Truffle launches €200m BioMedTech fund

The fund, which was launched earlier this year, is aiming for a first close on €100m in the next few weeks, a source familiar with the matter told unquote”. Its hard-cap has been fixed at €240m.

According to Truffle, the vehicle will be one of the largest in Europe entirely dedicated to the medical technology market. The GP said it would look to expand its already established expertise in the sector, with previous investments including artificial heart maker Carmat, transcatheter aortic valve implantation specialist Symetis (recently sold for €430m) and the Vexim group, which specialises in mini-invasive solutions to treat the causes and consequences of vertebral fractures.

Investors
BioMedTech has already received the support of a mix of investors including insurers, pension funds and industrials, based internationally, according to Truffle.

One of the largest commitment to date is that of corporate Guerbet, which contributed €15m to the fundraise. Guerbet is a Euronext Paris-listed business specialising in medical imaging that generated €776m in revenues last year.

Investments
The BioMedTech fund will aim to complete a dozen investments in mostly French startups active within the medical technology (70%) and biotechnology (30%) sectors. More specifically, the GP will look at companies conducting research on minimally invasive interventional medicine (connected prostheses, interventional imaging, robotics, virtual biopsy) and on biotechnology products used for cardiovascular, osteoarticular and infectious diseases, or for neurology, dermatology and oncology.

Truffle told unquote" that it invests progressively in startups, first with a €1m ticket that can go up to €25m depending on the case. 

People
Truffle Capital – Philippe Pouletty (managing director).
Guerbet – Yves l'Epine (CEO).

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