iBionext has closed its Growth Fund, which has raised money from investors like Bpifrance to help young biotechs to reach their potential.
iBionext is a French ‘startup studio’ that specializes in the creation and development of startups in the healthcare industry. It has closed its iBionext Growth Fund at €90M, which will be used to finance small startups, allowing them to grow rapidly and reach their potential. This latest fundraising builds on the company’s previous fundraisings totaling €330M and will help it to add to its portfolio of 8 companies created in just 5 years.
The company’s approach consists of three steps, each making use of its connections with scientists and experts around the world. First, it spots exciting projects that could make a major impact on their respective fields. Second, it boosts the development of the biotech by providing organizational and financial support. Finally, iBionext grows the young company by giving it advice in areas like intellectual property, manufacturing, and marketing.
This approach has allowed iBionext to co-create five start-ups: Chronocam, Chronolife, Tilak Healthcare, BrainEver, Brainiac, which are now approaching clinical trials or commercialization.
The fund was first closed with €46M in the bag, just 6 months after it was created. However, it was reopened, sparking interest from new top-tier investors and the influx of more cash. Investors include Bpifrance, the so-called ‘bank of entrepreneurs’ and first-stop for young biotechs in France.
Alexia Perouse, Managing Director of iBionext, commented: “We are delighted to have generated such momentum around our new concept of start-up studio and we thank our investors for their trust. The renewed commitments from our historical investors and the size of the tickets invested speak to the attractiveness of HealthTech.”
With biotech research and development flourishing across the continent, a number of countries are stepping up their efforts to support young companies. Universities are a hotbed of important biotech research and top universities like the University of Cambridge and Imperial College London have tried to capitalize on this by opening their own incubators. The growing excitement around the Synbio field has forced Irish accelerator RebelBio to expand its operations and start a second program based in London.
For young biotechs, the search for financial support and a mentor is one of the biggest challenges as they get started. With more and more ‘startup studios’, accelerators and incubators popping up, and raising impressive sums of money, the struggle to find support may be getting easier.
Images via Merfin/ Shutterstock; Catarina Belova / Shutterstock
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