About This Fund
Bpifrance InnoBio 2 is a €203 million biotechnology and life sciences venture capital fund managed by Bpifrance, the French public investment bank, launched in 2018-2019 as the successor to the original InnoBio fund. Building on the strategic model established by its predecessor, InnoBio 2 continues the mission of providing growth capital to innovative biotech and medtech companies in France and Europe that are developing novel therapeutic or diagnostic solutions with strong potential for clinical and commercial impact.
InnoBio 2 focuses its investments on companies at or approaching clinical development, targeting primarily Series A and Series B funding rounds with individual tickets of up to €14 million and follow-on participation capacity to support companies through multiple development milestones. The fund has an expanded geographic mandate compared to InnoBio 1, with the capacity to invest up to 25% of its capital in life sciences companies across other European countries beyond France. This broader scope reflects Bpifrance's recognition of the increasingly pan-European nature of biotechnology innovation and the need for larger, multi-round capital to support platform companies through pivotal trials.
InnoBio 2 targets companies developing innovative products and services that are close to or entering early clinical development phases, prioritizing assets with differentiated modes of action, significant unmet medical needs, and clear regulatory pathways. The fund achieved its initial closing at €135 million with a target of €200+ million, ultimately closing at €203 million. InnoBio 2 forms part of Bpifrance's broader Life Sciences Venture portfolio, which also includes the Large Venture program for later-stage investments. The fund represents Bpifrance's continued strategic commitment to developing a world-class French biotech ecosystem capable of competing with the leading US and UK life sciences hubs.