Panakès launches first Italian medtech early-stage vehicle

Panakès Fund I is said to be the first Italian venture capital fund dedicated to European and Israeli businesses in the medical equipment sector. After its first closing on an undisclosed amount in January 2016, Panakès Fund I is targeting a further closing in March.

According to founder and managing partner Alessio Beverina, Panakès targets companies with innovative products to overcome unsolved medical issues. Since it is difficult for companies to generate revenues in this sector, patents ultimately represent the valuable asset for the investor. The typical exit strategy is to larger industrial groups, but the GP will look at IPOs as well, even if the company's revenues will not reach a critical mass.

To date there are only two other buyout houses investing in the sector in Italy: Innogest and Principia. Panakès is the first fund targeting venture investments.

The GP stated it intends to add value to the portfolio companies through its technical and investment expertise. Prior to the foundation of Panakès in 2015, the team accumulated sector-specific experience in both the medical and investment sectors: founding partner Alessio Beverina was partner at VC house Sofinnova Partners; managing partner Fabrizio Landi was founder and CEO of ultrasound diagnostic devices producer Esaote; and Diana Saraceni was partner in charge of life sciences investments at VC firm 360 Capital Partners.

The firm is now bolstering its investment advisory team and recently hired cardiovascular technology expert Barbara Castellano.

Investments
The vehicle targets €5-6m investments in European and Israeli startups and small-cap businesses, producing devices in the medical equipment sector. The GP is currently considering several transactions, which are expected to take place in 2016.

Investors
Corporate and private investors, including RottaPharm Biotech, subscribed 50% of the committed capital, alongside financial institutions European Investment Fund and Fondo Italiano d'Investimento.

LPs are invited to commit capital within the €1-5m bracket.

People
Panakès – Alessio Beverina, Fabrizio Landi, Diana Saraceni (founding and managing partners); Barbara Castellano (principal).
European Investment Fund – Pier Luigi Gilibert (CEO).
Fondo Italiano d'Investimento – Gabriele Cappellini (CEO).

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