Flagship Ventures Closes $537 million for its Fifth Fund

CAMBRIDGE, Mass., March 26, 2015 /PRNewswire/ -- Flagship Ventures, a leading venture capital and venture creation firm focused on innovations in healthcare and sustainability, announced it has raised $537 million for Flagship Ventures Fund V, its largest fund since its founding in 2000. The new investment brings Flagship's aggregate funds under management to $1.4 billion.

Fund V will continue Flagship's strategy of venture creation through VentureLabs™, Flagship's innovation foundry, and early-stage venture investing in therapeutics, health technologies and sustainability - specifically in the energy, water, and agriculture/nutrition sectors.

"We closed this fund with nearly twice the amount of capital we had initially sought, and in record time," said Dr. Noubar Afeyan, senior managing partner and chief executive officer of Flagship Ventures. "The strong interest from new and existing Limited Partners is a meaningful endorsement of our unique approach."

Flagship is unique in originating and launching its own startups through VentureLabs, where it discovers and develops disruptive ideas as a foundation for first-in-class companies. Flagship Ventures also funds companies based on breakthrough science and technology originating outside the firm. Flagship's goal is to realize returns from entrepreneurial innovation by building companies based on cutting-edge technology with the potential to solve significant global problems.

Dr. Afeyan added, "With this fund, we will accelerate our process of creating companies through VentureLabs, and we anticipate expanding our team and launching as many as five new companies a year going forward."

Flagship's previous fund, Fund IV, totaled $269 million and was raised in 2010. In the past 24 months, Flagship has had eight successful initial public offerings, including Receptos (RCPT), Agios Pharmaceuticals (AGIO), Tetraphase Pharmaceuticals (TTPH) and Acceleron Pharma (XLRN). In addition, a number of game-changing companies have emerged from VentureLabs such as Moderna Therapeutics, which is pioneering messenger RNA Therapeutics™, and Seres Health, which is developing microbiome therapeutics.

"Our strong track record of recent exits underscores our approach to identifying and growing companies that have the ability to bring innovative therapeutics and technologies to market," said Dr. Afeyan. "Our business model has proven resilient to changing market conditions and continues to deliver superior returns to our Limited Partners."

As part of launching the new fund, Flagship announced that Douglas Cole, M.D., has been promoted to managing partner and David Berry, M.D. Ph.D., has been promoted to general partner. Dr. Cole has led investments in Agios Pharmaceuticals, CombinatoRx (ZLCS), Concert Pharmaceuticals (CNCE), Editas Medicine, Receptos, Quanterix, Syros Pharmaceuticals and Tetraphase Pharmaceuticals. Dr. Berry has led several investments and is a co-founder of portfolio companies Joule Unlimited, Eleven Biotherapeutics (EBIO), Seres Health, and Pronutria Biosciences.

"Doug and David have made significant contributions to Flagship and we are pleased to promote them within our organization," said Dr. Afeyan. "Their technical, organizational and business insights have created substantial value for our investors."

About Flagship Ventures

The mission of Flagship Ventures is to realize entrepreneurial innovation. The firm operates with a unique business model: VentureLabs™, our innovation foundry, discovers new technologies and launches transformative companies, while our Venture Capital unit funds innovative, early-stage companies with the potential of disrupting existing markets. Founded in 2000, Flagship Ventures has launched 30 companies while investing in another 50. The firm, which manages funds totaling $1.4 billion, is active in three principal business sectors: therapeutics, health technologies, and sustainability. For more information, visit www.flagshipventures.com.

Contacts:

Jeffrey Krasner, Flagship Ventures
617-218-1527 w
617-840-9806 c

For Flagship Ventures:
Emily Rossi, Ruder Finn
(212) 593-6431 w
(212) 653-4601 c

SOURCE Flagship Ventures

Related Links

http://www.flagshipventures.com