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Finance Watch: New Funds Keep Venture Capital Flowing Into Biopharma

Second Quarter Starts With $1bn-Plus In Fresh Cash

 
• By Mandy Jackson

Private Company Edition: In the first week of April, Cure Ventures launched with a $350m fund, the Alzheimer’s Drug Discovery Fund received $200m for its venture philanthropy strategy and Canaan revealed $850m in new funds. Also, OnKure raised $53.7m and Phlow closed a $36m series B round. 

Finance Watch Private Company
• Source: Shutterstock

It may not be as easy for private biopharmaceutical companies to raise a new venture capital round in 2023 as it was during the past few years, but VC firms have brought in an impressive amount out cash for new funds to fuel further investment in the industry, including more than $1bn in new funds announced during the first week of April.

Cure Ventures launched on 4 April with $350m in its inaugural fund focused on early-stage developers of new therapeutics, with plans to back portfolio companies in subsequent series A and B rounds. Cure’s managing partners Richard Lim, David Fallace and Lou Tartaglia previously were involved in building other biotechnology companies, including Juno Therapeutics Inc

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