Sofinnova Partners promotes Krel to partner of industrial biotech team

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Life science-focused venture capital house Sofinnova Partners has promoted Michael Krel to partner of its industrial biotechnology team.

Krel previously served as principal on the team, where he focused on early-stage deals in Europe and North America.

Sofinnova’s industrial biotech franchise is dedicated to start-ups with a specific emphasis on synthetic biology, food, feed, agriculture, materials and chemicals, and represents more than €200m under management.

Firm managing partner Denis Lucquin said, “This promotion recognizes Michael’s excellent skills in the field of industrial biotech, and also reinforces the leading role that Sofinnova Partners is playing in this emerging sector.”

Krel joined Sofinnova as a senior associate in 2013, and has been involved in the venture capital firm’s investment activities in industrial biotech since then.

He previously spent six years in industrial biotech start-ups, holding business development positions.

Last October Sofinnova brought its capital under management to more than €2bn thanks to the final close of its latest early-stage healthcare fund.

The firm reached €333m for the oversubscribed Sofinnova Capital IX vehicle, which will target innovators in the biopharmaceutical and medical device sectors.

Sofinnova said it planned to invest about two thirds of the vehicle’s capital in European companies and one third outside of Europe, primarily in North America.

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