French Crossover Fund Raises €275M to Invest in Medical Biotechs

Sofinnova Crossover Fund

Sofinnova Partners has launched a crossover fund focusing on European companies to support medical biotechs across all funding stages, from seed to late stage. 

Sofinnova Partners, the largest French biotech VC, has launched a new fund called Sofinnova Crossover I to invest in the biopharmaceutical and medical device sectors. According to Sofinnova, the €275M fund is the largest healthcare crossover fund focused on European companies. The fund attracted international investors, including the French firms Bpifrance and CNP Assurances, as well as a Danish state investment fund and a major Chinese biopharmaceutical company.

Sofinnova plans to expand its representation in life sciences by investing across the whole value chain, from seed to late stage companies. The fund will support about 15 late stage private and public companies, of which around 80% will be European, with the remaining 20% being primarily in North America.

The news follows Sofinnova’s recent closing of its Industrial Biotech I fund at €125M, the largest fund worldwide dedicated to green biotech. This fund helps companies that are using biological approaches in the chemical industry, such as the production of plastics, to become more sustainable.

Crossover and late-stage funding is almost non-existent for biotechs in Europe, and Sofinnova has placed itself in an ideal postion to solve this problem. Given these developments, it’s no surprise that Sofinnova made our list of the top 10 biotech VCs to look out for in 2018.

Images by Ioan Panaite/Shutterstock


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