Sofinnova Partners has closed its latest Sofinnova Capital XI fund, aimed at supporting early-stage healthcare companies in the US and Europe, at €650m ($750m) above its initial target.

The fund will focus on medical technology and biopharmaceutical companies that seek to meet pressing unmet clinical needs, leveraging Sofinnova’s multi-strategy platform and investment team.

It will leverage the experience of partners Maina Bhaman, Anta Gkelou, Karl Naegler, Antoine Papiernik, Henrijette Richter and Graziano Seghezzi.

The fund will participate in both follow-on and initial rounds, continuing Sofinnova’s focus on early-stage biotech and medtech ventures across its core markets.  

The fund has secured commitments from a worldwide network of institutional investors, including foundations, corporates, family offices, insurance companies, sovereign wealth funds and pharmaceutical companies.

Investors came from Europe, Asia, North America and the Middle East, with a majority of returning limited partners alongside new investors indicating continued interest in Sofinnova’s track record and strategy.  

Sofinnova Partners managing partner and chairman Antoine Papiernik stated: “This fundraising marks a pivotal moment for Sofinnova. It gives us the firepower to double down on early-stage opportunities and reinforces our uniquely collaborative, science-driven investment approach.

“We’re excited to continue backing visionary entrepreneurs and advancing the next wave of breakthroughs in science and medicine to bring them to patients worldwide. Achieving this milestone in today’s volatile fundraising environment speaks to the strength of our model and the confidence our investors continue to place in us.”

Sofinnova Capital XI is currently deploying capital, having invested in several portfolio companies.

Sofinnova is a European venture capital company specialising in life sciences, with a particular focus on sustainability and healthcare. Its team combines medical, business and scientific expertise.