AdBio opens Montréal office with €120M Fund III

French venture firm AdBio has opened its first office in Montréal, backed by a €120-million Fund III that includes capital from Québec’s Fonds de solidarité FTQ. The move, first reported by Sifted, marks AdBio’s expansion beyond Europe and targets early-stage biotech and life-sciences startups in Québec.

AdBio’s Fund III is reportedly earmarked for seed and Series A deals, though the firm has not disclosed specific investment criteria or portfolio targets. The Fonds de solidarité FTQ, a Québec-based labor-sponsored fund, joins as a limited partner, suggesting local institutional support for AdBio’s strategy.

Montréal’s life-sciences ecosystem has attracted increasing venture interest in recent years, with local startups raising significant capital. AdBio’s arrival follows other European firms that have expanded into the region. The firm’s expansion may also reflect broader LP caution around biotech valuations elsewhere, as some limited partners have flagged frothy rounds as a red flag.

AdBio’s previous fund focused on European startups. The firm’s shift to Montréal suggests confidence in Québec’s pipeline of early-stage companies, though it remains unclear whether Fund III will prioritize local founders or seek cross-border opportunities. Readers should watch for AdBio’s first investments under the new fund to clarify its thesis.

Sources: sifted.eu