Amorchem II Ventures launched its second venture capital fund with $44.2 million in backing from the likes of the Quebec government and Merck. This brings the total managed by the AmorChem Group to $86 million.
Geared toward seed-stage investing, the new fund will target life sciences projects from Quebec-based universities and research centers. The Quebec government and Merck, along with Fonds de solidarité FTQ, also funded Amorchem's first fund in 2011.
“We appreciate the support shown to us by our Limited Partners since the early days of AmorChem I. The closing of the second AmorChem fund is the validation of the quality of the work that is being done by our team,” said Elizabeth Douville, founder and managing partner, in a statement.
“We look forward to collaborating with our academic partners in order to build a portfolio of new opportunities,” said Inès Holzbaur, founder and managing partner.
Amorchem's existing portfolio includes a pair of PCSK9 programs in hypercholesterolemia, as well as molecules targeting dry age-related macular degeneration, Type 2 diabetes and neuroinflammation.
“Access to funding is a critical issue for innovating life sciences startups. Our government is proud to participate in the establishment of the AmorChem II fund, a financial tool which will certainly contribute to these companies’ growth and to the actualization of important projects originating from Quebec-based universities and research centers," said Dominique Anglade, Quebec's minister of economy, science and innovation.
The fund also fulfills a goal in the province's 2017-2027 Lifescience strategy, a scheme designed to foster the creation and growth of innovative life sciences companies.