Medicxi, a London and Geneva-based life sciences venture capital firm, closed its first late-stage fund, at $300m.
Cornerstone strategic investors in MG1 are Novartis, Verily, an Alphabet company, and the European Investment Fund (EIF).
The fund also includes most of the institutional LPs that previously backed Medicxi’s first fund, as well as several new investors.
With MG1 fund, the firm will focus on growth stage companies in European life sciences, trying to fill a clear gap in Europe, where talented entrepreneurs do not have access to as much local financial support as their US-based counterparts to expand exciting opportunities into more mature companies.
Led by Giuseppe Zocco, co-founder and Partner, who will be the responsible for a dedicated growth team to be fully integrated with the established Medicxi team and Francesco De Rubertis, MG1 will be looking to invest in private or public companies with at least one asset in Phase II or beyond that Medicxi believes can become a licenced pharmaceutical product.
MG1 will be supported by a Scientific Advisory Board (SAB), which will benefit from the sector expertise of the senior executives of Novartis and Verily.
Since 2016, Medicxi has raised in excess of $500m of new capital to invest across early and late stage companies through MV1 and MG1.