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The Venture Codex

Overview

Invests in early stage medical product innovations for healthcare.

Founded

2006

Deals · 12mo

3

Stage focus

Seed
Series A
Series B

Geographic focus

Belgium
Germany
The Netherlands
United States

Sector focus

Venture Capital

Investment portfolio

23rounds
NAMEDATESIZE
Tacalyx
Apr 2026Participated
$13 MSeed
ATRO Medical
Feb 2026Participated
$4 MOther Equity
Pan Cancer
Dec 2025Participated
$12 MOther Equity
Salvia BioElectronics
May 2025Participated
$60 MSeries B
Alesta Therapeutics
Jan 2025Participated
$76 MSeries A
Alveron Pharma
Dec 2024Participated
$6 MSeed
Pan Cancer
Jul 2024Participated
$5 MSeed
Tacalyx
Jun 2024Led
$15 MSeed
Artica Therapeutics
Nov 2023Led
$13 MSeed
Gradient Denervation Technologies
Sep 2023Participated
$15 MSeries A
FundaMental Pharma
Nov 2022Led
$10 MSeed
AstriVax
Aug 2022Participated
$30 MSeed
Tacalyx
Apr 2026Participated
$13 MSeed
ATRO Medical
Feb 2026Participated
$4 MOther Equity
Pan Cancer
Dec 2025Participated
$12 MOther Equity
Salvia BioElectronics
May 2025Participated
$60 MSeries B
Alesta Therapeutics
Jan 2025Participated
$76 MSeries A
Alveron Pharma
Dec 2024Participated
$6 MSeed
Pan Cancer
Jul 2024Participated
$5 MSeed
Tacalyx
Jun 2024Led
$15 MSeed
Artica Therapeutics
Nov 2023Led
$13 MSeed
Gradient Denervation Technologies
Sep 2023Participated
$15 MSeries A
FundaMental Pharma
Nov 2022Led
$10 MSeed
AstriVax
Aug 2022Participated
$30 MSeed
23
Items
...
Browse all public portfolio deals

Insights

Time horizon

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Deal Distribution

Thuja Capital: 23 funding rounds are recorded in the selected participation categories.All available history.
Thuja Capital: 23 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed34
Series A17
Series B04
Other Equity04

Monthly Deal Activity

Thuja Capital: 23 deals are recorded across 206 months.All available history.
Thuja Capital: 23 deals are recorded across 206 months. All available history
MonthDeals
Sep '091
Oct '090
Nov '090
Dec '090
Jan '100
Feb '100
Mar '100
Apr '100
May '100
Jun '100
Jul '100
Aug '100
Sep '100
Oct '100
Nov '100
Dec '100
Jan '110
Feb '110
Mar '110
Apr '110
May '110
Jun '110
Jul '110
Aug '110
Sep '110
Oct '110
Nov '110
Dec '111
Jan '120
Feb '120
Mar '120
Apr '120
May '120
Jun '120
Jul '120
Aug '120
Sep '120
Oct '120
Nov '120
Dec '120
Jan '130
Feb '130
Mar '130
Apr '130
May '130
Jun '130
Jul '130
Aug '130
Sep '130
Oct '130
Nov '130
Dec '130
Jan '140
Feb '140
Mar '140
Apr '140
May '140
Jun '140
Jul '140
Aug '140
Sep '140
Oct '140
Nov '140
Dec '141
Jan '150
Feb '150
Mar '150
Apr '150
May '150
Jun '150
Jul '150
Aug '150
Sep '150
Oct '150
Nov '150
Dec '150
Jan '160
Feb '160
Mar '160
Apr '160
May '160
Jun '160
Jul '161
Aug '160
Sep '160
Oct '160
Nov '160
Dec '160
Jan '170
Feb '170
Mar '170
Apr '170
May '170
Jun '170
Jul '170
Aug '170
Sep '170
Oct '171
Nov '170
Dec '170
Jan '180
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 '191
Apr '190
May '190
Jun '190
Jul '190
Aug '190
Sep '190
Oct '190
Nov '190
Dec '190
Jan '200
Feb '200
Mar '200
Apr '200
May '200
Jun '200
Jul '200
Aug '200
Sep '202
Oct '200
Nov '200
Dec '200
Jan '210
Feb '210
Mar '210
Apr '210
May '210
Jun '210
Jul '210
Aug '210
Sep '211
Oct '210
Nov '210
Dec '211
Jan '220
Feb '220
Mar '221
Apr '220
May '220
Jun '220
Jul '220
Aug '221
Sep '220
Oct '220
Nov '221
Dec '220
Jan '230
Feb '230
Mar '230
Apr '230
May '230
Jun '230
Jul '230
Aug '230
Sep '231
Oct '230
Nov '231
Dec '230
Jan '240
Feb '240
Mar '240
Apr '240
May '240
Jun '241
Jul '241
Aug '240
Sep '240
Oct '240
Nov '240
Dec '241
Jan '251
Feb '250
Mar '250
Apr '250
May '251
Jun '250
Jul '250
Aug '250
Sep '250
Oct '250
Nov '250
Dec '251
Jan '260
Feb '261
Mar '260
Apr '261
May '260
Jun '260
Jul '260
Aug '260
Sep '260
Oct '260

Sector Breakdown

Thuja Capital: Health & Life Sciences is the largest displayed sector by deal count (23 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.

Thuja Capital: Health & Life Sciences is the largest displayed sector by deal count (23 deals). All available history
SectorDeals
Health & Life Sciences23
Manufacturing1
Food & Agriculture1

Deal Size Distribution

Thuja Capital: 23 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.

Thuja Capital: 23 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M4
$5M-$10M6
$10M-$25M8
$25M-$50M3
$50M-$100M2
$100M-$250M0
$250M-$500M0
$500M-$1B0
$1B+0

Deals By Geography

Thuja Capital: Europe has the largest recorded deal count among the displayed regions (21 deals).All available history.

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

Thuja Capital: Europe has the largest recorded deal count among the displayed regions (21 deals). All available history
RegionDeals
Europe21
United States2
Thuja Capital: 20 co-investors are shown, with BioGeneration Ventures sharing 6 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

Thuja Capital: Led accounts for 17% and participating for 83% of round participation.All available history.
Thuja Capital: Led accounts for 17% and participating for 83% of round participation. All available history
CategoryDeals (count)Share (%)
Led417%
Participating1983%
Thuja Capital: Single-lead accounts for 50% and co-led for 50% of lead dynamics.All available history.
Thuja Capital: Single-lead accounts for 50% and co-led for 50% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead250%
Co-led250%

Team

Florian Ludwig

Venture Partner

Harrold Barlingen, van

Founder and Managing Partner

Michel Briejer

Managing Partner