St. Paul and the Foundry Team Up

Combining the resources and skills of an incubator and venture fund, with contacts in two of the most important medical device communities, Minneapolis-based St. Paul Ventures and West Coast-based The Foundry are joining forces, as St. Paul becomes an investor in The Foundry and Allan Will, founder of the incubator, joins the venture firm as a general partner. St. Paul recently raised a new $1 billion fund, of which one-quarter of the proceeds will go to health care, and 80% of its health care investments will be in medical devices.

For St. Paul partner David Stassen, the partnership with Will was a long time coming. Stassen, who joined St. Paul...