Medicxi closed its third fund, Medicxi III, at €400 million ($449.17 million). The venture capital fund surpasses its predecessor, Medicxi Growth I, which held a final close in June 2017 at $300 million.
Investors in the fund include Johnson & Johnson Innovation and Novartis. Committed capital will be used to invest in healthcare and biopharma companies throughout Europe.
Medicxi has backed 89 companies across the healthcare sector in industries that include biopharma, biotechnology and life sciences. With the final closing of Medicxi III, the firm has now exceeded $1 billion in total capital raised over the last three years.