Sofinnova Partners launches a €300M biotech startup fund with European focus

The venture capital firm, looking to further expand its life sciences portfolio, has now brought the total amount under management to €1.5 billion ($1.6 billion).

Paris-based venture capital firm, Sofinnova Partners, has closed its Sofinnova Capital VIII fund with €300 million ($324 million) that will be dedicated toward adding 15 to 20 more biotech companies to its portfolio, two thirds of which will reportedly be in Europe, the rest in North America.

Back in 2012, the firm raised €240m, and with this new fund it brings the current amount under management at Sofinnova Partners to €1.5 billion ($1.6 billion).  The company’s focus will remain in the biopharmaceutical and medical device sectors.

“Our experienced team, stable strategy and exit track record resonated well with investors, hence the success and speed of our fundraising for this fund,” Antoine Papiernik, Managing Partner at Sofinnova Partners, said in a company statement. “Over the last three years, we completed 10 remarkable exits in the portfolio for a total enterprise value of almost 3 billion euros.”

International investors, the majority from Europe, including France, Italy, Sweden, Norway, Switzerland, Belgium and Luxembourg, as well as from leading North American investors in the US and Canada contributed to the fund. Money primarily came from pension funds, funds of funds, family offices and insurance companies.

“We are honored by our investors’ support, which will allow us to transform entrepreneurs’ vision into successful businesses, and help bring life saving innovations to the medical community and patients,” said Rafaèle Tordjman, Managing Partner at Sofinnova Partners.

Photo: Flickr user Photo from Flickr user Images Money