Life sciences focused venture capital firm Sofinnova Partners said yesterday it raised $325 million (EU €300 million) for a new fund focused on the healthcare industry, specifically biopharma and medical devices.
The fund brought in more than its initial target of $272 million (EU €250 million) and puts the total amount under Sofinnova’s management to $1.6 billion (EU €1.5 billion).
“Our experienced team, stable strategy and exit track record resonated well with investors, hence the success and speed of our fundraising for this fund. Over the last 3 years, we completed 10 remarkable exits in the portfolio for a total enterprise value of almost 3 billion euros,” managing partner Antoine Papiernik said in prepared remarks.
Sofinnova Partners said it will seek to invest as founding and lead investor in start-ups and corporate spinoffs with a focus on therapeutic “paradigm shifting” technologies. The firm said it aims to invest approximately 2/3rds of its funds in European companies, with 1/3rd primarily in North America.
“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,” managing partner Rafaèle Tordjman said in a press release.
The fund saw participation from international investors, predominantly pension funds, funds of funds, family offices and insurance companies, the firm said.