Venture

Lightstone crew adds a $250M Fund II with plans to back biotech startups

Mike Carusi

When some of the life sciences crew at Advanced Technology Ventures and Morgenthaler Ventures banded together to create Lightstone Ventures a little more than three years ago, they started out with their first fund and a roll of the dice on Catabasis.

Since then, Catabasis has gone public $CATB, along with a few other portfolio companies like Ra Pharma, and Lightstone is now taking the wraps off of Fund II, which ups the ante considerably with a $250 million outing. The crew says they plan to stay focused on biotech.

Like a lot of the venture groups focused specifically on biotech and devices, Lightstone was able to easily pass their initial $200 million goal, bringing back investors who were happy with the results they’ve seen on the Nimbus Apollo sale and more. To be fair, though, some of its exits haven’t managed well, with big setbacks for Catabasis early this year and Flex Pharma $FLKS last fall.

“The successful implementation of our strategy requires the ability to identify, access and build upon key scientific discoveries. In less than five years, we’ve established a global footprint with unique initiatives underway in the U.S., Europe and Asia,” said Mike Carusi, a general partner at Lightstone Ventures.

General Partners Carusi, Jean George, Jason Lettmann, and Hank Plain run the show at Lightstone, with offices spanning the globe in Boston, Menlo Park, Dublin, and Singapore, where they are managing a special $50 million fund launched last year.


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Biomanufacturing