Biotech venture capital firm Ysios Capital said today it has raised $140 million (€126.4 million) for its 2nd life science fund, Ysios BioFund II Innvierte. The closing exceeded its initial target of $110 million (€100 million), the VC shop said.
The Spanish firm said it plans to finance up to 15 biotech, medtech and diagnostic startups and development-stage companies with disruptive products or technologies that address unmet patient populations.
Investors for the life science fund include the Spanish Ministry of Economy, the European Investment Fund, the European Commission, pension funds such as Orza and Lagun Aro, Banc Sabadell, and private investors.
So far, Ysios BioFund II Innvierte has invested in 5 companies. Its investment with Sanifit was the largest transaction in the history of the sector in Spain, according to the firm. It expects to announce new investments before the end of the year.
“We have exceeded our initial closing target. Ysios BioFund II Innvierte has become one of the biggest specialized biotechnology funds in southern Europe,” partner Julia Salaverria said in prepared remarks. “We are very grateful to have the backing of many exceptional investors who have shown confidence in Ysios Capital’s work and in the potential of the biotechnology sector.”
“The success of our second fund is the result of the excellent work of a committed international and multidisciplinary team,”added partner Joel Jean-Mairet. “With our recent investments we have been able to attract specialized international funds and corporate venture funds to Spain, which represents an inflection point for the country´s biotech sector. In 2015 alone, Ysios Capital portfolio companies in Spain have been capitalized with €100 million.”
“Thanks to the equity products developed under Horizon 2020, the EU today invests directly into some of Europe’s most promising companies in the biotech, medtech and diagnostic sectors,” noted European commissioner for research, science & innovation Carols Moedas. “By providing finance for innovation in this way, we support the development of tomorrow’s healthcare solutions.”
“This new deal with Ysios Capital targets small and medium sized businesses, which often lack accessible financing options. With its unique position in the market, Ysios Capital will play a valuable role in helping Spanish start-ups and spin-outs. The EIF is pleased to be working with this fund, whose objectives are in line with our mission to support innovative small and medium sized businesses across Europe,” Pier Luigi Gilibert, CEO of the European Investment Fund, said.