# BioGeneration Ventures
BioGeneration Ventures (BGV) is a Dutch venture capital firm based in Naarden, the Netherlands, that invests at seed and Series A in early-stage European biopharmaceutical companies and in the creation of new biotech companies. Launched in 2006, it manages six funds with over €450 million under management as of March 2025 and remains active, most recently closing the first tranche of its pre-seed FIRST II fund in March 2026.[1](https://biogenerationventures.com/server/multimediaserve/2088/BGV_ImpactReport_251208_FINAL.pdf?hash=8965f44072d99d6a8762af0af33287d7b673dd919b64e8f60fd05178de1ac73c) • [2](https://biogenerationventures.com/en/news/biogeneration_ventures_announces_the_close_of_the_first_ii_fund_to_accelerate_dutch_life_science_spinouts_in_chronic_diseases)
| Key fact | Detail |
|---|---|
| Founded | 2006[1](https://biogenerationventures.com/server/multimediaserve/2088/BGV_ImpactReport_251208_FINAL.pdf?hash=8965f44072d99d6a8762af0af33287d7b673dd919b64e8f60fd05178de1ac73c) |
| Headquarters | Naarden, Netherlands (single office)[1](https://biogenerationventures.com/server/multimediaserve/2088/BGV_ImpactReport_251208_FINAL.pdf?hash=8965f44072d99d6a8762af0af33287d7b673dd919b64e8f60fd05178de1ac73c) |
| Sector | Early-stage European biopharma venture capital[3](https://www.globenewswire.com/news-release/2023/07/13/2704040/0/en/biogeneration-ventures-closes-bgv-fund-v-at-150-million.html) |
| Funds under management | Over €450 million across 6 funds (March 2025)[1](https://biogenerationventures.com/server/multimediaserve/2088/BGV_ImpactReport_251208_FINAL.pdf?hash=8965f44072d99d6a8762af0af33287d7b673dd919b64e8f60fd05178de1ac73c) |
| Largest fund | BGV V, €150 million (2023)[3](https://www.globenewswire.com/news-release/2023/07/13/2704040/0/en/biogeneration-ventures-closes-bgv-fund-v-at-150-million.html) |
| Notable LPs | Bristol Myers Squibb, Eli Lilly, Novo Holdings/Ventures, European Investment Fund, KfW Capital, Industriens Pension, Schroder Adveq[4](https://www.eif.org/press/all/european-backing-for-early-stage-life-sciences-innovation-specialist-biogeneration-ventures) • [3](https://www.globenewswire.com/news-release/2023/07/13/2704040/0/en/biogeneration-ventures-closes-bgv-fund-v-at-150-million.html) |
| Track record | 52 investments since inception, 24 active (March 2025)[1](https://biogenerationventures.com/server/multimediaserve/2088/BGV_ImpactReport_251208_FINAL.pdf?hash=8965f44072d99d6a8762af0af33287d7b673dd919b64e8f60fd05178de1ac73c) |
| Status | Active; latest disclosed event March 2026[2](https://biogenerationventures.com/en/news/biogeneration_ventures_announces_the_close_of_the_first_ii_fund_to_accelerate_dutch_life_science_spinouts_in_chronic_diseases) |
## History and people
BGV launched its first fund in 2006 and has grown through six funds since.[3](https://www.globenewswire.com/news-release/2023/07/13/2704040/0/en/biogeneration-ventures-closes-bgv-fund-v-at-150-million.html) • [1](https://biogenerationventures.com/server/multimediaserve/2088/BGV_ImpactReport_251208_FINAL.pdf?hash=8965f44072d99d6a8762af0af33287d7b673dd919b64e8f60fd05178de1ac73c) The firm operates from one office in Naarden with 9 professionals plus 9 venture partners, according to its impact report with data as of March 31, 2025.[1](https://biogenerationventures.com/server/multimediaserve/2088/BGV_ImpactReport_251208_FINAL.pdf?hash=8965f44072d99d6a8762af0af33287d7b673dd919b64e8f60fd05178de1ac73c)
## Investment strategy
BGV invests at seed and Series A in early-stage European biotech companies, including company creation around academic discoveries. Its portfolio spans oncology, metabolic disease, autoimmune disease, the central nervous system, rare diseases, hematology, ophthalmology, fibrosis, and nephrology.[1](https://biogenerationventures.com/server/multimediaserve/2088/BGV_ImpactReport_251208_FINAL.pdf?hash=8965f44072d99d6a8762af0af33287d7b673dd919b64e8f60fd05178de1ac73c) Endpoints News reported that its Fund III included the GPCR-targeting Confo Therapeutics and the clinical-stage NASH company NorthSea Therapeutics.[5](https://endpoints.news/biogeneration-ventures-raises-119m-for-new-fund-adding-a-personal-record-to-series-of-vc-raises/)
The strategy is supported by a collaboration with Forbion, a larger Dutch life-sciences investor, providing a platform across early- to late-stage companies; BGV describes itself as part of the Forbion/BGV platform of complementary funds spanning the biopharma lifecycle.[6](https://www.biospace.com/biogeneration-ventures-closes-bgv-iv-fund-at-105-million) • [1](https://biogenerationventures.com/server/multimediaserve/2088/BGV_ImpactReport_251208_FINAL.pdf?hash=8965f44072d99d6a8762af0af33287d7b673dd919b64e8f60fd05178de1ac73c) BGV also manages the FIRST fund (Fonds InvesteringsRijpe STarters), a pre-seed vehicle that works closely with the Dutch academic community to invest in ventures developing medical innovation from academic research.[1](https://biogenerationventures.com/server/multimediaserve/2088/BGV_ImpactReport_251208_FINAL.pdf?hash=8965f44072d99d6a8762af0af33287d7b673dd919b64e8f60fd05178de1ac73c)
## Funds raised
- **BGV I–III.** The first fund launched in 2006.[3](https://www.globenewswire.com/news-release/2023/07/13/2704040/0/en/biogeneration-ventures-closes-bgv-fund-v-at-150-million.html)
- **BGV IV.** BGV announced a first close at €105 million ($119 million) on June 24, 2020, with commitments exceeding the original target, lifting total assets under management above €220 million.[6](https://www.biospace.com/biogeneration-ventures-closes-bgv-iv-fund-at-105-million) • [7](https://tech.eu/2020/06/24/biogeneration-ventures-fund/) The fund later closed at €140 million ($170 million), with a €30 million commitment from the European Investment Fund as its largest backer; final limited partners included [Bristol Myers Squibb](https://www.edgepedia.org/bristol-myers-squibb), Eli Lilly and Company, Novo Ventures, Schroder Adveq, Industriens Pension, and KfW Capital. After that close BGV had over €250 million under management.[4](https://www.eif.org/press/all/european-backing-for-early-stage-life-sciences-innovation-specialist-biogeneration-ventures) The EIF commitment was backed by the Investment Plan for Europe and the Dutch Future Fund, an initiative between the EIF and Invest-NL.[4](https://www.eif.org/press/all/european-backing-for-early-stage-life-sciences-innovation-specialist-biogeneration-ventures)
- **BGV V.** On July 13, 2023 BGV closed BGV V at €150 million, its largest fund since 2006, and its largest fundraising to date, bringing total funds under management to over €400 million. The fund was oversubscribed; returning investors included Eli Lilly, Novo Holdings, and Bristol Myers Squibb, and 78% of new investors were of US origin. BGV V expects to invest in approximately 12 companies focused on drug discovery and development.[3](https://www.globenewswire.com/news-release/2023/07/13/2704040/0/en/biogeneration-ventures-closes-bgv-fund-v-at-150-million.html)
- **FIRST II.** On March 3, 2026 BGV announced a first close at €12 million of FIRST II, a pre-seed fund supporting Dutch academic life-science spinouts in chronic diseases.[2](https://biogenerationventures.com/en/news/biogeneration_ventures_announces_the_close_of_the_first_ii_fund_to_accelerate_dutch_life_science_spinouts_in_chronic_diseases)
The trajectory of disclosed AUM runs from above €220 million at BGV IV's first close (2020), to above €250 million at its final close, to above €400 million at the BGV V close (2023), and over €450 million in the March 2025 impact report.[6](https://www.biospace.com/biogeneration-ventures-closes-bgv-iv-fund-at-105-million) • [4](https://www.eif.org/press/all/european-backing-for-early-stage-life-sciences-innovation-specialist-biogeneration-ventures) • [3](https://www.globenewswire.com/news-release/2023/07/13/2704040/0/en/biogeneration-ventures-closes-bgv-fund-v-at-150-million.html) • [1](https://biogenerationventures.com/server/multimediaserve/2088/BGV_ImpactReport_251208_FINAL.pdf?hash=8965f44072d99d6a8762af0af33287d7b673dd919b64e8f60fd05178de1ac73c)
## Portfolio and exits
- **Acerta Pharma**, a founding investment, was acquired by [AstraZeneca](https://www.edgepedia.org/astrazeneca) for approximately $7 billion, four years before its lead molecule was approved as the leukemia drug Calquence.[5](https://endpoints.news/biogeneration-ventures-raises-119m-for-new-fund-adding-a-personal-record-to-series-of-vc-raises/) • [3](https://www.globenewswire.com/news-release/2023/07/13/2704040/0/en/biogeneration-ventures-closes-bgv-fund-v-at-150-million.html)
- **Dezima Pharma** was purchased by Amgen for up to $1.55 billion.[5](https://endpoints.news/biogeneration-ventures-raises-119m-for-new-fund-adding-a-personal-record-to-series-of-vc-raises/)
- **Staten Biotechnology** was bought by [Novo Nordisk](https://www.edgepedia.org/novo-nordisk) for $430 million, described by BioSpace as a €430 million exclusive option deal.[5](https://endpoints.news/biogeneration-ventures-raises-119m-for-new-fund-adding-a-personal-record-to-series-of-vc-raises/) • [6](https://www.biospace.com/biogeneration-ventures-closes-bgv-iv-fund-at-105-million)
- **Synaffix** was acquired by Lonza for €160 million, including a €100 million upfront cash payment, per BGV's July 2023 announcement.[3](https://www.globenewswire.com/news-release/2023/07/13/2704040/0/en/biogeneration-ventures-closes-bgv-fund-v-at-150-million.html)
Dealroom, an aggregator whose figures are unverified here, additionally lists an argenx IPO of $46 million in 2014 (the company now valued at $50 billion) and a NewAmsterdam Pharma IPO of $326 million in 2022 (now $2.7 billion) among BGV exits.[8](https://dealroom.co/investors/biogeneration-ventures/)
Portfolio companies named in the 2020–2026 record include NorthSea Therapeutics, Azafaros, Varmx, and [Confo Therapeutics](https://www.edgepedia.org/confo-therapeutics) (2020);[6](https://www.biospace.com/biogeneration-ventures-closes-bgv-iv-fund-at-105-million) [Azafaros](https://www.edgepedia.org/azafaros) (with a phase II candidate for rare lysosomal storage disorders), Dualyx (€40 million financing), and [Complement Therapeutics](https://www.edgepedia.org/complement-therapeutics) (€72 million Series A, first funded by BGV in 2021) as of July 2023;[3](https://www.globenewswire.com/news-release/2023/07/13/2704040/0/en/biogeneration-ventures-closes-bgv-fund-v-at-150-million.html) and TargED and River Biomedics from FIRST I.[2](https://biogenerationventures.com/en/news/biogeneration_ventures_announces_the_close_of_the_first_ii_fund_to_accelerate_dutch_life_science_spinouts_in_chronic_diseases)
## By the numbers
The firm's profile is that of a small, specialist early-stage franchise. Six funds since 2006, 52 investments since inception, and 24 active positions; a 9-professional team plus 9 venture partners runs this from a single Naarden office with over €450 million under management.[1](https://biogenerationventures.com/server/multimediaserve/2088/BGV_ImpactReport_251208_FINAL.pdf?hash=8965f44072d99d6a8762af0af33287d7b673dd919b64e8f60fd05178de1ac73c) • [3](https://www.globenewswire.com/news-release/2023/07/13/2704040/0/en/biogeneration-ventures-closes-bgv-fund-v-at-150-million.html) Its fundraising base has shifted toward US capital: 78% of new investors in BGV V were of US origin, alongside returning pharma LPs Eli Lilly, Novo Holdings, and Bristol Myers Squibb.[3](https://www.globenewswire.com/news-release/2023/07/13/2704040/0/en/biogeneration-ventures-closes-bgv-fund-v-at-150-million.html) BGV's strategy is supported by a collaboration with Forbion, providing a platform across early- to late-stage companies.[6](https://www.biospace.com/biogeneration-ventures-closes-bgv-iv-fund-at-105-million)
## Recent developments
BGV closed BGV V at €150 million in July 2023, its largest fund to date.[3](https://www.globenewswire.com/news-release/2023/07/13/2704040/0/en/biogeneration-ventures-closes-bgv-fund-v-at-150-million.html) Its impact report, with data as of March 31, 2025, reports over €450 million under management across six funds, 52 investments, and 24 active positions.[1](https://biogenerationventures.com/server/multimediaserve/2088/BGV_ImpactReport_251208_FINAL.pdf?hash=8965f44072d99d6a8762af0af33287d7b673dd919b64e8f60fd05178de1ac73c) On March 3, 2026 the firm announced the €12 million first close of FIRST II, extending its pre-seed program for Dutch academic spinouts in chronic diseases.[2](https://biogenerationventures.com/en/news/biogeneration_ventures_announces_the_close_of_the_first_ii_fund_to_accelerate_dutch_life_science_spinouts_in_chronic_diseases) These events confirm continued activity through 2026.
## References
1. [BGV Impact Report, data as of March 31, 2025](https://biogenerationventures.com/server/multimediaserve/2088/BGV_ImpactReport_251208_FINAL.pdf?hash=8965f44072d99d6a8762af0af33287d7b673dd919b64e8f60fd05178de1ac73c)
2. [BioGeneration Ventures announces the close of the FIRST II fund (BGV, March 3, 2026)](https://biogenerationventures.com/en/news/biogeneration_ventures_announces_the_close_of_the_first_ii_fund_to_accelerate_dutch_life_science_spinouts_in_chronic_diseases)
3. [BioGeneration Ventures closes BGV Fund V at €150 million (GlobeNewswire, July 13, 2023)](https://www.globenewswire.com/news-release/2023/07/13/2704040/0/en/biogeneration-ventures-closes-bgv-fund-v-at-150-million.html)
4. [European backing for early stage life sciences innovation specialist BioGeneration Ventures – BGV IV closes at €140 million (EIF)](https://www.eif.org/press/all/european-backing-for-early-stage-life-sciences-innovation-specialist-biogeneration-ventures)
5. [Biogeneration Ventures raises $119M for new fund (Endpoints News)](https://endpoints.news/biogeneration-ventures-raises-119m-for-new-fund-adding-a-personal-record-to-series-of-vc-raises/)
6. [BioGeneration Ventures Closes BGV IV Fund at €105 Million (BioSpace/Business Wire, June 24, 2020)](https://www.biospace.com/biogeneration-ventures-closes-bgv-iv-fund-at-105-million)
7. [Dutch VC BioGeneration Ventures closes €105 million fund (tech.eu, June 24, 2020)](https://tech.eu/2020/06/24/biogeneration-ventures-fund/)
8. [BioGeneration Ventures investor profile (Dealroom, unverified aggregator data)](https://dealroom.co/investors/biogeneration-ventures/)
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*Topic: Encyclopedia › Society and history › Economics and business › Business and work › Business and work overview › Companies and corporations › Venture-backed startups and growth companies › Health, biotech, and medtech startups*
*Initially written Sep 17, 2026 · Reviewed: Sep 30, 2026 · Edited: Oct 11, 2026; Oct 15, 2026; Oct 25, 2026 · Last review: Sep 30, 2026*
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