First closing for Panakès Partners’ Purple fund. This was announced by the Italian venture capital in the Life Sciences sector, specifying that it had raised 150 million euros for the second fund launched. Panakès Purple Fund is, therefore, currently the largest Italian venture capital fund in an active phase of investment in and the most important dedicated to the Life Sciences sector in Italy, with an investment focus in Italy and Europe, in addition to the United Kingdom, Switzerland, Israel and the US.
It is the second venture capital fund dedicated to science by Panakès Partners, after having raised around 80 million euros with the first fund launched in 2016 to support companies in the medtech sector. The first fund was invested in 12 innovative startups, which received almost 200 million euros in funding, thanks to which they have already brought 5 innovative medical products to the market and a dozen in the clinical trial phase.
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All the investors in the first fund participated in the new fund as well as new investors, including the two anchor investors FEI and the Fund of Funds FoF VenturItaly of CDP Venture Capital SGR (among the main investors in European Venture Capital). The EIF’s investment is supported by both the European Commission’s InnovFin Equity initiative and the European Guarantee Fund (FEG).
Several Italian banking foundations and pension funds have contributed to these anchor investors, as well as numerous Italian companies and family offices in the Life Sciences sector, including Menarini, Cogliati family (Elemaster Group), Colombo family (SAPIO Group), Rovati family ( Rottapharm Biotech), Petrone family (Petrone Group), Re family (Digitec Group), Bassani family (Movi Group), and others.
The capital raised will be invested in round A and beyond, to support, mainly in Italy and Europe, companies and entrepreneurs engaged in the development of innovative products in the sectors of diagnostics, medical devices and biotechnological therapies, with particular attention to the epidemic diseases sector.