XGEN Venture, a life sciences-focused venture capital firm based in Milan, Italy, has closed its inaugural fund at about €180 million.
Earlier this year, the firm announced that it had raised €160 million for XGEN Venture Life Sciences Fund and was targeting a final close on €200 million, as Venture Capital Journal previously reported. Fundraising began in December 2022.
XGEN was founded in 2021 by managing partners Paolo Fundarò, Federica Draghi and Daniele Scarinci, who previously worked together for nearly two decades at Italian life sciences investment company Genextra.
Family office Micheli Associati, which is the majority shareholder of Genextra, is an anchor investor in XGEN Venture Life Sciences Fund, along with the European Investment Fund and investment firm CDP Venture Capital, XGEN said in a statement. Other LPs include UniCredit, Quaestio Capital, Banco BPM, Inarcassa, ENPAM, Fondazione di Sardegna and Banca Sella Holding, it said.
“Our goal over the next years is to consolidate ourselves as one of the leading players in the European venture capital market,” Scarinci said in a statement.
Fundarò added, “The tremendous interest in the XGEN Venture Life Sciences Fund underscores the critical importance of innovation in addressing today’s pressing healthcare challenges.”
XGEN Venture Life Sciences Fund focuses on early-stage investments across biotechnology, medical devices and diagnostics. It has invested in six start-ups so far, including iOnctura BV, which is developing therapies for hard-to-treat cancers. The firm plans to make nine more investments over the next two or three years.
“Life sciences innovation is advancing at an unprecedented pace, and our investors recognize the opportunity to achieve impactful societal benefits alongside strong financial returns,” Draghi said.
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