Sofinnova bulks out VC shop with a hefty $548M as it zeroes in on early-stage European biotechs

Sofinnova Partners has raised 472 million euros ($548 million) to create the largest early-stage healthcare venture capital fund in Europe.

The Paris-based VC company is no stranger to these raises, with this being its tenth fund, and adds to the 1 billion euros it has already raised in the last 12 months, bringing in a total of 2.5 billion euros.

But this latest $548 million for the so-called Capital X fund now sees it become the largest healthcare fund dedicated to early-stage investments and company creation in Europe as it looks to help spread early biotech and medtech bets across the continent.  

The VC did not share specifics of what it would target, simply saying in a statement that: “In keeping with the current strategy, the team will source and create value across a portfolio of ground-breaking innovations in healthcare, supporting entrepreneurs globally in the creation and growth of their companies.”

“The close of Capital X, significantly oversubscribed and raised in record time, comes at a pivotal moment as the importance of healthcare innovation has become exceedingly clear to all,” said Antoine Papiernik, managing partner and chairman of Sofinnova Partners.

“The fact we have been able to raise €1 billion across our platform over the past 12 months is a tribute to our investors and their conviction in our ability to bolster our leading position in Europe.”

This builds on its March raise of 445 million euros ($540 million), focusing on later-stage efforts and European clinical-stage companies “needing scale-up capital” while also supporting “best-in-class companies” in the U.S. and elsewhere.

Its last early-stage focused venture came in 2019 and was worth 333 million euros ($368 million) in another oversubscribed round.