Major European venture capital fund Truffle Capital has closed two new institutional funds, BioMedTech and Fintech-Insurtech, having successfully raised €390m from international institutional investors.
The company received €250m in commitments for its BioMedTech fund and €140m for its Fintech-Insurtech fund. The BioMedTech fund will be used to fund and create 12 companies, mainly in France, developing medical devices and mini-invasive medications.
These initiatives will be based on disruptive technologies sourced by Truffle from the top 50 US and European universities.
About 60% of the amount raised for the new Truffle Capital funds comes from French investors and 40% from international investors.
The company has already generated five start-ups, which rely on exclusive and global licensing agreements negotiated with international research centres and universities.
These are: HoliStick Medical, a Harvard and Massachusetts Institute of Technology spinoff aiming to treat cardiac pathologies without open-heart surgery; Skinosive, a Yale University company which develops dermo-cosmetics to prevent skin cancers; Artedrone, whose autonomous microrobots could prevent and treat cerebrovascular pathologies; PKMed, which develops smart bioactive implants; and Bariatek, which works on non-invasive medical devices to treat obesity and diabetes.
The two funds represent a major acceleration in Truffle Capital’s development compared to the €750m the firm has raised in the past 15 years. Previous Truffle funds were largely non sector-specific and focused on retail.
Truffle Capital co-founder and CEO Dr Philippe Pouletty said: “With €250m new funds, we are now among the top BioMedTech players in Europe, especially in the interventional medical devices segment. Our investment strategy is designed to allow clinicians to treat patients more effectively and in a less traumatic way with revolutionary products, allowing patients to enjoy better and longer lives, and payers to reduce health costs.
“Our proven experience as entrepreneur-investors and our investment fire power allow us to build future world leaders within the excellent French ecosystem, from creation to clinical and commercial stage.”