Physic Ventures Closes Health Fund
By Daniel Kiernan
Physic Ventures announced on Tuesday the final close on its $159 million PhysicVentures Fund. It had its first close in April 2007 and has been investing since then.The fund, which will be managed by a six-person team based in San Francisco, willfocus on early stage investments in science-based health and sustainable livingcompanies.
Physic Ventures Managing Director William Rosenzweig said the firm’s team comesfrom various backgrounds and works closely together.
“We have people with life science background, material science background,healthcare background and consumer marketing,” Rosenzweig says. “And we allwork on one team in a very integrated way, in contrast to some funds that havedifferent practices – like a healthcare practice and an IT practice.”
The fund has already made five investments. Pharmaca Integrative Pharmacy andElixir Pharmaceuticals are alternative pharmaceutical companies. Expresso Fitnessproduces and markets cardio exercise bikes with computer screens that offer apersonalized interactive experience. Novomer is a materials company that convertsfeedstock into fine chemicals. Dreamerz Foods makes snacks that are meant to helppeople get better sleep.
The offbeat nature of these health-related companies will be reflected in the othernine to 11 companies that Physic intends to invest in through this fund. The firmplans to commit approximately $7 million to $12 million to each investment. PhysicVentures is focused on a prevention-oriented healthcare climate.
“As the aging population becomes interested in maintaining their vitality, there are alot of opportunities to provide products and services and technologies that will helppeople lead healthier lives,” Rosenzweig says.
