Thuja Capital

Thuja Capital, established in 2006, is a Netherlands-based investment firm specializing in early-stage healthcare and biotech companies. It focuses on medical product innovations for diagnosis, cure, care, or prevention, including medical devices, medtech, diagnostics, therapeutics, nutraceuticals, and digital health. Thuja Capital provides seed, start-up, and early-stage financing, typically investing between €0.25 million to €2.5 million in equity and €0.50 million to €1 million in debt. The firm, based in Utrecht, considers investments across the Benelux region and Western Europe, acting as both lead and co-investor, and often takes a seat on the supervisory board.

Evan Castiglia

Investment Director and Partner

Tyler Hayes MD

Principal

Past deals in Benelux

Pan Cancer

Seed Round in 2024
Pan-Cancer T is a biotechnology spin-out from Erasmus MC, Rotterdam, the Netherlands dedicated to discovering and developing T cell receptor (TCR) T cell therapies. The company exploits 20 years of pioneering research in the field of adoptive T-cell therapies. This foundation serves as a springboard towards breakthrough therapies for solid tumors.

InnoSIGN

Series A in 2022
InnoSIGN specializes in mRNA-based pathway activity profiling technology, aimed at advancing precision medicine by offering deeper insights into disease mechanisms. The company leverages a comprehensive library of pathway activity profiles to enhance diagnostics and facilitate drug discovery. It provides researchers with quantitative PCR (qPCR) tests designed for decentralized use, which are available through a service testing facility located in the Netherlands. Through its innovative approach, InnoSIGN seeks to transform the understanding and treatment of various diseases.

ATRO Medical

Venture Round in 2021
ATRO Medical B.V., based in Nijmegen, the Netherlands, focuses on developing innovative solutions for knee joint health through its anatomically shaped meniscus implant, the Trammpolin. This implant is designed to restore the protective function of the meniscus by acting as a joint spacer, thus alleviating pain and improving life quality for patients suffering from osteoarthritis. The company emerged as a spin-out from DSM and Radboudumc, leveraging insights gained from a collaborative initiative that began in 2010, involving various universities and private enterprises with support from the Dutch government. The Trammpolin prosthesis is a synthetic, non-resorbable substitute that mimics the natural meniscus, functioning effectively as a shock absorber by ensuring adequate load distribution within the knee joint.

EsoBiotec

Seed Round in 2021
EsoBiotec is a Belgian biotechnology company dedicated to the discovery and development of novel cancer therapies. The firm focuses on empowering the human body to combat cancer through in vivo cell engineering. By creating innovative immunotherapies, EsoBiotec aims to provide cost-effective drugs and therapeutics that enhance accessibility, ensuring that patients can receive essential cancer treatments at lower costs.

Salvia BioElectronics

Series A in 2020
Salvia BioElectronics B.V., founded in 2017 and headquartered in Eindhoven, the Netherlands, focuses on developing bioelectronic therapies for individuals with chronic neurological conditions, particularly chronic migraines. Drawing its name from the Latin word for "to stay healthy," Salvia is committed to providing drug-free, effective, and side-effect-free solutions. The company leverages a team of experienced professionals, including entrepreneurs, engineers, and scientists, who have extensive backgrounds in the medical device industry. Salvia aims to make its innovative bioelectronic solutions widely accessible, addressing the needs of patients seeking alternative treatments for their conditions.

Salvia BioElectronics

Seed Round in 2019
Salvia BioElectronics B.V., founded in 2017 and headquartered in Eindhoven, the Netherlands, focuses on developing bioelectronic therapies for individuals with chronic neurological conditions, particularly chronic migraines. Drawing its name from the Latin word for "to stay healthy," Salvia is committed to providing drug-free, effective, and side-effect-free solutions. The company leverages a team of experienced professionals, including entrepreneurs, engineers, and scientists, who have extensive backgrounds in the medical device industry. Salvia aims to make its innovative bioelectronic solutions widely accessible, addressing the needs of patients seeking alternative treatments for their conditions.

Salvia BioElectronics

Seed Round in 2018
Salvia BioElectronics B.V., founded in 2017 and headquartered in Eindhoven, the Netherlands, focuses on developing bioelectronic therapies for individuals with chronic neurological conditions, particularly chronic migraines. Drawing its name from the Latin word for "to stay healthy," Salvia is committed to providing drug-free, effective, and side-effect-free solutions. The company leverages a team of experienced professionals, including entrepreneurs, engineers, and scientists, who have extensive backgrounds in the medical device industry. Salvia aims to make its innovative bioelectronic solutions widely accessible, addressing the needs of patients seeking alternative treatments for their conditions.

ATRO Medical

Series A in 2017
ATRO Medical B.V., based in Nijmegen, the Netherlands, focuses on developing innovative solutions for knee joint health through its anatomically shaped meniscus implant, the Trammpolin. This implant is designed to restore the protective function of the meniscus by acting as a joint spacer, thus alleviating pain and improving life quality for patients suffering from osteoarthritis. The company emerged as a spin-out from DSM and Radboudumc, leveraging insights gained from a collaborative initiative that began in 2010, involving various universities and private enterprises with support from the Dutch government. The Trammpolin prosthesis is a synthetic, non-resorbable substitute that mimics the natural meniscus, functioning effectively as a shock absorber by ensuring adequate load distribution within the knee joint.

FABPulous

Series B in 2015
FABPulous is a healthcare company based in The Netherlands, founded as a spin-off from Maastricht University in 2008. The company specializes in developing and marketing diagnostic solutions for primary care and emergency medicine. FABPulous has created a novel handheld disposable plasma separation device that enables rapid preparation of plasma from a drop of blood, facilitating point-of-care and home testing. This device can be integrated with various in vitro diagnostic platforms, such as lateral flow devices. The primary product under development is a rapid test for the cardiac biomarker heart-type fatty acid binding protein (H-FABP), which aids in the first-line diagnosis of acute myocardial infarction. By providing a simple and efficient diagnostic tool, FABPulous aims to enhance the speed and accuracy of medical assessments in critical care settings.

Cristal Therapeutics

Venture Round in 2014
Cristal Therapeutics BV is a clinical-stage pharmaceutical company based in Maastricht, the Netherlands, founded in 2011. The company specializes in developing nanomedicines using its proprietary CriPec platform, which transforms drugs into nanoparticles for targeted therapy. This advanced technology aims to enhance the efficacy of both new and existing drugs by improving their delivery to specific tissues and cells, thereby addressing significant medical needs, particularly in cancer treatment. Cristal Therapeutics focuses on creating versatile nanomedicine solutions that can facilitate better outcomes in various therapeutic areas through innovative polymeric constructs.

EnCare Biotech

Series A in 2014
EnCare Biotech B.V. is a biopharmaceutical company based in Utrecht, the Netherlands, established in 2014. The company specializes in the development of therapeutic monoclonal antibodies, particularly focusing on its Fibronectin-EDA monoclonal antibody aimed at preventing chronic heart failure following acute myocardial infarction. EnCare's approach integrates a solid scientific foundation with expertise in manufacturing, regulatory affairs, and clinical development, supported by a network of specialists in these fields. The management team has extensive experience in business development and has successfully executed partnerships across the industry. EnCare operates with a lean business model, maintaining in-house control over key functions while outsourcing operational activities to top-tier external providers. This structure allows EnCare to focus on delivering innovative therapies that enhance patient outcomes in heart failure prevention.

Argenx

Series A in 2010
Argenx is a global immunology company based in the Netherlands, dedicated to enhancing the lives of individuals affected by severe autoimmune diseases and cancer. The company specializes in antibody engineering technology to develop treatments for rare autoimmune conditions. Its lead product, Vyvgart (efgartigimod), received initial approval in the United States in December 2021 for the treatment of generalized myasthenia gravis, followed by subsequent approvals in Europe and Japan in 2022. Through its innovative approaches, Argenx aims to address significant unmet medical needs in the field of immunology.

FABPulous

Series A in 2010
FABPulous is a healthcare company based in The Netherlands, founded as a spin-off from Maastricht University in 2008. The company specializes in developing and marketing diagnostic solutions for primary care and emergency medicine. FABPulous has created a novel handheld disposable plasma separation device that enables rapid preparation of plasma from a drop of blood, facilitating point-of-care and home testing. This device can be integrated with various in vitro diagnostic platforms, such as lateral flow devices. The primary product under development is a rapid test for the cardiac biomarker heart-type fatty acid binding protein (H-FABP), which aids in the first-line diagnosis of acute myocardial infarction. By providing a simple and efficient diagnostic tool, FABPulous aims to enhance the speed and accuracy of medical assessments in critical care settings.

Cavadis

Series A in 2009
Cavadis is a Dutch biomedical company focused on cardiovascular risk assessment. It specializes in developing prognostic tests aimed at identifying patients at risk for cardiovascular diseases, including heart attacks and strokes. By discovering novel biomarkers that are more predictive of cardiovascular events than traditional risk factors, Cavadis enables healthcare professionals to personalize treatment plans. The company aims to create clinically meaningful risk stratification tools that enhance patient outcomes through tailored interventions.

Okapi Sciences

Series A in 2008
Okapi Sciences NV is a Belgium-based company focused on developing antiviral therapeutics for pets and livestock. It operates a proprietary platform dedicated to creating innovative treatments for significant viral diseases, with five candidates currently in clinical or development stages. The company specializes in addressing viral infections affecting pets, particularly through its work on feline herpes and feline immunodeficiency virus. Okapi Sciences is committed to advancing its pipeline of antiviral drugs while fostering strong relationships with academic institutions to enhance its research capabilities and technological advancements in veterinary medicine.

Bioceros

Venture Round in 2008
Bioceros B.V. is a biopharmaceutical research and development contract organization based in Utrecht, the Netherlands, founded in 2003. The company specializes in the early pre-clinical development of recombinant proteins, particularly monoclonal antibodies. Bioceros provides a comprehensive range of technical and scientific services, including assay development, molecular biology, cell biology, immunology, protein expression, upscaling, fermentation, protein purification, and consulting. These services are aimed at biotech companies, academic institutions, and pharmaceutical firms, enabling them to access fully integrated programs from DNA to drug product. This approach supports the advancement of medicinal products and ultimately aids in addressing patient needs.

Cavadis

Venture Round in 2008
Cavadis is a Dutch biomedical company focused on cardiovascular risk assessment. It specializes in developing prognostic tests aimed at identifying patients at risk for cardiovascular diseases, including heart attacks and strokes. By discovering novel biomarkers that are more predictive of cardiovascular events than traditional risk factors, Cavadis enables healthcare professionals to personalize treatment plans. The company aims to create clinically meaningful risk stratification tools that enhance patient outcomes through tailored interventions.

Okapi Sciences

Venture Round in 2007
Okapi Sciences NV is a Belgium-based company focused on developing antiviral therapeutics for pets and livestock. It operates a proprietary platform dedicated to creating innovative treatments for significant viral diseases, with five candidates currently in clinical or development stages. The company specializes in addressing viral infections affecting pets, particularly through its work on feline herpes and feline immunodeficiency virus. Okapi Sciences is committed to advancing its pipeline of antiviral drugs while fostering strong relationships with academic institutions to enhance its research capabilities and technological advancements in veterinary medicine.

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.

Avantium

Venture Round in 2007
Avantium is a Dutch technology company specializing in advanced high-throughput research and development for energy, chemicals, and pharmaceutical industries. Headquartered in Amsterdam with state-of-the-art laboratories, Avantium's proprietary technology accelerates product and process innovation while reducing costs. With over 70 global clients, including industry leaders, Avantium has proven its technology's validity and commercial viability. The company focuses on developing new biofuels, bio-based chemicals, and novel crystal forms of marketed drugs under patent. Its team comprises highly educated professionals in catalysis, crystallography, organic chemistry, engineering, statistics, cheminformatics, and software development, collaborating closely with partner R&D organizations to drive innovation.

Salvia BioElectronics

Salvia BioElectronics B.V., founded in 2017 and headquartered in Eindhoven, the Netherlands, focuses on developing bioelectronic therapies for individuals with chronic neurological conditions, particularly chronic migraines. Drawing its name from the Latin word for "to stay healthy," Salvia is committed to providing drug-free, effective, and side-effect-free solutions. The company leverages a team of experienced professionals, including entrepreneurs, engineers, and scientists, who have extensive backgrounds in the medical device industry. Salvia aims to make its innovative bioelectronic solutions widely accessible, addressing the needs of patients seeking alternative treatments for their conditions.
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