XGEN Venture Establishes €160 Million First Life Science Fund

Newly formed venture capital firm XGEN Venture has launched its first fund—XGEN Venture Life Science Fund—with €160 million in subscriptions.

Through this fund, XGEN Venture will work with scientists and entrepreneurs to create and invest in up to 15 companies, delivering impactful solutions through new therapeutics, medical devices, diagnostics, and digital health solutions. While taking a global view to scientific innovation, a good portion of XGEN-backed companies will be formed from technologies originated in Italian research institutes.
 
Initiated in December 2022, the fund will continue its fundraising efforts in order to reach its €200 million target goal. The fund is supported by a base of institutional investors including EIF, CDP VC, UniCredit, Quaestio Capital, Banco BPM, Inarcassa, ENPAM, Fondazione di Sardegna, and Banca Sella Holding, as well as many family offices, with Micheli Associati, the majority shareholder of Genextra, participating in the fund’s launch as an anchor investor together with EIF and CDP VC. XGEN has, so far, invested in five companies including Page Therapeutics and Nouscom, focused on breakthrough therapies to treat cancer, Protembis, improving cardiovascular interventional procedures, TES Pharma, a drug-discovery boutique targeting orphan receptors, and a soon to be announced gene-therapy startup for rare diseases. The fund promotes best ESG practices within the meaning of SFDR art.8.
 
XGEN founders and managing partners, Paolo Fundarò, Federica Draghi, and Daniele Scarinci have previously worked together building and investing in life science startups for nearly two decades while at Genextra. The trio was the first in Italy to specialize in life sciences venture capital investments, successfully investing more than €200 million in early stage startups. XGEN’s team also includes eight high-profile venture partners that bring extensive operational backgrounds in various areas of the life sciences industry, and three investment professionals. The founding partners, the venture partners and the team members have all invested in the fund, with a total gross profit commitment of 2.5% of the total fund.
 
“We are pleased to have reached this ambitious target for our first fund” Fundarò said, “with a diversified investor base of over 75% institutional and with the participation as anchor investor of the Micheli family—with whom we have worked for the past 20 years at Genextra—we are deeply appreciative of the continued support and trust from our LPs. This new fund will allow us to continue our established strategy of building and growing companies that conduct complex clinical programs for serious health conditions.”
 
XGEN has been assisted by the law firm ALMA – LED for all legal and regulatory matters.
 
XGEN Venture is a Milan-based, newly created life science venture capital firm. It identifies and supports the most convincing opportunities to build effective businesses and create value.