- The well-funded venture capital firm Versant Ventures said Wednesday it has raised another $950 million to invest in biotechnology and healthcare companies.
- The money is split across three funds. The first has $560 million to form 20 or more biotech startups in the U.S., Canada and Europe. The second has $140 million to, alongside other firms, co-invest in the early fundraising rounds for startups that show “potential to be breakout companies.” And the third has $250 million to use in the later fundraising rounds of companies that are already in Versant’s portfolio and are nearing a liquidity event.
- Versant’s announcement comes as record levels of money flow into biotech. In a report also released Wednesday, KPMG found that from January through March, U.S. pharmaceutical and biotech companies received $10 billion in venture capital funding — equivalent to 38% of all venture capital investments in those sectors last year, according to KPMG.