ARTICLE SUMMARY:
Six-year-old Vensana Capital has amassed $1 billion to manage, with the closing of its latest fund, Vensana Capital II. Device investments offer few appealing exit opportunities but following a string of successes, Vensana co-founder Justin Klein argues that investors who understand the landscape are benefiting from learnings that enable them to navigate it well.
Six years ago, Justin Klein, MD, and Kirk Nielsen left jobs at high-powered, well-established venture capital firms to form Vensana Capital, which focuses entirely on medical device investments. (See “Vensana—Is Medtech Investing on the Rebound?” MedTech Strategist, February 27, 2020.)
At the time, medtech was emerging from a decades-long drought and seemed a poor alternative to investment in other life sciences subsectors. Klein and Nielsen believed, however, that the timing was ripe for its revival. They have since made good on their word.
In January 2025, Vensana closed on Vensana Capital III, which has raised $425 million in committed capital. The fund was oversubscribed, with support from Vensana’s existing limited partners (LPs), as well as new institutional investors. The firm now has nearly $1 billion under management, including its $225 million starting fund and a $325 million raise in 2021.
