HERAN Partners

HERAN is governed by its three named partners — Katleen Vandersmissen, Steven Serneels, and Annelies Mertens — who make investment decisions collectively without a separate investment committee. Each partner brings a distinct operational background: Vandersmissen and Serneels founded and exited health-tech companies before launching the firm, while Mertens brings deep clinical and regulatory expertise. The flat structure means every deal requires full partnership consensus.

HERAN invests primarily across Western Europe, with an emphasis on Belgium, the Netherlands, Germany, Switzerland, and the Nordics. The firm's Antwerp headquarters sits inside one of Europe's densest MedTech corridors, giving it proximity to university spin-outs and research hospitals. It does not invest in companies based outside Europe, though it actively prepares portfolio companies for eventual US market entry and FDA clearance.

HERAN typically leads or co-leads seed and Series A rounds, writing initial equity checks between €1M and €5M. The firm reserves capital for follow-on participation into Series B rounds. It does not operate as a passive co-investor alongside larger generalist funds; the partnership prefers to take board seats and play an active governance role in every portfolio company.

HERAN focuses exclusively on early-stage companies — specifically seed and Series A rounds. The firm invests in pre-revenue and early-revenue health-tech businesses that have completed first-in-human clinical studies or already hold a CE mark. It does not back preclinical-stage companies or pre-product academic spin-outs.

HERAN does not invest in biotech, pharmaceuticals, or healthcare services. The firm's mandate is strictly medical devices, diagnostics, and digital health platforms that require regulatory approval. It also avoids consumer-wellness products, general health apps, and companies pursuing only a 510(k) pathway without a broader clinical-data strategy.

Because all three partners are former MedTech operators rather than career investors, HERAN sources primarily through peer-founder referrals, clinical-advisory relationships, and direct engagement with European research hospitals. The firm rarely participates in broad auction processes or agent-led mandates, preferring to identify companies 12–18 months before a formal fundraise.

HERAN is one of a small number of European health-tech funds built entirely by former company founders rather than former consultants, bankers, or career VCs. This shapes its entire operating model: sourcing through operator networks rather than intermediaries, due diligence that emphasizes clinical and regulatory viability over financial modeling, and post-investment support structured as peer-to-peer operating assistance rather than board-only oversight.