Atlas Venture says it has raised a $250 million fund meant to continue backing its startups as they grow.
The Cambridge, MA, life sciences venture firm, known for seeding and incubating biotech startups, will use the new “Atlas Venture Opportunity Fund I” to invest in portfolio companies that have progressed to a Series B round and beyond. The fund complements Atlas’s existing funds—most recently a $350 million haul in June 2017—which it uses to seed new biotechs. The new fund will be run by the same five-member team of Atlas partners.
Atlas once consisted of tech and biotech teams before splitting the two businesses in 2014, with the life sciences group keeping the Atlas name. The firm strictly invests in novel therapeutics, with most of its companies seeded within its offices. Those companies range from lean startups built around a single asset or program, to more capital-intensive drug discovery startups that pursue risky areas of biology.