The respiratory device industry in Benelux focuses on creating technologies that aid in diagnosing and treating respiratory conditions. Companies range from startups developing innovative devices to established firms manufacturing advanced monitoring systems and treatment solutions. Growth in the industry stems from rising asthma and COPD prevalence, driving demand for effective medical technologies. The integration of AI and telehealth in respiratory care is a key trend, leading to more personalized and efficient solutions. Moreover, government interest in healthcare improvement paves the way for increased investment in innovative respiratory technologies that enhance patient outcomes.


The roster of investors in the respiratory device sector in Benelux showcases a mix of venture capital and corporate players, with a strong representation of companies from the Netherlands and Belgium. Notable firms range in size from small teams to large entities, all dedicated to nurturing healthcare innovations. Established in various years, from 1980 to 2009, most investors actively contributed to the field in 2024, with deal counts from 3 to 99, revealing their substantial involvement in bolstering innovations in respiratory health.


Top 16 Respiratory Device Investors in Benelux


1. European Innovation Council (EIC)


The European Innovation Council (EIC) is a public entity based in Brussels, Belgium, established to support innovation and entrepreneurship across Europe. Founded in 1958, the EIC offers various funding programs, including the EIC Accelerator and EIC Pathfinder, aimed at helping startups and SMEs develop and scale their technologies. The EIC provides business acceleration services, networking opportunities, and prizes to foster innovation across different sectors. Notably, the EIC has made significant investments in the respiratory device sector, including a €5 million investment in the Israeli startup NanoVation, which is developing a respiratory monitor. This investment is part of the EIC's strategy to support high-impact startups in the field of respiratory monitoring and chronic disease management. Additionally, the EIC has provided grants to Respinova, a company focused on respiratory solutions, further highlighting its involvement in the respiratory device industry.


2. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, established in 1958, that provides a range of financial services including loans, equity investments, guarantees, and advisory services aimed at supporting sustainable projects across various sectors. EIB's clientele includes both public and private organizations seeking funding for initiatives that promote growth and job creation. Among its notable transactions, EIB has invested in companies relevant to the respiratory device industry, such as Aerogen, which raised approximately $33.7 million in debt financing in March 2019 for its aerosol drug delivery systems. Additionally, EIB supported Nyxoah, which raised around $40.5 million in post-IPO debt in July 2024, focusing on solutions for sleep apnea, a condition closely related to respiratory health. Other investments include CARMAT and Demant A/S, which, while not exclusively focused on respiratory devices, contribute to the broader healthcare landscape. This diverse portfolio highlights EIB's commitment to financing innovative solutions in health and technology, including those that address respiratory issues.


3. Life Sciences Partners (LSP)

  • Website: lspvc.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1987
  • Headcount: 11-50
  • Number of deals in 2024: 15
  • LinkedIn: lsp-bioventures

Life Sciences Partners (LSP) is a venture capital firm based in Amsterdam, Netherlands, specializing in private equity investments within the healthcare sector. Founded in 1987, LSP connects investors with innovative healthcare companies, focusing on drug development and medical technology. They aim to foster advancements in healthcare that address unmet medical needs. Notably, LSP led a $25 million Series B financing round for Neurent Medical, which is developing a neurolysis therapy for rhinitis, a condition affecting the respiratory system. This investment highlights LSP's interest in respiratory health technologies. Additionally, they have been involved in other healthcare investments, indicating a broad focus but with specific relevance to respiratory devices through their support of companies like Neurent Medical.


4. Gilde Healthcare


Gilde Healthcare is a venture capital firm based in Utrecht, Netherlands, specializing in healthcare investments. Founded in 1982, the firm manages over €2.6 billion across two fund strategies: Venture & Growth and Private Equity. Gilde Healthcare focuses on innovative healthtech and therapeutics companies, as well as profitable lower mid-market healthcare providers in Europe. The firm has made significant investments in the respiratory device sector, including multiple funding rounds for Vapotherm, which raised a total of $100 million across several rounds from 2014 to 2018, and Spire Health, which secured $38 million in 2021 to enhance its respiratory remote patient monitoring platform. These transactions highlight Gilde's strategic support for companies that are advancing respiratory care technologies.


5. Forbion

  • Website: forbion.com
  • Type: Venture Capital
  • Headquarters: Naarden, North Holland, Netherlands
  • Founded year: 2006
  • Headcount: 11-50
  • Number of deals in 2024: 23
  • LinkedIn: forbion-capital-partners

Forbion is a venture capital firm founded in 2006, based in Naarden, North Holland, Netherlands, specializing in the life sciences and bioeconomy sectors. The firm provides investment management and support to biotech companies, helping them develop innovative therapies and technologies. Forbion collaborates with entrepreneurs and academic institutions to address unmet medical needs and improve patient outcomes. Notably, Forbion has been involved in several significant transactions relevant to the respiratory device context. For instance, they participated in a $245 million Series A funding round for Aiolos Bio, which is focused on developing a drug candidate for moderate-to-severe asthma patients. Additionally, Forbion was part of the investment syndicate for NeRRe Therapeutics, which raised funds to develop orvepitant as a treatment for chronic cough associated with IPF. These investments highlight Forbion's active role in supporting innovations in respiratory health.


6. M Ventures

  • Website: m-ventures.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 18
  • LinkedIn: merck-ventures

M Ventures is a venture capital fund based in Amsterdam, Netherlands, founded in 2009. The firm specializes in investing in transformative ideas within the biotechnology and technology sectors, with a strong focus on healthcare and life sciences. M Ventures provides funding and strategic guidance to startups, helping them achieve commercial success. Notably, M Ventures led a Series A funding round for Sonde Health, an AI-enabled voice technology platform that raised $16 million to expand its capabilities across various health conditions, including potential applications in respiratory health. They also participated in a Series B funding round for Sonde Health, which raised an additional $19.25 million. These transactions highlight M Ventures' active role in supporting innovative health technologies that could impact respiratory device development.


7. Gimv

  • Website: gimv.com
  • Type: Venture Capital
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 1980
  • Headcount: 51-200
  • Number of deals in 2024: 8
  • LinkedIn: gimv

Gimv is a venture capital investment firm based in Antwerp, Flanders, Belgium, founded in 1980. The firm partners with innovative companies across various sectors, including Consumer, Healthcare, Life Sciences, Smart Industries, and Sustainable Cities. Gimv provides investment management and strategic support to help businesses grow sustainably. Their clientele primarily consists of entrepreneurial companies seeking capital and expertise to navigate market challenges. Notably, Gimv has made significant investments in the respiratory device context, including a Series A investment in Breath Therapeutics, which raised €43.5 million for Phase III trials and commercialization of respiratory therapies. Additionally, they co-led a Series C funding round for Onera Health, which raised over €30 million to expedite the development of a polysomnography system, relevant for diagnosing sleep-related respiratory disorders. These transactions highlight Gimv's active role in the respiratory device industry.


8. Brabantse Ontwikkelings Maatschappij (BOM)


The Brabantse Ontwikkelings Maatschappij (BOM) is a venture capital development agency based in Tilburg, North Brabant, Netherlands, founded in 1983. BOM supports startups and scale-ups in the Brabant region by providing funding, expertise, and networking opportunities to enhance business growth. They have been involved in various sectors, including sustainable food and energy, but have also made notable investments in the healthcare sector, particularly in respiratory devices. BOM has participated in multiple funding rounds for Onera Health, a company focused on revolutionizing sleep diagnostics with their innovative at-home medical-grade sleep diagnostic patch system. BOM's investments in Onera Health include participation in Series A, B, and C funding rounds, demonstrating their ongoing commitment to advancing technology in the respiratory device field. This involvement highlights BOM's role as a significant player in the respiratory device investment landscape.


9. Noshaq

  • Website: noshaq.be
  • Type: Venture Capital
  • Headquarters: Belgium
  • Founded year: 1985
  • Headcount: 11-50
  • Number of deals in 2024: 11
  • LinkedIn: noshaq-be

Noshaq is a venture capital investment fund based in Belgium, founded in 1985. It provides financial solutions and strategic support to small and medium-sized enterprises (SMEs) in the province of Liege, focusing on funding, project structuring, and business development. Noshaq aims to foster growth and innovation by actively engaging with its clients and offering tailored financial assistance. Notably, Noshaq has participated in several significant transactions in the medical technology sector, including investments in Miracor Medical, which specializes in devices that can impact respiratory care. In 2020, Noshaq was part of a Series E funding round for Miracor Medical, which raised over $28 million, and it also participated in earlier funding rounds for the company. Additionally, Noshaq was involved in the financing of Intressa Vascular, a clinical-stage MedTech company, which further demonstrates its engagement in the medical device industry. These transactions highlight Noshaq's active role in supporting innovation within the healthcare sector, particularly in areas that may intersect with respiratory device development.


10. Exor N.V.

  • Website: exor.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 26
  • LinkedIn: exor_2

Exor N.V. is a holding company based in Amsterdam, Netherlands, founded in 2009. It operates across various sectors, including automotive, healthcare, and media, and manages a diverse portfolio of companies such as Ferrari, Stellantis, and Philips. Exor focuses on enhancing value through strategic investments and operational support. In the healthcare sector, Exor has made notable investments in respiratory device companies. For instance, it participated in the seed financing round for CorVent Medical, which is developing the CorVent™ Single-Use Ventilator aimed at addressing respiratory insufficiency. Additionally, Exor Ventures was involved in the funding of Sava, a company specializing in wearable biosensor technology, which could have implications for respiratory health monitoring. These transactions highlight Exor's commitment to investing in innovative healthcare solutions, particularly in the respiratory device space.


11. Thuja Capital

  • Website: thujacapital.com
  • Type: Venture Capital
  • Headquarters: Utrecht, Utrecht, Netherlands
  • Founded year: 2006
  • Headcount: 1-10
  • Number of deals in 2024: 3
  • LinkedIn: thuja-capital

Thuja Capital Management BV is a venture capital firm based in Utrecht, Netherlands, specializing in healthcare investments. Founded in 2006, the firm focuses on supporting innovative healthcare ventures from start-up to scale-up, providing funding and strategic guidance to companies in the biotech and medtech sectors. Notably, Thuja Capital has participated in several significant transactions, including a €14 million Series A financing round for Gradient Denervation Technologies, which is developing an ultrasound-based catheter device. This involvement highlights their commitment to advancing medical technologies. Additionally, they have invested in Nightbalance, a company that has raised multiple rounds of funding to expand its commercial efforts in Europe and prepare for entry into the U.S. market, indicating their support for innovative healthcare solutions. Their investment in Mellon Medical, which raised €6 million for the market introduction of its Switch® technology, further underscores their focus on medical technology innovations.


12. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent investment firm founded in 2005, specializing in private equity, credit, secondaries, and infrastructure. With approximately €193 billion in assets under management for over 1000 clients, including pension funds and institutional investors, CVC focuses on delivering sustainable value and growth through strategic investments. Notably, CVC has invested in Spectrum Medical, a medical device company valued at up to £1 billion, highlighting their engagement in the healthcare sector. Additionally, they have acquired Therakos, a business involved in therapeutic technologies, further emphasizing their commitment to the medical field. These transactions illustrate CVC's active role in the medical device industry, making them a relevant investor in the respiratory device sector.


13. Astorg

  • Website: astorg.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 1998
  • Headcount: 51-200
  • Number of deals in 2024: 8
  • LinkedIn: astorg

Astorg is a private equity firm based in Luxembourg, founded in 1998, specializing in investments in global B2B companies. With €22 billion in assets under management, Astorg focuses on creating long-term value through a disciplined investment process and strong partnerships with entrepreneurs. The firm has made significant investments in the healthcare sector, including the acquisition of Cook Medical's Reproductive Health Portfolio in 2024 and Nemera, a drug-delivery systems manufacturer, in 2018. These transactions highlight Astorg's commitment to the healthcare industry, which encompasses various medical technologies, potentially including respiratory devices. Other notable transactions include the acquisition of Demetra, an Italian manufacturer of surgical devices, and Echosens, a company specializing in non-invasive liver disease diagnosis. While not all transactions are directly related to respiratory devices, Astorg's strategic focus on healthcare positions it as a relevant player in the medical technology landscape.


14. Capricorn Partners


Capricorn Partners is a venture capital firm based in Leuven, Flanders, Belgium, founded in 1993. The firm specializes in venture capital, growth capital, and quoted equity funds, focusing on innovative companies across various sectors, including digital technologies, health, and clean technologies. Their investment approach emphasizes responsible investing, aiming to generate both financial returns and strategic value for their clients. Notably, Capricorn Partners has been involved in significant transactions in the health sector, such as their investments in Sequana Medical, which developed the alfapump technology for managing abdominal fluid, and Minze Health, which focuses on digital health solutions for urinary tract problems. While these transactions do not directly pertain to respiratory devices, they highlight Capricorn's engagement in health-related innovations, suggesting a broader interest that could extend to respiratory technologies.


15. Triton Partners


Triton Partners is a private equity investment firm based in Luxembourg, founded in 1997. The firm specializes in private equity and credit investments in European mid-market businesses, focusing on sectors such as Business Services, Industrial Tech, and Healthcare. Triton provides operational expertise and capital to help companies unlock their full potential, partnering with management teams to address challenges and drive growth. Notable transactions include the acquisition of Bormioli Pharma, a leading pharma primary packaging manufacturer, which highlights their involvement in the healthcare sector. Additionally, their acquisition of Fläkt Woods, a producer of energy-efficient air treatment and ventilation systems, aligns with respiratory technology, as effective ventilation is essential for respiratory health. These transactions demonstrate Triton's commitment to investing in healthcare and related technologies, reinforcing their relevance in the respiratory device market.


16. 3B Future Health Fund I & II


3B Future Health Fund I & II is a venture capital firm based in Luxembourg, founded in 2016, that focuses on investing in early-stage healthcare companies. While their primary emphasis is on oncology and rare diseases, they have demonstrated a commitment to improving patient outcomes through transformative treatments. Notably, they participated in the Series B financing round for Kither Biotech, which is developing a product for cystic fibrosis, a significant respiratory condition. Additionally, they have been involved in funding rounds for QuantuMDx Group, which focuses on diagnostic solutions that could potentially relate to respiratory diseases, and GreenBone Ortho, which, while primarily focused on orthopedic applications, showcases their broader healthcare investment strategy. Their diverse portfolio indicates a willingness to engage with various healthcare sectors, including respiratory health.



Respiratory Device Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
European Investment Bank (EIB)Luxembourg1001-5000195899
Life Sciences Partners (LSP)Amsterdam, North Holland, Netherlands11-50198715
Gilde HealthcareUtrecht, Utrecht, Netherlands51-200198212
ForbionNaarden, North Holland, Netherlands11-50200623
M VenturesAmsterdam, North Holland, Netherlands11-50200918
GimvAntwerp, Flanders, Belgium51-20019808
Brabantse Ontwikkelings Maatschappij (BOM)Tilburg, North Brabant, Netherlands51-200198310
NoshaqBelgium11-50198511
Exor N.V.Amsterdam, North Holland, Netherlands11-50200926
Thuja CapitalUtrecht, Utrecht, Netherlands1-1020063
CvcLuxembourg1001-5000200516
AstorgLuxembourg51-20019988
Capricorn PartnersLeuven, Flanders, Belgium11-5019935
Triton PartnersLuxembourg201-50019976
3B Future Health Fund I & IILuxembourg11-5020163


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