XGEN Venture Research
Investment Thesis
XGEN Venture is an Italian alternative investment fund manager (Società di Gestione del Risparmio, SGR) established in 2021 by the former Genextra team, carrying forward more than 15 years of experience discovering and developing novel solutions for high unmet medical needs. The firm specializes exclusively in early-stage investments in private research and development companies across the life sciences sector, backing founders and scientific teams building next-generation biotech, gene therapy, and medtech ventures. XGEN currently deploys capital from its first vehicle, the XGEN Venture Life Science Fund, launched at the end of 2022, while its team continues to advise Genextra's board on the management of its legacy portfolio.
Stage Focus
XGEN Venture's core investing activity is concentrated at pre-seed and seed stage, where it takes the earliest institutional positions in novel life-science platforms and assets. The fund also reserves capital for follow-on participation in later rounds of existing portfolio companies, which is visible in the firm's continued participation in Series A and Series B rounds for companies such as AAVantgarde and NanoPhoria as those businesses matured.
Check Size
Specific check sizes are not publicly disclosed. Given the fund's total committed capital (reported at roughly €180M against a €200M target, closed December 2022) and a portfolio of 11+ companies built up since 2022 with meaningful follow-on reserves, individual initial checks are likely in the low-to-mid single-digit million euro range, scaling with reserved capital for follow-ons.
Lead Tendency
XGEN Venture frequently participates in syndicated rounds alongside other specialist life-science investors (Sofinnova Partners, CDP Venture Capital, Panakès Partners, Willett Advisors, Longwood Fund, Schroders Capital, Innovestor Life Science), suggesting a co-investment-heavy strategy rather than a firm that predominantly leads and prices rounds solo. Some rounds (e.g., Dialybrid's Series A) feature XGEN prominently, but public reporting does not consistently confirm lead status across the portfolio.
Recent Activity
The fund has been active through 2025 and 2026:
- September 2026: Dialybrid secured a €15M Series A round and announced a successful first-in-human implant of its Silkothane Arteriovenous Graft for hemodialysis vascular access.
- January 2026: NanoPhoria Bioscience closed the second tranche of an €83.5M Series A (a record for Italian biotech), co-led by XGEN Venture, Sofinnova Partners, and CDP Venture Capital SGR.
- November/December 2025: AAVantgarde Bio closed a $141M Series B financing, backed by Sofinnova Partners, XGEN Venture, and Schroders Capital.
Portfolio Highlights
XGEN's current portfolio spans gene therapy, oncology, rare disease, medtech, and inflammatory disease:
- AAVantgarde — AAV vector platform for large gene delivery (inherited retinal diseases)
- Genespire — gene therapy platform for rare disease, in collaboration with SR-TIGET
- Nouscom — cancer interception based on neoantigens; holds FDA Fast Track Designation for NOUS-209
- iOnctura — small-molecule oncology therapeutics
- Tes Pharma — renal disease therapeutics; holds FDA Orphan Drug Designation for TESP-0401
- Gesynta Pharma — non-hormonal treatment for endometriosis and inflammatory disease
- NanoPhoria — inhalable nano-in-micro delivery of biologics for cardiovascular treatment
- Dialybrid — hybrid vascular access solutions for hemodialysis
- Protembis — embolic protection device (ProtEmbo) for TAVR procedures
- Page Therapeutics — targeting cell-cell adhesion to block cancer metastasis
- EpilepsyGTx — AAV gene therapy for focal refractory epilepsy
Team
XGEN Venture is led by three Founders & Managing Partners and a broad venture partner network spanning scientific and operating expertise:
- Federica Draghi — Founder & Managing Partner
- Paolo Fundarò — Founder & Managing Partner (also CEO of XGEN Venture SGR)
- Daniele Scarinci — Founder & Managing Partner
- Khatereh Ahmadi, Gokhan Batur, Keith Dawkins, Bertil Lindmark, Michele Manto, Luca Quagliata, Victor Savevski, Bastiaan Van der Baan, Marija Zecevic — Venture Partners
- Luca Porro — MedTech Specialist
- Graziano Piredda — Sr. Analyst
- Roberto Molinaro — Associate
- Simona Varani — Investment Manager
- Bianca Benatti — Jr. Analyst
- Mariagiulia Davide — Investor Relations & ESG Manager
- Carlotta Marchese — Regulatory and Corporate Affairs Specialist
- Monica Pala — Administrative Manager
- Laura Pizzi — Office Manager
The firm's independent Board of Directors includes Prof. Carlo Marchetti (Independent Chairman) and Carlo Michero (Independent Member).
Decision Process
With three co-equal Founders & Managing Partners and a large bench of venture and sector-specialist partners (including a dedicated MedTech Specialist), decisions appear to run through a partnership structure rather than a solo GP.
Founder Preferences
XGEN backs scientific and technical founding teams tackling high unmet medical needs, frequently partnering with academic spin-outs and research institutes (e.g., its collaboration with SR-TIGET on Genespire). The firm's regulated SGR structure and EU InvestEU Fund backing suggest a preference for capital-intensive, long-development-cycle life science assets (gene therapy, biologics, medtech) rather than software-adjacent health tech.
Geographic Focus
XGEN Venture is headquartered in Milan, Italy, and its portfolio is concentrated in Italy and greater Europe, with holdings in Sweden (Gesynta Pharma), Switzerland (iOnctura), and Germany (Protembis). The XGEN Venture Life Science Fund benefits from support from the European Union under the InvestEU Fund.