![]() ![]() This table only includes data for companies where investors held 5% or more of common shares pre-IPO.Īxcella Health, Evelo Biosciences, Kaleido Biosciences, Moderna, Rubius Therapeutics, Sigilon Therapeutics, Foghorn Therapeutics, Codiak Biosciences, Sana Biotechnology, Omega TherapeuticsĪlector, Armo Biosciences, Arcutis Biotherapeutics, Arvinas, Crinetics, 89Bio, Harpoon Therapeutics, Imara, Keros Therapeutics, LogicBio Therapeutics, NextCure, Passage Bio, Principia Biopharma, Prevail Therapeutics, Repare Therapeutics, SpringWorks Therapeutics, Tricida, Synthorx, resTORbio, Verrica Pharmaceuticals, Galecto, PMV Pharmaceuticals, Kinnate Biopharma, Graybug Vision, Silverback Therapeutics, Prelude Therapeutics, Fusion Pharmaceuticals, Terns Pharmaceuticals, Edgewise Therapeutics, Decibel Therapeutics, Oric Pharmaceuticals, Ikena Oncology, VectivBio, Janux Therapeutics, Adagio Therapeutics, Theseus Pharmaceuticals, Third Harmonic BioĪrmo Biosciences, LogicBio Therapeutics, Principia Biopharma, Prevail Therapeutics, Synthorx, Turning Point Therapeutics, Clementia Pharmaceuticals, Audentes Therapeutics, Loxo OncologyīridgeBio, Moderna, Zentalis Pharmaceuticals, Athira Pharma, PMV Pharmaceuticals, 4D Molecular Therapeutics, Edgewise Therapeutics, Pharvaris, AbCellera, Talaris Therapeutics, Rallybio, Amylyx Pharmaceuticals The market values assume the investor held all shares since IPO. This list includes biotech startups that raised $50M+ on NASDAQ or NYSE or were acquired while public (we don't have data for private M&A). Most of the other household crossover funds of years past have significantly scaled back.īelow are the VCs who made the most from exits in 2018 through May 2023. ![]() Casdin and Orbimed are other traditional crossover funds that are still active (though at lower levels). RA Capital is still among the most active, though at a significantly lower level than in the past. The crossover / Series B landscape has changed dramatically. Other active investors at the Series A stage include techbio funds like Lux, Northpond and Lightspeed, and Catalio. Others are reserving more capital for their existing portfolio or to invest opportunistically. Some of them, like ARCH, Flagship and Versant, are continuing to invest actively despite deteriorating downstream capital markets (these funds were some of the most active during the COVID bubble as well). One paradox of venture capital investing today is that venture firms are still raising huge amounts of cash, despite investing less of that capital. At the Series A stage, etablished US biotech VCs are ceding share to generalist tech / techbio VCs. In 2022, we see a decrease in activity of crossover investors and established biotech VCs at the B stage, and an increase in "other" investors (including family offices, sovereign wealth funds, and European funds). In addition to the stalwarts, there is a new group of VCs that have been picking up the pace. The established biotech investors - venture and crossover funds like RA Capital, Orbimed, ARCH, and Versant - are still active, but at a lower volume than in the past. Today, only a select few investors are still active. In 2021, it seemed like everyone was investing in biotech. Which VCs made the most money from exits in 2018 through May 2023?.Who are the most active seed and angel investors in biotech?.Who are the most active biotech VCs in Series A and B rounds?.What kinds of investors fund biotech startups?.This post will describe the top biotech venture capital firms that drove this boom, and who is still investing today: In 2023, venture capital investment into biopharma startups is on pace to hit its lowest level since 2016. ![]() Top biotech venture capital funds of 2018-2023Īfter a decade-long boom, biotech winter is here. ![]()
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