1. Investment Profile & Criteria

At what stage should startups approach you?

We invest at the pre-seed and seed stages. The ideal time to reach out is when:

• You have a working MVP or an early-stage product.
• You are already talking to your first customers (or have acquired some).
• You understand the problem you are solving — and can demonstrate that it exists.

What level of market or technological validation do you expect from a startup?

We do not require revenue, but we need to see evidence that the problem is real and worth solving.

Which projects or industries fall outside your investment focus?

We do not invest in:

• Businesses without the potential for national or global scalability (e.g., restaurants, local services, traditional retail).
• Real estate and property development projects.
• Companies without a technological component or intellectual property (IP).
• Pure crypto projects or financial speculation without a genuine product layer.

We are also subject to restrictions imposed by the PFR Starter program and therefore cannot invest in certain regulated or excluded sectors, including defense, tobacco, and gambling.

What is your typical investment ticket size?

Our initial investment is typically up to PLN 3 million, with the possibility of follow-on investments bringing the total commitment up to PLN 8 million.

2. Process & Decision-Making

How and where should we submit our pitch deck?

The best way is to send it by email to: aegis@aegiscap.vc

What does your decision-making process look like, and how long does it usually take?

From the first email to a signed term sheet, the process typically takes 6–8 weeks. We have completed investments in as little as 3 weeks, and some have taken up to 12 weeks.

We do not intentionally prolong the process — if we are interested, we move forward without unnecessary delays.

What does the process look like from first contact to closing the round?

Application → Initial Response → Introductory Call → Partner Meeting → Preliminary Due Diligence → Term Sheet → Legal Documentation / Investment Committee

3. Round Structure & Co-Investments

Does Aegis Capital always act as the lead investor?

In most rounds, we act as the lead investor — negotiating terms and coordinating the round.

In selected cases, we may participate as a co-lead or smaller investor, particularly when there is a strong lead investor whom we know and trust.

Do you participate in follow-on rounds?

Yes.

Do you co-invest with angel investors?

Yes.

Do you invest exclusively in Polish companies, or do you also consider international structures?

Our primary focus is on companies with a Polish core — either incorporated in Poland or operating with a main team based in Poland.

We assess international structures on a case-by-case basis.

4. Founder Support & Exit Strategy

What support can founders expect beyond capital?

We are a hands-on fund when it matters, but we do not interfere unnecessarily. We get involved where we can genuinely add value:

Fundraising

• Introductions to Series A investors in Poland and internationally.
• Relationships with funds across CEE and Western Europe.
• Support with fundraising narratives and investor materials.

Network Access

• Introductions to potential customers, strategic partners, and industry experts through our portfolio and investor network.

Operational Support

• Guidance on finance, legal matters, and go-to-market strategy, either directly or through trusted partners.

PFR Ecosystem

• As a portfolio company of a PFR Starter-backed fund, founders gain access to the broader PFR ecosystem, initiatives, and support programs.

We are not consultants — but when you call, we answer.

What is your approach to exit strategy?

Our fund horizon is typically 4–8 years, but we think about exit opportunities from day one.

We do not favor a single exit path. Realistic scenarios include:

• Strategic Acquisition — sale to a larger industry player (the most common outcome within our investment profile).
• Secondary Sale — sale of shares to a growth-stage investor during a later financing round.
• IPO — in exceptional cases involving mature, high-growth companies.

Exit-related provisions such as drag-along rights, tag-along rights, and pre-emption rights are discussed openly at the term sheet stage — with no surprises later in the process.

Healthcare VC

Healthcare VC is venture capital with an extra layer of clinical, regulatory and market-access scrutiny on top of standard investment analysis. Aegis Capital is a HealthTech & Longevity VC built around exactly that discipline. Ageing populations and the digital build-out of health systems are turning HealthTech into one of the most investable categories in Europe — and one of the hardest to back well.

What is Healthcare VC, and how does it differ from generic venture capital?

Healthcare VC funds companies building technology for health systems, patients and clinicians, and accepts the regulatory and clinical complexity that comes with it. Generic VC can move on a strong team and a working MVP; a healthcare-focused investor also asks how the product will meet MDR and FDA requirements, how it will be reimbursed, and how it integrates with clinical workflows. Regulatory risk in healthcare sits well above the classic tech market, so legal and compliance strategy is part of the analysis from the first conversation.

In addition, investing in the sector demands a comprehensive view of how digital health tools improve patient care across the patient life cycle — from the seed stage through later funding rounds.

Aegis Capital is a specialised HealthTech & Longevity VC. As health investors, we use a combined product-and-evidence lens on every company from day one.

Our investment thesis: HealthTech and longevity VC

Aegis Capital invests across six focus areas, set out below, which we revisit as the science and the market move. Longevity is one of the strongest entry points, because it rests on durable shifts — ageing demographics, rising chronic-disease load, and the move of care from hospitals to clinics and homes. We invest directly in operating companies — not in other funds. Recent venture capital in health has concentrated on digital health — telemedicine, mobile tools and wearables — and on biotech tackling diseases such as cancer and Alzheimer's; our model shifts the focus to the next wave of investment in health and longevity technologies.

We invest in startups developing solutions that address unmet medical needs across healthcare and longevity and improve healthy lifespan. Those six focus areas — the sectors where we have the deepest track record — are:

• AI and Digital Health — AI-driven and tech-enabled services in healthcare
• Nutritech — innovations in functional food and personalised nutrition
• Digital Therapy & Mental Health — technology-driven therapeutic solutions improving mental well-being, wellness and access to care
• Diagnostics — technology-enhanced automation and early disease detection
• Human Improvement — enhancing health, performance, and quality of life through innovation
• …and beyond — we welcome new approaches and future-facing ideas in health innovation

What we look for in a healthcare startup

We evaluate healthcare startups against four critical pillars in parallel: clinical evidence, regulatory pathway, market access, and team — with business scalability the thread that runs through all of them. A working prototype is a good starting point. Beyond it, we look for early evidence that the technology addresses a real health problem and is protected by strong, unique IP, plus clarity on how a medical device will be classified under MDR/FDA, how an algorithm will be treated under the AI Act, what reimbursement pathway is realistic, and which clinicians have already engaged with the product. Our medical and financial experts review clinical results, the patent position and the addressable market, because a startup needs a large, high-demand market in place to return a fund.

Founder-first means we support the team with our advice, experience, and network rather than handing over a checklist — so the diligence questions sharpen the plan even if we never invest. If you are building an early-stage HealthTech or Longevity company in CEE, get in touch with our team.

How investing in early-stage healthcare companies works in practice

At Aegis Capital, funding starts with an initial investment of up to PLN 3M per company, with follow-on capacity as companies hit clinical and commercial milestones. Investments in the medical sector are rarely handed over in full at the start; later tranches are tied to reaching those milestones. Total investment per portfolio company can reach PLN 8M over the fund's life, which gives us room to lead a first round and reserve capital for later steps, such as a Series A.

The fund holds PLN 80M in total capital, with 16 investments planned across 22 investors. Like most venture capital, our horizon is long — typically 4 to 8 years — because health technologies need time and capital to reach the clinic and the market, which is why we stay close through active portfolio management and keep backing companies as they grow.

Beyond the cheque

Beyond capital, founders find more than a cheque and a reporting line. Aegis Capital's team offers expert support on go-to-market, regulatory-pathway choices, and introductions into hospitals, clinicians and pharma partners. We help teams move from product-market fit through launched commercial pilots, backing a company's whole platform — not a single product — across its development. This support is hands-on and comes free of any separate fee — it is part of the partnership, not an add-on.

Building a HealthTech startup is not just about securing funding — it is about being part of an active ecosystem. Aegis Capital grows a network of innovators, industry leaders, and fellow founders, creating opportunities for collaboration, growth, and strategic partnerships across healthcare and wellness:

• A network of innovators & industry leaders — access to scientists, healthcare experts, and experienced founders driving change in HealthTech.
• HealthTech community & exclusive events — industry meetups, workshops, and networking organised by the fund.
• Collaborations & strategic partnerships — synergies with other startups, corporate partners, and research institutions to accelerate your impact.

Our portfolio

Aegis Capital turns science into scalable products. Our first investment was Approxima, which is developing a minimally invasive, catheter-based device for the treatment of tricuspid valve regurgitation — a physiological repair of the valve delivered without open-heart surgery. The second, Inoko Vision, is building an optical device (NeuroFET) that tracks retinal eye movements as an objective biomarker, enabling early screening of neurodegenerative disease such as Alzheimer's and Parkinson's. Both reflect our focus on technologies with a clear, measurable impact on patient outcomes.

Who we back, and how to reach us

Aegis Capital invests in startups based in Central and Eastern Europe, and supports their entry into strategic international markets. Whether you are a founder, investor or partner, reach out to us.

Frequently asked questions about Healthcare VC

What is venture capital in healthcare?

Healthcare VC is venture capital that invests in companies building products for health systems, while accepting the clinical, regulatory and reimbursement complexity of the sector. It usually combines capital with sector-specific support and acts as a long-term partner to healthcare companies. Aegis Capital is one such HealthTech & Longevity VC.

Does Aegis Capital invest in digital health startups?

Yes. Digital health is one of our core areas, and many of the healthcare startups we back build software, devices or platforms that diagnose, treat or monitor disease. We look for tools that drive measurable improvements in patient care and fit real clinical workflows.

How does Aegis Capital support healthcare startups beyond funding?

Beyond the cheque, healthcare startups in our portfolio get hands-on help — go-to-market, regulatory navigation, and introductions into hospitals and pharma — not just a quarterly report. That support is part of the partnership.

Why does Aegis Capital focus on health tech and longevity?

An ageing population, rising chronic disease and tighter health budgets make health tech and longevity two of the most durable opportunities in venture capital. We back companies that drive better outcomes and can scale across the market.

How do founders pitch a healthcare VC like Aegis Capital?

Tailor the pitch to the fund's focus, and lead with the unmet need you solve, hard clinical or commercial evidence, your regulatory plan, and the team. When founders pitch us, the strongest decks pair a clear value proposition with proof that the product improves patient outcomes.

What stage does Aegis Capital fund?

Aegis Capital focuses on early-stage HealthTech and Longevity companies, with an initial investment of up to PLN 3M and follow-on potential. Total support per company can reach PLN 8M across the fund's lifecycle.

How long does a healthcare VC decision usually take?

It depends on the stage and the data room, but a focused process may take a few weeks from a first call to a clear yes or no. We aim to give founders directional input quickly, even when the answer is not an investment.

‍