European venture capital firm Medicxi Ventures closed its first fund, Medicxi Ventures 1 (MV1), at €210m ($230m) today with contributions from healthcare firms GlaxoSmithKline (GSK) and Johnson & Johnson.
Based in London, Geneva and Jersey, Medicxi Ventures acts as a spin out of VC firm Index Ventures, taking forward its legacy life sciences portfolio companies, funds and team.
GSK and Johnson & Johnson, which invested in the fund through its Johnson & Johnson Innovation – JJDC unit, had previously been limited partners in Index’s life sciences-focused Index Life VI fund, which was launched in 2012.
MV1 will invest in early-stage life sciences companies, mainly in Europe, in a bid to enhance innovative R&D by targeting therapeutics being developed for unmet medical needs.
Francesco De Rubertis, David Grainger, Kevin Johnson and Michèle Ollier, all of which had previously Index Ventures’ life sciences practice, will act as the firm’s general partners.
Richard Mason, head of Johnson & Johnson Innovation in London, said: “Johnson & Johnson Innovation is focused on enabling and advancing all stages of science and technology across the world’s most robust innovation ecosystems.
“We are optimistic that applying the asset-centric investment model of Medicxi across Europe and beyond will uncover the new and highly differentiated science and technology that is needed to turn early stage research into viable products and patient solutions.”