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When Laurent Van Lerberghe looks at Europe's digital health landscape, he sees both a crisis and an opportunity. After 25 years in the pharmaceutical industry, including roles as Sanofi's Chief Strategy Officer and leadership positions at Abbott across multiple continents, Van Lerberghe believes Europe has reached a critical crossroads in healthcare innovation.
"We're at a unique moment," said Van Lerberghe, speaking from his office in Paris. "We have a growing number of scale-up companies ready for growth-stage investment, but very few sources of funding large enough to boost these companies to the next level."
This observation led Van Lerberghe to co-found Keles, a new venture capital firm focused on European digital health investments, alongside David Buller, founding partner of the UK's Ascension Life Fund. The firm, which launched in October 2024, is targeting €250 million for its debut fund and plans to make investments ranging from €8 million to €30 million in growth-stage companies.
The timing, Van Lerberghe argued, couldn't be more crucial. Europe faces a looming healthcare staffing crisis, with approximately 15% of healthcare professionals over 65 and approaching retirement. "We need solutions to deliver quality care with fewer people," he explained. "Digital health isn't just about technology – it's about transforming how we deliver healthcare."
Van Lerberghe's journey to venture capital reflects the evolution of healthcare itself. His career has taken him from strategic consulting at Boston Consulting Group to managing global franchises at Abbott, where he oversaw everything from HIV treatments to hepatitis C research. At Sanofi, he helped guide the company's transition from primary care to specialty medicine before becoming Chief Strategy Officer, where he led efforts to reshape the company's R&D pipeline and explore digital health initiatives.
This extensive background gives him a unique perspective on what makes healthcare innovations successful. "Having sat in different seats around the table – as a consultant, operator, and now investor – I understand how these pieces fit together," he said.
Before launching Keles, Van Lerberghe tested his investment thesis as a Business Angel, backing companies at the intersection of artificial intelligence and healthcare. His investments focus on three key areas: new R&D models, diagnostics, and patient care. These include companies like White Lab Genomics in drug discovery, Qynapse for imaging diagnostics, and Wandercraft, which develops AI-enabled exoskeletons.
"We're looking for companies that transform healthcare delivery through AI and big data," he said. "It's about digital health with therapeutic content – solutions that accelerate drugs to market, enable better diagnostics, or improve patient care."
Keles aims to address a specific gap in the European market. While there are numerous early-stage investors and startup incubators, few firms focus on helping companies scale across multiple European markets. Van Lerberghe and his team have identified approximately 1,000 companies that fit their investment thesis, with about 80% concentrated in six key markets: the UK, France, Germany, Benelux, the Nordics, and Switzerland.
The firm's strategy involves more than just providing capital. Van Lerberghe sees an opportunity to create what he calls a "coalition" of partners who can help companies scale across different European markets. This includes newly appointed expert advisors Annette Veltmar, Betina Langemark, and Marie-Flore Nabor, who bring decades of experience in healthcare, digital innovation, and company scaling.
"The region between the UK, France, and Benelux is becoming something like a new Palo Alto," Van Lerberghe said. "Everything is reachable within two and a half hours, creating a concentrated ecosystem of talent, capital, and market opportunities."
Looking ahead, Van Lerberghe sees digital health moving beyond abstract concepts to deliver concrete improvements in patient outcomes. He points to companies like WARD 24/7, a Danish firm revolutionizing hospital monitoring, as examples of how digital innovation is already transforming healthcare delivery.
For Van Lerberghe, the mission is clear: help build the next generation of global digital health champions while improving healthcare delivery across Europe. With his extensive industry experience and growing network of partners, he's betting that Keles can help bridge the gap between innovation and impact in European healthcare.
With Keles on track for its first close in early 2025 and initial investments planned for the second quarter, Van Lerberghe is optimistic about the future of European digital health. "We're seeing every government trying to put incentives in place," he notes. "While there might be trends toward country-specific solutions, the real opportunities lie in scaling across borders."
