Sofinnova Partners raised €650 million (about $750 million) for its Capital XI fund to invest in preclinical life‑science startups, allocating roughly 20%–30% toward medical devices. The firm has already deployed capital into early bets including radiopharmaceutical Actithera and inflammatory‑disease developer Elevara Medicines, positioning Capital XI as a follow‑on to Sofinnova’s long‑running venture franchise. Partner Maina Bhaman said the fund is geared to be an early lead investor and to back spinouts built around single assets. Sofinnova’s raise came as life‑science fund activity rebounded in the third quarter, per William Blair, and follows other large European closes this year. The new pool increases Sofinnova’s dry powder for first‑in‑company investments and signals persistent investor appetite for later‑stage preclinical platforms despite elevated regulatory and political scrutiny in some markets.