Forbion raised €2.3 billion across two new venture funds, the firm said, positioning the capital for investment in roughly 30 companies across its portfolios. The fundraising arrives as European VC activity faces pressure, with PitchBook reporting a broader decline in fundraising and investments. The announcement matters for biotech because larger, well-capitalized investors can influence which early-stage therapies secure runway during a tighter capital environment. It also provides a window into Europe’s shifting appetite for life-science risk. For portfolio companies and founders, the signal is that selective capital deployment continues despite slower overall fundraising volumes, with Forbion preparing to back a concentrated set of opportunities.