Panakès Partners SGR launches its first Venture Capital Fund dedicated to European Medtech startups
At the end of 2015, Panakès Partners SGR SpA has obtained the required authorization by the competent authorities and has launched its first Fund, Panakès Fund I. Investors in the Fund comprise a unique blend of major Italian and International investors: corporate and private investors in the sector (Menarini, Cogliati – Elemaster, Colombo – SapioLife, Rovati - RottaPharmBiotech) as well as leading financial institutions such as European Investment Fund and Fondo Italiano d'Investimento. Panakès I is the first Italian EU Venture Capital Fund (EUVECA). After its second closing in January, Panakès targets a new closing in March.
The Venture firm will finance highly innovative companies in the Medtech sector, innovating in particular in therapeutic medical devices, diagnostic devices and kits and healthcare IT companies. Panakès will focus primarily on startup and commercial stage companies, with extremely promising products and great ambition, providing capital towards clinical demonstration and revenues growth. Panakès focuses on companies addressing unmet clinical needs, with strong intellectual property, at prototype level (or even CE marked products) run by experienced management teams.
"Panakès is focused on funding companies with innovation that can be quantified in terms of both improvements in patient outcomes as well as healthcare economics. Italy and Europe represent the best ground for these opportunities, that can deliver also excellent financial returns," commented Panakès Managing Partner, Fabrizio Landi. "We are excited to launch our fund, and appreciate the support of all our institutional and corporate investors for our strategy and team."
Pier Luigi Gilibert, Chief Executive EIF, stated: "Medtech is an area where innovation can deliver real results and we are proud to be investing in the research and development of new devices for this sector, where Europe has a strong competitive advantage compared to other geographies. The EU has a role to play in supporting this growing market and our commitment in Panakès is an example of how together we can invest in companies which will target healthcare solutions. We are confident that the team at Panakès and its focused strategy, will create new opportunities in the Medtech arena."
"I am particularly satisfied with the result of fund raising reached by Panakés Fund , whose idea was born in the offices of the Italian Fund" said Gabriele Cappellini , CEO of the Fondo Italiano degli Investimenti SGR . "The investment in Panakés Fund by FII" continued Cappellini , "is part of our strategy to support the creation of a sustainable venture capital market, through the subscription of funds managed by independent teams with sector-specific expertise and high professionalism. In light of this and the experience of its founders we trust that Panakés can be an operator of reference for the support to the best start-ups operating in the medtech sector".
Panakès partners was founded by Alessio Beverina, Fabrizio Landi and Diana Saraceni in 2015. The investment team combines a high level of successful venture capital experience, appropriate scientific and medical competence and significant operational and investment experience in the Medical Technologies sector. Alessio Beverina was Partner at Sofinnova Partners, one of the leading Venture Capital in the Life Sciences sector; Fabrizio Landi was the founder and CEO of Esaote, which became a leader in the diagnostic space; Diana Saraceni was founder and Partner in charge of the Life Sciences investments at 360 Capital Partners, the leading Italian Venture Capital firm.
The Panakès team also comprises a very complementary and internationally recognized Advisory Board, with successful Italian entrepreneurs and experts in the Life Sciences area: Laura Iris Ferro, founder and ex CEO of Gentium, Giuseppe Prisco, former MP of Intuitive surgical, Lorenzo Tallarigo, former COO Eli Lilly, and early stage Investor and board member of Intercept, Emanuele Gatti, former CEO EMEA Fresenius Care, Gabriele Cogliati, CEO of Elemaster, Antonello Biscini, VP business development of Menarini Diagnostics and Maurizio Colombo, CEO of SapioLife.
Panakès derives from the greek Panakeia, who was the goddess of Universal remedy, said to have a potion with which she healed the sick.
About Panakès Partners
Panakès Partners invests is a Venture Capital investor that finances medical companies, early stage startup and SMEs, with extremely promising products and great ambition, in Europe and Israel, improving both patient outcomes and healthcare economics. Investments focus on the medical device, diagnostics and healthcare IT fields. Panakès Partners is headquartered in Milan, Italy. www.panakes.it
About Fondo Italiano d'Investimento (FII)
Fondo Italiano d'Investimento SGR is a management company promoted by the Italian Ministry of Finance with the co-operation of Associazione Bancaria Italiana (Italian Banking Association), Cassa Depositi e Prestiti, Confindustria (Industrial Association), Intesa Sanpaolo, Banca Monte dei Paschi di Siena and Unicredit.
Today, it manages three closed-end funds for a total amount of EUR 1.7 billion:"Fondo Italiano di Investimento", "FoF Private Debt" and "FoF Venture Capital".
With a size of EUR 1.2 billion, "Fondo Italiano di Investimento" operates both through the acquisition of minority stakes in Italian SMEs with a turnover of at least EUR 10 million and, acting as a fund-of-funds, through investments into other private equity funds with similar focus and investment objectives.
The "FoF Private Debt" and the "FoF Venture Capital" have started their activity on 1st September 2014, with as of today a size of respectively EUR 375 million and EUR 80 million. The "FoF Private Debt" aims at committing to funds focusing on the private debt market (mini-bond and other debt instruments) to support Italian SMEs; the "FoF Venture Capital" is focusing on early stage (start-ups) and growth capital funds investing in high-tech companies.
About the European Investment Fund
The European Investment Fund's (EIF) is part of the European Investment Bank group. Its central mission is to support Europe's micro, small and medium-sized businesses by helping them to access finance. EIF designs and develops both venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth and employment. The EIF supported financing "is supported by the INNOVFIN SME Venture Capital with the financial backing of the European Union under Horizon 2020 Financial Instruments established under Regulation (No) 1291/2013 of the European Parliament and the Council establishing Horizon 2020 – the Framework Programme for Research and Innovation (2014-2020) through financial backing of the European Union under the Equity Facility for Growth established under Regulation (EU) No 1287/2013 of the European Parliament and the Council establishing a Programme for the Competitiveness of Enterprises and small and medium enterprises (COSME) (2014-2020).
via boscovich 31, 20124 Milano