Arboretum Ventures
Arboretum Ventures is a Michigan-based healthcare venture capital firm managing $1 billion across six funds, investing in early-stage Series A and B companies in medical devices, life sciences tools and diagnostics, tech-enabled care delivery, and pharma adjacencies, primarily in under-ventured U.S. Midwest geographies.
- Company typePrivate
- Founded2002
- HeadquartersAnn Arbor, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Arboretum Ventures does
Arboretum Ventures, Inc. is a healthcare-focused venture capital firm headquartered at 201 S Main St., Suite 300, Ann Arbor, Michigan, founded in 2002 by Jan Garfinkle. The firm invests in early-stage (primarily Series A and B) healthcare companies across four verticals: medical devices, life sciences tools and diagnostics, tech-enabled care delivery, and pharma adjacencies. Over 20-plus years the firm has grown to manage $1 billion in assets under management across six funds, with 76% of its portfolio invested in under-ventured geographies and sectors — predominantly the Midwest — and reports that portfolio companies have impacted 16 million-plus patient lives.
The firm generates revenue through the standard venture capital two-stream model: recurring management fees on committed capital (typically ~2% of AUM) charged to institutional Limited Partners such as pension funds, endowments, and family offices, supplemented by carried interest (typically 20% of fund profits above the hurdle rate) realized on successful exits. Investment terms are privately negotiated and not publicly disclosed. The firm operates a sales-led, relationship-driven go-to-market, accessing deal flow through its 20-plus-year network of healthcare entrepreneurs, executives, co-investors, and a 10-plus-member advisory board of C-level industry executives.
Arboretum's investment team is led by Founder & Managing Partner Jan Garfinkle alongside Managing Partners Tom Shehab, Paul McCreadie (also COO), and Jeff Terrell (promoted May 2026), supported by Partners, a Venture Partner, Principals, Associates, an Analyst, and a finance/admin function including CFO Marcy Marshall, SVP of Finance Amanda Elder, and Controller Evan McClelland (joined 2025). The portfolio includes Akadeum Life Sciences, Allay Therapeutics, ArborMetrix, AtaCor Medical, Convergent Dental, Endogenex, Flosonics Medical, Francis Medical, Koya Medical, Motif Neurotech, Pharaoh Neuro, and Virtual Incision, among others. Notable exits include NeuMoDx (acquired by QIAGEN, 2020), NxThera (acquired by Boston Scientific, 2018), CardioMEMS (acquired by St. Jude Medical, 2014), and IPOs including SI-BONE (2018), Esperion Therapeutics (2013), and Inogen (2014).
Arboretum Ventures firmographics
Firmographics- Name
- Arboretum Ventures
- Legal name
- Arboretum Ventures, Inc.
- Website
- http://www.arboretumvc.com
- Company type
- Private
- Founded year
- 2002
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Arboretum Ventures is a Michigan-based healthcare venture capital firm managing $1 billion across six funds, investing in early-stage Series A and B companies in medical devices, life sciences tools and diagnostics, tech-enabled care delivery, and pharma adjacencies, primarily in under-ventured U.S. Midwest geographies.
- Ownership category
- akta.pro rank
Arboretum Ventures industry classification
Industry- Product category
- Healthcare Venture Capital
- NAICS
- Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Venture Debt Providers (FSANAAAL)
Keywords
Where Arboretum Ventures is headquartered
LocationHeadquarters
- HQ city
- Ann Arbor
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Arboretum Ventures business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Management Fees: VC firms typically charge management fees on committed capital (typically 2% of AUM) from their Limited Partners (LPs).
- Carried Interest (Carry): Performance-based profit participation (typically 20% of fund profits above the hurdle rate) distributed to the General Partner upon successful exits.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels4 records
Arboretum Ventures product offering
Product offeringCore offering
Arboretum Ventures is a Michigan-based venture capital firm that provides early-stage (Series A and B) growth capital to healthcare companies across four sectors: Medical Devices, Life Science Tools & Diagnostics, Tech-Enabled Care Delivery, and Pharma Adjacencies. The firm manages $1B across six funds, deploys capital primarily into under-ventured geographies, and provides strategic guidance, board participation, and network access to portfolio companies. Capital is sourced from institutional Limited Partners (pension funds, endowments, family offices) via multi-year fund commitments.
Differentiator
Problem solved
Functional benefit
Products and services
- Healthcare Venture Capital Investment Services
- Limited Partner Fund Management Services
Quantifiable outcome
- 16M+ patient lives impacted by portfolio companies
- +2 more outcomes
Companies that use Arboretum Ventures
Customer profileNamed customers12 records
Segments3 records
Ideal customer profiles2 records
Arboretum Ventures technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Arboretum Ventures partnerships and signals
Strategic signalScale indicators6 records
Recent moves5 records
Expansion highlights4 records
Arboretum Ventures competitors and assessment
Company assessmentDirect peers
- Hatteras Venture Partners: Mid-size healthcare-focused VC firm based in Durham, NC that invests in early-stage biotech, medtech, and health IT companies. Directly comparable to Arboretum given similar stage focus, fund size, and prior co-investment in Pharaoh Neuro's $20M Series A.
- Deerfield Management: Healthcare-focused investment firm with multi-strategy private and public healthcare exposure. Comparable to Arboretum as a healthcare-dedicated investor that co-invested in Strata Oncology's Series B and shares the same sector specialization.
- Baird Capital: Private equity and venture arm of Robert W. Baird with a dedicated healthcare practice. Comparable stage and sector focus, and participated as a co-investor alongside Arboretum in Strata Oncology's $26M Series B.
- Domain Associates: Healthcare-focused VC firm based in San Diego investing in medical devices, biopharma, and diagnostics. Directly comparable specialty and stage; Arboretum's Venture Partner Nicole Vitullo previously spent 20+ years at Domain.
- SV Health Investors: Boston and London-based healthcare VC firm investing across biotech, medical devices, and health tech. Comparable stage and sector focus as Arboretum with similar fund size and Series A/B orientation.
Regional players
- Renaissance Venture Capital Fund: Michigan-based venture capital fund of funds and co-investor that participated in Strata Oncology's Series B alongside Arboretum. Comparable as a regional Michigan investor with healthcare exposure but operates more as a fund-of-funds.
Broad incumbents
- New Enterprise Associates (NEA): One of the largest US venture firms with a substantial healthcare and life sciences practice. Comparable sector focus but materially larger AUM and broader stage range than Arboretum.
- ARCH Venture Partners: Healthcare and technology VC firm with deep life sciences and biotech franchise. Comparable as a healthcare specialist but operates at materially larger fund sizes than Arboretum.
- Pfizer Ventures: Corporate venture arm of Pfizer investing in early-stage biotech, medtech, and digital health. Co-investor with Arboretum in Strata Oncology's Series B; broader portfolio and significantly larger check capacity.
- Merck Global Health Innovation Fund: Corporate venture arm of Merck investing across digital health, health tech, and life sciences. Co-investor alongside Arboretum in Strata Oncology's Series B; operates at far larger scale as a strategic CVC.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Arboretum Ventures social profiles
Digital presenceArboretum Ventures financial estimates
Financial estimateRevenue estimate
Valuation estimate
Arboretum Ventures leadership team
Management profileNumber of profiles
Profiles16 records
Arboretum Ventures funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Arboretum Ventures M&A and investment
M&A and investmentM&A
Investments115 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Arboretum Ventures
What does Arboretum Ventures do?
Arboretum Ventures is a Michigan-based venture capital firm that provides early-stage (Series A and B) growth capital to healthcare companies across four sectors: Medical Devices, Life Science Tools & Diagnostics, Tech-Enabled Care Delivery, and Pharma Adjacencies. The firm manages $1B across six funds, deploys capital primarily into under-ventured geographies, and provides strategic guidance, board participation, and network access to portfolio companies. Capital is sourced from institutional Limited Partners (pension funds, endowments, family offices) via multi-year fund commitments.
Is Arboretum Ventures a public or private company?
Arboretum Ventures is a private company. It is classified as management employee owned and is currently operating.
When was Arboretum Ventures founded?
Arboretum Ventures was founded in 2002. It employs 11 to 50 people.
Where is Arboretum Ventures based?
Arboretum Ventures is headquartered in Ann Arbor, United States, in the North America region.
How does Arboretum Ventures make money?
Two revenue lines are on record. Management Fees are the primary driver. The others are carried Interest (Carry).
Who are Arboretum Ventures's main competitors?
Direct peers on record are Hatteras Venture Partners, Deerfield Management, Baird Capital, Domain Associates and SV Health Investors. Renaissance Venture Capital Fund is listed as a regional player. Broad incumbents are New Enterprise Associates (NEA), ARCH Venture Partners, Pfizer Ventures and Merck Global Health Innovation Fund.
Does Arboretum Ventures have an API?
No public API is recorded for Arboretum Ventures.
What industry is Arboretum Ventures in?
Arboretum Ventures's product category is Healthcare Venture Capital. Its primary akta.pro industry code is FSANAAAL, Venture Debt Providers. Its NAICS code is 52394 and its SIC code is 6282.