Kurma Partners closes Biofund IV at €215M, giving European biotech a fresh specialist pool of capital

A respectable close in a still-selective market

The headline number matters for two reasons. First, €215 million is still a substantial fund by European biotech standards, especially for a firm that is focused on company creation rather than broad-based generalist venture investing. Second, the fact that Kurma did not reach its original €250 million ambition is also telling: fundraising for specialist biotech funds remains possible, but it is not frictionless. The market has improved from the post-2021 correction, yet capital allocation remains disciplined and investors are still rewarding VC firms with a clear strategy, a differentiated network and visible exits.

That is why the close should be read less as a miss and more as a realistic snapshot of the market. In 2024, Kurma launched Biofund IV as its largest biotech vehicle to date. By April 2026, it had secured a final pool large enough to remain relevant in European syndicates, while avoiding the pressure that can come with oversizing a specialist fund in a cautious LP (Limited Partners) environment.

What Kurma is trying to do with Biofund IV

Kurma’s own description of Biofund IV is consistent with its earlier playbook. At launch, the firm said the fund would make 16 to 20 investments and continue a balanced strategy spanning company creation and established venture-stage companies. Biofund IV is dedicated to new therapeutic solutions for diseases with high unmet need, with 80% of invested capital focused on companies developing therapeutic approaches. Kurma also says the fund can invest in Europe and outside Europe, although the core thesis is clearly rooted in European life sciences.

That strategy matters because it sits in a sweet spot that many European founders and tech-transfer offices know well. Europe continues to generate high-quality translational science, but the journey from academic discovery to venture-backable company often requires investors that can do more than write a check. Kurma has long positioned itself as one of those hands-on firms: close to academic centers, comfortable with spinout formation and able to keep backing companies as they mature. The structure of Biofund IV suggests Kurma wants to keep playing that role, rather than drifting into a purely later-stage or crossover model.

Early portfolio momentum

Even before the final close, Biofund IV had already started deploying. At first close in October 2024, Kurma said the fund’s first three investments had already been made.

One of those first three investments was Memo Therapeutics. On May 7, 2024, the Swiss company announced that it had increased its Series C financing to CHF 45 million, adding CHF 20 million from new investors Ysios Capital and Kurma Partners alongside existing backers. The company said the proceeds would be used to expand the Phase II program for its anti-BK polyomavirus antibody candidate.

Another was Avidicure. On April 24, 2025, the company launched with a $50 million seed financing round led by EQT Life Sciences, with participation from Kurma Partners, BioGeneration Ventures, BOM, Curie Capital and V-Bio Ventures. Avidicure said the money would support development of its multifunctional antibody platform in oncology.

Kurma’s portfolio page now lists several Biofund IV companies beyond those first three.

On July 10, 2025, EvlaBio announced a €21 million seed round led by Kurma Partners together with AdBio Partners, Boehringer Ingelheim Venture Fund, NRW.Venture and HTGF. The company said the funding would support preclinical development of a monoclonal antibody program for left ventricular hypertrophy in chronic kidney disease and advance it toward IND-enabling studies.

On May 6, 2025, Nuevocor announced a $45 million Series B financing co-led by Kurma Partners and Angelini Ventures, with participation from existing investors EDBI, ClavystBio and Boehringer Ingelheim Venture Fund, as well as HighLight Capital and SEEDS Capital. Nuevocor said the proceeds would fund the Phase 1/2 development of NVC-001 in LMNA-related dilated cardiomyopathy through clinical proof of concept.

On June 11, 2025, Elkedonia announced an oversubscribed €11.25 million seed round co-led by Kurma Partners, WE Life Sciences and the French Tech Seed fund managed by Bpifrance, with participation from Argobio, Angelini Ventures, CARMA Fund, Capital Grand Est and Sambrinvest. The company said the financing would advance its neuroplastogen programs for depression and other neuropsychiatric disorders.

On March 23, 2026, Laigo Bio announced the final close of an oversubscribed €17 million seed financing. The company said the round had initially closed in December 2025 and that the final close added €4 million from new co-lead Biovance Capital and €1.5 million from existing co-lead Kurma Partners. Laigo said the proceeds would support oncology and autoimmune programs.

Biofund III exits

When Kurma launched Biofund IV, it pointed to three Biofund III exits as evidence of track record: Amolyt Pharma, Emergence Therapeutics and Corlieve Therapeutics.

The largest of those was Amolyt Pharma. On March 14, 2024, AstraZeneca announced a definitive agreement to acquire Amolyt for up to $1.05 billion in total consideration, including an $800 million upfront payment and up to $250 million in milestone-based payments. The transaction was completed on July 15, 2024. Kurma described Amolyt as the third major exit of Biofund III and the first exit of its Growth Opportunities fund.

Corlieve Therapeutics was acquired by uniQure in June 2021. According to uniQure’s announcement and subsequent deal reporting, the transaction included €46.3 million upfront in cash plus potential milestone payments bringing the total value to as much as €250 million. The deal gave uniQure access to Corlieve’s temporal lobe epilepsy gene therapy program, AMT-260.

Emergence Therapeutics was acquired by Eli Lilly in 2023. Lilly did not publicly disclose the full acquisition price.