Toronto-based Lumira Ventures has raised $276 million CAD ($220 million USD) for Fund IV, which Lumira claims is “the largest institutional life sciences venture capital fund ever raised in Canada.”
Lumira also announced the formation of the Angelini Lumira Biosciences Fund (ALBF). ALBF is a new strategic venture fund backed by $44 million CAD ($35 million USD) from Italian pharmaceutical company Angelini Pharma, which is also an LP in Lumira’s fourth fund. Collectively, the two funds total over $320 million CAD.
Collectively, Lumira has secured over $320 million CAD for the two funds.
With its two new funds, Lumira plans to keep its focus on North American-based biomedical innovation companies and build on its strong results over the past 18 months. During this period, the firm’s portfolio companies have completed eight exits, received two new FDA product approvals, and raised over $800 million USD.
According to the firm, Fund IV has “the most diverse and balanced investor base in the firm’s history.” Fund IV saw strong participation from family offices, foundations, funds-of-funds, pension plans, sovereign government funds, and strategic corporate investors.
Fund IV’s investors include Kensington Capital Partners, Fonds de Solidarité FTQ, Northleaf Capital Partners, Caisse de dépôt et placement du Québec, BDC, Teralys Capital, the Ontario Capital Growth Corporation, RBC, Investissement Québec, Fondaction, Alexandria Venture Investments, Angelini Pharma, China Grand Pharmaceutical and Healthcare Holdings, Vancity, and Amana Global Partners.
Lumira aims to back a total of 15 to 18 companies through Fund IV. Peter van der Velden, Lumira’s managing general partner, told BetaKit the firm typically invests $12 million to $15 million USD per company.
The second fund, ALBF, will focus on early-stage North American companies developing pharmaceutical therapies for central nervous system disorders and rare diseases.
Founded in 2007, Lumira invests in biopharmaceutical, medical device, and digital health companies across North America. The firm backs a mix of private and publicly-traded early, clinical, and revenue-stage companies, focusing on businesses that offer transformative improvements to patient health outcomes and promise to significantly reduce the cost of healthcare delivery.
According to van der Velden, Lumira invests in companies at a variety of stages, from seed and company formation, through the clinical and development stage (Series A to C), “all the way to commercialization and scaling.” The firm focuses on the “underserved regions of the North American life sciences ecosystem.”
Lumira currently has over 30 companies in its portfolio, including Toronto-based Swift Medical and Think Research. To date, Lumira claims to have invested more than $450 million into over 100 companies. Lumira is based in Toronto with offices in Montréal, Vancouver, and Boston. Fund IV is the largest fund in Lumira’s history. Lumira finished making investments through its $178 million CAD Fund III in December, and completed its first close for Fund IV in January.
UPDATE (07/27/21): This story has been updated to include responses from Lumira Ventures.
Feature image from Lumira Ventures