Advent France Biotechnology arrives at $69.2m fund
Posted on 21 April, 2017 by Chris Winters, reporter
The life sciences investment firm has raised $69.2m in seed funding from limited partners including Bpifrance and aims to back French entrepreneurs and early-stage companies.
Bpifrance, the public investment bank of France, has invested in a a €64.75m ($69.2m) seed fund established by France-based life science-focused firm Advent France Biotechnology (AFB), Labiotech reported yesterday.
Life science investor Advent Life Sciences has also invested in the fund, as has the European Union, through its European Fund for Strategic Investments and the InnovFin Finance for Innovators initiative.
Bpifrance made its commitment through its programme d’investissements d’avenir fund.
Founded in 2015, AFB invests in early-stage businesses with the potential to develop first or best in-class innovations that address unmet medical needs. The firm plans to do this by working with multiple research institutions and their tech transfer offices.
AFB hopes to rely on the same methodology as that of its investor Advent Life Sciences to identify startups. It will focus primarily on opportunities in France.
See more from this Government Report: France
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