Amorchem closes $44.2 million for biotech fund

healthtech

AmorChem has raised a $44.2 million second fund to invest in seed-stage biotechnology companies.

AmorChem II was backed by the Québec government, Fonds de solidarité FTQ, Merck, and other investors.

“We appreciate the support shown to us by our Limited Partners since the early days of AmorChem I. The closing of the second AmorChem fund is the validation of the quality of the work that is being done by our team,” said Elizabeth Douville, founder and managing partner. “We look forward to collaborating with our academic partners in order to build a portfolio of new opportunities.”

Elizabeth Douville and Holzbaur are leading AmorChem II’s team. Dominique Anglade, Minister of Economy, Science and Innovation, and Minister responsible for the Digital Strategy, indicates that this new fund meets criteria for the Quebec 2017-2027 life science strategy promoting the creation of life sciences companies.

“Access to funding is a critical issue for innovating life sciences startups,” said Anglade. “Our government is proud to participate in the establishment of the AmorChem II fund, a financial tool which will certainly contribute to these companies’ growth and to the actualization of important projects originating from Québec-based universities and research centres.”