Netherlands-based, healthcare-focused venture capital firm BioGeneration Ventures has closed its fourth fund at €140m (roughly $170m) having picking up commitments from pharmaceutical companies Eli Lilly, Bristol Myers Squibb (BMS) and Novo.
Novo backed the fund through corporate VC vehicle Novo Ventures, and Schroder Adveq, Industriens Pension, KfW Capital and European Investment Fund (EIF) are also among its limited partners.
Founded in 2006, BioGeneration Ventures invests in early-stage biopharmaceutical companies developing medicines with differentiated scientific foundation and supported by experimental data.
Following the final close of BGV IV, the firm has over $300m in assets under management. It held a $119m initial close of the oversubscribed fund in June 2020.
Edward van Wezel, managing partner of BioGeneration Ventures, said: “Progressing early-stage projects from discovery to clinical proof-of-concept requires a breadth of experience that founding teams often do not have from the outset.
“This is where BGV’s team collective experience is a key differentiator, with its extensive network and experience spanning investment, life sciences, business development and commercial operations. With this fund closing at €140m, we are well positioned to support our portfolio companies with both increased financial capacity and our strong, expanding international network.”
BioGeneration Ventures closed the fund’s predecessor at $95.5m in 2017. BGV III was also backed by BMS, Schroder Adveq, EIF and Johnson & Johnson Innovation – JJDC, the investment arm of medical products group Johnson & Johnson.