Puzzle Medical Devices is thrilled to announce the closing of its CAN$43 million round to complete its clinical study led by KF Matheson and Desjardins Capital

Montreal, QC – Puzzle Medical, a Montreal-based medtech startup developing a percutaneous heart pump to support cardiac and renal function in patients with advanced heart failure, today announced the successful closing of a CAN$43 million funding round. The round was led by KF Matheson and Desjardins Capital, with participation from Lumira Ventures, Longview Ventures, BDC Capital, and existing investors.

This raise represents one of the largest medical device raises in the past two years in Canada. The capital will be used to refine Puzzle Medical’s percutaneous heart pump and its novel features, advance clinical studies to assess its safety and efficacy, and scale the team to support the company’s growth. As part of this milestone, Puzzle Medical is pleased to welcome new board members Kris Shah and David Prim, as well as board observers Daniel Hetu and Steven Abrams.

“Given the current macroeconomic landscape, this funding is a true testament to the impact of our work, the dedication of our team, and the unwavering support of our investors,” said Jade Doucet-Martineau, CEO and co-founder of Puzzle Medical. “These funds will accelerate our mission to transform the treatment of advanced heart failure.”

”The innovative technology being developed by Puzzle Medical will have a positive impact on cardiac patients worldwide. The Puzzle team and their achievements to date are an exemplification to the talent and ingenuity of Canadian entrepreneurs. We are proud to support their important work” – Frank Baylis, co-founder of KF Matheson. 

“At Desjardins, we firmly believe in innovation and the good it can do for patients’ health. Desjardins Capital’s investment in Puzzle Medical Devices via the CRCD is in step with our commitment to supporting the growth of companies that create revolutionary technology. As a proud partner since February 2023, we’re thrilled to work with Puzzle Medical Devices to improve treatment of heart failure and offer patients worldwide better quality of life”. – Nathalie Bernard, Chief Operating Officer, Desjardins Capital

“Our investment in Puzzle continues our long history of partnering with entrepreneurs dedicated to building world-class cardiovascular medical device companies. We are excited to support Puzzle’s team in the development of their breakthrough technology which has the potential to significantly impact the treatment of patients with heart failure.” – Daniel Hétu, Managing Director of Lumira Ventures.

About Puzzle Medical Devices

Founded in 2018, Puzzle Medical Devices is dedicated to improving patient outcomes through the development of a percutaneous heart pump for patients with advanced heart failure. The device’s modular design allows for safe implantation to support both renal and cardiac function through 4mm-pumps anchored in parallel in the descending aorta. For more information, visit puzzlemed.com.

Disclosure: Puzzle Medical’s device is not approved by the FDA and is not for sale in any countries.

About KF Matheson

KF Matheson serves as the family office of Frank Baylis and Kris Shah, two long-standing Canadian business partners and accomplished medical device entrepreneurs. Together, they have co-led and successfully exited multiple ventures in the medical device sector, with a combined transaction value exceeding CAN$2 billion. Leveraging its accumulated capital, the firm enables permanent, sustained impacts aimed at advancing quality of life worldwide. Its medical device portfolio seeks to improve the lives of patients through the conception and commercialization of state-of-the-art medical devices.

About Desjardins Capital

Backed by 50 years' expertise, Desjardins Capital’s mission is to contribute to the prosperity of individuals and communities by investing in the growth of Quebec businesses. With assets under management of $3,2 billion as of December 31, 2024, Desjardins Capital contributes to the longevity of nearly 730 companies, cooperatives and funds in various sectors of activity from all regions of the province. In addition to contributing to socio-economic development, productivity and the adoption of sustainable practices, this subsidiary of Desjardins Group offers entrepreneurs access to a broad business network, enabling them to be accompanied and supported in their projects. 

About Lumira VenturesLumira Ventures is the largest and most active life sciences venture capital investor domiciled in Canada. Lumira invests in best and/or first-in-class innovative healthcare companies that are primarily located in “secondary” geographies within North America. Its goal is to partner with mission-driven entrepreneurs to develop transformative therapeutics products and medical devices while generating strong financial returns for our investors and meaningful impact for patients. To that end we are proud to share that our portfolio companies have received FDA approvals for over 40 products that are improving the lives of over 1 billion patients worldwide.

About Longview Ventures 

Longview Ventures is an independent investment vehicle that makes investments in select portfolio companies of Broadview Ventures, a mission-driven investment organization focused on cardiovascular disease and stroke. Longview focuses on clinical-stage companies as a complement to Broadview's continued dedication to Seed and Series A financings. Longview and Broadview are funded by the Leducq Charitable Trust.