- Atlas collaborates with expert entrepreneurs-in-residence to form and incubate new biotech companies from around the world
- General partners in Opportunity Fund III are Kevin Bitterman, Bruce Booth, Michael Gladstone, and Jason Rhodes
- Founded in 1980, Atlas has been building biotech start-ups for more than 30 years
Just nine months after closing on $450 million for its oversubscribed 14th fund, Atlas Venture has announced the final close on $400 million for its third opportunity fund, which was also oversubscribed.
Atlas Venture Opportunity Fund III will enable the veteran biotech investment firm to continue to provide capital to its portfolio companies across their life cycles as they raise subsequent financings and advance therapeutic programs. The Cambridge, Massachusetts-based firm closed on its latest early-stage vehicle, Fund XIV, last December.
“We’ve been encouraged by the incredible progress made across our portfolio, despite the array of challenges faced by biotechs in the current environment. We are thrilled to be in a position to invest Opportunity Fund III into this exceptional cohort of companies,” Atlas’s partners said in a joint statement.
“Opportunity Fund III reinforces our commitment to raising funds tailored in size and strategy to our bespoke investment approach. We are grateful for the support of our longstanding limited partners in our pursuit of building biotechs that can develop transformative therapeutics for patients.”
While Atlas did not disclose the names of limited partners in Fund XIV, investors in its previous early-stage fund, which closed on $450 million in March 2022, included Deseret Mutual Benefit Administrators, Laborers’ District Council and Contractors’ Pension Fund of Ohio, New York State Teamsters Conference Pension and Retirement Fund, Penn Mutual Life Insurance Company, Rutgers University and The Grantham Foundation, according to fundraising data from affiliate title Buyouts.
The general partners in Opportunity Fund III are Kevin Bitterman, Bruce Booth, Michael Gladstone and Jason Rhodes. Jean-François Formela and David Grayzel continue as partners at Atlas Venture, contributing their experience across the firm.
The firm’s prior later-stage fund, Opportunity Fund II, closed on $300 million in October 2021.
Atlas’s two-fund model is powered by dedicated pools of early-stage and growth capital for Atlas to invest in portfolio companies with promising therapeutic programs and pipelines. Beginning with seed and Series A investments from our early-stage funds, the Atlas investment team collaborates with dedicated and expert entrepreneurs-in-residence to form and incubate new biotech companies around promising science sourced from around the globe.
With Opportunity Fund III in place, Atlas will continue investing meaningfully in select later-stage private and public financings of existing portfolio companies, paired with ongoing strategic involvement.
Atlas Venture has a long history of building biotechnology companies spanning more than three decades. Atlas’s experienced investment team works seamlessly across both the firm’s early-stage and opportunity funds to maximize the potential for successful therapeutic development and value recognition.
