Schmitt steps up at Sofinnova

Following its successful recent fundraising, Paris-based venture capital firm Sofinnova Partners has promoted IT investment expert Jean Schmitt to managing partner.

Jean Schmitt, 39, has been promoted to managing partner at Sofinnova Partners, having joined the firm in December 2001 as a partner in its information technology team.

Prior to joining Sofinnova, Schmitt founded several companies including SLP InfoWare, a predictive customer relationship management software business, which he sold to Gemplus in 2000.

Schmitt joins five existing managing partners at the firm: chairman Jean-Bernard Schmidt and chief financial officer Monique Saulnier; as well as Olivier Protard; Denis Lucquin; and Antoine Papiernik.

“This promotion reflects the excellent contribution Jean has made to the IT team and to the partnership. It also reflects our full confidence as we begin investing our new fund,” said Jean-Bernard Schmidt.

In February 2005, Sofinnova announced the final closing of its Sofinnova V fund on €385 million ($500 million), in what was a rare fundraising success for a European venture group. The fundraising was launched in September 2004, with a guarantee that its €350 million target would not be exceeded by more than ten percent.

Founded in 1972, Sofinnova Partners has €900 million under management and invests in start-ups and early-stage companies in information technology and life sciences. It has a sister company, Sofinnova Ventures, based in San Francisco.