33 California launches new fund for healthcare startups

33 California, an investment fund specializing in the health sector, has opened subscriptions to CaLySeed, its second investment fund, providing financial and strategic support to start-ups.

The objective of the new initiative is to finance innovations in the field of human health, including therapeutics, medical devices, in vitro diagnostics, e-health, technological platforms and nutraceuticals. CaLySeed will invest in equity – following French public funding and business development initiatives – to help new businesses find vital seed capital.

CaLySeed capitalizes on the success of the 33 California fund launched by Stéphane Legastelois in 2019. In 2020, Legastelois joins forces with Elodie Panier, founder and director of Bioneed, a consulting firm that has supported more than 35 entrepreneurs in the development of their business design and commercialize their innovations. 33 California and Bioneed are the first investors to subscribe to CaLySeed.

33 California contributed to the creation and/or direct financing of 16 companies, with an average ticket of €100,000 ($999,000), representing a total investment of €1.6 million ($1.5 million). As a major shareholder of Simba Santé 3 (Angelor group, France), he also participated in the financing of eight other start-ups in the health sector.

Consulting analyst

CaLySeed will act as a financial and strategic partner for entrepreneurs and innovative start-ups, supporting them in their first stages, from the initial proof of concept to the finalization of the first fundraising. CaLySeed will also assume the role of advisory analyst with key players in the investment world (fundraisers, investment banks, public investors, etc.) to ensure the smooth running of these operations.

“I am really proud to present our new project, combining financial and strategic support for start-ups”, declared Stéphane Legastelois, president of CaLySeed.

“In the wake of our 33 California fund, we will provide the best possible support for start-ups in the health sector and ensure the start-up of these companies. Our goal is to invest in a dozen new organizations over the next two years.

“CaLySeed offers a unique and flexible model combining both an investment phase and an operational support phase where we work with entrepreneurs to meet their specific business needs,” said Elodie Panier, co-founder and managing director of CaLySeed.

“Depending on the start-up, CaLySeed can play a leadership or support role, providing short-term assistance to ensure the company has the key functions needed to start its business. This support is provided in partnership and in synergy with local players specializing in the promotion of deeptech innovations within the health sector.

Partner network

In addition to providing financial support, CaLySeed will rely on the services of partners within its network and will identify experts to help analyze the positioning of each start-up. Depending on the state of progress of a start-up, CaLySeed will then set up and mobilize, particularly during the operational support phase, a team of experts in a field, a scientific discipline or a particular professional skill to help develop and implement relevant strategic roadmaps (e.g. around market access, regulatory approach, team structure and management philosophy or industrial production).

The French region Auvergne Rhône-Alpes (AuRA) has many start-ups in the health sector; CaLySeed is spoiled for choice when it comes to prospects and opportunities. Being established locally, it is also easier for the fund to get involved with start-ups in the seed phase, especially when it comes to training management teams.