European life sciences venture capital firm Sofinnova Partners has closed its fourth medtech fund, Sofinnova MD Start IV, with €82 million in funding. The fund was oversubscribed, showing strong investor interest.

The fund will help Sofinnova create and support new medtech companies across Europe and the US. It will provide funding and support from the early stages of a company through important development milestones.

Over the next five years, Sofinnova plans to launch six to eight medtech companies through the new fund. The funding will help founders develop their ideas, reach clinical milestones, and build their businesses.

Sofinnova combines medical knowledge, entrepreneurial experience, and business expertise to build companies that address unmet healthcare needs. Its portfolio companies can also access Sofinnova’s global network and experience in developing and growing medtech businesses.

“Sofinnova MD Start is one of the few strategies in Europe focused on creating medtech companies from the ground up. What makes the model distinctive is the active role our team plays in building and supporting every company from day one. This latest fund will allow us to scale that approach and remain a key part of Sofinnova’s platform across the life sciences value chain, “said Antoine Papiernik, Chairman and Managing Partner of Sofinnova Partners.

Anne Osdoit, Partner at Sofinnova Partners, said the new fund will allow the firm to keep working with engineers, doctors, and scientists to help turn medical technologies developed in laboratories into products that can be used in clinical settings.

The new fund follows Sofinnova MD Start III, a €63 million fund that invested in six companies. Together, those companies have raised more than €140 million in additional funding since the investments.