HomeUSACanaan Adds Over $100M in New Capital

Canaan Adds Over $100M in New Capital

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Canaan, a Menlo Park, CA-based venture capital firm, has expanded the size of its biopharma investment funds with the addition of more than $100m in new capital.

This brings the total amount of funds raised by the firm since early 2023 to more than $1 billion.

Nearly half of this capital is earmarked for deployment by Canaan’s healthcare investment team, with the remainder being allocated to the firm’s technology investment team for new and existing portfolio companies in the enterprise software, frontier tech, financial tech, and consumer tech sectors.

In 2023, Canaan announced that it had raised a new fund, Canaan XIII, intended to support entrepreneurs seeking seed and Series A funding with reserves to support companies through exits including merger and acquisition (M&A) activity and initial public offerings (IPOs). The healthcare effort for Canaan XIII is dedicated to the creation of biopharmaceutical and therapeutics companies and early investments in areas that Canaan believes represent highest unmet clinical and medical needs and in which new medicines can significantly enhance patient care and outcomes. This includes oncology, immunology, and neurology, along with larger therapeutic indications such as cardiology and respiratory, where promising clinical-stage assets are often overlooked or neglected within the industry.

With Canaan XIII, the team will specifically seek to prioritize new modalities, including the latest genetically defined precision approaches that it believes are capable of producing impactful new medicines that drive meaningful clinical outcomes.

VCWire

18/04/2024