Italian venture capital firm Panakès Partners, previously active in medtech, has closed the €150m “purple” fund with the goal to invest in “underserved” European Life Science companies.
In 2016, Panakès first fund had been focused on medtech companies only. Now, it is expending its activities to biotech with its newest fund, named Purple Fund. “By expanding into the biotech sector, we hope to contribute to the growth of companies active in the development of new therapies and vaccines,” said Fabrizio Landi, President of Panakès and a founding partner of the firm alongside Diana Saraceni and Alessio Beverina. The VC plans to invest in companies “at the forefront of global innovation with the potential to transform patient care”, with a focus on Europe, and Italy in particular. The Purple Fund has been backed by the European Investment Fund (EIF), the Fund of Funds FoF VenturItaly managed by CDP Venture Capital SGR, as well as several Italian banking foundations and pension funds, and numerous Italian companies and family offices in the Life Sciences sector. These include Menarini, the Cogliati family (Elemaster Group), the Colombo family (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 mainly in Series A funding rounds, as well as later stage opportunities. The majority of investments will be in companies developing innovative therapeutics and products in the fields of biotechnology, diagnostics, and medical devices.
“Over 500 innovative life science companies have already submitted funding requests to us in the first six months of 2021,” added Landi. “The fund will remain open for additional subscribers until the end of the year, with a new target of €180m.”