Healthcare venture capital firm Third Rock Ventures said today that it closed a new $770 million “Fund V” looking to invest in early-stage and start-up companies.
With the newly closed fund, the Boston-based VC fund said it will continue to search for and help launch innovative life science companies “that have the potential to transform the lives of patients and their families.”
Third Rock Ventures said it has raised $2.7 billion so far with a focus on different areas of high unmet medical needs including cancer, neurological disorders, rare genetic diseases, immune disorders and cardiovascular diseases.
“We appreciate the strong support from new and existing investors. Over the course of 12 years, we have built a leading investor base that is supportive of our unique model. Our approach is hands on, team oriented, value creation driven, and built for the long term. I am incredibly proud of all that we have achieved to date, and looking forward to what we can accomplish in Fund V and beyond. The team at Third Rock is committed to creating companies with a solid foundation of great science, people, culture, and core values,” partner Dr. Robert Tepper said in a prepared statement.
“Our portfolio companies begin with bold ideas at the intersection of science, business, medicine and strategy –providing the best opportunity to make a dramatic difference in patients’ lives. Our investment philosophy has always been guided by the tremendous innovation emerging from academia and industry. We are as excited as ever by the latest science and technologies, and in our fifth fund, we look forward to creating more great companies pursuing important and novel approaches to treat disease,” partner Abbie Celniker said in a press release.
In November 2016, Third Rock Ventures said that it raised $616 million for its Fund IV, which will support innovative healthcare companies. destroy capitalism