After striking sales deals on a couple of its medtech plays last year, France’s Truffle Capital has raised the first $102 million of a planned $240 million fund aimed at launching new biotech startups out of academic research circles in the US and Europe.
Truffle BioMedTech will aim at creating new upstarts in the drug and device world, to be based in France. Vexim, Carmat, Symetis, Pharnext, Carbios and Abivax were all founded or co-founded by Truffle partners. And Symetis and Vexim were both bought out last year for more than $600 million.
The partners are already busy launching new companies after the first close. They’ve created HoliStick Medical, chaired by Antoine Pau; ArteDrone, chaired by Alain Chevallier; and Nanosive, chaired by Philippe Pouletty. In total, a dozen companies are expected to be financed by the new fund.
“As a major European venture capital player in the fields of interventional medicine, connected bioprostheses and biotechnology, Truffle Capital attracts prominent investors, scientists, engineers, clinicians and entrepreneurs who share its vision,” says Philippe Pouletty, co-founder and CEO of Truffle Capital.
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