Kurma Partners Research
Overview
Kurma Partners is a leading European venture capital group headquartered in Paris, France (24 rue Royale, 75008 Paris) with an additional office in Munich, Germany. Founded in 2009, the firm has positioned itself as a premier venture builder and investor in the European healthcare and biotechnology ecosystem. As of April 2026, Kurma manages approximately €1 billion in assets across multiple specialized investment franchises. The firm is part of the Eurazeo group, one of Europe's leading listed investment companies.
Since inception, Kurma has financed over 72 companies and co-founded 25 companies, contributing to the creation of more than 1,400 jobs across its portfolio. The firm is a signatory to the UN Principles for Responsible Investment (since June 2021) and has maintained an ESG charter since 2020.
Investment Thesis
Kurma Partners is dedicated to transforming disruptive scientific discoveries — predominantly emerging from elite European academic and research institutions — into cutting-edge medicines, diagnostics, and medical devices. The firm operates at the intersection of science, entrepreneurship, and capital, working closely with world-class researchers early in the discovery process to design scientifically grounded development plans and recruit experienced healthcare industry experts.
Kurma describes itself as a 'leading venture builder in the European biotech ecosystem,' emphasizing the firm's hands-on, constructive role in creating and scaling companies — not merely providing capital. The firm's stated mission is to address severe diseases with high unmet medical needs. Within therapeutics, Biofund IV targets '80% of invested capital focused on companies developing therapeutic approaches,' while remaining 'thematically agnostic' and opportunistically pursuing the forefront of innovation.
Investment Franchises
Kurma operates through distinct, specialized franchise vehicles:
-
Kurma Biofund (I through IV): The flagship therapeutic venture franchise. Biofund IV (€215M, final close April 2026) targets 16-20 investments across company creation and venture-stage companies in innovative therapeutics.
-
Kurma Diagnostics (I and II): Focused on diagnostic technologies and digital health. Diagnostics II portfolio includes companies like Ganymed Robotics, Raidium, Omnidoc, Arkhn, and others in medical imaging, AI diagnostics, and digital health.
-
Kurma Growth Opportunities: A dedicated growth-stage vehicle for maturing portfolio companies seeking expansion capital. Portfolio includes DNA Script, Medincell, Pantera, IO Biotech, and others.
-
Paris Saclay Seed Fund: An early-stage seed fund focused on the Paris Saclay innovation cluster, co-founded with Argobio Studio (a venture builder co-founded with Bpifrance).
Stage Focus
Kurma invests across the full venture lifecycle:
- Company creation (ex-nihilo): Building companies from scratch based on academic discoveries
- Pre-seed / Seed: First institutional capital for emerging biotechs
- Series A: Primary venture-stage investments in companies with validated platforms
- Series B and growth: Follow-on and growth capital via dedicated vehicles
The balanced strategy across early and venture-stage reflects a belief that Kurma's value-add is greatest when partnering early and remaining engaged through maturation.
Check Size
Based on fund structure and portfolio data:
- Biofund IV: €215M targeting ~20 investments → average ~€10M per company
- Estimated individual check size range: €3M–€25M (EUR equivalent)
- Kurma often leads or co-leads rounds and reserves follow-on capital (estimated 50% reserve ratio for portfolio follow-ons)
- Notable led/co-led rounds include Adcytherix €105M Series A (co-led, October 2025), Avidicure $50M seed (April 2025), NUCLIDIUM €84M Series B (July 2025), and Nuevocor $45M Series B (May 2025)
Geographic Focus
Kurma is deeply rooted in the European biotech ecosystem, with core investment activity in:
- France (Paris, including Paris Saclay research cluster)
- Germany (Munich office, dedicated Germany Partner)
- Belgium, Netherlands, Switzerland
- Broader Europe (Denmark, UK, Israel for opportunistic investments)
Biofund IV portfolio companies span France, Germany, Switzerland, Netherlands, Belgium, Denmark, Singapore, and the USA — reflecting Kurma's pan-European scope with selective international reach. The firm co-founded Argobio Studio with Bpifrance to systematically spin out discoveries from French public research institutions.
Recent Activity
Kurma closed Biofund IV at €215M in April 2026, reaching a total AUM of €1 billion across all franchises. As of the final close, the fund had completed 11 investments. Notable activity since 2024:
Major Exits (Biofund III):
- ImCheck Therapeutics → Ipsen (October 2025): Up to €1 billion; Kurma was a founding shareholder since 2015
- Stilla Technologies → Bio-Rad Laboratories (February 2025): $225M acquisition plus $50M in milestones
- PathoQuest → Charles River Laboratories (January 2026): definitive agreement for acquisition
- Amolyt Pharma → AstraZeneca (2024): rare endocrine disease company
- Emergence Therapeutics → Eli Lilly (2023): antibody-drug conjugate cancer company
- Corlieve Therapeutics → UniQure (2021): rare epilepsy company
Major Investments (2024-2026):
- Alveus Therapeutics: $160M Series A (January 2026) for obesity/metabolic disease next-gen therapies
- Laigo Bio: €17M seed (March 2026) for targeted protein degradation
- Medincell: €48M private placement (March 2026)
- Adcytherix: €105M Series A co-led (October 2025) for antibody-drug conjugates
- Damae Medical: €15M Series B (December 2025) for AI dermatology imaging
- NUCLIDIUM: €84M Series B (July 2025) for radiopharmaceutical platform
- EvlaBio: €21M seed (July 2025) for monoclonal antibody therapy
- Elkedonia: €11M seed (June 2025) for neuroplastogen therapeutics
- Nuevocor: $45M Series B (May 2025) for cardiomyopathy gene therapy
- Avidicure: $50M seed (April 2025) for multifunctional antibodies in cancer immunotherapy
- Coave Therapeutics: €32M Series A (January 2025) for genetic medicines
- SciRhom: €63M Series A (July 2024) for iRhom2-targeting autoimmune therapies
- Vico Therapeutics: €65.8M Series B (June 2024) for rare neurological diseases
Portfolio Highlights
Kurma's current portfolio spans 70+ companies with major focus areas including:
- Oncology: Adcytherix (ADCs), ImCheck (immunotherapy — exited), Tacalyx, Flamingo Therapeutics
- Autoimmune/Inflammation: SciRhom (iRhom2), Vico Therapeutics, STEP Pharma
- Metabolic/Cardiovascular: Alveus Therapeutics (obesity), Nuevocor (cardiomyopathy), Medincell
- Rare Diseases: Corlieve (epilepsy — exited), Amolyt (rare endocrine — exited), RyCarma
- Diagnostics & Digital Health: Ganymed Robotics (surgical robotics), Raidium (radiology AI), Omnidoc (teleconsultation), Arkhn (health data), Charles (medication management)
- Radiopharmaceuticals: NUCLIDIUM
- Drug Technology: DNA Script (enzymatic DNA synthesis), Laigo Bio (protein degradation), EvlaBio (monoclonal antibodies)
Team
Kurma's investment team is led by two Managing Partners and eight additional Partners:
- Thierry Laugel (Managing Partner, Biofund): Veteran biotech executive with deep therapeutic development expertise. Leads Biofund strategy.
- Rémi Droller (Managing Partner, Biofund): Co-leads Biofund investment strategy and portfolio management.
- Amanda Gett (Partner, Biofund): Joined October 2023; brings venture, industry, and research expertise across therapeutics.
- Hadrien Bouchez (Partner, Biofund): Promoted through the ranks; focuses on early-stage therapeutics.
- Peter Neubeck (Partner Germany, Biofund): Based in Munich; covers German biotech ecosystem.
- Daniel Parera (Partner Germany, Growth Opportunities): Covers growth-stage investments from Munich.
- Jean-François Rivassou (Partner, Growth Opportunities): Leads growth-stage investment strategy.
- Benjamin Belot (Partner, Diagnostics): Joined 2020; focused on digital health and diagnostic technologies.
- Alain Horvais (Partner, Diagnostics): Covers diagnostic and medtech investments.
- Philippe Peltier (Partner, Diagnostics): Diagnostics franchise leadership.
The broader team includes 6 associates/analysts and an operational team covering compliance, finance, and office management.
Decision Process
Kurma operates as a classic investment partnership. Investment decisions are made collectively by the relevant franchise partners. For Biofund investments, Thierry Laugel and Rémi Droller lead the partnership, with all Partners contributing to diligence and investment committee discussions. The firm emphasizes deep scientific diligence — typically engaging academic advisors, key opinion leaders, and industry experts before committing. As members of the Eurazeo group, larger investments may have an additional Eurazeo oversight layer.
Co-Investors
Kurma frequently co-invests with leading European and US biotech investors including:
- Eurazeo (as LP and co-investor)
- Bpifrance (cornerstone LP and Argobio co-founder)
- Andera Partners (frequent co-investor on Series A rounds — Adcytherix, Alveus)
- European Investment Fund (cornerstone Biofund IV LP)
- Angelini Ventures, Pureos Bioventures, RA Capital, aMoon, Novo Holdings
Founder Preferences
Kurma gravitates toward academic-entrepreneur hybrids: world-class scientists from premier European research institutions (Inserm, CNRS, Helmholtz, etc.) who are willing to engage in company-building. The firm places high value on scientific rigor and prefers founders with deep domain expertise and novel platform technologies. Early-stage creation deals often involve Kurma co-founding the company alongside researchers rather than backing a fully formed team.