# Carma Fund

> Carma Fund is a VC fund in Munich backing Health Care, Biotechnology and Medical Device. See 12 investments, check sizes, portfolio. Updated Aug 2026.

- Type: VC Fund
- Location: Munich, Germany
- Total investments: 12
- Last investment: Mar 2026
- Lead investor: 33%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/carma-fund-management
- Website: https://www.carma-fund.com

Carma Fund is an early-stage investment fund for advancing life science and healthcare technologies.

## Round sizes

| Stage | Round size |
| --- | --- |
| Seed | $2.8M–$13M |
| Series A | $4.4M–$12M |
| Series B | $34M–$62M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Health Care | 8 | 67% |
| Biotechnology | 4 | 33% |
| Medical Device | 3 | 25% |
| Health Diagnostics | 3 | 25% |
| Medical | 2 | 17% |

19 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Seed | 7 | 58% |
| Series A | 2 | 17% |
| Series B | 2 | 17% |
| Pre-Seed | 1 | 8% |

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Germany | 8 | 67% |
| France | 1 | 8% |
| Sweden | 1 | 8% |
| Switzerland | 1 | 8% |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Kupando | Kupando is a biopharmaceutical company that develops agonists to stimulates innate immunity. | $11.5M | Series A | Mar 18, 2026 |  |
| Exciva | exciva is a Provider of targeted drug rescue program intended to involve pharmaceutical research and development based in Heidelberg, Germany. The company's program has been formulated for developing symptomatic and disease-modifying treatments, therapies, cures, prophylactics, supplements, formulations and methods of making and using suchcompositions, enabling the healthcare industry to access their program for rescuing and reusing approved drugs for new indications and new uses. | $62.2M | Series B | Jan 20, 2026 |  |
| TECregen | TECregen is a biotechnology company that develops thymus-rejuvenating biologics to restore immune function and T-cell responses. | $12.5M | Seed | Jan 08, 2026 |  |
| Elkedonia | Elkedonia is a biotech company dedicated to transforming antidepressant therapy. It aims to develop a groundbreaking antidepressant treatment that is accessible, fast-acting, and free from the risks of dependence, sedation, or psychotic effects. | $12.9M | Seed | Jun 11, 2025 |  |
| Akribion Genomics | Akribion Genomics develops gene-editing tools and cancer therapies using CRISPR nuclease technology. | $8.3M | Seed | Feb 04, 2025 |  |
| Aignostics | Aignostics is an AI-powered precision diagnostics focused on pathology to assist with drug development and clinical research. Its “explainable” AI overcomes the “black-box” limitations of conventional AI. Based on their patented technology for reverse-engineering the black box, they render diagnostic results explainable in the form of preciseheatmaps and image overlays. These heatmaps allow pathologists to quickly verify the results of the AI, which is crucial, as the pathologist is ultimately responsible for the diagnosis. | $34M | Series B | Oct 29, 2024 |  |
| Symphera | Symphera provides an all-in-one surgical system that makes minimally-invasive procedures more efficient. | $2.8M | Seed | Sep 16, 2024 |  |
| Thryve | Thryve’s SDK brings everything you need to access fragmented wearable, medical devices, and health data silos with a single integration. We unify your users’ data from smartwatches, blood glucose meters, and many other sources that unlock a continuous stream of harmonized health information for your care. We support popular data sources like AppleHealth, Google Fit, Huawei Health, Samsung Health, and many more. | $4.4M | Series A | Aug 30, 2024 |  |
| Allogenetics | Allogenetics GmbH provides a unique solution to the problem of organ rejection following transplantation. It is a distinct first-in-class therapy since it addresses the transplant rather than paralyzing the patient's immune system. | $3.8M | Seed | Aug 29, 2024 |  |
| Heidelberg Epignostix | Heidelberg Epignostix is a pioneering start-up led by a dedicated team of DNA methylation-based tumor categorization experts. Heidelberg Epignostix has revolutionized tumor categorization by using the strength of methylation-based algorithms. | $4.6M | Seed | Jul 02, 2024 |  |

10 of 12 investments shown.

## Co-investors
- [HTGF (High-Tech Gruenderfonds)](https://shizune.co/investors/profile/high-tech-gr%C3%BCnderfonds) — VC Fund, 7 deals together
- [Boehringer Ingelheim Venture Fund](https://shizune.co/investors/profile/boehringer-ingelheim-venture-fund) — VC Fund, 3 deals together
- [Bayern Kapital](https://shizune.co/investors/profile/bayern-kapital) — VC Fund, 2 deals together
- [Andera Partners](https://shizune.co/investors/profile/edmond-de-rothschild-investment-partners) — VC Fund, 2 deals together
- [Gimv](https://shizune.co/investors/profile/gimv) — VC Fund, 2 deals together
- [IBB Ventures](https://shizune.co/investors/profile/ibb) — VC Fund, 2 deals together

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## Featured in investor lists
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## FAQ

### What does Carma Fund invest in?

Carma Fund invests primarily in Health Care, Biotechnology and Medical Device startups, most often at Seed and Series A stage. Most of the 12 investments tracked by Shizune back companies in Germany. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Carma Fund's check size?

Carma Fund typically joins rounds of $2.8M–$13M at Seed, $4.4M–$12M at Series A and $34M–$62M at Series B. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Carma Fund participates in.

### When did Carma Fund last invest?

The most recent investment recorded for Carma Fund closed in Mar 2026. Shizune tracks 12 investments in total for this profile, including round sizes, stages and portfolio companies, all sourced from confirmed public funding rounds and refreshed monthly.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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