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Fundraising in March 2022: France’s digital health firms are thriving

Fundraising in March 2022: France’s digital health firms are thriving! 

In the first quarter of 2022, French healthcare startups set new fundraising records, including for e-health. In total, they secured over €1 billion, a 233.5% increase compared with the same quarter in 2021. March is the richest month.

29 Apr 2022

Synapse Medicine expanding abroad

Having raised €9.5 million since its inception in 2017, Synapse Medicine completed a further fundraising round on March 1, 2022, securing €25 million from Korelya Capital, XAnge, MACSF, BNP Paribas Développement and Mutuelles Impact. The MedTech firm supports health professionals and patients to use medication more intelligently. It is now going to expand its platform, Medication Intelligence, to the whole of Europe, the United States, and Japan. The firm plans to triple its workforce to 150 people.

NETRI aims to become the world’s biggest supplier of organs on chip

Established in 2018, Netri develops innovative organ on chip technologies for the pharmaceutical industry, R&D service firms in the life sciences sector, and academic research. On March 3, 2022, the Lyon-based startup announced that it had completed a Series A investment round, raising €8 million from private business angels, Polygone SA, Altana Investissements, Netangels, Néovacs, the Banque Publique d’Investissement, and CIC Place de l’Innovation. Thanks to this investment, it will be able to accelerate the development of its pilot production units for microfluidic devices and human cell cultures.

Kurma Partners launches a new investment fund, Growth Opportunity

Kurma Partners is one of the biggest players in the funding of healthcare in Europe. It is now creating a new fund, Growth Opportunity, to help biotech and HealthTech firms complete the tricky final stages – the pre-regulatory clinical phase and market entry. The European Investment Fund (EIF), Bpifrance, and Eurazeo were the main contributors to the first, €160 million funding round closed on March 7, 2022, alongside the Belgium Growth Fund, the Société Fédérale de Participations et d’Investissements (SFPI), BNP Paribas Fortis, and Pasteur Mutualité. Ultimately, Kurma Partners aims to raise €250 million. The new fund plans to invest in some fifteen unlisted firms. 

Doctolib raises €500 million and plans to recruit 3,500 new employees

The biggest funding round of the month, and perhaps even the year, was that of Doctolib, which was officially announced on March 15, 2022. The French telehealth leader, established in 2013, is now the number one unicorn in France. By raising €500 million, Doctolib has become the most highly valued unlisted tech firm in France, at €5.8 billion. This equity and debt funding round led by Eurazeo and Bpifrance will enable Doctolib to recruit 3,500 people in France, Germany, and Italy.

BforCure wants to develop a dozen new tests for detecting infectious diseases

Established in 2018, BforCure specializes in 15-minute PCR testing. On March 16, 2022, the biotech firm raised €5 million from several Family Offices that invest in medical diagnostics. It was also awarded €3.2 billion by the French Ministry of Research, Higher Education and Innovation under the 2030 Health Innovation Plan. It is going to expand its production and R&D capabilities and plans to recruit around 50 people in 2022. A dozen or so new tests for detecting infectious diseases in under 15 minutes should be released to the market shortly.

Archeon raises €5.5 million to explore new markets

With EOlife, Archeon provided first aiders and paramedics with a connected medical device to facilitate the resuscitation of patients in cardiac arrest. The startup, which was established in 2018 and is based in Besançon, is currently developing a new device, PulmonAIR, a fully automated emergency ventilator. On March 16, 2022, Archeon secured €5.5 million from two investment funds, Karot Capital and Majycc eSanté Invest, with the support of the European Regional Development Fund and Bpifrance to expand into new markets, extend its range, and strengthen its team.

Invivox raises €7 million to improve training for health professionals

Established in 2015, Invivox created a remote and in-person continuing education platform for medical personnel in France and worldwide. On March 21, 2022, it closed a €7 million funding round led by Educapital, the MACSF, ISAI and Bpifrance. This operation should further its development, accelerate its R&D activities, and finance the recruitment of some thirty new talents. According to Invivox, 250,000 people use its platform. It is France’s leading provider of continuing medical training.

Innobiochips raises €1.5 million to increase its production capacity and accelerate its development

Since its inception in 2008, Innobiochips has specialized in developing High-Definition tests for use in the transplantation, transfusion, infectious disease, and chronic inflammatory disease settings, with innovative in vitro diagnostic tools. On March 22, 2022, the firm completed a capital increase (IRCEM Mutuelle, FINOVAM, NFA, Autonomie et Solidarité) and a debenture issue, in addition to the funds obtained under the France Relance recovery plan.

The Opti-Stem consortium receives €7.8 million in public funding to democratize access to stem cells

The four laboratories in the Opti-Stem consortium led by the Toulouse-based biotech firm Cell-Easy have just been granted €7.8 million in public funding. Seven million come from Bpifrance as part of the “Biotherapies and bioproduction of innovative therapies” program, and 0.8 million come from the Occitanie regional council. This operation will finance a three-year R&D program intended to improve the production of mesenchymal stem cells for therapeutic use. The project has created eight research jobs and involves 25 people in all.

Core Biogenesis raises €10 million to prevent cancer and neurodegenerative diseases

On March 29, 2022, Core Biogenesis announced a €10 million funding round led by XAnge and Blue Horizon Ventures. Other participants included Entrepreneur First, Thia Ventures, and several business angels. The startup, which was established in 2020, focuses on the bioproduction of growth factors. It has a pipeline of around ten molecules that are used to manufacture a wide array of cell therapies, which are currently being tested in the treatment of several cancers and neurodegenerative diseases. This pipeline could reduce the cost of cell therapies dramatically. The firm plans to invest €6 million in a production plant in Strasbourg and expand its workforce by a dozen or so employees.

Cairdac raises €17 million to develop its leadless pacemaker

Cairdac’s pacemaker ALPS is powered entirely by the heart’s kinetic energy. Leadless, it has a dual chamber offering unparalleled device longevity. It is due to enter clinical trials in Europe in mid-2023. This initial €17 million funding round was announced on March 31, 2022. It was led by Mérieux Equity Partners, Supernova Invest and Bpifrance, which were subsequently joined by Sham Innovation Santé and the Caisse Régionale de Crédit Agricole Mutuel de la Touraine et du Poitou. The Series A will enable the firm, which was established in 2016, to complete the upcoming development and clinical proof of concept phases.

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