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Versant Ventures pulls in US$700M across 2 funds

Versant Venture Management LLC, also known as Versant Ventures, raised a total of US$700 million across two funds.

The biotechnology-focused investment firm's primary global fund, Versant Venture Capital VII LP, garnered US$600 million, while its Canadian companion fund, Versant Voyageurs I, collected US$100 million.

Fund VII will inject capital into 20 or more biotechnology companies across the U.S., Canada and Europe. Voyageurs I will invest in five to eight Canadian startups.

Both funds received commitments from new and existing sponsors. Fonds de solidarité FTQ was one of the anchor investors in Voyageurs I, together with BDC Capital, Caisse de dépôt et placement du Québec and historical investor Teralys Capital.