Thuja Capital Management BV Fund V

Thuja Capital Management BV

cb Email

Status

ACTIVE

Global HQ

Utrecht, Netherlands

Countries of investment

Netherlands
Belgium
Germany

Investment stages

Pre-Seed
Seed

Industries

MedTech
Medical Devices
Digital Health
Health Tech
Biotechnology
Diagnostics
Life Sciences
Pharma

About
Thuja Capital is a Utrecht-based life sciences venture investor, set up in 2005, that has managed healthcare seed and venture funds since 2007, including Thuja Capital Healthcare Fund II at $38M and Fund III, which closed at $85M in December 2021. In October 2026 Thuja was named manager of the Magnolia MedTech Fund, the investment pillar of the Dutch TTT MedTech 2026 programme coordinated by the University of Twente. Magnolia backs very early medtech spin-outs from Dutch universities and knowledge institutes in devices, enabling technology and digital health. Partners at launch include health insurer VGZ, Nolato Unitron, Stichting Santiago and the Netherlands Enterprise Agency RVO. The fund's size has not been disclosed. Its track record includes EsoBiotec, which Thuja backed at seed and which AstraZeneca agreed to acquire in 2025, and argenx from its first fund.

Min check size: $280K
Max check size: $11.2M
Fund size: Unlock
NPS: Unlock

Investment Thesis

Thuja Capital invests in early-stage medical product innovation across therapeutics, medical devices, nutraceuticals, diagnostics and digital health, favouring defensible products that need clinical validation and have business models with global reach. It typically backs university and academic medical centre spin-outs at the first professional venture round, often as lead or co-lead. Its edge is close sourcing from Dutch and Belgian universities and medical centres, now reinforced by managing Magnolia, the investment pillar of the national TTT MedTech programme.

Lead investor: Unlock
Co Invest: Unlock
Number of exits: Unlock
Preferred contact method: Unlock

Manager's Experience

Managing Partner Michel Briejer has over 20 years in the pharmaceutical and biotech industry, including at Crucell, and has managed Thuja funds since the 2007 Healthcare Seed Fund; he leads Thuja's management of Magnolia. Evan Castiglia joined in 2023 after serving as Partner and Head of European Investments at Philips Ventures and Chief Business Officer at RareCyte. Founder Harrold van Barlingen, who died in January 2025, co-led investments in more than thirty companies, including argenx from the first fund.