VC Group Longwood Fund Closes $170 Million Fund
Early-stage investment group Longwood Fund closed its fifth fund of approximately $170 million that will be used to support the launch of new companies, as well as the growth of startups in the life sciences space.
The opportunity to help create transformative therapies for patients in need is what drives us each day as we help to translate great scientific innovation into important new drugs,” Christoph Westphal, General Partner at Longwood Fund said in a statement.
With the closing of its latest fund, Longwood Fund, which was founded in 2010, has about $475 million across five funds. The company said the $170 million fund it closed this week will allow the venture capital firm to continue investing in promising biotech and therapeutics companies. Longwood Fund aims to invest in companies that have platforms to deliver therapeutics and medical solutions that advance science and transform healthcare. In its announcement this week, Longwood Fund did not disclose any companies it was considering, nor did it disclose what space in biotech or pharma it may use these funds.
“We continue to employ a consistent strategy, with a fund size optimized for a focused portfolio where we co-found and invest in companies with strong syndicate partners. Our extensive company-creation and operating experiences, coupled with a broad network, allows us to add demonstrable value to our companies which have over 20 launched or marketed drugs and therapies, as well as over two dozen clinical-stage assets, all focused on helping patients in need,” Westphal added.
Portfolio companies supported by Longwood Fund include Verastem, PTC Therapeutics, Alnara Pharmaceuticals. Werewolf Therapeutics, Twenty Eight-Seven, TScan, Pyxis Oncology and more. Collectively, the Partners at Longwood Fund have co-founded 18 companies, with nearly two dozen additional early-stage company investments. These companies have over 20 launched or marketed drugs and therapies, as well as over two dozen clinical-stage assets, all focused on helping patients. One of Longwood’s portfolio companies, Channel Medsystems recently won regulatory approval from the U.S. Food and Drug Administration for its Cerene Cryotherapy Device, a next-generation technology for the treatment of heavy menstrual bleeding in the office setting.
“At Longwood, our portfolio companies’ success is inextricably linked to our focus on connecting outstanding scientists and researchers from leading academic and medical institutions with experienced and successful entrepreneurs,” David Steinberg, General Partner at Longwood Fund said in a statement. “It’s a privilege to work with a team with decades of collective experience to build leading biotech companies.”