European backing for early stage life sciences innovation specialist BioGeneration Ventures – BGV IV closes at €140 million
BioGeneration Ventures (BGV), a leading early-stage VC in European biopharma, announces the closing of BGV IV at €140 million ($170 million), including €30 million backing from the European Investment Fund (EIF). Demand to invest in this fourth fund was strong and allowed BGV to increase its final size to be better equipped to support healthcare innovation in challenging times. The EIF's commitment was made possible with the backing of the Investment Plan for Europe as well as the Dutch Future Fund, a recently launched initiative between the EIF and Dutch national promotional institution Invest-NL.
- BGV now one of the largest biotech investors in early stage ventures and company creation in Europe; BGV Fund IV closes with €30 million backing from EIF
- Participation of the European Investment Fund backed by European Fund for Strategic Investments (EFSI), main pillar of Investment Plan for Europe
- BGV IV already made four investments with focus on entrepreneurial therapeutic innovation
By the final close, LPs included the global pharma companies Bristol Myers Squibb, Eli Lilly and Company, Novo Ventures, a world-leading life science investor and institutional investors, Schroder Adveq, Industriens Pension and KfW Capital. With a commitment of €30 million, the European Investment Fund is the largest backer. BGV is now one of the largest Biotech investors in Europe dedicated to early stage ventures and company creation. The VC has over € 250 million assets under management.
The investment focus of the fourth fund is to seek innovations that have a truly differentiated scientific basis, supported by convincing experimental data. These innovations must be compelling and stand out in the global scientific arena, with the potential to have a substantial healthcare impact.
Commissioner for the Economy, Paolo Gentiloni, yesterday said: “I warmly welcome the Investment Plan for Europe's support for this EIF investment in BGV. It will support this specialised fund to finance early-stage European biotech companies operating at the forefront of healthcare innovation.”
Edward van Wezel, BGV's Managing Partner yesterday said: “Progressing early stage projects from discovery to clinical proof-of-concept requires a breadth of experience that founding teams often do not have from the outset. This is where BGV's team collective experience is a key differentiator, with their extensive network and experience spanning investment, life sciences, business development, and commercial operations. With this closing at €140 million, we are well positioned to support our portfolio companies with both increased financial capacity and our strong expanding international network.”
“There is still something of a financing gap for this kind of investment, which we feel is exactly the sort of venture that markets should get behind right now. Therefore, we think it is excellent news that, with support of the EIF and the Investment Plan for Europe, the fund reached a size matching its ambitions and challenges ahead.” said Alain Godard, Chief Executive of the EIF. “We are glad to get behind BGV and hope that this operation will have a further signaling function for the sector.”
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