Arch Venture sets its sights on raising $600M for Fund X
Bob Nelsen’s VC group Arch Venture Partners has filed paperwork with the SEC expressing its plans to raise $600 million for its tenth fund — its biggest ever. The announcement comes at a time when the biopharma world is attracting an explosive level of venture capital as Big Pharma becomes increasingly dependent on smaller players for innovation. So far no capital has been raised for Fund X according to the SEC filing posted on Monday.
Arch Venture Partners was carved out of the University of Chicago in 1992 by Steve Lazarus, who died earlier this year. The VC firm has since backed over 230 companies with an approach that takes the long view — investing early by funding companies through their formative stages and maintaining their stakes through the company’s lifecycle. Arch has backed big names such as Juno, now a Celgene $CELG company; Illumina $ILMN and its cancer detecting spinout Grail, as well as Alnylam $ALNY.
Arch has participated in a number of financing rounds this year, including the recent MIT-spinout Glympse, Feng Zhang’s Beam Therapeutics and China-based diabetes drug developer Hua Medicine.