European VC Sofinnova raises €333M for early-stage biotech, medtech firms

Sofinnova Partners' €333 million haul will predominately go into European companies, with around a third going to North America. (Getty Images)

Europe-based venture capital company Sofinnova Partners has raised a meaty €333 million ($368 million) in an oversubscribed round to boost life science funding.

The firm, which manages €2 billion across its life sciences platform, half of which has been raised in the last four years, dubbed its latest fund Sofinnova Capital IX and will now look to funnel the cash into “early-stage healthcare” including biotechs and medical technology companies.

Sofinnova said it “will seek to invest as a founding and lead investor in start-ups and corporate spin-offs, and focus on therapeutic, paradigm-shifting technologies and products alongside visionary entrepreneurs.”

Sofinnova Capital IX will invest about two-thirds of its funds in European companies and one-third outside of Europe, primarily in North America, it said in a statement.

The majority of the new funds came from Northern Europe, but also from leading North American investors in the U.S. and Canada “as well as major investors from Asia,” the firm said.

Antoine Papiernik, managing partner and chairman of Sofinnova Partners, said: “Our experienced team, stable strategy and exit track record resonated well with investors, hence the success of our fundraising for this latest Capital fund. Over the last three years, we have completed nine remarkable exits in the portfolio for a total enterprise value of almost 4 billion euros.”