Early-stage biotech investors Claris Ventures, a VC firm based in Turin, has announced the first closing of Claris Biotech II, a venture capital fund dedicated to early-stage investments in biotech startups originating from the Italian research ecosystem, with a fundraising target of €100m (US$114m).
“This second fund marks an important step in our vision for the growth and maturation of the biotech industry in Italy, starting from science and guiding it toward clinical validation,” according to Pietro Puglisi and Ciro Spedaliere, managing partners at Claris Ventures. “We will continue investing in new entrepreneurial ventures arising from high-impact discoveries: we are not afraid to take the first step, and this is the only way to make a real contribution to the Italian biotech ecosystem—while also representing a significant return opportunity.”
Fundraising has become more selective globally, given macroeconomic pressures and shifting investor risk appetite.
“That said, we’ve continued to attract strong support by staying focused on our niche — early-stage therapeutics — and by demonstrating disciplined execution and a differentiated pipeline,” said Puglisi. “We overcome challenges by being transparent with our investors, maintaining a long-term view, and showing the real impact of our portfolio companies, both scientifically and socially. There’s still strong appetite for innovation in healthcare — but LPs want to see clarity, focus, and resilience.”
Institutional investors who have already committed to the new fund include CDP Venture Capital and the European Investment Fund (EIF, part of the EIB Group), confirming their commitment to supporting innovation in life sciences, in continuity with their support of the first Claris Ventures fund.
“Through our investment in Claris Biotech II, we aim to support new biotech companies arising from excellent scientific discoveries, generating positive value for society and patients in Italy and across Europe,” said Marco Marrone, CIO at EIF.
Maintaining trajectory
Claris Biotech II continues along the same trajectory started with the first fund launched in 2020, which raised a total of €85m and financed 10 biotech companies active in therapeutic areas such as oncology, neurology, cardiometabolic diseases, and rare diseases. It will make selective investments in therapeutic programmes with strong scientific rationale, addressing deep clinical needs and offering high potential.
Claris Ventures looks for science-driven companies addressing clear unmet medical needs, typically in the field of therapeutics
“Our selection process starts with the scientific rationale and therapeutic hypothesis: is the mechanism of action novel, and is it backed by solid evidence?” said Puglisi. “From there, we evaluate the target product profile, the development strategy, intellectual property, scientific team robustness and competitive landscape.”
Investing at a very early stage comes with challenges: “which means we must build conviction around the science and founders’ vision long before there is data maturity or a formal business structure,” said Puglisi. “It requires both scientific rigor and a creative, hands-on mindset.”
The goal is to support startups through early clinical validation, creating the conditions for partnering or M&A transactions with major pharmaceutical groups.
To date, four therapeutic programmes supported by the first fund have already entered clinical development, and the portfolio companies have collectively raised over €170m in capital from international investors and pharmaceutical groups, including Sanofi, Bristol Myers Squibb, and ONO Pharmaceutical.
Operational approach
Initial tickets typically range from €2m to €5m, depending on the maturity and capital intensity of the project, and it reserves capital for follow-on rounds and usually continues to support the company through Series A and B. Target investment horizon is around 4-6 years, although there is flexibility based on the path to clinical milestones or strategic transactions.
The firm takes a very hand on approach with its portfolio companies, especially in the early stages.
“Our role is not just financial — we act as a strategic partner and work collaboratively with our companies to navigate technical, regulatory, and business challenges,” said Puglisi.
In many cases, it helps co-found the company and define the initial development and corporate strategy. It also serves on the boards and maintains close, ongoing dialogue with founders and executives, supporting the firms in team building, governance setup, clinical planning, and fundraising.
Team expansion
With Fund II’s first closing, Claris Ventures has also expanded its team with the addition of Giulia Vestri as partner. Vestri brings solid experience in biotech business development and the strategic side of the pharmaceutical sector, enhancing the ability of the firm to support portfolio companies during the most critical stages of their growth path—from strategic ideation to the creation of clinical and industrial value.
She joins a team of professionals, combining backgrounds in science, engineering, venture capital and finance. It also works with a network of advisors and scientific experts.
“The team is lean but highly specialized, which allows us to remain agile and deeply engaged across our portfolio,” said Puglisi.
