Hatteras Venture Partners has secured over $200 million across a pair of funds that are set to benefit up-and-coming biotechs alongside medtech and healthcare companies.
The money is spread across two funds—Hatteras’ seventh venture fund and the Hatteras Opportunity Fund I. The North Carolina-based firm also celebrated investing in its one-hundredth company.
“Across 100 portfolio companies and 25 years, we’ve had our share of exhilarating wins … along with heartbreaking disappointments,” Clay Thorp, General Partner of Hatteras, said in an August 13 release.
“What has been most gratifying in this journey is the relationships we have made with scholarly innovators, committed entrepreneurs, and resilient co-investors,” Thorp added. “We look forward to continuing to invest in transformative life sciences companies disrupting the status quo in healthcare and accelerating the pace of innovation.”
Over a quarter of a century, Hatteras has raised over $900 million in capital spread across seven VC funds. The money has been channeled to “seed- and early-stage companies in the health innovation sectors” spanning biotech, medtech and healthtech, according to its release.
As for recent success stories from its biotech portfolio, Hatteras namechecked Kymera Therapeutics. The VC fund contributed to Kymera’s $65 million series B in 2018, and the now publicly listed biotech’s RAK4 degraders and CDK2-directed molecular glue degraders have since caught the attention of Sanofi and Gilead, respectively.
The VC firm also highlighted G1 Therapeutics, for which Hatteras not only led the company’s seed round but co-led on the biotech’s subsequent rounds up to its IPO in 2017. Hatteras then retained a 16% stake in G1, before the biotech and its FDA-approved bone marrow damage drug Cosela were scooped up by Pharmacosmos last year.
Despite warnings of a “challenging market,” biotech backer OrbiMed raised $1.86 billion in commitments for its fifth fund earlier this month. Days earlier, Frazier Life Sciences drew in $1.3 billion for its 12th venture fund aimed at private, early-stage biotechs.