North Carolina-based Pappas Ventures closed its fourth fund, a $102 million round that will invest in “product-oriented biopharmaceutical companies, with a secondary focus on medical technologies,” according to a news release.
Pappas expects to use the fund to invest in 12 to 15 companies over the next several years. It won’t be used to re-invest in current portfolio companies, Pappas partner Ford Worthy said.
The bulk of Pappas’ portfolio companies are in California and North Carolina, though they span anywhere in North America. Its portfolio includes Cleveland-based Athersys and CoLucid Pharmaceuticals of Indianapolis.
“We have long been intrigued by the medical research activity in places like Indiana and Ohio,” said Worthy, who described the states as “underserved areas” along with Texas, Tennessee and Florida.
With this closing, Pappas has $350 million under management and has invested in more than 40 life science companies.
