Kurma Diagnostics holds €33m first close

Launched earlier this month, Kurma Diagnostics (KSX) has a target of €35-40m at final close.

The fundraising has so far seen Florence Samy and Ludovic Prévost, both partners at Siksal Private Equity, act as placement agents. In addition, Clifford Chance's Diane Campion de Poligny, Xavier Comaills and Cyril Fiat provided legal advice during the process.

Kurma Diagnostics is the third vehicle set up by Kurma, following life sciences-focused funds Kurma Biofund I and II, which both closed on €75m.

Investors
To date, KSx has drawn commitments from the European Investment Fund, French government-funded Fonds National d'Amorçage, Institut Pasteur and BNP Paribas.

Investments
KSX will target businesses in the diagnostics sector such as software and imaging systems developers, sample collectors and managers, biomarkers and e-health systems.

According to market sources, the fund will be used by Kurma to finance around 15 investments over its lifespan, with equity tickets in the region of €500,000 mark.

An additional focus will be placed on seed rounds in companies still at a pre-industrialisation stage, with plans to support such businesses over a 12-24-month period.

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