CPE News (1.25.2024) – Cross-Border Impact Ventures Ltd. (CBIV) has held final close for its Women’s and Children’s Health Technology Fund with US $90 million.
Founded in Dr. Annie Thériault, and Donna Parr in 2021, Toronto based Cross-Border Impact Ventures held a US $30 million initial close for the fund in December 2021.
Fund limited Partners (LPs) include KfW Development Bank, Global Health Investment Corporation (GHIC), Grand Challenges Canada (GCC), Children’s Investment Fund Foundation (CIFF), Johnson & Johnson Impact Ventures, Guy’s and St Thomas’ Foundation, Hamilton Community Foundation, RockCreek, The Equality Fund, Rally Total Impact Fund, M&G’s Catalyst, Wire Group, Fondation du Grand Montréal, the McConnell Foundation and family offices.
The fund also has the support (a guarantee from) of Sida – the Swedish International Development Cooperation Agency.
The fund will invest primarily in companies in North America, Europe and Israel in large markets with unmet needs, will work closely with management teams on cross-border strategies to expand to new international markets, including High Income Country Markets and Low and Middle Income Country Markets.
The fund may invest up to US $3 million in its initial investment and up to US $10 million in the investee company.
The fund has made five health tech investments to date, including.Pendulum, a health infrastructure software company using Artificial Intelligence (AI) and Machine Learning (ML) to solve supply chain inefficiencies for essential medicines; Daye, a comprehensive gynecological care-as-a-service platform combining scientifically validated commercial menstruation products with an innovative tampon-based diagnostic platform testing for conditions such as HPV, which is critical to reduce mortality from cervical cancer; mOm Incubators, a medical device company that has created an innovative portable incubator for neonatal care as their flagship product; Sonio, an AI-enabled software company that provides Fetal Ultrasound Practitioners with SaaS products that identify pregnancy complications and fetal anomalies and diagnose common and rare syndromes; and OncoLens, a digital health platform company that provides innovative oncology care management solutions to cancer patients and healthcare providers to allow patients to be treated within their communities.
photo credit: Cross-Border Impact Ventures (CBIV)
News Release
Cross-Border Impact Ventures Exceeds $90 Million in Final Close of Its Women’s and Children’s Health Technology Fund
Women-owned impact venture capital firm has made five investments to date in technology companies focused on women’s, children’s, and adolescents’ health
January 25, 2024 06:00 AM Eastern Standard Time
TORONTO–(BUSINESS WIRE)–Cross-Border Impact Ventures (CBIV) today announced the final closing of its first fund after exceeding US$90 million in investor commitments. The Women’s and Children’s Health Technology Fund is focused on investments in technology companies that address the health needs of women, children, and adolescents or make health systems more resilient.
The extensive list of new limited partners (LPs) in the Fund includes:
KfW, a German state-owned financial institution, investing capital on behalf of BMZ, Germany’s Federal Ministry for Economic Cooperation and Development;
High profile international investment funds, including UK-based M&G’s Catalyst – a £5 billion purpose-led private assets strategy, which invests in innovative solutions to some of the world’s biggest environmental and social challenges;
Cutting edge impact investment Fund of Funds managed by Wire Group, a Netherlands-based specialist in impact investing and wealth allocation;
Family offices that have been advised by prominent CBIV’s partners (Ellevest, Align Impact, and CapShift);
Family offices that have invested directly in the Fund such as Ceniarth, Skoll Foundation with their OCIO Capricorn Investment Group, and The Nathan Cummings Foundation with their OCIO Bivium Westfuller;
Foundations such as the Fondation du Grand Montréal, Guy’s & St Thomas’ Foundation, and the McConnell Foundation.
These new LPs in the Fund join previously announced investors, including: Children’s Investment Fund Foundation; Global Health Investment Corporation; Hamilton Community Foundation; Grand Challenges Canada, J&J Impact Ventures, an impact fund within the Johnson & Johnson Foundation; Rally Total Impact Fund and some Rally Assets’ advised clients; and The RockCreek Group and its partners. The Fund also benefits from a guarantee provided by the Swedish International Development Cooperation Agency (SIDA).
CBIV Investment Thesis
CBIV invests in health technology companies with global growth, high return, and impact potential. Its primary focus is on medical device, diagnostic, and digital health companies based in North America and Europe that are globally relevant, including in emerging markets. Target investments include healthcare software companies with $1M – $10M in revenue, as well as companies developing technologies that require regulatory approval and have at least one product that is CE Mark or FDA approved. The Fund uses a gender lens to invest and will work with portfolio companies to improve their diversity and ensure products reach a broader audience.
Portfolio Companies
Since CBIV’s launch in December 2021, the firm has made five investments in the following companies:
Pendulum, a health infrastructure software company using Artificial Intelligence (AI) and Machine Learning (ML) to solve supply chain inefficiencies for essential medicines;
Daye, a comprehensive gynecological care-as-a-service platform combining scientifically validated commercial menstruation products with an innovative tampon-based diagnostic platform testing for conditions such as HPV, which is critical to reduce mortality from cervical cancer;
mOm Incubators, a medical device company that has created an innovative portable incubator for neonatal care as their flagship product;
Sonio, an AI-enabled software company that provides Fetal Ultrasound Practitioners with SaaS products that identify pregnancy complications and fetal anomalies and diagnose common and rare syndromes;
OncoLens, a digital health platform company that provides innovative oncology care management solutions to cancer patients and healthcare providers to allow patients to be treated within their communities.
“Our current portfolio has the potential to make a difference in the lives of millions of women, children, and adolescents in North America and Europe, in addition to targeting underserved populations in emerging markets,” said Annie Thériault, Managing Partner at CBIV. “Our fundraising success proves that there is a large pool of investors that believes they can earn market returns while achieving ambitious impact targets with their dollars.”
“Our unique expertise in investing in MedTech and HealthTech companies focused on women’s, children’s, and adolescents’ health along with our impact approach is sought after by pipeline companies. We bring in industry and clinical experts from our international network to unlock growth and impact,” said Donna Parr, Managing Partner at CBIV. “We are building a portfolio of investments that we know is of interest to strategic acquirers.”
About Cross-Border Impact Ventures
Cross-Border Impact Ventures is an impact venture capital firm on a mission to revolutionize venture investing in health technology. We invest in early-growth stage health technology companies commercializing medical devices, diagnostics, therapeutics, and digital health innovations and leveraging cutting-edge technologies like Artificial Intelligence (AI) and Machine Learning (ML). All innovations we finance are relevant to women’s, children’s, and adolescents’ health and located in North America and Europe, with the ability to scale technologies to emerging markets. We are driven by our belief that good health should not be restricted by gender, age, race, wealth, or borders and seek to expand access to our portfolio’s world class technologies inclusively and globally. For additional information, visit crossborder.ventures.
Contacts
Media:
Kari Wise
Boulevard Public Relations
kari@boulevardpr.com