Sofinnova Partners, a longtime standard in venture capital, has announced the close of its 10th fund, aptly titled Sofinnova Capital X. The oversubscribed round currently stands at €472 million, bringing the total raise across its multi-fund platform to over €1 billion, with a total assets under management number hovering at €2.5 billion. Through this raise, Sofinnova touts that it is “the largest healthcare fund dedicated to early-stage investments and company creation in Europe.”
The Capital X fund will be used to carry on with Sofinnova’s current strategy, investing in the top biopharmaceutical and medical device start-ups on a global scale.
As we’ve seen in as many recent months, the European venture scene is hotter than a cat on a hot tin roof, and Sofinnova’s record pace of bringing in close to half a billion for the Capital X fund, and over €1 billion across the platform serves only as further evidence of said cat on said tin roof.
Institutional investors including pension funds, insurance companies, foundations, endowments, corporate investors, and prominent family offices from across Europe, Asia, and North America all clamored to get in on Sofinnova’s 30+ cumulative year experience in backing some of the biggest and brightest startups of our era.
“We are thrilled to have raised the largest fund dedicated to early-stage healthcare investments in Europe. This is an important milestone for Sofinnova Partners,” comments managing partner Henrijette Richter. “We now have more capital than ever to support leading entrepreneurs as they launch new companies to develop groundbreaking therapies that have the potential to change peoples’ lives.”