MILAN, July 20, 2021 / PRNewswire / – Panakès Partners, Italy’s leading venture capital firm in the life sciences sector, announces the first closing of its 150 million euros ($ 180 million) Purple Fund, the firm’s second fund.
The Purple Fund of Panakès is currently the largest venture capital fund actively investing in Italian companies and the largest fund entirely dedicated to the life sciences sector in Italy. The fund will invest in companies at the forefront of innovation, with a focus on Europe, and Italy in particular, which remains underserved in terms of venture capital funding.
The Purple Fund is the second venture capital fund dedicated to life sciences launched by Panakès Partners. The first Panakès fund, raised in 2016, supported companies in the medtech sector. To date, he has invested in 12 portfolio companies, which have collectively received nearly € 200 million in funding. Thanks to this financial support, these companies have already brought five innovative medical products to the market and have ten more products in clinical trials.
The Purple Fund was supported by investors from the first fund as well as new investors. The Fund’s two main investors are the EIF and the FoF VenturItaly Fund of Funds managed by CDP Venture Capital SGR. The EIF investment is supported both under the European Commission’s InnovFin Equity initiative under Horizon 2020, the Framework Program for Research and Innovation, as well as the Pan-European Guarantee Fund (FEM).
These benchmark investors were joined by several Italian banking foundations and pension funds, as well as by many Italian companies and family offices in the life sciences sector. These include Menarini, the Cogliati family (Elemaster group), the Colombo (SAPIO Group), the Rovati family (Rottapharm Biotech), the Petrone family (Petrone Group), the Re family (Digitec Group), the Bassani family (Movi Group) and others.
The Purple Fund will invest primarily in Series A funding rounds, as well as later stage opportunities. The majority of investments will be made in companies developing therapeutic products and innovative products in the fields of biotechnology, diagnostics and medical devices.
The fund aims to support the growth of entrepreneurial businesses that will reshape healthcare globally by meeting real medical needs, saving lives and providing a better quality of life for patients. By achieving these goals, the fund aims to generate value both for investors and for society as a whole.
“We are delighted with the first successful close of our new Purple Fund, and we would like to thank the high quality investors who placed their trust in us. More than 500 innovative life science companies have already submitted funding requests to us in the first six months of 2021,” mentionned Fabrice Landi, President of Panakès and founding partner of the firm alongside Diane saraceni andAlessio Béverina. “The fund will remain open to additional subscribers until the end of the year, with a new target of € 180 million. By expanding into the biotechnology sector, we hope to contribute to the growth of companies active in the development of new therapies and vaccines,“Landi concludes.
“Panakès has forged a solid experience and a solid international credibility since its creation a few years ago, also with the support of the CDP Group ”, commented Enrico Resmini, Managing Director of CDP Venture Capital SGR. “We are delighted to invest in the second Panakès fund, as it expands its activity into biotechnology, a sector where long-term planning and the availability of capital are essential to finance the R&D which should lead to the new innovative therapies of tomorrow. “
Alain godard, Managing Director of the European Investment Fund (FEI / FEI), added: “We are happy to support Panakès again after our previous investment in its first fund. Panakes has succeeded in building a strong brand in Italy and beyond thanks to its expertise in identifying and investing in new medtech opportunities. With the extension of its investment strategy in biotechnologies and the growth of the team that results from it, Panakès will be able to further support European Life Sciences companies, and in particular those in Italy, which have exceptional R&D but are severely underserved in terms of venture capital funding. We are pleased to be able to use both the InnovFin mandate of the European Commission and the direct support of EU Member States under the European Guarantee Fund to further support this exciting market segment. “
To support its expansion in the biotechnology sector, Panakès intends to recruit three new professionals with significant experience in drug discovery and development in the pharmaceutical industry within its existing team, which currently consists of 11 professionals. Recently, Barbara castellano has been promoted to the position of Partner, while the management team of SGR has been strengthened with the arrival of a new CFO, Lorenzo Giordano, and a financial assistant, in the person of Andrea Steffanini.
Panakès’ advisory board has also been expanded and strengthened with the appointment of experts from the biotechnology and digital health industry Fabio Pammolli, professor of economics, finance and management sciences at Politecnico di Milan, and Sergio Abrignani MD. doctorate Full Professor at the National Institute of Molecular Genetics (INGM) at Milan.
Panakès Partners is a Milanventure capital firm that aims to improve the lives of people around the world by providing the most promising companies and teams with the financial and corporate support needed to build the next generation of companies bringing revolutionary technologies and products to the field life sciences. Panakès was founded in 2015 by Fabrice Landi, Alessio Béverina and Diane saraceni.
About CDP Venture Capital SGR – Fondo Nazionale Innovazione
CDP Venture Capital is an asset management company (70% owned by CDP Equity and 30% by Invitalia) with more than 1 billion euros assets under management. It aims to make Venture Capital a strategic pillar for Italy economic development and innovation, creating the conditions for a global and sustainable growth of the venture capital ecosystem. It operates through a series of funds that aim to support startups at all stages of their life cycle, making direct and indirect investments.
About the EIF
the European investment fund (FEI) is part of the European Investment Bank Group. Its central mission is to support Europe micro, small and medium-sized enterprises (SMEs) by helping them access finance. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments that specifically target this market segment. In this role, the EIF promotes the EU’s goals of innovation, research and development, entrepreneurship, growth and jobs. The EIF investment is supported by InnovFin Equity, with financial support from the European Union under Horizon 2020, the framework program for research and innovation (2014-2020). Through or alongside a selection of venture capital (VC), Business Angels (BA), technology transfer funds and funds of funds, the EU provides venture capital finance to businesses, research organizations, universities in their proof of concept, pre-seed, seed, start-up and other start-up phases allowing them to settle down or reach their next stage of development. The participation of the EIF is also supported within the framework of the European Guarantee Fund (GEF), which was set up by the EIB Group with contributions from Italy and other EU member states to protect businesses suffering from the COVID-19 crisis. Using almost 25 billion euros in terms of guarantees, the EGF enables the EIB and the EIF to quickly make loans, guarantees, asset-backed securities, equities and other financial instruments available to small and medium-sized enterprises. The EGF is part of the European Union’s recovery plan aimed at providing a total of 540 billion euros stimulate the sectors of the EU economy which have been hit hardest.
Sylvie Berrebi, David Dible
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SOURCE Panakès Partners