Biotech funding swings wildly in 2025. Q1 saw $7 billion. Q2 dropped to $4.8 billion.
According to a report HSBC published Thursday, "first financings" for biotech startups fell from a total of $2.6 billion in the first quarter to $900 million over the following three months — the lowest total in five quarters.
Yet megarounds dominate. Companies with clinic-ready assets from China attract billions. AI drug discovery secures massive checks.
This guide lists 35 biotech-specific VCs. Therapeutics, gene therapy, cell therapy focus. Not devices or digital health.
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Top biotech investors list
1. ARCH Venture Partners
Company-building pioneer creating transformative biotech companies.
Investment focus: Company creation, platform technologies, breakthrough science
Investment range: Inception to IPO, often $50M+ at formation
Notable investments: Illumina, Juno, Grail, Vir Biotechnology
Contact: archventure.com
2. Flagship Pioneering
Innovation foundry creating biotech companies from scratch.
Investment focus: Platform companies, novel modalities
Investment range: $50M-$300M+ company creation
Notable investments: Moderna, Generate Biomedicines, Tessera
Contact: flagshippioneering.com
3. Third Rock Ventures
Science-driven company builder focused on breakthrough medicines.
Investment focus: Company formation in transformative areas
Investment range: $40M-$150M+ at launch
Notable investments: 70+ companies, multiple IPOs
Contact: thirdrockventures.com
4. Atlas Venture
Early-stage biotech specialist building from discovery.
Investment focus: Seed and Series A therapeutics
Investment range: $5M-$50M initial, reserves for growth
Notable investments: 90+ biotechs, consistent IPO track record
Contact: atlasventure.com
5. 5AM Ventures
Life sciences investor "working while others sleep."
Investment focus: Early-stage therapeutics, platform technologies
Investment range: Series A/B, $10M-$40M initial
Notable investments: Denali, Audentes, Homology Medicines
Contact: 5amventures.com
6. OrbiMed
Largest global healthcare investor with biotech focus.
Investment focus: All stages of drug development
Investment range: $5M seed to $500M+ crossover
Notable investments: BioNTech, Sarepta, hundreds more
Contact: orbimed.com
7. RA Capital Management
Crossover specialist with TechAtlas research platform.
Investment focus: Data-driven biotech investments
Investment range: $20M-$300M+, public and private
Notable investments: 100+ biotechs, evidence-based approach
Contact: racap.com
8. MPM BioImpact
Company-building biotech investor since 1993.
Investment focus: Novel therapeutics, transformative platforms
Investment range: Seed to late stage, $10M-$100M+
Notable investments: Aktis Oncology, Orna Therapeutics
Contact: mpmbioimpact.com
9. Versant Ventures
Discovery engine model for biotech innovation.
Investment focus: Company creation, breakthrough science
Investment range: Formation to growth
Notable investments: 100+ companies, multiple $1B+ exits
Contact: versantventures.com
10. Deerfield Management
$12B firm with integrated drug development platform.
Investment focus: Therapeutics across modalities
Investment range: $10M-$500M+
Notable investments: 3DC platform, numerous biotechs
Contact: deerfield.com
11. SR One (GSK's venture arm)
Strategic biotech investor by GSK.
Investment focus: Early-stage therapeutics aligned with GSK
Investment range: Series A/B, $5M-$30M
Notable investments: Strategic biotech investments
Contact: srone.com
12. Johnson & Johnson Innovation
J&J's strategic investment arm.
Investment focus: Therapeutics across J&J focus areas
Investment range: Early to late stage
Notable investments: Broad biotech portfolio
Contact: jnjinnovation.com
13. Novo Ventures
Novo Nordisk's $700M+ life sciences investor.
Investment focus: Therapeutics, especially metabolic diseases
Investment range: Series A to late stage
Notable investments: 80+ life science companies
Contact: novoventures.com
14. Sofinnova Partners
European life sciences leader with global reach.
Investment focus: Drug discovery, novel platforms
Investment range: Seed to late stage
Notable investments: 500+ over 50 years
Contact: sofinnovapartners.com
15. Polaris Partners
Healthcare and tech convergence investor.
Investment focus: Therapeutics, platform technologies
Investment range: Early to growth
Notable investments: Multiple biotech IPOs
Contact: polarispartners.com
16. Canaan Partners
Early-stage investor with strong biotech practice.
Investment focus: Novel therapeutics, breakthrough science
Investment range: Seed to Series B
Notable investments: Consistent biotech exits
Contact: canaan.com
17. Venrock
Healthcare pioneer backing breakthrough biotechs.
Investment focus: Therapeutics, platform companies
Investment range: Early to late stage
Notable investments: Personal genomics leaders
Contact: venrock.com
18. The Column Group
Science-driven biotech company builder.
Investment focus: Drug discovery platforms
Investment range: Company creation, $30M+
Notable investments: Multiple platform companies
Contact: thecolumngroup.com
19. Frazier Life Sciences
Growth-stage life sciences investor.
Investment focus: Clinical-stage therapeutics
Investment range: $20M-$150M
Notable investments: 170+ healthcare deals
Contact: frazierhealthcare.com
20. EcoR1 Capital
Biotech specialist with public/private focus.
Investment focus: All stages of drug development
Investment range: $5M-$100M+
Notable investments: Broad biotech portfolio
Contact: ecor1cap.com
21. Foresite Capital
Healthcare and life sciences growth investor.
Investment focus: Transformative biotechs
Investment range: $10M-$200M+
Notable investments: Platform and therapeutic companies
Contact: foresitecapital.com
22. Vida Ventures
Physician-led biotech investor.
Investment focus: Therapeutics with clear medical need
Investment range: Series A to C
Notable investments: Clinical-stage biotechs
Contact: vidaventures.com
23. BVF Partners
Life sciences specialist with flexible approach.
Investment focus: Public and private biotechs
Investment range: $5M-$100M+
Notable investments: 100+ biotech companies
Contact: bvflp.com
24. Medicxi
European growth-stage biotech investor.
Investment focus: Late preclinical to commercial
Investment range: $30M-$150M
Notable investments: European biotech leaders
Contact: medicxi.com
25. Longitude Capital
Biotech growth equity specialist.
Investment focus: Clinical-stage companies
Investment range: $25M-$150M
Notable investments: 50+ biotechs
Contact: longitudecapital.com
26. Samsara BioCapital
Asia-US biotech bridge builder.
Investment focus: Cross-border biotech opportunities
Investment range: All stages
Notable investments: US-Asia biotech deals
Contact: samsarabio.com
27. Cormorant Asset Management
Healthcare specialist with biotech focus.
Investment focus: Public and private biotechs
Investment range: $10M-$100M+
Notable investments: Diverse biotech portfolio
Contact: cormorantam.com
28. Baker Brothers
Legendary biotech investors.
Investment focus: All stages, fundamental analysis
Investment range: $20M-$500M+
Notable investments: Major biotech successes
Contact: bakerbros.com
29. Perceptive Advisors
Life sciences specialist hedge fund.
Investment focus: Public/private biotech crossover
Investment range: $10M-$200M+
Notable investments: Leading biotechs
Contact: perceptivelife.com
30. Deep Track Capital
Growth-stage biotech investor.
Investment focus: Late clinical assets
Investment range: $20M-$100M+
Notable investments: Near-commercial biotechs
Contact: deeptrack.com
31. Bain Capital Life Sciences
PE-style biotech investor.
Investment focus: Late-stage therapeutics
Investment range: $50M-$500M+
Notable investments: Commercial-ready biotechs
Contact: baincapitallifesciences.com
32. RTW Investments
Public-private biotech specialist.
Investment focus: Innovative therapeutics
Investment range: All stages
Notable investments: Broad biotech portfolio
Contact: rtwfunds.com
33. Omega Funds
Boston-based life sciences investor.
Investment focus: Early to mid-stage therapeutics
Investment range: $10M-$50M
Notable investments: Novel modality companies
Contact: omegafunds.com
34. Driehaus Capital
Biotech growth investor.
Investment focus: Mid to late-stage biotechs
Investment range: $20M-$100M
Notable investments: Clinical-stage companies
Contact: driehaus.com
35. Abingworth
Transatlantic life sciences veteran.
Investment focus: Clinical-stage therapeutics
Investment range: Series B+
Notable investments: Global biotech portfolio
Contact: abingworth.com
Biotech funding essentials
The China pipeline
Chinese biotechs bring clinic-ready assets. Lower development costs. Proven data. US rights available.
VCs love this model. De-risked assets. Clear path to IND. Known development costs.
Four China-sourced deals exceeded $50M in H1 2025 alone.
Platform vs. single asset
Platform companies attract megarounds. Multiple shots on goal. Technology leverage.
Single assets need exceptional data. Clear competitive advantage. Large market.
VCs increasingly prefer platforms. Higher valuations. More exit options.
What kills biotech deals
FDA delays without cash reserves. Most common failure.
Competitive data emerges. Your molecule suddenly looks average.
Platform doesn't translate. Great science, no products.
Team can't execute clinically. Academic founders struggle with development.
Alternative biotech funding
Government sources
NIH SBIR/STTR: $2B+ annually for biotech R&D
BARDA: Pandemic preparedness funding
ARPA-H: High-risk, high-reward biomedical research
DoD: Military medical countermeasures
Disease foundations
Cystic Fibrosis Foundation: Venture philanthropy model
JDRF: Type 1 diabetes funding
Michael J. Fox Foundation: Parkinson's research
Gates Foundation: Global health initiatives
Strategic partnerships
Big pharma wants external innovation. Upfront cash plus milestones.
Platform deals especially attractive. Multiple collaboration opportunities.
Regional partnerships emerging. Japan rights. China partnerships. Europe deals.
Recent biotech exits
September 2025 momentum
MRM Health: €55M Series B for microbiome platform
Multiple deals pending: Q4 shaping up strong
2024's billion-dollar club
Xaira Therapeutics: $1B+ for AI drug discovery
ArsenalBio: $325M for cell therapy platform
Metsera: $500M+ for obesity therapeutics
IPO window status
Hinge Health and Omada testing waters. Not pure biotech but signaling matters.
Traditional biotech IPOs remain challenging. Crossover investors cautious.
M&A becoming preferred exit. Strategic buyers active.
How Ellty helps biotech startups
Biotech decks are data-heavy. Clinical slides crucial. IP strategy matters.
Ellty reveals:
- Time on clinical data slides
- Which VCs forward to scientific partners
- When China-focused investors engage
Biotech founders using Ellty see:
- 3x response rate improvement
- Know which VCs have biotech partners
- Identify platform vs. asset investors
FAQs
Q: Pre-IND or post-IND fundraising?
Post-IND commands 2-3x valuations. But pre-IND easier to close.
Q: How much for Phase 1?
$15-30M minimum. Oncology higher. Rare diseases lower.
Q: Platform proof needed?
2-3 development candidates minimum. One approaching IND.
Q: Academic founders disadvantage?
Not for company creation funds. Yes for traditional VCs.
Q: China asset licensing?
Hot trend. Need US rights minimum. Global preferred.
