HERAN Partners has secured 90 million euros at the closing of its second healthtech investment vehicle, HERAN HealthTech Fund II, with plans to expand the fund to between 110 million euros and 120 million euros.
The firm aims to support European medtech and healthtech companies developing technologies that improve efficiency, decision-making and patient care amid mounting pressure on global healthcare systems.
A cornerstone 20 million euros commitment from the European Investment Fund anchors the fund, while Flemish investment company PMV has doubled its participation to 10 million euros.
Additional backing comes from entrepreneurs, founders and management teams from HERAN’s first fund, as well as BNP Paribas Fortis, Finance&Invest Brussels and KU Leuven Research & Development.
Managing Partner Katleen Vandersmissen said the next leap in healthcare will stem from better insights rather than simply generating more data, emphasizing technology’s role in supporting clinicians rather than overwhelming them.
PMV’s Senior Investment Manager Filip Goossens added that despite a challenging financing environment, the fund intends to equip promising companies with the resources needed to deliver impact-driven healthcare solutions.
Key Persons HHTF II: Raf Roelands - Katleen Vandersmissen - Herman Verrelst - Mercedes Tuin - Geoffrey D'hondt - Joris Mortelmans
HERAN’s first fund posted an internal rate of return exceeding 30 percent, supported by exits including Bluebee, PharmaFluidics, UgenTec and icometrix.
Portfolio companies such as icometrix and Thirona illustrate the strategy: both use advanced imaging and artificial intelligence to help physicians diagnose and monitor disease more accurately while reducing the need for invasive procedures. Thirona’s technology is now used in more than 1,200 hospitals worldwide.
Founded in 2020, HERAN takes a hands-on approach, combining capital with scientific and operational expertise. Its debut fund closed at 75.5 million euros and invested in 15 companies across Belgium, the Netherlands and the UK.
The second fund will again target seed and Series A-stage companies across Europe, focusing on ‘enabling technologies’ that make healthcare processes smarter and more scalable – from biotech innovation to hospital workflows. The senior team has been strengthened with new partner Raf Roelands and Mercedes Tuin, joining founders Katleen Vandersmissen and Herman Verrelst.
HERAN HealthTech Fund II has already completed its first investment in Spain-based Pharmacelera, a company that uses artificial intelligence and quantum mechanics to accelerate drug discovery underscoring the fund’s pan-European ambitions.
As healthcare spending continues to outpace economic growth, demand is rising for technologies that reduce errors and support medical professionals. HERAN argues that Europe’s stringent regulatory framework can act as a quality filter, helping compliant companies build strong barriers to entry and long-term strategic value.
The participation of the European Investment Fund highlights the sector’s strategic importance and positions HERAN as a key partner in Europe’s healthcare innovation ecosystem.
