Truffle Capital sniffs out €250M for its BioMedTech startup fund

Parisian venture firm Truffle Capital has secured €250 million ($278 million) for its biotech and medtech fund, with plans to seed about a dozen new healthcare-focused companies, located mainly in France.

This represents a strong acceleration in the firm’s development: combined with a separate €140 million raise for its Fintech-Insurtech fund—aimed at artificial intelligence and blockchain startups for the banking and insurance industries—the latest capital commitments are a sharp increase compared to the €750 million Truffle has raised over the past 15 years, which have supported over 70 companies.

“With €250 million in new funds, we are now among the top BioMedTech players in Europe, especially in the interventional medical devices segment,” said Truffle’s co-founder and CEO, Philippe Pouletty, who also heads up its BioMedTech team.

“Disruptive innovations sourced by Truffle Capital will combine smart implants, mini-invasive surgery, interventional radiology, AI, micro-robotics and the harnessing of human physiology,” Pouletty said in a statement. “Medical needs and market potential are very important, especially in cardiology, neurology, dermo-cosmetics, oncology, gastroenterology and orthopedics.”

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The BioMedTech funding has already helped launch five startups: HoliStick Medical, focused on holes in the heart that have not closed during fetal development; skin cancer prevention company Skinosive; Artedrone, which aims to treat strokes using autonomous microrobots; bioactive implant designer PKMed; and Bariatek, developer of noninvasive devices for obesity and diabetes. Truffle stays the main shareholder in its participations and works to support its companies until the advanced stages of development.

The latest close raised about 60% from French investors and 40% internationally, according to the firm. This includes L'Occitane Group’s startup studio Obratori, Guerbet, Agrica, BPCE, Caisse Centrale de Réassurances, ProBTP and Sopra Steria, plus other French and international family offices. French pension fund Fonds de Réserve pour les Retraites previously gave Truffle a mandate in 2017.