Alta Partners, a venture capital firm that invests in companies engaged in the health and life sciences sector from San Francisco, California, on Thursday (18/2) announced its success in raising new funding.
The funding round for Alta Partners NextGen Fund III from this limited investor has raised US$275 million in capital. The capital will be used to invest in companies serving curative health, new breakthroughs, and technology.
“We are grateful for the continued support and partnership of our existing investors and we are very pleased to welcome a group of newly selected LPs,” said Dan Janney, Partner at Alta Partners, in the announcement.
The fundraising of Alta Partners NextGen Fund III strengthens a series of funding rounds that have been raised since Alta Partners was founded by Garret Gruener, Guy Paul Nohra, Marino Polestra and Jean Deleage in 1996.
The previous two funds were successfully raised by Alta Partners in the Alta Partners NextGen Fund I round of US$130 million in 2017 and Alta Partners NextGen Fund II worth US$150 million in 2019. The capitals were then invested in companies that focus on health care.
Janney said, in the four years since Alta Partners NextGen Fund I was closed, the portfolio of companies that were invested using these funds had grown into a company valued at more than US$19 billion.
There was no mention of the company he was talking about, but so far Alta Partners has invested in several leading biotech therapy companies such as Allakos, VIR Biotechnology, Be Biopharma, and Tyra Biosciences.
“Working with Alta Partners on developing Tyra Biosciences was not only very helpful, but I wouldn’t have launched a company without them,” said Todd Harris, CEO of Tyra Biosciences, a biotech company based in Carlsbad, California.
Mark Prather, CEO of DispatchHealth, also said the same thing. He said his company was changing from a limited outreach home care company to a national company with 100 million patients by 2021 thanks to Alta Partners.
Based on company data, to date Alta Partners has successfully helped companies in the health sector to launch more than 70 new drugs and delivered 118 exits and IPOs worth a total of US$36 billion. This success was due to the support of capital that he collected worth more than US$2.3 billion.