Panakès Partners raises €8.5M to back Lombardy's MedTech and BioTech startups

What's the deal? Italy's Panakès PartnersDealroom has a profile for this one. Try Dealroom → has launched an €8.5 million venture capital vehicle to invest in MedTech and BioTech startups in Lombardy. The Milan-based firm raised the money from Lombardia Venture STEPDealroom has a profile for this one. Try Dealroom →, the venture capital fund of funds promoted by the Lombardy Region.

Who's backing it? Lombardia Venture STEP is the sole named backer, channelling regional capital into local life sciences ventures.

What's the endgame? The vehicle targets startups in Lombardy, Italy's northern economic hub, concentrating on medical technology and biotechnology.

The signal: The fund ties regional public capital to Italy's life sciences startups, a bet that local money can seed MedTech and BioTech growth close to home.

Read more: EU-Startups

Image credit: Håkan Dahlström