Key Takeaways
- Sector: Healthcare Healthtech & Medtech.
- Geography: Austria.
Analysis
Early‑stage venture capital firm Calm/Storm Ventures has announced the closing of its second fund at approximately €27 million, together with a co‑investment vehicle of €3 million, effectively bringing its total assets under management (AUM) to around €50 million.
The Vienna‑based fund, which focuses on digital health and wellbeing across Europe and the United States, is making a decisive leap from micro‑seed ventures toward pre‑seed and seed‑stage lead investments. The firm reports that with average ticket sizes now near €500 000, it is building stronger follow‑on capabilities and seeking higher impact per portfolio company.
Fund II employs a dual‑track investment strategy. One track is dedicated to HealthTech — aligned with the innovation surge in Europe’s healthcare sector and the increasing relevance of digital therapeutics, diagnostics and preventive care. The other track focuses on Austrian‑founded companies, enabling home‑market entrepreneurs to scale globally while remaining anchored in Austria.
In this latest fund, Calm/Storm has brought in new limited partners (LPs) from Switzerland, Germany and Austria, including health and finance corporates, which expand its strategic access into healthcare partnerships and corporate networks.
Why this matters:
• Maturing ecosystem: With an AUM of approximately €50 million, the firm joins the ranks of Central Europe’s more serious early‑stage players.
• HealthTech leverage: Strategic LPs provide direct routes into distribution, clinical channels and regulatory ecosystems.
• Regional leadership: The firm’s evolution strengthens Austria’s profile in the European startup ecosystem while maintaining global ambition.
This development comes at a time when many European funds are narrowing their focus, doubling down on sectors with high structural tailwinds. Comparable moves include other Europe‑based HealthTech‑specialist VCs raising dedicated funds in the €20‑€50 million range, underscoring a broader trend of thematic early‑stage vehicles combining regional authenticity with global scale.