Kurma Partners Closes Biofund IV at €215M, Fueling European Biotech Company Creation
核心洞察
Kurma Partners (搜索) closed its Biofund IV at €215 million, a substantial specialist fund focused on early-stage European biotech company creation despite falling short of its original €250 million target.
The fund plans 16 to 20 investments with 80% of capital directed toward companies developing new therapeutic solutions for diseases with high unmet need.
Biofund IV has already deployed capital into multiple companies including Memo Therapeutics (搜索), Avidicure (搜索), EvlaBio (搜索), Nuevocor (搜索), Elkedonia (搜索), and Laigo Bio (搜索) across diverse therapeutic areas.
Kurma Partners (搜索) has closed its latest biotech fund, Biofund IV, at €215 million, securing a fresh pool of specialist capital dedicated to company creation and early-stage venture investing across Europe. The close, finalized in April 2026, comes in a still-selective fundraising market where disciplined capital allocation continues to reward venture firms with clear strategy, differentiated networks, and visible exits.
The final figure sits below the firm's original €250 million ambition, a reality that Kurma and market observers view less as a shortfall and more as a realistic snapshot of the current LP environment. "Fundraising for specialist biotech funds remains possible, but it is not frictionless," the firm noted, adding that the market has improved from the post-2021 correction yet remains cautious.
A strategy rooted in company building
Biofund IV is structured to make 16 to 20 investments, continuing Kurma's balanced strategy spanning company creation and established venture-stage companies. The fund is dedicated to new therapeutic solutions for diseases with high unmet need, with 80% of invested capital focused on companies developing therapeutic approaches. While the fund can invest both within and outside Europe, its core thesis remains firmly rooted in European life sciences.
Kurma has long positioned itself as a hands-on firm close to academic centers, comfortable with spinout formation and able to keep backing companies as they mature. Over successive funds and 25 company formations spanning 16 years, the firm has built networks of experienced operators and nurtured first-time entrepreneurs. "Building for the long term enables sustainable success," said Amanda Gett-Chaperot, Partner at Kurma Partners (搜索). "It takes time to earn trust and respect to underpin constructive partnerships with academia."
Early portfolio momentum
Even before the final close, Biofund IV had already begun deploying capital. At first close in October 2024, the fund's first three investments had been made. Since then, the portfolio has expanded significantly across diverse therapeutic areas and modalities.
Memo Therapeutics (搜索) was among the first investments. On May 7, 2024, the Swiss company increased its Series C financing to CHF 45 million, adding CHF 20 million from new investors Ysios Capital and Kurma Partners (搜索) alongside existing backers. The proceeds are supporting expansion of the Phase II program for its anti-BK polyomavirus antibody (搜索) candidate.
Avidicure (搜索) launched on April 24, 2025, with a $50 million seed financing round led by EQT Life Sciences, with participation from Kurma Partners (搜索), BioGeneration Ventures, BOM, Curie Capital, and V-Bio Ventures. The company is developing a multifunctional antibody platform in oncology.
On July 10, 2025, EvlaBio (搜索) announced a €21 million seed round led by Kurma Partners (搜索) together with AdBio Partners, Boehringer Ingelheim Venture Fund, NRW.Venture, and HTGF. The funding supports preclinical development of a monoclonal antibody program for left ventricular hypertrophy in chronic kidney disease (搜索), advancing it toward IND-enabling studies.
Nuevocor (搜索) announced a $45 million Series B financing on May 6, 2025, co-led by Kurma Partners (搜索) and Angelini Ventures, with participation from existing investors EDBI, ClavystBio, and Boehringer Ingelheim Venture Fund, as well as HighLight Capital and SEEDS Capital. The proceeds are funding Phase 1/2 development of NVC-001 in LMNA-related dilated cardiomyopathy (搜索) through clinical proof of concept.
Elkedonia (搜索) closed an oversubscribed €11.25 million seed round on June 11, 2025, co-led by Kurma Partners (搜索), 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 financing advances neuroplastogen programs for depression (搜索) and other neuropsychiatric disorders.
Laigo Bio (搜索) announced on March 23, 2026, the final close of an oversubscribed €17 million seed financing, adding €4 million from new co-lead Biovance Capital and €1.5 million from existing co-lead Kurma Partners (搜索). The proceeds support oncology and autoimmune programs.
A track record of significant exits
Kurma's fundraising narrative is bolstered by three major exits from its preceding Biofund III. The largest was Amolyt Pharma, acquired by AstraZeneca in a deal announced March 14, 2024, and completed July 15, 2024, for up to $1.05 billion in total consideration — including an $800 million upfront payment and up to $250 million in milestone-based payments. Kurma described Amolyt as the third major exit of Biofund III and the first exit of its Growth Opportunities fund.
Corlieve Therapeutics (搜索) was acquired by uniQure in June 2021, with the transaction including €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 (搜索) gene therapy program, AMT-260.
Emergence Therapeutics (搜索) was acquired by Eli Lilly in 2023, though Lilly did not publicly disclose the full acquisition price.
The European imperative
The close of Biofund IV arrives at a moment when Europe's biotech ecosystem faces a structural challenge. While the continent now has a formidable pool of large venture funds with the financial capacity to scale mature biotechs, financing at the earliest stages — company creation and bridging academic concepts to scalable potential — remains constrained.
"Venture funds with the specialised skills to turn laboratory discoveries into fundable and scalable companies are becoming niche," Gett-Chaperot noted. "If this trend continues, opportunities will be lost as biotechs are not formed or are developed suboptimally and entrepreneurs will turn elsewhere to seek greener fields."
Kurma Partners (搜索) is betting that early-stage investing, while challenging, can deliver world-class returns in Europe. The firm hopes its message of success will resonate to inspire further investment in early-stage funds, with sovereign funds and industry investors serving as key anchors. "The blueprint for sustainable growth exists; it is imperative to accelerate it," Gett-Chaperot said.