Lightstone Ventures, a venture capital (VC) firm that provides business funding for biotech and medical technology start-ups, announced that it raised $ 375 million for its “Lightstone Ventures III” fund.
Supporting startups to develop high impact therapies
The biotech and medical technology venture capital company said its third fund exceeded its target increase, thanks to strong support from new and existing limited partners (LPs). The fund will provide financing and support to early stage startups developing effective therapies and technologies.
“We are very excited about the future of Lightstone and the important work that this new fund will enable. Our investment philosophy is guided by a commitment not only to exciting ideas, but to the people who drive them forward,” said Mike Carusi, Partner. General of Lightstone.
“This is an important moment for the firm that builds on the successes we have had with our two previous funds and the companies we have invested in that are already having an impact on patients. We look forward to continuing our partnership with entrepreneurs driven to develop therapies and technologies that have the potential to be industry-leading products, “added Carusi.
Founded in 2012, the venture capital company has supported more than 30 biotech and medical technology companies to date, all of which are striving to develop high-impact therapies and technologies to help patients. Lightstone Ventures currently has a foothold in Menlo Park, Boston, Singapore, and Dublin. Over the past two decades, the venture capital business has led 19 acquisition deals and initial public offerings (IPOs).
Lighthouse Ventures has secured more than $ 850 million in the last nine years. The company has invested in a number of promising therapeutic start-ups. Some of these startups include Alchemab Therapeutics, ALX Oncology, Catamaran Bio, Cyteir Therapeutics, Claret Medical, Disarm Therapeutics, Gemini Therapeutics, LocanaBio, Nimbus, Ra Pharma, Tizona, and Willow.
In addition to announcing the fundraiser for its third fund, the global venture capital business also named Christina Isacson as a partner and Young Kwon as an operating partner.
Jason Lettmann, General Partner at Lightstone Ventures, said one of the VC company’s key strengths is the ability to leverage “the leadership experience of our team to provide practical guidance to the founders and teams we support.”
Lettmann also said that he expects the two new appointments, Dr. Kwon and Dr. Isacson, to have a significant impact on the portfolio of startups that the venture capital business supports. He notes that they have both held multiple C-suite level executive roles in the past.
Dr. Isacson has over 16 years of experience in the biotech business sector, specializing in starting, launching and managing public and private biotech start-ups. Before being appointed to Lightstone Ventures, she was a Co-Founder and Chief Business Officer at Magenta Therapeutics and is one of the founders of Decibel Therapeutics.
Similarly, Dr. Kwon has gained vast experience in executive roles and in the venture capital world in recent years, particularly when it comes to due diligence, deal sourcing, and portfolio company management. Kwon was also a C-suite executive at biotech company Momenta Pharmaceuticals, which was acquired by Johnson & Johnson in a $ 6.5 billion business deal.
Summary
The venture capital business Lightstone Ventures announced the closure of its Lightstone III fund, with $ 375 million in funding commitments. The venture capital company also announced that it has added two senior senior executives, Christina Isacson as a partner and Young Kwon as an operating partner.
