Kurma’s latest fundraise highlights challenges for early-stage VCs

There’s good news for European biotechs as an early-stage fund from Kurma Partners raised more than €200 million, injecting more capital into the ecosystem. But Kurma’s experience with the new fund also provides a real-time example of how difficult it can be to raise seed or early-stage capital to invest in this environment.

Last week, Kurma Partners announced the final close of its Biofund IV at €215 million ($251.4 million) — a 34% increase over the €160 million Kurma Biofund III that closed in 2018. But the fund also fell short of its target size of €250 million...