Key Takeaways
- • Kurma Partners, a Eurazeo-owned healthcare VC investor, closed its fourth Biofund at €215 million, representing a 34% increase from the €160 million raised in Biofund III, though 14% below its initially disclosed €250 million target set in October 2024.
- • The fund achieved a €140 million first close in October 2024 and has already deployed capital across 11 portfolio companies, with plans to complete approximately 20 total investments by final close.
- • Key portfolio additions include U.S./Denmark-based obesity startup Alveus Therapeutics (which raised $159.8 million in Series A in January 2026) and Adcytherix, which secured a €105 million Series A in October 2025 for antibody-drug conjugate programs.
- • Bpifrance, a French state-backed bank, is among four cornerstone investors in Biofund IV, underscoring institutional support for European biotech innovation despite current market headwinds.
- • The fund's closure demonstrates sustained European biotech VC appetite in a challenging period, with Kurma positioning Biofund IV to support early-stage European biotechnology startups across multiple therapeutic areas.
Summary
Kurma Partners has completed its fourth biotech-focused venture capital fund, securing €215 million in commitments to support European early-stage biotechnology companies. The Paris-based firm, owned by Eurazeo, achieved this close after announcing a €140 million first close in October 2024. While the final fund size fell 14% short of the €250 million target initially disclosed at first close, the €215 million result represents significant growth relative to its predecessor vehicle—a 34% increase over Biofund III's €160 million.
The fund maintains an active deployment strategy, having already made 11 investments by the time of closure, with plans to deploy capital across approximately 20 portfolio companies total. Notable investments include Alveus Therapeutics, a U.S. and Denmark-based obesity treatment developer that closed a $159.8 million Series A in January 2026, and Adcytherix, a French biotech founded by the team behind Emergence Therapeutics (acquired by Eli Lilly). Adcytherix secured a €105 million Series A co-led by Kurma in October 2025 to advance antibody-drug conjugate programs. Additional portfolio companies include Nuevocor, EvlaBio, Laigo Bio, and Elkedonia, with Argobio Studio—a biotech builder backed by Kurma—playing a supporting role in several investments.
The fund's successful close, despite headwinds affecting biotech venture capital broadly, reflects institutional confidence in European innovation. Bpifrance, the French state development bank, anchors the investor syndicate as one of four cornerstone investors, signaling governmental support for the biotech ecosystem. Kurma's ability to grow its flagship biofund strategy while the sector faces challenging fundraising conditions underscores the firm's track record in identifying and supporting transformative early-stage healthcare companies.
The fund maintains an active deployment strategy, having already made 11 investments by the time of closure, with plans to deploy capital across approximately 20 portfolio companies total. Notable investments include Alveus Therapeutics, a U.S. and Denmark-based obesity treatment developer that closed a $159.8 million Series A in January 2026, and Adcytherix, a French biotech founded by the team behind Emergence Therapeutics (acquired by Eli Lilly). Adcytherix secured a €105 million Series A co-led by Kurma in October 2025 to advance antibody-drug conjugate programs. Additional portfolio companies include Nuevocor, EvlaBio, Laigo Bio, and Elkedonia, with Argobio Studio—a biotech builder backed by Kurma—playing a supporting role in several investments.
The fund's successful close, despite headwinds affecting biotech venture capital broadly, reflects institutional confidence in European innovation. Bpifrance, the French state development bank, anchors the investor syndicate as one of four cornerstone investors, signaling governmental support for the biotech ecosystem. Kurma's ability to grow its flagship biofund strategy while the sector faces challenging fundraising conditions underscores the firm's track record in identifying and supporting transformative early-stage healthcare companies.
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