Atlas rolls out its XI biotech fund, with $350M up for grabs

Cambridge venture capital firm Atlas Venture has raised its 11th fund, totaling $350 million, as it looks to advance its mission of “doing well by doing good” for biotechs.

Fund XI includes investing partners Kevin Bitterman—recently nabbed from Polaris—Bruce Booth, and David Grayzel, as well as Atlas partners Jason Rhodes and Jean-François Formela.

In the oversubscribed Fund XI, Peter Barrett will transition into a venture partner role where he will focus on actively managing existing Atlas investments and assisting in firm ops, the VC says in a statement.

“We’ve been humbled by the interest from the investor community in Fund XI,” said Formela. “The deep support shown by limited partners who have invested alongside us for multiple funds, as well as by those that are joining us for the first time, is a strong validation of our model.”

Atlas has had a hand in a number of major startups over the years through funding rounds, incubation and launches. Over the past year, Atlas has helped with a series of funding rounds for biotechs, and late last year, in a first for the life science venture capital world, it teamed up with Third Rock in a $48.5 million series A to create and launch Magenta Therapeutics, a new biotech that aims to reset and refresh the immune system.

Back in 2015, Atlas Venture unveiled its last round, Fund X, which was worth $280 million and relied on two close industry giants, Amgen and Novartis, as well as a mix of old and new investors, to reach its target.