Investment group Medicxi said today it closed its $300 million Midicxi Growth 1 fund focused on growth stage companies in European life sciences.
The fund is being backed by cornerstone strategic investors Novartis (NYSE:NVS), Verily and the European Investment Fund, and includes most of the institutional LPs that backed the firm’s 1st fund, as well as several new investors.
“We are excited to partner with Medicxi, Novartis and EIF to help European life sciences innovators accelerate patient and physician access to new and promising therapeutics,” Verily CEO Andrew Conrad said in prepared remarks.
“The combination of Novartis, Verily and Medicxi will have a positive impact on the future of the life sciences sector in Europe. Since it was spun out of Index Ventures, Medicxi has continued to be a leader in the life sciences investment community, and this new fund offers us the opportunity to support companies with growth potential that for too long have had to look elsewhere,” European Investment Fund chief exec Pier Gilibert said in a prepared release.
Medicxi said that the fund looks to “help fill a clear gap in Europe,” where it claims life science entrepreneurs don’t have the same access as their US-based counterparts to expand into mature companies. The fund will also be supported by a Scientific Advisory Board.
“The backing by Novartis and Verily is extremely exciting for us. We look forward to inspiring and insightful sessions of the Scientific Advisory Board. We believe these meetings will greatly benefit our portfolio companies,” Medicxi co-founder & partner Francesco De Rubertis said in a prepared statement.
Index Ventures co-founder and Medicxi partner Giuseppe Zocco will be responsible for a dedicated growth team, which will be fully integrated into Medicxi’s established team.
“This late-stage growth fund will support ambitious European entrepreneurs who are willing and able to build innovative companies through advanced clinical development and market entry, rather than pursuing a premature and generally suboptimal early exit through partnering or M&A,” Zocco said in a press release.