SPRIG Equity Successfully Closes Its First Fund with $50 Million for Medical Innovations

SPRIG Equity Closes Its Inaugural Fund

In a significant milestone for the healthcare investment sector, SPRIG Equity has successfully closed its inaugural fund, SPRIG Equity Fund I, with $50 million in assets under management. The announcement was made on April 15, 2025, emphasizing the firm’s commitment to advancing patient care through strategic investments in innovative medical technologies.

SPRIG Equity operates with dual offices located in Chicago and Orange County, California, focusing on investments that enhance patient outcomes through high-impact medical technologies. The firm concentrates its capital on areas such as medical devices, diagnostics, and tech-enabled services that promise to revolutionize the healthcare landscape.

Evan Norton, Managing Partner and Co-Founder of SPRIG Equity, expressed immense pride in the successful closure of their inaugural fund, particularly in a year when first-time fund closures represented merely 6% of total market activity. “This achievement highlights the strength of our investment strategy, proprietary deal sourcing methods, and our team’s collective expertise in building premier companies capable of transforming patient care and delivering impressive financial returns,” remarked Norton.

The management team at SPRIG Equity is spearheaded by Evan Norton, whose previous experience includes leading Abbott's corporate venture group for nearly a decade. He is joined by Rebecca Raabe, a seasoned investor with deep expertise in the MedTech sector, and Katie Arnold, the founder and CEO of SPRIG Consulting—a well-respected medical technology strategy and commercialization consulting firm. This powerful trio is complemented by an advisory board consisting of industry entrepreneurs, senior executives, and thought leaders, all of whom contribute their varied insights and networks to SPRIG Equity’s operational strategy.

A notable advantage for SPRIG Equity stems from its exclusive partnership with SPRIG Consulting, which provides access to unique deal flow opportunities that are often not available in standard investment channels. This relationship enhances the firm’s capacity to identify promising investment prospects that have the potential to lead advancements in healthcare technology.

To date, SPRIG Equity has begun establishing a strong portfolio with four investments:

1. SetPoint Medical - A pioneering medical device company offering a groundbreaking neuromodulation therapy aimed at patients suffering from chronic autoimmune disorders.
2. Conformal Medical - A clinical-stage enterprise dedicated to creating next-generation left atrial appendage occlusion technologies intended to prevent strokes.
3. Pi-Cardia - A commercial-stage company that specializes in leaflet modification technologies within the structural heart market.
4. Cytovale - Engaged in rapid sepsis diagnostic technology, providing solutions tailored for emergency departments in hospitals.

Moreover, SPRIG Equity is not just focused on financial metrics; they are deeply committed to fostering partnerships that bring tangible improvements to patient care through innovative solutions. Their backing of the right teams and technologies underlines a broader goal—transforming how medical care is delivered and accessed.

Established in 2023, SPRIG Equity is already making waves in the venture capital landscape by actively pursuing late-stage opportunities within the medical technology field. The firm has a rich history of supporting companies that fundamentally reshape markets, including notable previous investments in firms such as Affera, NeuroPace, and Tendyne.

With the closure of its inaugural fund, SPRIG Equity is poised to significantly impact the medical technology sector, driving innovations that will enhance patient care and health outcomes across the board. Their unique investment focus, profound industry connections, and dedicated team provide a robust foundation for future success in this transformative space. For more detailed information, visit SPRIG Equity's website.