Turkey’s First Venture Capital Fund in the Pharma Sector Is Established

Turkey’s First Venture Capital Fund in the Pharma Sector Is Established

IBG’s Project Application Submitted to the Tech-InvesTR-2018 Venture Capital Funding Programme Was Accepted

An application was made following the Tech-InvesTR Venture Capital Funding Programme Call made by TUBITAK on 14.06.2018 as a result of the cooperation agreement signed between TUBITAK and the Ministry of Treasury and Finance with the objective of the sustainable operation of the “Venture Capital Funding Programme” established under TUBITAK TEYDEB to activate venture capital funds supporting R&D intensive start-up companies. 34 applications from 23 institutions were received for the programme. IBG was granted a total of 11 million TL funding with the project “Venture Capital Capacity Increase Project though the Participation of Izmir Biomedicine and Genome Center to the Istanbul PYŞ PharmaMed Fund” within the scope of this programme.

The PharmaMed Venture Capital Fund is Turkey’s first vertical fund established to support early stage ventures in the field of health and drugs in particular. The aim is to decrease Turkey’s foreign dependency on high technology drugs and medical equipment through the investments of PharmaMed, as well as enable our pharmaceutical industry to develop original drugs. Furthermore, IBG’s importance in health sciences is expected to increase through this funding, as PharmaMed will give precedence to IBG ventures.