What You Should Know:
– Israeli-based Peregrine Ventures launches a new $300 million venture capital fund named Peregrine Growth to focus on late-stage life science companies.
– Peregrine Growth will invest $20 to $30 million per funding round, with a strong emphasis on companies that are on the verge of an IPO or M&A.
Peregrine Ventures, one of Israel’s premier venture capital firms focused on the life sciences, today announced the launch of a new growth fund, Peregrine Growth, focused on late-stage life science companies. Peregrine closed $101 million of the planned $300 million fund, with the participation of leading Israeli institutional investors and is currently aiming to raise additional funds from institutional investors and family offices worldwide.
Peregrine Growth Fund Investment Thesis
Peregrine Growth will invest $20 to $30 million per funding round, with a strong emphasis on companies that are on the verge of an IPO or M&A. Peregrine invests in sectors such as medical devices, pharma, and digital health. Peregrine Growth is Peregrine Ventures’ fifth fund, and first growth fund, and follows Peregrine IV, which closed in December 2019 after raising $115 million. The performance of Peregrine’s portfolio places the firm in the upper quartile of IRR results for all venture capital firms in global benchmarks.
“We’re very excited to launch this new fund and believe that late stage life science companies present an excellent investment opportunity,” said Eyal Lifschitz, managing partner and co-founder at Peregrine Ventures. “This new fund focusses Peregrine’s nearly 20 years’ experience in life science investing at all stages, on companies that are at an incredibly exciting time: on the cusp of an IPO or M&A. Our deep familiarity with the life science industry and close ties with strategic partners, allow us to know which late stage company to support and the exact timing of the investment that will yield the best returns for our partners.”
Portfolio Companies & Successful Exits to Date
Peregrine’s portfolio companies completed exits totaling more than $2 billion to date, among them Valtech and Neovasc, among the largest exits in the field of medical devices in Israel’s history. Additionally, Peregrine’s portfolio includes mature growth companies worth hundreds of millions of dollars. The fund has invested in and helped develop numerous successful companies in the medtech field, including medical devices, biotech, pharma, esthetics, and digital health, such as Memic, CartiHeal, Cordio and Magneto.
A number of Peregrine’s current portfolio companies have pivoted to use their technologies to combat the coronavirus. Among them, Cordio’s noninvasive technology is able to remotely monitor and diagnose the status of COVID-19 patients based on the analysis of their speech pattern sampled with the use of a cellular application.
Peregrine was founded in 2001 by serial entrepreneurs Eyal Lifschitz and Boaz Lifschitz. In the 1990s, the two brothers had co-founded the biomedical device companies Visioncare Ophthalmic Technologies and BioControl, and also led the business development efforts of companies such as PharmaSys (acquired by Elan Corp. NYSE:ELN) and ECR (acquired by AVX Corp. NYSE:AVX). After the establishment of Peregrine, the co-founders were joined by partners Tamir Tal Lior Shahory, David Eldar and Tal Carasso. The firm has become a prominent investor in Israel’s medical, life science and biotech sectors with a specific focus on medical devices.