October 7, 2019 / 8:29 AM / 17 days ago

Accelmed seeks to raise $100 million for fourth health tech fund

JERUSALEM (Reuters) - Accelmed, a U.S.-Israel group of funds investing in medical device and digital health companies, said on Monday it was establishing a new fund with the aim of raising and managing $100 million.

The Accelmed Ventures II fund will invest in Israeli and global pre-revenue health tech startups. Vincent Tchenguiz, a British businessman born in Iran, has committed to invest $15 million in the fund.

This is the fourth fund established by the Accelmed group, which manages more than $300 million through Accelmed Ventures and private equity fund Accelmed Partners.

Accelmed Ventures I, which was established in 2011, has had a number of exits, including Eximo Medical, purchased by AngioDynamics Inc for $66 million. Portfolio company Endospan signed an option agreement to be acquired by CryoLife Inc for up to $450 million, pursuant to receiving approval by the U.S. Food and Drug Administration.

Reporting by Steven Scheer; Editing by Tova Cohen

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