Kurma closes new fund at €250m

Paris-headquartered asset manager Kurma Partners has raised €140m, completing the first closing of Biofund IV. Kurma aims to have raised a total of EUR €250m in its newest and largest venture capital investment fund to date by the final closing in 2025.

Biofund IV targets 16 to 20 new investments, of which the first three have been made. Like its predecessors, Biofund IV will be dedicated to companies developing innovative therapeutics, aiming for a balanced, risk-managed strategy, with investments for company creation as well as in established venture-stage companies. Kurma remains thematically agnostic and will continue to opportunistically pursue the forefront of innovation, to identify and create future industry trends.

Biofund IV will follow Kurma’s approach, actively engaging academic scientists with ground-breaking science and selectively leveraging Kurma’s networks of  industry professionals to create synergies so its companies thrive. Kurma also leverages its different investment funds to further support its best portfolio companies as they mature. Three investments have already been made from Biofund IV, in autoimmune company SciRhom, natural immunity inspired Memo Therapeutics and cancer immunotherapeutics company Avidicure.

Three acquisitions from the Biofund III portfolio exemplify the value created by Kurma’s active engagement and collaboration with portfolio companies: the acquisition of rare endocrine disease company Amolyt Pharma by AstraZeneca; antibody drug conjugate cancer company Emergence Therapeutics by Eli Lilly and rare epilepsy company Corlieve Therapeutics by UniQure.

With demonstrated success of Kurma’s venture model, Biofund IV attracted investment of cornerstone investors Eurazeo, returning investor Bpifrance and pharmaceutical industry investor CSL, along with other undisclosed participating limited partners.