Overview of Leva Capital
Leva Capital Fund II is raising a $20-30M healthcare-focused venture fund targeting early-stage investments in MedTech, Digital Health, Diagnostics, and Biotech. The fund builds on the success of Leva’s $5M Fund I and is designed to capitalize on the underserved early-stage segment of the healthcare market, particularly with commercialization potential in the U.S. Fund II will invest across pre-seed, seed, and Series A stages, with a disciplined deployment model and deep post-investment support.
Our Ask
We are seeking limited partners who either want early access to high-potential MedTech and Digital Health innovation or who already invest in the space and see value in partnering with a specialized fund. Investors can leverage our deep diligence capabilities and sector expertise as an extension of their own teams, gaining exposure to quality early-stage deals while benefiting from our focused approach and curated pipeline.
Investment Thesis
Leva’s investment thesis focuses on identifying capital-efficient healthcare ventures with strong defensibility (IP and regulatory), clear commercialization pathways, and exit potential in the $100M–$500M range—an area often ignored by larger funds. The strategy avoids relying on unicorn outcomes, instead targeting consistent returns through deep sector expertise, disciplined due diligence, and proactive portfolio support. Leva emphasizes discounted entry valuations, particularly in the Canadian market, where early-stage companies benefit from strong talent, government support, and access to global markets.
Fund Portfolio
Fund I has deployed approximately 80% of its $5M into 20 companies, with a mix of MedTech (45%), Digital Health (33%), Diagnostics/Tools (11%), and Biotech (11%). 53% of portfolio companies have raised follow-on rounds, 7 of 9 regulated ventures have achieved regulatory approval, and 67% are generating revenue—with 4 demonstrating strong sales growth. Fourteen companies have patent protection, while others are defensible through trade secrets or first-mover advantages. Only two companies have failed, one returning 0.5x.
Fund Impact Goals
Leva Capital aims to generate strong financial returns while advancing access to healthcare, improving patient outcomes, and supporting the development of affordable, innovative medical technologies. Impact is measured through metrics such as number of companies reaching commercialization, regulatory approvals obtained, and clinical or market adoption. The fund also contributes to broader economic development by supporting early-stage ventures that improve diagnostic outcomes and reduce system-level healthcare costs. Leva embeds support for social value creation through its accelerator program, founder advisory model, and focus on unmet clinical needs.