Luxembourg-based Catalpa Ventures closes a €30 million fund to back early-stage HealthTech innovation

Catalpa Ventures has announced the first closing of its €30 million Catalpa Health Fund I, the first early-stage HealthTech-focused venture capital fund based in Luxembourg. The fund has secured commitments from entrepreneurs, family offices and industry leaders, and is aiming for a final close by Q1 2027. With the vehicle now active, Catalpa Ventures will begin investing in early-stage HealthTech startups across Europe, focusing on pre-seed and seed rounds and targeting 15 to 20 investments over the next four years.

The launch comes as Europe’s healthcare systems face mounting pressures. Hospitals are increasingly overstretched, medical staff shortages are intensifying, and costs continue to rise. Europe’s ageing population further compounds the challenge, with people aged 65 and over living with an average of three to four chronic conditions. At the same time, the World Health Organisation projects a shortfall of 4 million healthcare professionals across Europe by 2030, spanning doctors, nurses and long-term care staff.

With healthcare expenditure already averaging around 10% of GDP across the EU and growing faster than the wider economy, the system’s sustainability is under strain. Catalpa Ventures aims to address this by investing in scalable, evidence-based solutions capable of strengthening clinical capacity and improving patient outcomes. The team has set an ambition to support innovations that improve healthcare outcomes for at least 100 million people.

The fund will prioritise European founders and technologies in areas such as disease prevention and management, digital tools that support healthcare professionals, and solutions that streamline workflows or reduce administrative burdens in settings including clinics, general practices, clinical research organisations and laboratories. Ticket sizes will range from €300k to €1.5 million, with follow-on capacity reserved for strong-performing portfolio companies.

Catalpa Health Fund I also reinforces Luxembourg’s emergence as a hub for innovation-driven healthcare investment. The fund is led by a founding team combining scientific, medical, entrepreneurial and investment expertise. Univ Prof Dr med Silke Sperling brings a background spanning Max Planck, the NIH and Charité, while Dr Thomas Goergen contributes experience as an entrepreneur and co-founder of Luxembourg Investment Solutions. They are joined by Willibrord Ehses, former partner at a Luxembourg venture firm, and Dr Christian Goergen.

This diversity of expertise enables the team to conduct rigorous scientific and clinical due diligence while supporting founders in scaling operations and demonstrating long-term impact.

“We are building a platform for bold innovation and real impact, backing tomorrow’s HealthTech leaders to transform care for millions,” said Dr Thomas Goergen, Partner at Catalpa Ventures.

“As evidence-based solutions converge with AI at unprecedented speed, a highly compelling opportunity emerges that the Catalpa Health Fund is uniquely positioned to capture,” added Prof Dr med Silke Sperling, Partner at Catalpa Ventures.

The fund’s first investment goes to Noah Labs, a startup developing a certified, reimbursable telemedicine platform for managing heart failure. Through advanced voice analytics that support earlier detection and improved care, the company aims to reduce avoidable hospitalisations and set new standards in personalised healthcare.

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