SPRIG Equity, a growth equity and late-stage VC firm focused on advancing patient care through investment in transformative medical technologies, announced the final closing of its inaugural fund, SPRIG Equity Fund I, with $50 million in assets under management (AUM).
With locations in the Chicago area and Orange County, CA, SPRIG Equity invests in breakthrough innovations across the medical technology sector, including medical devices, diagnostics, and tech-enabled services.
SPRIG Equity is headed by Managing Partner Evan Norton, whose proven investing track record includes leading Abbott’s corporate venture group for almost a decade. And he co-founded the fund alongside Rebecca Raabe, an experienced MedTech investor and operator, and Katie Arnold, the CEO and founder of SPRIG Consulting, a leading medical technology strategy and commercialization consulting firm.
The team is also further supported by an accomplished advisory board of industry entrepreneurs, senior executives, and thought leaders. And a key differentiator for SPRIG Equity is its off-market deal flow from its exclusive relationship with SPRIG Consulting.
SPRIG Equity has already shown momentum with four portfolio investments to date:
1.) SetPoint Medical – medical device company with a first-of-its-kind neuromodulation therapy for patients living with chronic autoimmune conditions
2.) Conformal Medical: clinical-stage company developing next-generation left atrial appendage occlusion technology for stroke prevention
3.) Pi-Cardia: commercial-stage company focused on leaflet modification technologies in the structural heart market
4.) Cytovale: commercial-stage company offering rapid sepsis diagnostic technology for hospital emergency departments
KEY QUOTES:
“We are incredibly proud to have successfully closed our inaugural fund, especially in a year when first-time funds accounted for just 6% of total fund closures. This achievement reflects the strength of our investment strategy, proprietary deal sourcing, and our team’s expertise in identifying and building great companies that can transform patient care while delivering exceptional returns.”
– Evan Norton, Managing Partner and Co-Founder
