Austrian Healthtech VC Calm/Storm Secures €30M for European Digital Health Startups

Major Fund Closing for European Healthtech

Vienna-based venture capital firm Calm/Storm has reportedly reached final close on its €30 million second fund, according to industry reports. Sources indicate the Austrian investor has already deployed capital into 25 early-stage healthtech startups, with the majority registered within Europe at the time of investment.

Major Fund Closing for European Healthtech
Investor Composition and Strategy
Investment Focus and Portfolio
Deal Structure and Market Position
Geographic Flexibility and Track Record

Investor Composition and Strategy

The fund’s limited partner base demonstrates strong continuity, with approximately 70% of investors from Calm/Storm’s first €20 million fund returning for the second vehicle, according to the analysis. New investors reportedly include Swiss health insurer CSS, German pharmaceutical company Schwabe, and Austrian financial institution Raiffeisenbank. The firm’s partnership structure remains unique, with sources indicating none of its 111 LPs are institutional investors—70% are private individuals while the remainder are corporate entities.

Investment Focus and Portfolio

Analysts suggest Calm/Storm is concentrating on digital health verticals including prevention, consumer health, and infrastructure technologies for major healthcare providers. The firm’s partners reportedly told media outlets that their investment thesis emphasizes “purpose-driven founders” and patient impact alongside financial returns. Among the 25 companies already backed from the new fund are Swiss full-body scan startup Aeon Life and Aiomics, an AI platform that transforms unstructured clinical documents into structured patient records.

The average investment size has reportedly doubled to €500,000 compared to the previous fund. Founder and managing partner Lucanus Polagnoli told reporters that while the first fund focused on market access, the current strategy involves “doubling down on what we believe are the winners within the market.”

Deal Structure and Market Position

Calm/Storm employs four distinct investment ticket types: discovery, pre-seed, seed, and post-seed, according to reports. With pre-seed investments—their most frequently used vehicle—the firm typically targets 5-10% ownership stakes, while seed investments aim for 3-7% positions. The VC firm reportedly leads all investments alongside other investors and provides all deal opportunities to its LPs for co-investment, resulting in over 120 co-investments to date with limited partners and venture partners.

Industry data suggests Calm/Storm has established itself as Europe’s most active specialized healthtech venture capital firm. The firm’s analysis reportedly identified that they reviewed 92% of all public pre-seed digital health funding rounds in Europe between July and September.

Geographic Flexibility and Track Record

While focusing primarily on European-founded startups, the firm maintains flexibility for exceptional opportunities elsewhere. Reports indicate up to 25% of the fund’s capital can be deployed outside Europe, particularly targeting European founders building companies in North America. The firm has already recorded two exits from its second fund, bringing its total across both funds to ten successful exits.

Notable investments from Calm/Storm’s first fund include Berlin-based hospital financial operating system Nelly, described as the fastest-growing healthtech startup in the DACH and CEE regions, and clinical trial platform Lindus Health, according to market reports.

References

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