Original from: FIERCE Biotech

Italian VC XGEN Venture has closed a 180 million euro ($190 million) fund for biotech and medtech companies.

The life sciences fund is XGEN’s first, and the money will go toward early-stage businesses, according to a Dec. 18 release.  

The European VC has already started deploying money to six startups, including Italian gene therapy company Genespire’s $52 million series B and Merck KGaA cancer spinout iOnctura.

The firm plans to make nine more investments within the next three years to round out the fund’s portfolio.

“Our goal over the next years is to consolidate ourselves as one of the leading players in the European venture capital market,” XGEN co-founder and managing partner Daniele Scarinci said in the release. “The remarkable success of our first fund and the exceptional team built since inception provide a solid foundation for reaching such an ambitious target.”

Source: XGEN Venture closes $190M fund with plans to invest in early-stage biotech, medtech firms