Sofinnova Partners hauled in 82 million euro ($93.3 million) in an oversubscribed financing round. The European venture capital group said it will use the cash to expand its medtech creation strategy in Europe and the U.S.
Dubbed the Sofinnova MD Start IV, the fund boosts the group’s ability to launch and support new ventures through start-up through new key clinical and operational milestones; the company said in a Sept. 28 press release.
A previous medtech targeted fund—the Sofinnova MD Start III—raised 63 million euro ($71.7 million) and was pumped into six companies that went on to add more than 140 million euro ($159 million) in follow-on financing.
Those companies include LimFlow, PreCARDIA, CorWave, BrightHeart and Moon Surgical.
“Sofinnova MD Start is one of the few strategies in Europe focused on creating medtech companies from the ground up,” Antoine Papiernik, chair and managing partner at Sofinnova, said in a statement. “This latest fund will allow us to scale that approach and remain a key part of Sofinnova's platform across the life sciences value chain.”
The VC group, which was founded in 1972, currently manages more than 4 billion euro ($4.5 billion) in assets.
It was just last November the group raised 650 million euro ($750 million) as part of the Sofinnova Capital XI fund directed at early-stage biotech and medtech companies in both Europe and the U.S. Months earlier, Sofinnova reached the 1 billion-euro-plus fundraising mark.