Paris, France based Advent France Biotechnology has held the first close of Advent France Biotechnology Seed-Fund I, at €64.75m (USD68.5m).
Supported in by the National Seed-Fund (Fonds National d’Amorçage) managed by Bpifrance under the Investments for the Future Program (PIA), the “EU InnovFin Finance for Innovators” initiative and the European Fund for Strategic Investments, the venture capital fund will work as a technology transfer fund with multiple research institutions and their respective technology transfer offices to seed and build early-stage innovative Life Sciences companies in France.
In addition to its institutional funds-of-funds, the fund was raised from private companies, family offices, management and EIF.
Supported by Advent Life Sciences, to which it will have a direct access to a team of 15 investment professionals, Advent France Biotechnology will seed, create and support early stage Life Sciences projects in the UK, Europe and the US. In addition to its relationship with Advent Life Sciences, the firm intends to work closely with and to be complementary to existing French venture capital firms.
Managed by Alain Huriez and Matthieu Coutet, Advent France Biotechnology is an AMF regulated firm created in 2016.