European VC adds funds for early-stage industrial bio

In Paris, venture capital firm Sofinnova Partners has raised €150 million ($168 million) for its third industrial biotech fund dedicated to early-stage, environmental impact investments. 

The fund will continue to finance early-stage companies harnessing biotechnology to develop sustainable solutions across the food, agriculture, chemical and materials sectors. 

The current portfolio includes companies developing biobased crop protection solutions (Biotalys, Micropep Technologies), upcycling agricultural waste into chemicals, food or feed ingredients (Afyren, Comet Bio), using fermentation to develop food ingredients (DMC Biotechnologies, Protera, Biosyntia, Microphyt) or biologically producing new chemicals and materials (DNA Script, EnginZyme).

“Sofinnova is a leader across the life sciences value chain and we were one of the first to see early on the power of biotechnology to create sustainable solutions,” Antoine Papiernik, Chairman and Managing Partner of Sofinnova Partners, says in a statement. “We have one of the most accomplished VC teams in industrial biotech and are now more empowered to continue doing what we have been doing for 50 years: Partnering with exceptional entrepreneurs to transform groundbreaking science into the businesses of the future.”

The raise brings its total assets under management to €2.5 billion across its platform of investment strategies.