Vensana Capital
Vensana Capital is a Minneapolis-based venture capital and growth equity firm dedicated exclusively to medical technology. It manages approximately $1 billion across three funds, investing $15–50 million per company in development and commercial-stage medtech ventures spanning devices, diagnostics, and digital health.
- Company typePrivate
- Founded2019
- HeadquartersMinneapolis, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Vensana Capital does
Vensana Capital is a venture capital and growth equity investment firm dedicated exclusively to the medical technology sector. Founded in 2019 and headquartered in Minneapolis, MN with a second office in McLean, VA (Washington, D.C. area), the firm invests in development and commercial-stage companies spanning medical devices, diagnostics and data science, drug delivery, digital health, life science tools, and tech-enabled services. Typical investment commitments range from $15 million to $50 million per company, sourced through direct bilateral partnerships with medtech entrepreneurs and management teams.
The firm was co-founded by Justin Klein, MD, JD (previously a partner at NEA leading its medical technology practice) and Kirk Nielsen (previously a Managing Director at Versant Ventures leading its medtech practice). The senior team combines investment, operating, and clinical backgrounds drawn from Medtronic, Vertiflex, Inari Medical, Boston Scientific, CRG LP, ZOLL Medical, and major medtech advisory roles. An advisory board of more than 24 senior medtech executives, entrepreneurs, and policy experts supports sourcing, diligence, and portfolio company development.
Vensana's revenue model is that of a traditional closed-end venture fund manager: management fees (typically ~1.5–2% annually on committed capital during the investment period, stepping down on invested capital thereafter) on approximately $1 billion of assets under management across three funds (Fund I $225M, Fund II $325M, Fund III $425M), supplemented by 20% carried interest earned upon successful portfolio exits. Distribution is via direct enterprise-style capital partnerships, with go-to-market focused on industry conferences (including the co-organized Annual Phoenix Conference), direct networks, and medtech-specific thought leadership. The firm has expanded beyond pure investing with the October 2025 launch of Vensana Innovation, an innovation engine dedicated to launching and building category-defining medtech companies.
Vensana Capital firmographics
Firmographics- Name
- Vensana Capital
- Legal name
- Vensana Capital Management, LLC
- Website
- https://vensanacap.com
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Vensana Capital is a Minneapolis-based venture capital and growth equity firm dedicated exclusively to medical technology. It manages approximately $1 billion across three funds, investing $15–50 million per company in development and commercial-stage medtech ventures spanning devices, diagnostics, and digital health.
- Ownership category
- akta.pro rank
Where Vensana Capital is headquartered
LocationHeadquarters
- HQ city
- Minneapolis
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Vensana Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others
Revenue model
- Management Fees: VC firms typically charge management fees on committed capital under management, usually 1.5-2% annually on committed capital during the investment period, then 1-1.5% on invested capital thereafter.
- Carried Interest (Carry): Performance-based carried interest typically 20% of profits above the hurdle rate, earned upon successful exits of portfolio companies through IPOs or acquisitions.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
Vensana Capital product offering
Product offeringCore offering
Vensana Capital is a venture capital and growth equity investment firm that deploys committed capital from institutional limited partners into development and commercial-stage medical technology companies. The firm invests $15-50 million per company across medical devices, diagnostics, drug delivery, digital health, life science tools, and tech-enabled services, and also operates Vensana Innovation, an in-house engine that launches and builds category-defining medtech companies.
Product overview
Vensana Capital is a venture capital and growth equity investment firm dedicated to partnering with entrepreneurs who seek to transform healthcare with breakthrough innovations in medical technology. The firm invests in development and commercial stage companies across the medtech sector, including medical devices, diagnostics and data science, life science tools, digital health, and tech-enabled services. Vensana Capital has approximately $1 billion in capital under management and typically makes commitments in the range of $15-50 million per company. The firm also operates Vensana Innovation, an innovation engine dedicated to launching and building category-defining medtech companies.
Differentiator
Problem solved
Functional benefit
Products and services
- Vensana Capital I (Inaugural Fund) Venture capital and growth equity fund of $225 million that invests $15-50 million per company in development and commercial-stage medical technology companies across medical devices, diagnostics, drug delivery, digital health, life science tools, and tech-enabled services.
- Vensana Capital II (Second Fund) Second venture capital and growth equity fund of $325 million that continues investing in development and commercial-stage medical technology companies.
- Vensana Capital III (Third Fund) Third venture capital and growth equity fund of $425 million that backs breakthrough medical technology companies in the medtech sector.
- Vensana Innovation In-house innovation engine that launches and builds category-defining medical technology companies by pairing Vensana's capital with a dedicated team providing technical, clinical, commercial, and business development expertise.
Quantifiable outcome
- 32 exits by IPO or M&A across portfolio
- +3 more outcomes
Companies that use Vensana Capital
Customer profileNamed customers18 records
Segments3 records
Ideal customer profiles2 records
Vensana Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Vensana Capital partnerships and signals
Strategic signalScale indicators11 records
Recent moves6 records
Expansion highlights4 records
Vensana Capital competitors and assessment
Company assessmentDirect peers
- OrbiMed Advisors: One of the largest dedicated healthcare investment firms globally, investing across medtech, biopharma, and diagnostics at venture and growth stages. Closest analog to Vensana as a specialist healthcare/medtech GP with comparable check sizes and sector focus.
- Versant Ventures: Healthcare-dedicated venture firm with a longstanding medtech practice previously led by Vensana co-founder Kirk Nielsen. Directly comparable business model, sector focus, and stage orientation.
- Sanderling Ventures: One of the oldest dedicated medtech venture firms, investing across medical devices, diagnostics, and biotech with multi-stage vehicles. Directly comparable as a medtech specialist of similar vintage and check size.
- HealthQuest Capital: Healthcare-focused growth equity firm investing in commercial-stage medtech, diagnostics, and healthcare services. Closely comparable in stage orientation (commercial-stage growth) and medtech focus.
- Longitude Capital: Healthcare-focused growth equity firm investing in development and commercial-stage medtech and life sciences. Directly comparable business model and recent co-investor in Vensana portfolio companies.
- Gilde Healthcare: European healthcare investment firm with venture and growth vehicles covering medtech and therapeutics. Comparable specialist focus; recent co-investor alongside Vensana in Okami Medical.
- Sofinnova Partners: European medtech and life sciences venture firm with multi-decade track record in medical devices and diagnostics. Comparable specialist medtech orientation with European geographic footprint.
- US Venture Partners (USVP): Established US venture firm with significant healthcare/medtech practice investing at venture and growth stages. Comparable in stage orientation and recent co-investor alongside Vensana in Okami Medical.
Broad incumbents
- Deerfield Healthcare Innovations: Larger healthcare-focused investment firm deploying capital across public and private healthcare/medtech. Comparable sector exposure with broader geographic and stage reach than Vensana.
- New Enterprise Associates (NEA): One of the largest and most active venture capital firms globally with a major healthcare/medtech practice previously led by Vensana co-founder Justin Klein. Larger-scale, multi-sector firm but overlapping medtech mandate.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
Vensana Capital social profiles
Digital presenceVensana Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Vensana Capital leadership team
Management profileNumber of profiles
Profiles9 records
Vensana Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Vensana Capital M&A and investment
M&A and investmentM&A
Investments33 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Vensana Capital
What does Vensana Capital do?
Vensana Capital is a venture capital and growth equity investment firm that deploys committed capital from institutional limited partners into development and commercial-stage medical technology companies. The firm invests $15-50 million per company across medical devices, diagnostics, drug delivery, digital health, life science tools, and tech-enabled services, and also operates Vensana Innovation, an in-house engine that launches and builds category-defining medtech companies.
Is Vensana Capital a public or private company?
Vensana Capital is a private company. It is classified as venture growth investor backed and is currently operating.
When was Vensana Capital founded?
Vensana Capital was founded in 2019. It employs 11 to 50 people.
Where is Vensana Capital based?
Vensana Capital is headquartered in Minneapolis, United States, in the North America region.
How does Vensana Capital make money?
Two revenue lines are on record. Management Fees are the primary driver. The others are carried Interest (Carry).
Who are Vensana Capital's main competitors?
Direct peers on record are OrbiMed Advisors, Versant Ventures, Sanderling Ventures, HealthQuest Capital, Longitude Capital, Gilde Healthcare, Sofinnova Partners and US Venture Partners (USVP). Broad incumbents are Deerfield Healthcare Innovations and New Enterprise Associates (NEA).
Does Vensana Capital have an API?
No public API is recorded for Vensana Capital.