
Matthew Calleja
29th July 2024
Venture Capital Insights with Experts at MedTech Malta
Venture capital (VC) is the lifeblood of innovation in healthcare, propelling advancements that drive progress. Despite its critical role, it often feels like an exclusive club with its own set of mysteries. For those looking in from the outside, entering the realm of healthcare VC can seem like cracking an intricate code.
With the recent announcement of our Investor-only Forum on Day 0 at MedTech Malta 2024, it’s an opportune moment to revisit some key insights from last year’s event. Experts like Kwame Ulmer, and Linus Rieder offered valuable perspectives on venture capital.
Venture Capital in MedTech
Last year’s MedTech Malta convened global experts at the Mediterranean Conference Centre in Valletta to explore critical topics, including the evolving role of venture capital in the MedTech sector.
A highlight was the panel titled VC Portfolio Management and Investment Thesis Design, moderated by Dr. Julien Pham, Founder & Managing Partner at Third Culture Capital (3CC), and Ken Nelson, Partner at MedTech Advantage Fund. This session delved into the nuances of managing venture capital portfolios and developing effective investment strategies.

Dr. Julien Pham, leveraging his dual experience as a Nephrologist and serial entrepreneur, brought a unique perspective to the discussion. Ken Nelson contributed valuable insights from his extensive background in leading commercial efforts for disruptive technologies in digital health, wearables, and cardiac remote patient monitoring.
Their shared enthusiasm for innovation and disruptive thinking in modern medicine was evident, highlighting the importance of building effective teams and nurturing cultures that drive healthcare forward.
For the panel, they were joined by fellow experts and executives:
- Darshana Zaveri | Managing Partner | Catalyst Health Ventures
- A key player at Catalyst, Zaveri is deeply involved in all aspects of fund management, including investments and capital raising.
- Kwame Ulmer | Venture Partner | Wavemaker Three-Sixty Health
- Ulmer collaborates with regulatory professionals to expedite medical innovations, ensuring they reach patients more quickly.
- Josep Ll. Sanfeliu | Managing Partner & Co-founder | Asabys Partners
- With over 14 years in venture capital, Sanfeliu invests in high-growth, innovative companies that transform lives and address current health challenges.
- Linus Rieder | Principal | 415 Capital Management GmbH
- Rieder oversees due diligence processes and financings, and serves as a board observer at TRiCares, a company pioneering transcatheter tricuspid heart valve replacement.
- Greg Madden | Managing Partner | SV Health Investors
- Madden is an expert in investment due diligence, financing structures, and private capital formation. He has extensive experience in M&A and IPO exits, and serves as a director on several company boards.


Understanding rejection and moving on
The stage was set with addressing a common reality in entrepreneurship: rejection. As was pointed out early in the discussion, a “No” from a VC isn’t the end of the road but rather an initial hurdle that can lead to growth and eventual success.
Greg Madden noted that VC firms might label opportunities as “too early” or “too late” as a polite way of saying they don’t align with their current portfolio needs. This label isn’t necessarily a judgement on the opportunity’s potential but reflects the fit within the firm’s investment cycle and strategy.
“This reluctance shouldn’t deter entrepreneurs. There are still significant opportunities for meaningful interactions and partnerships.”
On the same note, Josep Ll. Sanfeliu highlighted the importance of evaluating opportunities not solely based on their stage but on their scientific, technical, and economic merits. By focusing on the potential impact and relevance of innovations, Sanfeliu and his team look beyond conventional definitions of early and late-stage investments.
“We encourage entrepreneurs to present their ideas, even if they seem premature, because sometimes what appears early can be evaluated seriously with the right perspective and approach.”
Dealing with a rapidly evolving investment landscape

Understanding the dynamics of partnership and investment strategy is crucial in today’s evolving MedTech sector. As the landscape shifts, entrepreneurs must adeptly navigate these changes to leverage opportunities that can profoundly influence their startup’s success.
For instance, Linus Rieder points out that finding the right partners has never been more essential for early-stage investors.
“Given that acquisitions typically occur at a later stage, it’s crucial to select co-investors who can provide both operational and financial support throughout the entire lifecycle of the investment, even though this process may take longer.”
The current longer timelines for seeing returns necessitate a strategic approach to follow-up rounds and capital allocation.
Kwame Ulmer built on this point using his experience with a Southern California company developing a 3D-printed spinal implant. Initially far from 510(k) clearance, the company saw a dramatic turnaround when it achieved breakthrough designation, securing guaranteed coverage and additional payment.
“Reimbursement remains tenuous, even with automatic payments for breakthrough designation—this was a challenge before the pandemic, and it continues to be a significant factor today.”
Darshana Zaveri shared Catalyst Health Ventures’ investment focus, which lies on innovations that tackle significant unmet needs with cost-effective solutions.
“The challenge of pinpointing such opportunities, especially in early-stage MedTech, is significant.”
She detailed their approach to defining ‘early’ versus ‘late’ stages: simple mechanical solutions, like an LAAC device, may not require human data initially, while complex technologies such as neuromodulation need strong human data before investment.
Exciting content has been lined up for Singapore and Malta!
As summer sizzles, so does the anticipation for MedTech Malta, happening in Valletta from November 6th to 8th. Join us for this premier event where groundbreaking healthcare innovations take centre stage. Network with top experts and explore unparalleled opportunities.
But that’s not all—MedTech World is also set to debut in Singapore this September. Keep an eye out for updates and be among the first to catch all the action!