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Sofinnova-backed HealthQuest Capital raises $110m for debut fund

19 Aug 2014

Sofinnova Ventureshealthcare-backed venture capital firm HealthQuest Capital has held a final close of $110m for its debut fund.

The fund will invest in medical device, diagnostics, patient care products, consumer health and healthcare IT companies.

It will focus primarily on commercial stage investments, providing capital towards growing revenues and scaling existing businesses.

In July this year AltAssets reported that HealthQuest had raised $65m for the fund.

Prior to launching HealthQuest in 2013, founding managing partner Garheng Kong served as a general partner at Sofinnova Ventures and Intersouth Partners.

HealthQuest’s portfolio currently includes textile products maker Vestagen, liquid pharmaceutical products manufacturer First Aid Shot Therapy and Castle Biosciences, which is commercializing a series of diagnostic tests for orphan cancers.

HealthQuest usually makes initial investments of $2m to $4m and $5m to $7m during the entire holding period

Kong said, “HealthQuest is focused on funding innovation that can be quantified in terms of both improvements in patient outcomes as well as healthcare economics.

“We believe these opportunities can deliver valuable medical advances that translate into excellent financial returns.”

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