Versant has its sixth venture fund, with a cool $400 million, as the VC eyes injecting the cash into as many as 25 biotechs.
The VC, which has offices across North America and Switzerland, saw its sixth fund (or Fund VI) “highly oversubscribed” and supported by both existing and new limited partners.
The 20-25 biotechs in line for a cash boost will come from the U.S., Canada and Europe, the firm said, adding that it should be making its first investment from the new pot in the first quarter.
“We are grateful to work with such high-quality limited partners who have demonstrated their commitment to and belief in our strategy, team and the overall potential of the healthcare sector,” said Versant MD Brad Bolzon.
“Versant has enjoyed unprecedented deal flow and outlier returns in recent years, and we believe we are well-positioned for continued success in both North America and Europe.”
The firm said this will build upon its recent shift in strategy, a strategy that now wants to focus on “breakthrough innovation” in the biotech sector, as well as leveraging its growing global presence.
Bolzon added: “We’ve grown the discovery engine network from a single San Diego facility in 2011 to five fully operating research sites that cover the West Coast, Northeast and Canada, and will soon extend to Europe. As a result of this expansion, we are better enabled to invest in breakthrough academic discoveries that can be translated into life-changing therapies for patients.”
This comes more than two years since its last fund, which raised $300 million, itself coming six years after Fund IV closed with $500 million, as the financial crisis hit.