Fei (European Investment Fund), Cdp Venture Capital, Intesa Sanpaolo, Quaestio and Inarcassa are among the first investors of the Indaco Bio fund, which announced a first closing for 95 million euros. The new fund, launched by Indaco Venture Partners Sgr, has acollection target of 150 million and will be totally dedicated to biotech and pharma, with a focus on the development of innovative drugs. «This fund was born from the needs of the Italian market, where we have a good level of research but technology transfer is still underdeveloped. We have decided to develop an answer to this need, at a time when two other funds have already started in this sector, which helps to grow the entire ecosystem “underlines Davide Turco, managing director of Indaco, who adds:” From the start all markets are falling and there has also been a correction in biotech values. Startups only partially discount the devaluation, but it is still an opportunity for a new fund, especially in Italy where valuations are more accessible also due to the fact that the venture capital market is not so developed ».
The fund’s strategy provides for both support to new early stage start-ups, born from scientific research laboratories, and the financing of series A and the investments will mostly be Italian, but selectively also in Europe, North America and Israel. “The co-investment partnership with Fei was born precisely with the aim of developing a new generation of managers, such as Indaco Bio, able to understand the complexity of bringing completely new inventions born in the laboratory to the market and to support young companies. entrepreneurial companies able to offer solutions to the great challenges of our time »comments Enrico Resmini, CEO and General Manager of Cdp Venture Capital.
The first investor of the fund is the Fei. “The pandemic has further highlighted the strategic importance of the biotech sector, fundamental for the research and development of therapies against coronavirus and other infectious diseases” observes Alain Godard, CEO of del Fei, who adds: “I am pleased to announce that the excellent collaboration between the Fei and Cdp Venture Capital has given rise to the joint investment in Indaco Bio, a fund dedicated to the development of new drugs and therapies that will help create an ecosystem of innovative biotech companies in the area, helping the Italian pharmaceutical industry to consolidate its leadership position at European level “.
Indaco Venture Partners Sgr, a company founded in 2017, has over 350 million euros of resources under management. Leading the new investment vehicle will be Davide Turco, Elizabeth Robinson and Giovanni Rizzo. “We expect most of the future capital to be raised in Italy, between institutions and the world of funds and pension funds. There will be some family offices, especially those linked to entrepreneurial families in the sector who may be able to bring specific skills in addition to capital “specifies Turco, who concludes:” We are then in the evaluation phase of foreign funds ready to invest with us in Italian companies “.