Newly formed venture capital firm XGEN Venture announced its first fund, XGEN Venture Life Science Fund, with €160 million in commitments. With this fund, XGEN Venture will be working along with scientists and entrepreneurs to create and invest in up to 15 companies, delivering solutions to patients through new therapeutics, medical devices, diagnostics and digital health solutions. While taking a macro view of scientific innovation, a large portion of XGEN-backed companies will be formed from technologies that originated in Italian research institutes.
Launched in December 2022, this fund will continue fundraising efforts towards a final target of €200 million. And it is supported by a strong base of institutional investors including EIF, CDP VC, UniCredit, Quaestio Capital, Banco BPM, Inarcassa, ENPAM, Fondazione di Sardegna and Banca Sella Holding, as well as many prominent family offices, with Micheli Associati (the majority shareholder of Genextra), participating to the launch of the fund as anchor investor together with EIF and CDP VC.
So far, XGEN has invested in five companies, including Page Therapeutics and Nouscom, focused on breakthrough therapies to treat cancer Protembis, improving cardiovascular interventional procedures; TES Pharma, a drug-discovery boutique targeting orphan receptors, and a – soon to be announced – gene-therapy company for rare diseases. The fund promotes best ESG practices within the meaning of SFDR art.8.
XGEN’s founders and managing partners Paolo Fundarò, Federica Draghi, and Daniele Scarinci have been previously working together, building and investing in innovative life science startups for nearly two decades while at Genextra. And the three partners were the first in Italy to specialize in life science venture capital investments, successfully investing over €200 million in early-stage startups.
XGEN’s team also includes eight high-profile venture partners with extensive operational backgrounds in various areas of the life sciences industry and three investment professionals. The founding partners, the venture partners, and the team members have all invested in the fund, with a total GP commitment of 2.5% of the total fund.
KEY QUOTE:
“We are pleased to have reached this ambitious target for our first fund. With a diversified investor base of over 75% institutional and with the participation as anchor investor of the Micheli family – with whom we have worked for the past twenty years at Genextra – we are deeply appreciative of the continued support and trust from our LPs. This new fund will allow us to continue our established strategy of building and growing companies that conduct complex clinical programs for serious health conditions.”
– Paolo Fundarò
