Devices & Diagnostics, Health IT, Pharma, Startups

Flagship Ventures raises $537M in new fund; plans to launch 5 companies per year

Cambridge-based firm Flagship Ventures plans to launch as many as five new companies per year […]

Cambridge-based firm Flagship Ventures plans to launch as many as five new companies per year with its new, $537 million – its fifth, and the largest since its founding in 2000.

With this new funding, the healthcare-focused VC firm will have some $1.4 billion under management. On top of therapeutics and the like, it’ll also form startups in the sustainability space through its VentureLabs accelerator program.

“We closed this fund with nearly twice the amount of capital we had initially sought, and in record time,” Flagship CEO Noubar Afeyan said in a statement.

The company’s previous fund was $269 million. Some of its more successful exits during this biotech boom have been the IPOs of Receptos, Agios Pharmaceuticals, Tetraphase Pharmaceuticals and Acceleron Pharma. Other notable companies that remain under its wing include mRNA therapeutics biotech Moderna Therapeutics and the microbiome-focused Seres Health.

[Image courtesy of Flickr user zzzack]

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