Kurma Partners Closes $233M Biofund IV for European Biotech

Jan de Vries · 2026-04-23

Kurma Partners, a French healthcare venture capital firm, just closed its Biofund IV at $233 million (€215 million). The goal? To back the discovery and development of disruptive treatments for severe or incurable diseases. This new fund is about 35% bigger than its predecessor, Biofund III, which raised $173 million (€160 million). That jump shows real momentum in European biotech investing. ### Who's backing Biofund IV? Three cornerstone investors are behind this fund: - **CSL** – an Australian pharmaceutical giant - **European Investment Fund (EIF)** – the EU's investment arm - **Bpifrance** – France's public investment bank, investing both directly and through the Biotech Health Acceleration Fund (part of the France 2030 initiative) Thierry Laugel and Rémi Droller, Managing Partners at Kurma Partners, explained: "This latest closing reflects our investors' long-standing trust in the model we have built over the past fifteen years: an integrated ecosystem that bridges the gap between scientific discovery and venture capital financing." "With Biofund IV and Argobio Studio, we now possess a unique capacity in Europe to identify world-class academic science, transform it into globally competitive biotechnology companies, and support them through to full maturity. It is this depth of commitment that sets us apart for researchers, entrepreneurs, and, ultimately, for patients." ### A wave of European biotech deals Kurma's close isn't happening in a vacuum. Across Europe, we're seeing a surge in biotech and therapeutics financing. Check out these recent examples: - **ErVimmune** in Lyon, France – raised $18.4 million (€17 million) to advance cancer vaccines and cell therapies for hard-to-treat cancers - **Generare** in Paris – raised $21.6 million (€20 million) to expand its molecular data and drug discovery platform - **Laigo Bio** in Utrecht – completed a $18.4 million (€17 million) Seed round for cancer and autoimmune therapies, with Kurma Partners among the investors - **iDEL Therapeutics** in Dortmund – secured $9.7 million (€9 million) for its cancer therapeutics platform - **STORM Therapeutics** in Cambridge – raised $51.4 million (€47.5 million) to advance its RNA-modification oncology pipeline Together, these rounds total about $119 million (€110 million). That's a clear signal that capital is still flowing into European biotech in 2026, especially in oncology and related areas. France shows up multiple times through ErVimmune and Generare. That's no surprise given Kurma Partners' home turf. ### Why this matters for patients Dr. Steven Pitt, Global Head of External Innovation at CSL, added: "Our partnership with Kurma Partners has enabled us to further build relationships across Europe, a region brimming with scientific innovation. By investing in a team with a proven track record of identifying and translating high-quality European science, we are pleased to support the European biotech ecosystem and the progression of promising research toward therapies for patients with unmet medical needs." ### A track record of exits Founded in 2009, Kurma Partners is part of the Eurazeo group. The firm invests from inception through growth stages, covering the entire healthcare spectrum through its various franchises. These have expanded alongside successive funds in early-stage biotech (Biofunds I, II, and III), early-stage digital health and diagnostics (Kurma Diagnostics and Kurma Diagnostics 2), and most recently, growth capital (Kurma Growth Opportunities Fund). With this final closing, Kurma Partners' total AUM across all franchises hit $1.08 billion (€1 billion). Biofund IV builds on the success of Biofund III, which has completed three exits so far: - **Amolyt Pharma** (rare endocrine diseases) – sold to AstraZeneca - **Emergence Therapeutics** (cancer-targeting Antibody-Drug Conjugates) – sold to Eli Lilly - **Corlieve Therapeutics** (rare epilepsies) – sold to uniQure More recently, there was the acquisition of ImCheck by Ipsen – a portfolio company of both Biofund II and Kurma Growth. ImCheck specializes in next-generation cancer immunotherapies. This kind of track record builds confidence. For researchers and entrepreneurs looking to bring breakthrough therapies to market, having a partner like Kurma with deep pockets and a proven playbook can make all the difference.