An early-stage fund bridging Southeastern European talent and Western healthcare markets
Pre-seed to Series A, usually the first institutional money in — the point where an investment still changes a company's trajectory.
Startups using automation, biotech and digital health technology to transform patient care and take real cost out of the system.
Bosnia and Herzegovina, Serbia, Croatia, Montenegro, North Macedonia and Slovenia — the ex-Yugoslav markets where we source, diligence and support founders on the ground.
The talent building the West's next health-tech winners is already here.
Medical schools, engineering faculties and a diaspora that reaches from Boston to Cupertino — everything except the first investment and the introductions. That is the gap this fund was built to close.
A market moving from $500B to $1.5T
Healthcare is under pressure to cut costs, improve outcomes and go digital. Telemedicine, automated diagnostics and remote patient monitoring aren't optional anymore — they're where the budget is moving, and the software that captures it is being written now.
What is not settled is who builds it. The companies that will own these budgets in 2032 are being started now, most of them by small teams with clinical insight and no capital. That is the window this fund was raised for.
Four theses, one test
The four areas below are where we spend our time — but we don't allocate by thesis. The test is the same in all four: can a team prove cost, utilization or outcome impact with its first paying customers, and does the model hold as it scales past the region?
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A highly skilled workforce, still untapped
The region trains the engineers and clinicians who go on to build digital health elsewhere. Four reasons we think the next generation should be funded at home instead.
World-class talent
Technical and medical graduates trained to the same standard as the Western hires competing for them — universities here have produced clinicians, engineers and researchers for Western health systems for decades. The difference is the cost base: the same round buys a materially longer runway, so a team can reach real proof before it has to raise again.
Attractive entry pricing
Lower operating costs mean valuations sit years behind Western equivalents at the same stage of proof, and government and EU grant support stretches each round further still. With few local funds bidding, pricing reflects how thin the local funding market is, not the quality of the teams — which is precisely the opening we back.
A compounding ecosystem
Digital health founders and operators are stacking up here rather than appearing once and leaving. The region has already produced globally scaled companies, and the people who built them now angel-invest, mentor and hire — so each cohort of founders starts further along than the last.
A bridge west
Direct connections into Western European and US healthcare buyers through our Manchester, MA base and a large regional diaspora that mentors, opens doors and co-invests. For a company here, the hard part was never building the product — it was getting in front of the health system that pays for it.
Based between two markets, on purpose
Manchester, MA keeps us next to the US healthcare buyers and the diaspora network our founders need. Bosnia and Herzegovina, Serbia, Croatia, Montenegro, North Macedonia and Slovenia are where we source, diligence and support founders on the ground.
The partners behind the fund
Three partners, one decision — no investment committee to route your deck through. Between them: two decades of building and exiting biotech companies, seventeen years of R&D and technology commercialization, and fifteen years running finance across digital health and biotech. All three grew up in the region and work from the US, which is exactly the bridge our founders need.
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Twenty-plus operators, researchers and founders on call
Harvard, Imperial College, Apple, IBM, Lockheed Martin and HTEC sit on this bench — clinicians, scientists, attorneys and founders who have built and sold companies of their own. They run diligence alongside us, then stay on as mentors and board members for the companies we back. Click anyone to read their full bio.
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EvoMed Consulting