BioPharma Dive October 31, 2025
Novo Holdings, Eli Lilly and Sanofi Ventures have been three of the most prolific startup investors in what’s been, until recently, a slower year for venture funding.
The prolonged slowdown in biotechnology startup funding has given an opportunity for a specific set of investors to step in: corporate venture firms.
Data compiled by BioPharma Dive show that venture funds associated with Novo Holdings, Eli Lilly and Sanofi have been among the most active backers of privately held companies this year.
Novo Holdings, for example, has been involved in 18 private venture rounds in 2025, the most of any of the roughly two dozen firms tracked by BioPharma Dive. Eli Lilly and Sanofi Ventures also contributed to 13 apiece, respectively, putting...
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