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NeoMed close fourth life sciences fund

NeoMed Management, the Norway-headquartered venture capital firm, has reached a first close of its new life sciences VC fund, NeoMed Innovation IV LP, with committed capital of €38m.

The cornerstone investors include Argentum Fondsinvesteringer, a Norwegian fund-of-funds, Tredje AP-Fonden, a major Swedish pension fund and UK-based Höegh Capital Partners, the investment interests of the Höegh family.

The final target size is around €100m. NeoMed is hoping for a final close by the summer.

The fund will invest in and develop emerging growth companies in the biotechnology, pharmaceutical and diagnostics industries. In addition, it will invest in companies developing novel medical instruments, reagents and devices.

Its geographical focus is continental Europe, Scandinavia and, to a lesser extent, the UK and the US.