French venture fund iBionext has just wrapped their biotechnology-themed Growth Fund. The program aimed to raise support funds for young biotech startups, and by the end of its run, managed to reach its goal of 90 million Euro.
The project was not iBionext’s first venture into fundraising – throughout its active years, the company has raised a total of 330 million euro. Through these efforts, the company has helped kickstart 8 companies over the short period of five years. Because of the French studio’s successes, the newest Growth Fund has sparked the attention of big players in the business, such as Bpifrance. Overall, the fund has gained the support of 20 professional investors.
We are delighted to have generated such momentum around our new concept of start-up studio and we thank our investors for their trust. The renewed commitments from our historical investors and the size of the tickets invested speak to the attractiveness of HealthTech. – said Alexia Perouse, the Managing Director of iBionext.
As a result of the funding, iBionext was able to co-create 5 biotechnological startups: Chronocam, Chronolife, Tilak Healthcare, BrainEver, and Brainiac. The company is currently in the process of selecting the sixth contender for the program, but the five finalists are currently in the process of acceleration, and have already reached the stage of commercializing activities, and/or clinical trials.
iBionext’s focus lies in the healthcare industry, and supporting young biotech startups in order to help them reach full potential. Over the years the French studio has developed a 3-step breakthrough innovation accelerator which they regularly employ in their efforts. The strategy is called “Spot, Boost, and Grow”.
As a first step, iBionext conducts a search for projects with the highest potential of succeeding in their field. Once a startup is selected, the studio provides support in terms of organization and funds in order to accelerate their development. Finally, iBionext advises the startup in areas of marketing, manufacturing, and intellectual property, to ensure its future growth. Their approach has already proved to be functional, as the studio has successfully used it to kickstart five startups, all of which have reached the state of clinical trials or commercialization.
Congratulations to iBionext on the sizable funding, and best of luck for the chosen startups! For more information about iBionext, head to their website.
