For Investors

Unique position and way of working

Thuja Capital holds a unique position as the only fully independent early-stage life sciences venture capital investor with a focus on the Benelux today. In addition, we invest truly at an early stage (entry at seed or series A round), which means in selected cases even just from scratch. As such, we are often the first VC to step in.

We invest not only the funds’ capital, but also our time and energy. Young companies are generally built on great science, but lack knowledge and experience on how to develop and commercialize their products. We leverage our extensive network, scientific advisory board and our own experience to help  and turn good science into valuable medical products. In order to provide the hands-on support, we believe that frequent face-to-face contact is important. The central location of our office in the Utrecht Science Park warrants that we are always within short travelling distance.

Fund strategy

Within each fund, we strive to build a balanced portfolio in terms of risk, exit horizon, and technology spread, to ensure an attractive return on investment  for our investors. We invest in companies based in The Netherlands as well as in Belgium (with an emphasis on Flanders). In terms of technology focus, we take a broad view. Basically we invest in early-stage medical life sciences companies active in the field of novel therapeutics, medtech products, and diagnostics. The propositions we invest in still require (clinical) development; pure growth capital is not our focus.

Deal flow

Over the years we have had a steadily increasing dealflow of currently over 150 business plans per year. While the majority of business plans are spontaneously submitted or reach us via our network, a significant propostion of our dealflow is obtained through active sourcing. We try to encounter start-up companies by active participation at life sciences conferences, young entrepreneurs meetings, and alike, and by maintaining a fruitful relationship with the various technology transfer offices.

Benelux as an attractive investment region

Both Flanders and The Netherlands have a vibrant life sciences community. Many small companies are emerging and growing. In recent years there have been many success stories, topped by Crucell (taken up by Johnson & Johnson in 2011) and Movetis (acquired by Shire in 2010). Underneath these successful mid-size companies, there is a big pond full of smaller private and listed companies. We see ample opportunity to help build the next generation of companies, which can be exited to the large biotech, pharma and medtech companies that are actively reaching out to seek opportunities to fill their product portfolio.

Investing in early stage companies

We firmly believe that investing at an early stage is attractive from the perspective of the return on investment:

  • Companies are still reasonably valued, allowing a significant stake to be obtained
  • High capital efficiency: because the company has only few people on board, the investment is used efficiently to create value. Moreover, we do not set out to build large companies; rather, we promote project-centered organisations which work in part as a virtual company, in which significant value is created
  • We reserve money for follow-on investment rounds to retain an attractive stake in the company

Good companies start with great ideas and excellent science. A good team is equally important, however, this can be established on the go. Poor ideas and bad science cannot be corrected.