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The Venture Codex

Overview

Investment fund focused on European MedTech and Digital Health startups.

Founded

2020

Deals · 12mo

2

Stage focus

Seed
Series A

Geographic focus

Belgium
Spain
The Netherlands
United Kingdom

Sector focus

Finance
Financial Services
Venture Capital

Investment portfolio

11rounds
NAMEDATESIZE
Hypervision Surgical
Apr 2026Participated
$23 MSeries A
Pharmacelera
Feb 2026Led
$7 MOther Equity
Nuclivision
Apr 2025Led
$6 MSeed
Broken String Biosciences
Sep 2023Participated
$15 MSeries A
Thirona
Sep 2023Led
$8 MOther Equity
Hypervision Surgical
Jun 2023Led
$8 MSeed
ImmuneSpec
Mar 2023Led
$1 MSeed
FOx Biosystems
Jan 2023Participated
$6 MOther Equity
LynxCare
Jun 2022Participated
$21 MSeries A
LynxCare
Jan 2020Participated
$2 MOther Equity
PharmaFluidics
Jan 2018Participated
$9 MOther Equity
Hypervision Surgical
Apr 2026Participated
$23 MSeries A
Pharmacelera
Feb 2026Led
$7 MOther Equity
Nuclivision
Apr 2025Led
$6 MSeed
Broken String Biosciences
Sep 2023Participated
$15 MSeries A
Thirona
Sep 2023Led
$8 MOther Equity
Hypervision Surgical
Jun 2023Led
$8 MSeed
ImmuneSpec
Mar 2023Led
$1 MSeed
FOx Biosystems
Jan 2023Participated
$6 MOther Equity
LynxCare
Jun 2022Participated
$21 MSeries A
LynxCare
Jan 2020Participated
$2 MOther Equity
PharmaFluidics
Jan 2018Participated
$9 MOther Equity
11
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Insights

Time horizon

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Deal Distribution

HERAN Partners: 11 funding rounds are recorded in the selected participation categories.All available history.
HERAN Partners: 11 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed30
Series A03
Other Equity23

Monthly Deal Activity

HERAN Partners: 11 deals are recorded across 106 months.All available history.
HERAN Partners: 11 deals are recorded across 106 months. All available history
MonthDeals
Jan '181
Feb '180
Mar '180
Apr '180
May '180
Jun '180
Jul '180
Aug '180
Sep '180
Oct '180
Nov '180
Dec '180
Jan '190
Feb '190
Mar '190
Apr '190
May '190
Jun '190
Jul '190
Aug '190
Sep '190
Oct '190
Nov '190
Dec '190
Jan '201
Feb '200
Mar '200
Apr '200
May '200
Jun '200
Jul '200
Aug '200
Sep '200
Oct '200
Nov '200
Dec '200
Jan '210
Feb '210
Mar '210
Apr '210
May '210
Jun '210
Jul '210
Aug '210
Sep '210
Oct '210
Nov '210
Dec '210
Jan '220
Feb '220
Mar '220
Apr '220
May '220
Jun '221
Jul '220
Aug '220
Sep '220
Oct '220
Nov '220
Dec '220
Jan '231
Feb '230
Mar '231
Apr '230
May '230
Jun '231
Jul '230
Aug '230
Sep '232
Oct '230
Nov '230
Dec '230
Jan '240
Feb '240
Mar '240
Apr '240
May '240
Jun '240
Jul '240
Aug '240
Sep '240
Oct '240
Nov '240
Dec '240
Jan '250
Feb '250
Mar '250
Apr '251
May '250
Jun '250
Jul '250
Aug '250
Sep '250
Oct '250
Nov '250
Dec '250
Jan '260
Feb '261
Mar '260
Apr '261
May '260
Jun '260
Jul '260
Aug '260
Sep '260
Oct '260

Sector Breakdown

HERAN Partners: Health & Life Sciences is the largest displayed sector by deal count (11 deals).All available history.

A deal can appear in multiple sectors, so sector totals may overlap. Capital represents disclosed total round sizes, not fund cheque sizes.

HERAN Partners: Health & Life Sciences is the largest displayed sector by deal count (11 deals). All available history
SectorDeals
Health & Life Sciences11
AI & Machine Learning6
Networks, Cloud & Communication1
Enterprise Software1
Space & Frontier Tech1

Deal Size Distribution

HERAN Partners: 11 rounds have a disclosed size in the displayed size bands.All available history.

Undisclosed round sizes are excluded. Capital represents total round sizes, not fund cheque sizes.

HERAN Partners: 11 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M2
$5M-$10M6
$10M-$25M3
$25M-$50M0
$50M-$100M0
$100M-$250M0
$250M-$500M0
$500M-$1B0
$1B+0

Deals By Geography

HERAN Partners: Europe has the largest recorded deal count among the displayed regions (10 deals).All available history.

Top 2 of 2 regions; European countries are grouped as Europe.

HERAN Partners: Europe has the largest recorded deal count among the displayed regions (10 deals). All available history
RegionDeals
Europe10
28451
HERAN Partners: 20 co-investors are shown, with btov Partners sharing 2 recorded deals.All available history.

Co-Investors

Bubble size = shared deals

Click a bubble to open that fund in a new tab.

Shows up to 20 co-investors ranked by shared deals. Deals may be shared with multiple funds, so rows overlap. Capital is total round size, not fund cheque size.

Investment Strategy

HERAN Partners: Led accounts for 45% and participating for 55% of round participation.All available history.
HERAN Partners: Led accounts for 45% and participating for 55% of round participation. All available history
CategoryDeals (count)Share (%)
Led545%
Participating655%
HERAN Partners: Single-lead accounts for 40% and co-led for 60% of lead dynamics.All available history.
HERAN Partners: Single-lead accounts for 40% and co-led for 60% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead240%
Co-led360%

Team

Katleen Vandersmissen

Managing Partner

Raf Roelands

Investment Manager