New Venture Fund Closes $102M to Boost Biotech and Medical Device Development
Truffle Capital has raised $102M (€85M), which will support biotechs, with a focus on medical device companies that have the potential to become market leaders.
Truffle Capital, founded in 2001 and based in Paris, is a venture capital firm that focuses on supporting start-ups in life sciences and IT. The company manages assets worth over $1.1B (€920M) and has funded over 80 companies, including Carmat, Carbios, and Abivax, since its inception. It has closed its most recent fund, Truffle BioMedTech, which was supported by European and Asian investors, as well as family offices. However, the fundraising is not over, with Truffle confident of reaching its target of $240M (€200M) by the end of 2018.
Philippe Pouletty, CEO and co-founder of Truffle Capital, revealed that the company not only provides investment to young companies but also “sets up an ambitious R&D team, an experienced management team, and attracts co-investors to promote growth to advanced clinical, manufacturing and commercial stages.” This will only add to the excitement in the biotech industry, with Boehringer Ingelheim doubling the size of its venture fund to €250M, Hadean Ventures raising €100M, and LSP closing the continent’s largest medtech fund worth €280M all in the past month.
Image – Olga Larionova / shutterstock.com
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