Gimv, the Belgian venture capital firm, has led the €21m ($19m) investment in the second round of funding in Xantos Biomedicine, the German biotechnology firm, highlighting investors' appetite for later stage companies, particularly in the biotech sector, despite the economic downturn.

Gimv is a new investor in the company, along with US-based Oxford Bioscience Partners and German venture capital fund Global Life Science Ventures Fund II. Xantos has received additional funding from existing investors including Global Life Science Holding VIII and Alta California Partners.