Arboretum Ventures Closes Third Fund

In August, Arboretum Ventures completed the final closing of its third investment fund with commitments totaling $140 million, exceeding the $125 million target for the fund.  The firm now has $235 million in capital under management, and has invested in 26 healthcare companies over the past nine years.    As with the first two funds, Arboretum III will invest in healthcare companies throughout the United States, with a particular focus on the Midwest region. 

Arboretum Ventures III is operated by Managing Directors Jan Garfinkle, Tim Petersen, and Paul McCreadie, with the support of seven additional investment and professional staff. Arboretum’s investment team benefits from the input of its advisory board, which includes past CEOs of healthcare companies such as Medtronic and Guidant Corporation. 

Successful companies from Arboretum’s first two funds include HealthMedia (acquired by Johnson & Johnson), HandyLab (acquired by Becton Dickinson & Company), Accuri Cytometers (acquired by Becton Dickinson & Company) and VasoNova (acquired by Teleflex).  The track record of Arboretum I and Arboretum II helped the firm to attract several new institutional investors to the third fund.

Arboretum Ventures Promotes Paul McCreadie to Managing Director

In October, Paul McCreadie was promoted to Managing Director.  Paul began his career at Arboretum in 2006 as an Associate.  He was promoted to Principal in 2010, and subsequently led investments into Delphinus Medical Technologies and Wellfount Pharmacy and was also a board observer for VasoNova, an Arboretum Ventures I portfolio company. In addition to sourcing investments and supporting Arboretum portfolio companies, Paul will participate in the management of the firm.  Paul earned a BS and MS in Mechanical Engineering from the University of Michigan and an MBA from the Ross School of Business at the University of Michigan.

Arboretum Adds Two New Team Members

Arboretum is pleased to announce the addition of two new employees to its team.

Dan Kidle was hired in May as an Analyst.  Dan helps the investment team conduct due diligence on potential companies and provides support to Arboretum’s portfolio companies.  Dan has a Bachelors of Business Administration from the Ross School of Business at the University of Michigan.  Prior to joining Arboretum, he worked at Eli Lilly as a Financial Analyst.

Cheryl Brown was hired in April as a Financial Analyst.  She supports the finance and accounting operations of the firm.  Cheryl earned a Bachelors of Business Administration in accounting from Eastern Michigan University and worked as a controller for several start-up companies in Ann Arbor prior to joining Arboretum.

In April, Arboretum Ventures led the $6.0 million Series A investment into Wellfount Pharmacy.  Wellfount is an Indianapolis, Indiana based institutional pharmacy company that serves the long-term care market.  Wellfount has developed an automated, fully-integrated solution for the dispensing of pharmaceuticals to patients in skilled nursing facilities.  The system offers these facilities more efficient dispensing and tracking capabilities, resulting in significant savings and improved patient care.  Paul Leamon is CEO of the company.

In November, Arboretum co-led the $4.5 million Series A investment into Tangent Medical Technologies, a University of Michigan spin-out based in Ann Arbor, MI.  The company is developing a novel peripheral intravenous catheter system designed to increase patient safety and comfort.  Flagship Ventures, a leading venture firm located in the Boston area, co-led the financing with Arboretum. Jeff Williams is CEO of the company.