welcome to our june newsletter

Despite the heat, our portfolio and team was extra productive in June! This month, we celebrated Memo Therapeutics' exit to Ipsen Global, co-led Tokura's seed round to modernize outpatient surgery, held multiple events during SuperReturn, and took the redalpine European Dynamism roundtable series to Zurich and Stockholm. Read on for these updates and more.

portfolio funding

redalpine co-leads Tokura's seed round to modernize surgery in Germany

Tokura (RAC VIII) is building the operational backbone for outpatient surgery in Germany, at exactly the right moment. 63% of all surgeries in Germany still happen inpatient, roughly twice the rate of comparable countries, and around 4 million of those procedures could safely move to same-day ambulatory settings. The regulatory framework is already shifting, but the infrastructure to deliver on it has never been built. That is the gap Tokura is closing.

We are proud to co-lead Tokura's seed round alongside Heal Capital, with participation from better ventures and angel investors. The capital will go toward building Tokura's first flagship center in Berlin and developing the proprietary Tokura OS, a platform that orchestrates the entire surgical journey from scheduling and pre-operative preparation through to documentation, billing, and aftercare. The model is designed to deliver 50% less administrative time, three times higher throughput, and 30% better profitability for surgeons compared to existing alternatives.

Tokura was founded by Dr. Daniel Kreter and David Rizor, who built and scaled Taxfix (RAC VIII) together over six years. They bring the execution DNA to build a scaled operations business, backed by a clinical advisory board with deep experience across Charité Berlin and beyond.

We are proud to back Daniel, David, and the full Tokura team on their mission to deliver one million ambulatory surgeries a year. Read more in our blog post here.

From hypothesis to exit: Memo Therapeutics acquired by Ipsen 

We're delighted to share that Memo Therapeutics (RAC II) has been acquired by French pharmaceutical company Ipsen in a deal valued at over €700 million in total potential consideration.

We first invested in Memo in their 2015 Series A round and continued backing them over the years, believing deeply in their powerful antibody discovery platform. By mining the entire immune repertoire, Memo has pioneered a way to translate natural human immunity into superior medicine.

The culmination of this hypothesis is potravitug, a first-in-class antibody targeting the BK polyomavirus. This virus represents a massive unmet medical need, regularly affecting kidney transplant patients and often leading to organ loss. Memo’s recent Phase II results showed significant viral load reductions and a pivotal Phase II/III trial is slated for later this year. Reflecting its breakthrough potential, potravitug was granted U.S. FDA Fast-Track Designation and EU Orphan Drug Designation.

We first invested in Memo's 2015 Series A round and continued backing the company through every round since, working alongside Christoph Esslinger, Erik van den Berg, Lars Spenger, and the entire team as they built the platform and pushed potravitug toward the clinic. Congratulations to all on this well-deserved success! Read more here. 

portfolio updates

• Flexion Robotics (RAC VII), the Swiss company building the intelligence layer for humanoid robots, launched Reflect v1.0, a platform letting humanoids complete long-horizon, multi-step tasks fully autonomously using a single natural language command. Read more in Wired. 

  
  

• Mistral AI (Summit Fund) released OCR 4, a document intelligence model that extracts, classifies, and localises content across 170 languages and is deployable fully on-premise for enterprise data sovereignty. Read more here.

  
  

• Proxima Fusion (RAC VII), building the next generation of fusion power plants, shared its latest progress with German Chancellor Friedrich Merz, highlighting that fusion is officially on the government agenda.

  
  

redalpine in the media

• The nuclear renaissance and Europe's fusion bet

  Sebastian spoke with the Financial Times about the growing investor conviction around nuclear fusion, why Europe has an edge in the fusion race, and how that conviction led us to back Proxima Fusion from seed. Read the article here.

  
  

• 21 spinouts to watch, according to VCs

  Harald shared two university spinout companies to watch with Sifted: Corintis from EPFL and SpAItial from the Technical University of Munich. Read the article here.

redalpine updates

We are excited to announce that the redalpine Summit Fund is now available to individuals investing their vested benefit assets through Pensexpert via their PensFree Vested Benefit Foundation (Freizügigkeitsstiftung). Through this partnership, investors can, for the first time, gain access to our institutional venture capital strategy for their vested benefit assets.

The initiative marks an important milestone in making institutional-quality venture capital more broadly accessible, allowing long-term retirement assets to participate in Europe's next generation of technology leaders.

European Dynamism roundtables, Zurich and Stockholm

This month, we brought our European Dynamism roundtable series to two cities in one week. We hosted 20+ investors at the Mandarin Oriental in Zurich for the second local edition of this event, before heading to Stockholm's Ett Hem for our first Nordic roundtable with local decision makers. The thesis that anchored both conversations: Europe is not catching up in AI, it is structurally built for this moment. The constraint is not talent or ambition, but rather growth capital. Or as our GP Daniel Graf put it, Europe's moment in technology is not coming - it's already here.

SuperReturn and Morning Run, Berlin

At SuperReturn 2026, redalpine teamed up with MaxAllocation, Lerer Hippeau, and xbionic for a morning run through Berlin past the Brandenburg Gate and the Reichstag. xbionic handed out their latest high-performance shoes for the run, which ended with a healthy breakfast in Tiergarten. Back at our tiny house at SuperReturn, the energy of our early start carried through the rest of the conference, and the conference once again proved why it is Europe's flagship private markets event.