care and emergency medicine sectors. The company offers H-FABP True Rapid Test, a blood filtration device that detects a small protein found in capillary blood after a heart attack; and a test for the cardiac biomarker heart-type fatty acid binding protein (H-FABP) to aid in the first-line diagnosis of acute myocardial infarction. It provides products through a network of distributors. The company was founded in 2008 and is based in Maastricht, the Netherlands.

Hemics

Series B in 2015
Hemics BV, a medical device company, provides solutions for rheumatoid arthritis (RA). It offers HandScan, a non-invasive imaging system for monitoring the inflammatory status of RA patients. The company's HandScan is a non-invasive optical imaging device that supports the rheumatologist in objective assessment of inflammatory status in RA. Hemics BV was formerly known as Akeso Medical Imaging BV and changed its name to Hemics BV in April 2013. The company was founded in 2011 and is based in Eindhoven, the Netherlands.

Cristal Therapeutics

Venture Round in 2014
Cristal Therapeutics BV operates as a clinical stage pharmaceutical company. It develops nanomedicines based on its proprietary CriPec and CriPec ATN platform to treat diseases which include cancer. The company develops technology to transform drugs into nanoparticles. It also provides programs to develop nanomedicines for various therapeutic areas. The company was founded in 2011 and is based in Maastricht, the Netherlands.

EnCare Biotech

Series A in 2014
EnCare Biotech B.V., established in 2014 and located in Utrecht, the Netherlands, is a biopharmaceutical company specializing in the development of therapeutic monoclonal antibodies aimed at preventing heart failure following acute myocardial infarction. The company's primary focus is on the Fibronectin-EDA monoclonal antibody, which offers a novel approach to preventing chronic heart failure. EnCare's strategy combines a strong scientific foundation with expertise in manufacturing, regulatory affairs, and clinical development, supported by a network of industry experts. This collaborative approach enhances its ability to navigate the complexities of biopharmaceutical development. The management team is experienced in business development and has established connections in areas such as intellectual property and corporate law, which bolster EnCare's strategic initiatives. Operating with a lean model, EnCare manages key functions in-house while outsourcing operational activities to high-quality external providers, ensuring efficiency and adherence to industry standards.

Nightbalance

Series A in 2013
NightBalance B.V. develops and markets an obstructive sleep apnea (OSA) device for the treatment of positional obstructive sleep apnea to customers in Europe. It develops Sleep Position Trainer (SPT), which measures the sleep behavior of the patient continuously; gives a gentle vibration once the patient turns into the supine position; and reminds the patient to change their sleeping position without disrupting their natural sleeping architecture. The company was founded in 2009 and is based in The Hague, the Netherlands. As of May 8, 2018, NightBalance B.V. operates as a subsidiary of Koninklijke Philips N.V.

Mellon Medical

Venture Round in 2013
Mellon Medical provides suturing tools for surgeons to improve medical procedures. The company's goal is to help medical specialists improve patient outcomes by providing them with the best possible suturing tools. It commercializes surgical instruments to allow single-handed stitching, enabling efficient and effective suturing of tubular and layered structures. Mellon Medical was established in 2013 and is headquartered in Nijmegen, Gelderland.

Hemics

Series A in 2011
Hemics BV, a medical device company, provides solutions for rheumatoid arthritis (RA). It offers HandScan, a non-invasive imaging system for monitoring the inflammatory status of RA patients. The company's HandScan is a non-invasive optical imaging device that supports the rheumatologist in objective assessment of inflammatory status in RA. Hemics BV was formerly known as Akeso Medical Imaging BV and changed its name to Hemics BV in April 2013. The company was founded in 2011 and is based in Eindhoven, the Netherlands.

TheraSolve

Venture Round in 2011
TheraSolve NV is a medical technology company focused on enhancing medication adherence through innovative and user-friendly solutions. The company's flagship product, the Memopatch, is a skin patch designed to support and remind patients when to take their medications, thereby improving compliance with treatment regimens. By leveraging its patented technology platform, TheraSolve aims to motivate a wide range of patients to follow prescribed medication schedules and engage in other health-promoting activities. The company is committed to providing cost-effective tools that address the challenges of medication adherence, ultimately contributing to better health outcomes.

Nightbalance

Seed Round in 2011
NightBalance B.V. develops and markets an obstructive sleep apnea (OSA) device for the treatment of positional obstructive sleep apnea to customers in Europe. It develops Sleep Position Trainer (SPT), which measures the sleep behavior of the patient continuously; gives a gentle vibration once the patient turns into the supine position; and reminds the patient to change their sleeping position without disrupting their natural sleeping architecture. The company was founded in 2009 and is based in The Hague, the Netherlands. As of May 8, 2018, NightBalance B.V. operates as a subsidiary of Koninklijke Philips N.V.

argenx

Series A in 2010
argenx SE, a clinical-stage biotechnology company, focuses on developing antibody-based therapies for the treatment of autoimmune diseases, hematology, and cancer. It is developing its lead product candidate, efgartigimod, for the treatment of patients with myasthenia gravis in Phase 3; immune thrombocytopenia in Phase 3; pemphigus vulgaris in Phase 2; chronic inflammatory demyelinating polyneuropathy in Phase 2; and ENHANZE SC in pre-clinical stages. The company is also developing cusatuzumab in Phase 2 clinical stage in hematological cancer indications; and preclinical products, including ARGX-117 with therapeutic potential in both orphan and large autoimmune inflammatory diseases in and ARGX-118 for airway inflammation. Its partnered product candidates include ARGX-112 for treating skin inflammation and ARGX-115 for cancer immunotherapy, which are in Phase 1 clinical stages; and ARGX-116 for the treatment of dyslipidemia and ARGX-114 for treating fibrosis, which are in preclinical stage. The company has strategic partnership with AbbVie S.À.R.L. and LEO Pharma A/S; and collaboration agreement with Cilag GmbH International, Staten Biotechnology B.V., and Shire International GmbH. argenx SE was founded in 2008 and is based in Breda, the Netherlands.

FABPulous

Series A in 2010
FABPulous B.V. develops and markets diagnostic solutions for primary care and emergency medicine sectors. The company offers H-FABP True Rapid Test, a blood filtration device that detects a small protein found in capillary blood after a heart attack; and a test for the cardiac biomarker heart-type fatty acid binding protein (H-FABP) to aid in the first-line diagnosis of acute myocardial infarction. It provides products through a network of distributors. The company was founded in 2008 and is based in Maastricht, the Netherlands.

Cavadis

Series A in 2009
CAVΛDIS™ is a Dutch biomedical company active in the field of cardiovascular risk assessment. They develop prognostic tests to identify patients at risk of cardiovascular and disease. The company identified several novel biomarkers predictive for cardiovascular events. It is their goal is to develop clinically meaningful risk stratification tools that will help personalize treatment and achieve better patient outcomes.

DCPrime

Venture Round in 2009
DCPrime is a clinical-stage cancer immunotherapy company, which develops therapeutic vaccines based on its proprietary DCOne platform. DCOne‐based vaccines share all immune‐stimulatory properties with patient-derived dendritic cell‐based vaccines, and have the simple logistics of off‐the‐shelf products. DCOne cells express a range of known tumor antigens, which are targeted in several cancer types.

Okapi Sciences

Series A in 2008
Okapi Sciences NV, a Belgium-based company with a proprietary pet therapeutics antiviral platform and five clinical/development stage candidates for treating important viral diseases. The strategic acquisition of Okapi further enhances Aratana's leadership position in pet therapeutics by bringing with it a unique combination of individuals, strong relationships with academic institutions, novel technologies and products, and favorable geographic location. Aratana plans to continue to advance the current Okapi pipeline of high value antiviral drugs, including its feline herpes and feline immunodeficiency virus franchises.

Bioceros

Venture Round in 2008
Bioceros B.V. operates as a biopharmaceutical research and development contract organization. The company focuses on providing a range of technical and scientific expertise ranging from discovery research to pre-clinical development. Its services include assay development and quantification, pre-clinical development, molecular biology, cell biology and immunology, protein expression in various systems, upscaling/fermentation, protein purification, and consulting services. The company offers its services to other biotech companies, academic institutions, and pharmaceutical companies. Bioceros B.V. was founded in 2003 and is based in Utrecht, the Netherlands.

Cavadis

Venture Round in 2008
CAVΛDIS™ is a Dutch biomedical company active in the field of cardiovascular risk assessment. They develop prognostic tests to identify patients at risk of cardiovascular and disease. The company identified several novel biomarkers predictive for cardiovascular events. It is their goal is to develop clinically meaningful risk stratification tools that will help personalize treatment and achieve better patient outcomes.

Intercell

Post in 2007
Intercell AG, a biotechnology company, engages in the design and development of vaccines for the prevention and treatment of infectious diseases. It discovers and develops antigens and adjuvants, which are derived from its proprietary technology platforms. The company was founded in 1998 and is headquartered in Vienna, Austria.

Okapi Sciences

Venture Round in 2007
Okapi Sciences NV, a Belgium-based company with a proprietary pet therapeutics antiviral platform and five clinical/development stage candidates for treating important viral diseases. The strategic acquisition of Okapi further enhances Aratana's leadership position in pet therapeutics by bringing with it a unique combination of individuals, strong relationships with academic institutions, novel technologies and products, and favorable geographic location. Aratana plans to continue to advance the current Okapi pipeline of high value antiviral drugs, including its feline herpes and feline immunodeficiency virus franchises.

Galapagos

Venture Round in 2007
Galapagos is a clinical-stage biotechnology company, specialized in the discovery and development of small molecule medicines with novel modes of action. Our ambition is to become a leading global biopharmaceutical company, focused on the discovery, development and commercialization of innovative medicines that will improve people's lives.

EpiCept Corporation

Venture Round in 2007
EpiCept Corporation headquarters are located in Englewood Cliffs, New Jersey, with a subsidiary company, EpiCept GmbH in Munich Germany. This transatlantic presence facilitates access to European technology and markets and enhances financing and liquidity opportunities. EpiCept and its subsidiary are focused on developing novel, effective, safe and economical prescription pain products delivering drugs to a target area by using a topical delivery approach as opposed to systemic or transdermal modes. It is envisioned that EpiCept products will have significant market potential. The products are protected by an aggressive patent program.

Enanta Pharmaceuticals

Venture Round in 2007
Enanta Pharmaceuticals, Inc., a biotechnology company, discovers and develops small molecule drugs for the treatment of viral infections and liver diseases. Its research and development disease targets include respiratory syncytial virus, non-alcoholic steatohepatitis, SARS-CoV-2, human metapneumovirus, and hepatitis B virus. The company offers glecaprevir for the treatment of chronic hepatitis C virus, or HCV under the MAVYRET and MAVIRET names. Enanta Pharmaceuticals, Inc. has a collaborative development and license agreement with Abbott Laboratories to identify, develop, and commercialize HCV NS3 and NS3/4A protease inhibitor compounds, including paritaprevir and glecaprevir for the treatment of chronic hepatitis C virus. The company was founded in 1995 and is headquartered in Watertown, Massachusetts.

Drug Abuse Sciences

Venture Round in 2007
Drug Abuse Sciences develops and commercializes therapies for the treatment of alcohol and drug addictions. It offers Naltrexone Depot, a sustained-release formulation of Naltrexone for the treatment of alcohol and opiate addictions; DAS-431 for the treatment of cocaine addiction; and Buprenorphine Depot, a sustained-release formulation of buprenorphine for the treatment of heroin and various opiate addictions. Drug Abuse Sciences is based in Menlo Park, California.

Ingenium Pharmaceuticals AG

Venture Round in 2007
Ingenium Pharmaceuticals AG is discovers and develops molecules for the treatment of neuronal and autoimmune diseases.

Develogen AG

Venture Round in 2007
Develogen is a biology-driven drug discovery company that is engaged in the development of therapies for diabetes and obesity. The company was founded in 1995 and is based in Georgia, United States.

Curacyte AG

Venture Round in 2007
Curacyte GmbH, a biopharmaceutical company, develops new therapeutics for acute and critical care, such as PHP / Hemoximer. The company was founded in 2001 and is based in Munich, Germany.

Breonics

Venture Round in 2007
BREONICS’ Exsanguinous Metabolic Support (EMS) technology radically broadens the criteria for organ donors to include the huge cohort of patients that die every year and are previously not considered for donation. EMS is the first and only technology that can overcome the technical barriers that limit access to these potential donors and will more than double the number of transplantable kidneys worldwide.
Omrix Biopharmaceuticals, Inc., a biopharmaceutical company, develops, manufactures, and markets biological products for the biosurgical and immunotherapy markets.

Coley Pharmaceutical Group

Venture Round in 2007
Coley Pharmaceutical Group operates as a biopharmaceutical company developing therapeutics and drug candidates that direct the human immune system to fight cancers, asthma and allergy, autoimmune disorders, and to enhance the effectiveness of vaccines. The company was formerly known as CpG ImmunoPharmaceuticals, Inc. and in August 2000 it changed its name to Coley Pharmaceutical Group, Inc. The company was founded in 1997 and is based in Wellesley, Massachusetts. As of December 28, 2007, Coley Pharmaceutical Group, Inc. operates as a subsidiary of Pfizer Inc.

Vernalis

Venture Round in 2007
Vernalis Limited is a pharmaceutical company based in Cambridge, United Kingdom, that focuses on the research, development, and commercialization of products for various medical disorders. The company offers specific medications such as Tuzistra XR for cough and cold, Moxatag for bacterial infections, and frovatriptan for migraine treatment. Vernalis also engages in the development of drug candidates targeting oncology, neurodegeneration, anti-infectives, and inflammation. The company collaborates with other pharmaceutical and biotech firms to enhance its research and development efforts. Vernalis is structured into two main entities: Vernalis Limited, which handles commercialization, and Vernalis (R&D) Limited, which focuses on drug discovery through advanced methodologies in medicinal chemistry and structural biology. Originally incorporated in 1988, Vernalis operates as a subsidiary of Ligand Pharmaceuticals Incorporated and reflects a commitment to bringing innovative therapeutic solutions to market.

Avantium

Venture Round in 2007
Avantium is a technology company based in Amsterdam, specializing in advanced high-throughput research and development for the energy, chemicals, and pharmaceutical sectors. It employs proprietary technology that accelerates and reduces the costs associated with developing new products and processes. Avantium's innovative approach to experiment design and data analysis enhances its success rate in delivering effective solutions. The company has successfully collaborated with over 70 global clients, showcasing the commercial viability of its services. Avantium focuses on two primary areas: developing biofuels and bio-based chemicals, as well as new crystal forms of patented drugs. Its business model includes a strong emphasis on expanding its patent portfolio and establishing partnerships that add value. Additionally, Avantium operates through segments such as R&D Solutions, Renewable Chemistries, and Renewable Polymers, with the R&D Solutions segment generating the majority of its revenue. The company is supported by a team of experts in various fields, including catalysis, organic chemistry, and software development, who work closely with partner organizations to drive innovation in sustainable chemistry.