Lightstone Ventures Closes New Life Sciences Fund At $250 Million
Published: Sep 20, 2017
Global Venture Firm Strengthens Team to Support Growing Portfolio of Early-stage Medical Device and Biopharmaceutical Companies
MENLO PARK, Calif. and BOSTON, Sept. 20, 2017 (GLOBE NEWSWIRE) -- Lightstone Ventures (LSV), a leading global venture capital firm, today announced it has raised $250 million for Lightstone Ventures II, L.P. (LSV II). The firm also announced that it has named Jason Lettmann as a General Partner, and Mark Deem and Hanson Gifford as Partners.
With LSV II, an over-subscribed fund that exceeded its target of $200 million, Lightstone Ventures will continue to focus on early-stage therapeutic opportunities across the life sciences sector. The firm’s overarching goal is to fund companies developing therapies which have the potential to change the practice of medicine. In addition, LSV will also continue its company creation efforts. This includes continued collaboration with The Foundry, a leading medical device incubator, as well as other corporate, academic and strategic partners.
“The successful implementation of our strategy requires the ability to identify, access and build upon key scientific discoveries. In less than five years, we’ve established a global footprint with unique initiatives underway in the U.S., Europe and Asia,” said Mike Carusi, General Partner, Lightstone Ventures. “The strong interest we received in this fund from both new and existing limited partners represents a vote of confidence in our strategy, our team, and our continued success. We would like to thank them for their support.”
Lightstone Ventures’ first fund, Lightstone Ventures, L.P., totaled $172 million and, to date, has resulted in three successful public offerings – Catabasis, Flex Pharma, and Ra Pharma, as well as the acquisition of Nimbus Apollo. The firm’s next fund, Lightstone Singapore, L.P., is in partnership with Limited Partners Temasek, an investment company headquartered in Singapore, and EDBI, the corporate investment arm of the Singapore Economic Development Board. The $50 million fund, raised in 2016, is focused on capitalizing on the growing life sciences ecosystem in Singapore.
Lightstone is led by a team of seasoned investors with a strong track record of success, including General Partners Mike Carusi, Jean George, Jason Lettmann, and Hank Plain. The firm has strengthened its operational and technical depth with Partners Mark Deem and Hanson Gifford, Venture Partner Stacy Enxing Seng, and Scientific Advisor Susan Molineaux. These individuals, collectively, have been involved in some of the largest venture-backed exits in the life sciences industry including Ardian, Inc.; Acceleron Pharma Inc.; Calithera Biosciences, Inc.; Plexxikon Inc.; Portola Pharmaceuticals, Inc.; Proteolix, Inc.; Twelve, Inc.; and ZELTIQ Aesthetics, Inc.
About Lightstone Ventures
Lightstone Ventures was founded in 2012 by the General Partners of the life science teams at Advanced Technology Ventures (ATV) and Morgenthaler Ventures to invest in early-stage breakthrough medical device and biopharmaceutical companies. The firm has offices in Boston, Menlo Park, Dublin, and Singapore. Visit www.lightstonevc.com.
Donna von Halle