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Laxman Pai, Opalesque Asia: Massachusetts-based venture capital firm Flagship Pioneering managed to raise $1.1 billion for its seventh "origination fund" to support biotech startups, despite the economy is being disrupted by the COVID-19 pandemic.
The VC firm specializing in company creation started biotech concern Moderna, company that has produced an experimental vaccine for the novel coronavirus.
Flagship develops and operates startups that leverage biotechnology innovation to provide goods and services that improve human health and promote sustainable industries. Since its launch in 2000, the firm has fostered more than 100 scientific ventures, resulting in over $34 billion in aggregate value.
Since it was founded, Flagship has raised $4.4 billion, with more than $1.9 billion used to start and expand companies.
The firm's seventh origination fund will support the creation of Human Health and Sustainability companies originated and operating within its Flagship Labs unit.
This new capital pool will operate alongside separate Flagship funds totaling $1.08 billion raised in 2019 to support the financial needs of Flagship-originated companies after they spin-out from Flagship Labs and enter their growth stage.
"We're honored to have the strong support of our existing Limited Partners, as well as the interest from a select group of new Limited Partners, to support Flagship's unique form of company origination during this time of unprecedented economic ...................... To view our full article Click here
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