Portugal’s first biotech VC raises 51 million euros

Portugal’s first biotech VC raises 51 million euros - Portugal Business News

Portugal news - Portugal’s first biotech VC, Biovance Capital Partners, raised 51 million euros, marking the first-ever investment by the European Investment Fund in a Portuguese health fund.

Portuguese biotech VC, Biovance Capital Fund, is one of the largest Iberian venture capital funds dedicated to early-stage biotech. The VC will focus on investing in the booming early-stage drug development sector across Europe, with a special focus on Portugal and Southern Europe. The investment team, that includes two biomedical scientists and one medical doctor educated at world-renowned institutions, will target seed and Series A rounds, with ticket sizes ranging from € 1.5 to 6 million.

Key investors in the Biovance Capital Partners fund include the European Investment Fund (EIF), Portuguese bank Banco Português de Fomento (BPF), and the European Commission, through the Portugal Tech and InvestEU programmes. Additional investors include Caixa Capital that belongs to the Caixa Geral de Depósitos Group, Ageas Pensions, EDP Pension Fund, and private investors from the USA and Europe.

The biotech sector in Portugal and Southern Europe are attracting venture capital funds due to the exceptional quality of biomedical research that has generated a wealth of technologies ready to be spun-out into profitable new ventures. Portugal’s biotech sector will receive crucial capital and support for the development of novel transformational therapies addressing unmet medical needs across all disease areas.

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