Paragon 28
Paragon 28

Paragon 28

Orthopedic foot and ankle company

Investment has been completed on May 10, 2022

Net profit
View current offerings

Paragon 28 is an orthopedic foot and ankle company that has obsessed over every aspect of surgery for this complex body part. The investment’s result is +49%.


The name “Paragon 28” was chosen to show that it is exclusively a foot and ankle company, with the “28” representing the number of bones in the foot.

The company creates tailored solutions to improve surgical outcomes. Paragon 28 has launched 72 product systems, including approximately 8,700 SKUs to help fit the specific needs of each patient and procedure. In addition to the core US market, Paragon 28 distributes its products in more than 23 countries.


The size of the global foot and ankle devices market is expected to reach $8.2B by the end of 2026 from $5.72B in 2021 at a CAGR of 7.5%. Paragon 28 competes with Wright Medical/Stryker, DePuy, Smith & Nephew, Arthrex.

Increasing ageing population, the growing incidence rate of fractures, bone-joint problems, bunions, foot ulcers and arthritis are the factors that propel the market growth.


We bought Paragon 28 stock in December 2020 at $8.23 (after split) at a $550M valuation. In October 2021, the company went public on the NYSE under the ticker FNA at a $1.1B valuation. On May 10, 2022, the investment closed at $13.75 with +49% result.


About the company, Paragon28 website, December 2021

FORM S-1, Securities and Exchange Commission, September 2021

Foot and Ankle Devices Market Size, Growth Report, Market Data Forecast, April 2021

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Eligible Purchasers. The interests in funds will be sold only to “accredited investors” as defined in Rule 501(a) of Regulation D. It also may be required that interests are sold only to “qualified purchasers” as defined in Section2(a)(51) of the Investment Company Act of 1940.

Offerings. Interests in the funds are sold in accordance with the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated under the Securities Act, and other exemptions of similar import in the laws of the states where the offerings will be made. The funds mentioned in offerings will not be registered as investment companies under the Investment Company Act of 1940.

Past Performance. Past performance is no guarantee of future results. Any forecasts are inherently limited and should not be regarded as indicators of actual or future results.

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