Kurma Partners has closed Biofund IV at €215 million. This is their largest fund to date and represents a 35% increase over the €160 million raised for Biofund III. With this close, Kurma now manages €1 billion in assets, a jump from its €51 million debut fund in 2009.
Major investors in the fund include Eurazeo, which is Kurma’s parent company, CSL, the European Investment Fund, and Bpifrance. Bpifrance invested both directly and through France’s Biotech Health Acceleration Fund as part of the France 2030 initiative.
Thierry Laugel and Rémi Droller founded Kurma Partners in Paris to help launch companies based on academic research, rather than only backing existing startups. Its Argobio Studio, launched with Bpifrance and supported by Angelini Ventures, Evotec, and the Institut Pasteur, has invested in eight companies so far, three of which have completed their first funding rounds.
Biofund IV continues a period of strong growth for Kurma: Amolyt Pharma was acquired by AstraZeneca, Emergence Therapeutics by Eli Lilly, Corlieve Therapeutics by uniQure, and ImCheck Therapeutics by Ipsen in a deal worth €350 million upfront, with possible milestone payments up to €1 billion.
While Biofund IV closed just under its €250 million target, it still attracted more interest than the previous fund. So far, it has invested in 11 companies and plans to reach about 20 investments in total. These include SciRhom, Memo Therapeutics, Avidicure, Elkedonia, Nuevocor, Evla Bio, Adcytherix, Evidence Bio, Laigo Bio, Alveus, and Givax.
Kurma’s €215 million fund is one of the largest in Europe, along with Sofinnova Partners, Forbion, and Versant Ventures Europe. Unlike its rivals, Kurma invests in existing companies and helps start new ones.
Biofund IV plans to invest its remaining capital in about nine more companies over the next few years. Kurma will continue to support early-stage startups and co-create companies with academic partners.
