Sofinnova holds final close for Sofinnova IB I

Launched in June 2016, Sofinnova IB I held a first close on €106m in February 2017, according to Unquote Data. 

The fund's hard-cap was set at €150m. 

The fund focuses specifically on the renewable chemistry sector, complementing the VC's existing funds. The manager previously made a foray into the renewables sector in 2012 by raising €22m for its Sofinnova Green Seed Fund.

Sofinnova closed its eighth main fund on €300m in late 2015, exceeding the €250m target set for the life sciences vehicle. Fundraising for Sofinnova Capital VIII took nine months, aided by placement agent Triago. The vehicle marked a step up from predecessors Sofinnova Capital VI and VII, which closed on €260m and €240m in February 2010 and December 2012, respectively.

Investors
Sofinnova stated back in 2017 that it attracted mainly European institutions and international industrial players from the energy, chemical and agricultural sectors at first close.

These include several returning investors from the 2012 seed fund, and so far comprises the European Investment Fund, BPI France, the Novo Nordisk Foundation, Total, Michelin, Sofiproteol, the Avril Group and Unigrains.

Investments
Sofinnova IB I will target startups and corporate spinouts involved in the transformation of renewable raw materials, like agricultural waste or C02, into renewable end products such as bio-plastics and other bio-sourced materials.

It will look to back 8-10 companies over the next three to four years, investing €13-17m on average per ticket. Around two thirds of the fund will be deployed in Europe and the remainder in North America, with a particular focus on Canada.

People
Sofinnova Partners – Denis Lucquin (managing partner).

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