PANAKÈS PARTNERS ANNOUNCES THE FINAL CLOSING OF THE “PURPLE” FUND AT 175 MILLION EUROS
Milan, Italy,16 February 2023
PANAKÈS PARTNERS ANNOUNCES THE FINAL CLOSING OF THE “PURPLE” FUND
AT 175 MILLION EUROS
Dedicated to life sciences, Panakes Purple Fund is the largest Venture Capital Fund in Italy and has reached the "hard cap" thanks to the involvement of significant new investors.
Milan, 16 February 2023 - Panakès Partners, the leading Italian venture capital firm in the Life Sciences sector, today announced the final close of its Purple Fund at a total of €175 million. Panakès Purple Fund is currently the largest Italian Venture Capital Fund, in the investment phase, dedicated to the Life Sciences sector, with an investment focus in Italy and Europe, as well as the United Kingdom, Switzerland, Israel and the United States. This raise will allow the management team to continue to pursue its investment strategy of building a portfolio of innovative companies developing diagnostic, medical and therapeutic technologies, at all stages of their development. To date, the fund has already made three investments, with others that are expected shortly, in the Medtech and Biotech sectors.
Purple is the second Venture Capital Fund dedicated to the life sciences launched by Panakès Partners, the first having been launched in 2016 which had raised over €80 million euros to support companies in the MedTech sector, invested in 12 different companies.
In 2022 alone, the portfolio companies raised over 210 million euros from both Italian and international investors, including corporates in the sector. Among these: MMI, active in microsurgical robotics, that raised 73 million euros, in July 2022, from a pool of European and American international investors, where Panakès Partners was the only Italian investor; InnovHearth, developing a solution for the treatment of mitral valve diseases, that in January 2022 announced the closing of a new round of 55 million dollars of financing, led by Grand Pharma Pharmaceutical Group, a company listed on the Hong Kong stock exchange ; BetaGlue Technologies, developing an advanced radiotherapy platform for the treatment of cancers, that has closed a 10 million euro round in July 2022; and, finally, the Irish company Vivasure, developing the PerQSealTM technology for percutaneous closure of vessels, that in 2022 raised a round of 52 million euros.
The Purple fund has benefited from the participation of the majority of investors in the first Fund, together with new ones, including the two Anchor Investors, EIF and the FoF VenturItaly Fund of Funds of CDP Venture Capital SGR. In addition to these, numerous Italian companies and family offices in the Life Sciences sector, including Menarini, the Cogliati family (Elemaster Group), the Colombo family (SAPIO Group), the Rovati family (Rottapharm Biotech), the Petrone family (Petrone Group), the Re family (Digitec Group), the Bassani family (Movi Group) and others. Also, various Italian financial institutions, banking foundations have decided to invest in the new Fund, such as Banco BPM, Quaestio Capital (on behalf of some of its institutional investors, including Fondazione Cariplo) and pension funds such as ENPACL, Cassa Forense and Inarcassa.
“We are very satisfied with this result, for which we would like to thank the investors who have trusted us.”, declared Fabrizio Landi, President of Panakès and founding partner of the company, together with Diana Saraceni and Alessio Beverina. “As was perceived at the JPMorgan conference held in January in San Francisco, having the capital available for investment today, in such a delicate moment for the world economy, is an excellent opportunity to finance under the best conditions the future champions of Healthcare”.
The team of thirteen professionals at Panakès Partner brings together a deep experience in the Life Sciences and Venture Capital sectors, with a very broad network of international partners which, combined with their own experience, allows the company to be an ideal strategic partner for all innovative startups, providing them with both financial and scientific-industrial support in all phases of their growth. This includes Panakes team members dedicated to investment opportunities in the Biotech sector who joined Panakes at the Purple Fund initial closing: Rob Woodman, Marco Sardina and Andrea Ballerini are pleased to leverage their experience in the field of biotherapeutics and pharmaceutical world to contribute to Panakes ongoing success.
Panakès Partners is a Venture Capital firm, based in Milan, which invests in the most ambitious companies and teams, developing revolutionary technologies and products, in the field of life sciences, aiming to improve the lives of people around the world. Panakès, founded in 2015 by Fabrizio Landi, Alessio Beverina and Diana Saraceni, has 250 million under management.
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