Engage Venture Partners, a new medical technology venture capital firm, launched with its first investment into Melodi Health, a medical device company.
Both Engage Venture Partners and Melodi Health are based out of Minnesota. Engage Venture Partners intends to make more localized community investments in the future, according to a July 14 press release.
Engage Venture Partners utilizes special purpose vehicles, a legal entity designed to invest in one startup.
"The Engage SPV was an efficient, well-organized way for Melodi to raise a meaningful amount of capital that significantly funds our pre-commercial development activities aimed at impacting outcomes for women with breast cancer undergoing post-mastectomy reconstruction on their journey to recovery," said Sarah Worrell, CEO of Melodi Health.
The Engage Venture Partners team consists of founders Morgan Evans, Ryan Spanheimer, Steve Sigmond and Kelly Prchal. Mr. Sigmond and Ms. Prchal will serve as managing directors.