About This Fund
Bpifrance InnoBio is a dedicated EUR 173 million biotech and medtech venture capital fund managed by Bpifrance, the French public investment bank. Launched in 2009, InnoBio was established to address a structural financing gap for early- and mid-stage life sciences companies in France by mobilizing capital from Bpifrance alongside nine major global pharmaceutical companies as co-investors. The fund represents a cornerstone of Bpifrance's life sciences investment strategy, with an explicit mission to bridge the gap between academic research discovery and the early clinical development milestones required to attract broader institutional capital—a gap commonly described in the industry as the Valley of Death.
InnoBio invests in early- and mid-stage French biotech and medtech companies, with a primary therapeutic focus spanning oncology, rare diseases, cardiovascular conditions, diabetes, neurology, ophthalmology, and infectious and inflammatory diseases. The fund targets companies in the pre-clinical through early clinical development phases, providing patient capital alongside Bpifrance's operational expertise in life sciences investment structuring. InnoBio supports portfolio companies through either IPO or strategic pharmaceutical partnership exits, reflecting the two primary exit pathways most relevant to the French biotech ecosystem and the preferences of its co-investing pharmaceutical limited partners.
InnoBio has established itself as a reference vehicle in the French and European life sciences venture capital landscape, supporting numerous biotech and medtech start-ups through formative funding rounds. The fund's performance was sufficient to warrant the launch of InnoBio 2 in 2019, a EUR 203 million successor vehicle whose limited partners include Sanofi, Boehringer Ingelheim, Ipsen, Servier, Bristol Myers Squibb, and Takeda, confirming strong institutional conviction in the InnoBio strategy. Together, the InnoBio family represents one of the most significant private sector commitments to life sciences venture capital financing in France, managed through Bpifrance's dedicated biotech and medtech investment platform.