The capital will be used to invest in 20 or more biotech startups, boost early high-performers, and also fund later-stage companies nearing a liquidity event.
Versant Ventures has announced that the $950 million will be allocated across a platform of three separate vehicles:
- Versant Venture Capital VIII, the primary global biotech fund comprised of $560 million, will be allocated to 20 or more biotechnology startups in the US, Canada and the EU. According to Versant, these new companies “will be focused on translating breakthrough innovation into the next generation of therapeutics targeting the most important unmet medical needs.”
- Versant Voyageurs II, a strategic “booster” fund of $140 million, will supplement Versant’s investment in early-stage startups and will be used to co-invest with Fund VIII in a select number of opportunities that show early potential to be breakout companies.
- The remaining $250 million will form Versant Vantage II, and will primarily be used to invest in Series B or later rounds of existing Versant portfolio companies that are nearing a liquidity event.
Brad Bolzon, chairman and managing director at Versant Ventures, commented that “The new fund probably will continue to focus on those categories where we’ve had previous success, such as gene therapy, gene editing, cell therapy and precision oncology.”