VC group hunts for biotech seed investments as $125M fund takes shape

A Durham, NC-based biotech venture group has rounded up the first $74 million of a planned $125 million venture fund and announced that it's now open for business on new seed investments.

This is Hatteras Venture Partners' fourth fund, 20% of which is being earmarked for seed stage projects and companies "through a portfolio approach designed to rapidly move new ideas to proof of concept." Christy Shaffer, the former CEO of Inspire Pharmaceuticals who joined Hatteras as managing director of Hatteras Discovery, is spearheading the seed investment work.

Hatteras doesn't restrict itself to the North Carolina life sciences scene, but half of the 10 companies the VC group backed with its last fund are in the state. "What we like to say is, if you are going to do seed and early-stage investing, you are smart to stay close at home," General Partner Clay Thorp told the News & Observer.

"As with HVP III, the limited partner base of HVP IV is over 90% institutional," said Thorp. "Our partners consist of both financial and strategic investors. These partners share their insights and connections to help us identify great opportunities and build value in our portfolio companies."

- check out the Hatteras release
- read the story from the News & Observer