TLDR:
Portugal-based Biotech firm Biovance Capital Partners announces the first close of its new biotech fund, Biovance Capital Fund I, at €51m (US$56m). The fund aims to invest in disruptive drug development companies across Europe, with a focus on early-stage biotech companies in Portugal and Southern Europe. Key investors include the EIF, Banco Português de Fomento (BPF), and the European Commission. The fund’s investment team consists of two biomedical scientists and one medical doctor.
Article Summary:
Portugal-based Biovance Capital Partners has closed the first round of funding for their new biotech fund, Biovance Capital Fund I, raising a total of €51m (US$56m). The fund aims to support disruptive drug development companies across Europe, with a particular emphasis on early-stage biotech companies in Portugal and Southern Europe. The fund’s investment team plans to target seed and Series A rounds, with ticket sizes ranging from €1.5 – 6m. The fund has garnered investment from key players such as the EIF, Banco Português de Fomento (BPF), and the European Commission through programs like Portugal Tech and InvestEU. Other investors include Caixa Capital, Ageas Pensions, EDP Pension Fund, as well as private investors from the USA and Europe. Given the interest from additional investors, the fund is expected to expand further until its final close in the coming months. The investment team of the fund comprises of two biomedical scientists and one medical doctor, each with a background in pharmaceuticals and venture capital industries. Managing partner Ricardo Perdigão Henriques stated that the launch of Biovance Capital Fund I is a significant milestone in Portugal’s biomedical ecosystem.
