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Engage Venture Partners is a Minneapolis-based venture capital firm founded in 2022, focusing on early-stage medical technology companies. The firm operates within Minnesota's Medical Alley, a hub for healthcare innovation, and emphasizes a research-driven approach to investing. Engage aims to reduce friction between early-stage medical technology companies and investors by utilizing Special Purpose Vehicles (SPVs), which allow founders to connect with a network of accredited investors while maintaining a streamlined cap table.
As of now, Engage Venture Partners has not disclosed specific metrics regarding its assets under management (AUM) or fund sizes. However, the firm is actively involved in the medtech sector, targeting companies that have achieved early research and development (R&D) milestones and possess a clear regulatory and commercialization pathway. Engage's investment strategy is designed to support companies that can demonstrate a significant addressable market and defensible intellectual property.
Engage Venture Partners primarily invests in sectors such as medical devices, digital health, healthcare IT, and healthcare SaaS. The firm targets companies that are in the Seed through Series B stages of funding, with check sizes ranging from $500,000 to $1 million. Engage looks for companies that have completed initial R&D, design, and testing milestones for a minimum viable product (MVP) and have a defined go-to-market strategy.
Engage's investment thesis emphasizes the importance of addressing clear unmet clinical needs and supporting venture-scale medtech outcomes. The firm seeks companies with a large addressable market, defensible intellectual property, and a clear regulatory and commercialization pathway. Their investment structure can include preferred stock, convertible notes, and SAFEs, allowing for flexibility in deal-making.
Engage Venture Partners has invested in a diverse range of companies within the medtech sector. The current portfolio includes:
These companies represent a mix of innovative solutions aimed at addressing critical healthcare challenges. Engage's portfolio reflects its commitment to supporting early-stage ventures that have the potential for significant impact in the medical technology field.
Steve Sigmond - Managing Director: Steve has a background as a technology and finance executive. He was the founder, CFO, and VP of Marketing at Carrot Health before its acquisition by Unite Us in 2021. He also served as a Venture Partner at BlueStream Ventures and led Internet equity research at Wessels, Arnold & Henderson / RBC Capital Markets.
Kelly Prchal - Managing Director: Kelly has extensive experience in healthcare and retail, having worked at Optum, North Memorial Health, University of Minnesota Physicians, Target, and Gallagher Benefit Services. She is the CEO of Clean Waste Systems and the founder of Watertown Consulting LLC.
Morgan Evans - Founder: Morgan is a medtech founder and executive with experience at Autonomic Technologies and Medtronic Corporate Development. He co-founded Agitated Solutions and Moonshot Medical and served as the executive director of Highland Circle Innovations.
Ryan Spanheimer - Founder: Ryan is a practicing patent attorney specializing in medical technology, including cardiac, vascular, neurological, orthopedic, ocular, imaging, diagnostic, and therapeutic technologies.
To pitch Engage Venture Partners, founders should send their proposals to Steve@engagevp.com. The firm does not require a formal application form, and the pitch process is open and rolling. Founders are encouraged to include key details about their business, including their value proposition, market opportunity, and team background.
While there is no specific deadline for submissions, founders should be aware that Engage evaluates pitches on a rolling basis. It is advisable to follow up if there is no response within a reasonable timeframe. Engage prefers pitches that clearly outline the regulatory and commercialization pathways for their products.
Engage Venture Partners has been active in the medtech investment space since its founding in 2022. The firm has participated in several funding rounds for its portfolio companies, including:
These activities highlight Engage's commitment to supporting innovative healthcare solutions and its proactive approach to investing in promising medtech startups.
What are Engage Venture Partners' investment criteria?
Engage focuses on early-stage healthcare companies that meet a clear unmet clinical need and can support a venture-scale medtech outcome. They look for companies with a large addressable market, defensible intellectual property, and a clear regulatory and commercialization pathway.
How can I pitch to Engage Venture Partners?
Founders can pitch to Engage by sending an email to Steve@engagevp.com. The firm maintains an open pitch policy and encourages submissions from companies in their target sectors.
What stages does Engage invest in?
Engage Venture Partners invests in Seed, Series A, Series B, and selected Series C rounds. They typically engage with companies that have achieved early R&D and MVP milestones.
What is the typical check size for investments?
Engage typically invests between $500,000 and $1 million in their portfolio companies, utilizing their SPV model to facilitate these investments.
What kind of support does Engage provide to portfolio companies?
Engage offers access to a network of accredited investors through its SPV model, thorough due diligence in clinical, regulatory, and engineering aspects, and assistance in navigating the complexities of the healthcare landscape.
What are the geographic focuses of Engage's investments?
Engage Venture Partners primarily focuses on companies based in the United States, particularly those within the medtech and digital health sectors.
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