Tuesday 26th Jan 2010
Market News
Sofinnova Partners Announces Closure of Sixth Fund for €260 million
Sofinnova Partners, a leading European venture capital firm, announced today the closure of its sixth fund, Sofinnova Capital VI, raising €260 million. The closing follows the most successful year in the firm’s history, which included three landmark exits (CoreValve, Fovea and Novexel), one IPO (Movetis) and eight new investments from Sofinnova Capital VI.
Investors in Sofinnova Capital VI include CDC Entreprises, Industrial & Financial Investments Co., JP Morgan Asset Management, funds advised by Partners Group and Skandia Life Insurance Company.
“Given the context of the global economy and coupled with our successes during the past 12 months, the closing of our sixth fund is testimony to the fact that our investors recognize our solid investment style and our ability to generate returns, even during turbulent economic times,” said Denis Lucquin, managing partner of Sofinnova Partners. “With the successful trade sales of our portfolio companies and the IPO of Movetis, 2009 confirmed that Sofinnova Partners is a major player in backing entrepreneurs and building world leading technology companies. This to us proves that one can make money with European Venture.”
Sofinnova Capital VI already invested in eight start-ups and spinoffs, in disruptive technologies in healthcare therapeutics, medical devices, green chemistry, in wireless and mobile technologies, all led by experienced entrepreneurs and management. These deals include Celsius (France/Switzerland), CoAxia, Inc. (USA), Crescendo Biologics Ltd (UK), DNP Green Technology, Inc. (Canada/France), Flexion Therapeutics AG (Switzerland/USA), MD Start (Switzerland), Mydeco (UK) and Sagem Wireless (France).
