Prime Highlights

• Angelini Ventures and the European Investment Bank have launched a joint €150 million fund to support promising European healthtech and biotech startups.
• The partnership aims to speed up innovation and provide crucial funding at a time when raising capital in the sector has become more challenging.

Key Facts

• Both Angelini Ventures and the EIB are contributing €75 million each, with plans to invest in 7–10 startups over the next six years.
• Their first joint investment is in French cancer-treatment startup Adcytherix, which recently secured a €105 million Series A round.

Background:

Angelini Ventures, the investment arm of Italian drugmaker Angelini, has partnered with the European Investment Bank (EIB) on a €150 million ($175 million) plan to support and grow Europe’s healthtech and biotech sector.

The agreement marks the first collaboration between a corporate venture capital unit and the EIB. Both Angelini Ventures and the bank will contribute €75 million each, with plans to invest in seven to ten early-stage biotech, medtech and digital-health startups over the next six years. Every investment will be made through an equal co-funding arrangement, with Angelini Ventures drawing its share from its existing €300 million fund.

Paolo di Giorgio, CEO of Angelini Ventures, said the partnership arrives at a crucial moment for European healthtech companies. “It has become increasingly difficult for startups to raise larger rounds, so this collaboration will have a meaningful impact,” he said. He noted that funding cycles have slowed compared to the surge seen in 2020 and 2021, raising the risk for startups facing longer development timelines.

The first joint investment targets Adcytherix, a French company developing antibody drug conjugates for cancer treatment. Angelini Ventures co-led the startup’s €105 million Series A round last month.

This year has been particularly active for Angelini Ventures, which is focusing on digital health platforms, connected medical devices and hybrid care models that blend physical and virtual healthcare services. The firm has backed ten startups so far in 2024, most of them based in Europe.

According to di Giorgio, Europe still has significant gaps in healthcare delivery and efficiency. He believes innovative digital tools and data-driven approaches can help improve patient outcomes while easing the pressure on healthcare providers. He said there is a clear demand for better healthcare solutions, and several new technologies are already delivering good results for patients and businesses.

The new partnership positions Angelini Ventures and the EIB to play a key role in supporting Europe’s next wave of healthtech innovation at a time when strategic investment is needed most.