The Venture Codex Logo

The Venture Codex

Thuja Capital

Yalelaan 62 Lsi Building, Utrecht, 3584 CM, The Netherlands

Overview

Thuja Capital invests in early stage medical product innovations for diagnosis, cure, care or prevention.

Total investments
23
Lead investments
4
Investments · 12mo
3
Active investors
4

Sector focus

  • Venture Capital
Visit website

Investment portfolio

  • Tacalyx

    Participated · Seed · Apr 2026

    Tacalyx focuses on discovery and development of antibodies against tumour associated carbohydrate antigens (TACAs) for cancer treatment. The company is developing modalities including antibody drug conjugates (ADCs) and other antibody-based therapies using a proprietary technology platform to exploit TACAs as targets. Its lead disclosed programme is TCX-201, an ADC directed at an undisclosed TACA, which the company plans to advance through preclinical development with proceeds from its recent financing. Tacalyx is expanding a differentiated pipeline of programmes built on its platform. The company is led by CEO Jean Engela and is headquartered in Berlin, Germany.

  • ATRO Medical

    Participated · Equity · Feb 2026

    ATRO Medical is a Netherlands-based clinical-stage orthopedic medical device company focused on addressing post-meniscectomy pain syndrome with its flagship Artimis Meniscus Prosthesis. The implant is designed to restore joint biomechanics, alleviate pain, and delay osteoarthritis progression for patients who have undergone meniscus removal. The company has reached a key clinical milestone with its latest prosthesis design and is currently conducting ongoing studies in affected patients. Recent activities include strengthening its intellectual-property portfolio and joining the PlugAndPlay Health incubator in the United States, broadening its international exposure. To support upcoming pivotal trials in both the U.S. and Europe, ATRO Medical is optimizing manufacturing, regulatory readiness, and clinical operations. A new leadership structure features Maarten van der Zanden as CEO, Anita Brinks as COO, and founder Tony van Tienen as Chief Medical Officer. The firm also plans to open a share funding campaign on the Eyevestor platform to allow patient and private-investor participation in its next development stage.

  • Pan Cancer

    Participated · Equity · Dec 2025

    Pan Cancer T is a Rotterdam-based biotech spin-out from Erasmus MC (founded in 2020) that engineers TCR-T cell therapies for hard-to-treat solid cancers. Its platform pairs broadly expressed tumour targets with proprietary technologies designed to enhance T-cell durability, aiming to improve efficacy against solid tumours. The lead program, PCT1:CO-STIM, is being prepared for a first-in-human trial in women with triple-negative breast cancer. Additional pipeline programs address malignancies of the skin, colorectum, stomach, oesophagus, ovary and uterus. To date the company has secured roughly €21 million in capital, comprising €2 million in grants, an Innovation Credit loan and multiple equity financings. The latest infusion strengthens its cash position to advance pre-clinical work through the clinic while expanding its broader solid-tumour pipeline. Existing investors continue to back the firm alongside non-dilutive government support, reflecting confidence in its differentiated approach.

  • Salvia BioElectronics

    Participated · Series B · May 2025

    Salvia BioElectronics is developing MySalvia Therapy, an implantable neuromodulation system aimed at reducing the frequency and severity of chronic migraine attacks. The system uses two ultra-thin implants placed under the skin of the forehead and back of the head, activated on demand by an external wearable device, and is designed to be patient-controlled and minimally invasive. Salvia holds FDA Breakthrough Device Designation and is conducting the multi-center, double-blind, sham-controlled RECLAIM trial in Europe and Australia, with U.S. trials planned. The company says its approach targets patients who have not responded well to conventional therapies, addressing a large unmet need given migraine's substantial economic and disability burden. Salvia plans to use new capital to complete the RECLAIM study, pursue regulatory filings, and prepare for commercial launches in the United States, Europe, and Australia. It recently closed a $60M Series B to support those efforts, backed by a syndicate of investors. Salvia BioElectronics develops a neuromodulation platform that uses highly conforming bioelectronic foils designed to be inserted below the skin in a minimally invasive procedure to target known neural targets in chronic migraine. The company aims to translate proven neurostimulation therapy into an implantable form factor that is compatible with head anatomy, with the ambition of delivering a therapy as easy as taking medication and side-effect free. Salvia was founded in 2017 by neuromodulation industry veterans and is based in Eindhoven, the Netherlands. The startup emphasizes safety, effectiveness, affordability, and completing therapy development toward market entry. Management positions the approach as addressing an unmet need because there are currently no approved implantable devices for chronic migraine despite neurostimulation’s demonstrated effectiveness. The recent financing provides capital to advance product development and regulatory progress toward commercialization.

  • Alesta Therapeutics

    Participated · Series A · Jan 2025

    Alesta Therapeutics is a Leiden, Netherlands–based biotech focused on developing orally active small-molecule therapies for underserved rare diseases. The company is advancing two lead programs: ALE1, an oral candidate for hypophosphatasia (HPP) that inhibits a novel target to reduce inorganic pyrophosphate (PPi), and ALE2, a GCN2 inhibitor aimed at tRNA‑mutation forms of Charcot‑Marie‑Tooth (CMT). ALE1 was in‑licensed from 1cBio and has shown preclinical PPi reduction across multiple animal models; it is undergoing GLP toxicology studies with clinical studies expected to start in 2025. ALE2 has supporting preclinical data and is being advanced toward clinical development to address chronic neurotoxicity driven by the integrated stress response. The company is led by CEO Ilan Ganot with senior scientific and medical leadership in place and collaborates with academic partners and disease advocacy groups. Alesta announced an oversubscribed €65 million Series A in January 2025 to fund advancement of ALE1 toward clinical proof of concept and to accelerate development of ALE2.

Team