On it’s annual report (link), the EIF has disclosed the signing of “the first ever investment in a Portuguese life sciences VC fund (Biovance Capital Fund I)”. The report further details that this investment is in “line with EIF’s strategy to support first-time and emerging teams, particularly in peripheral Europe, thereby reducing geographical disparities in the European LS VC ecosystem. The investment was made in partnership with Banco Portugues de Fomento.”

Biovance aims to invest in disruptive, early-stage biopharma companies across Europe, with a focus in Portugal, Spain and Italy, supporting the development of truly transformational therapies across all modalities and disease areas.