The Australian and New Zealand life sciences sector will get a nice boost from a new A$270 million ($180 million) fund from venture capital firm Brandon Capital.
Money from the Brandon Capital Fund VI is being earmarked for life sciences start-ups in the region, particularly early-stage companies, according to a Tuesday press release. The funds will help propel companies through the early growth stages.
The VC firm has raised A$1 billion ($611 million) so far through five funds, which has helped support 60 investments in therapeutics, medical devices and healthtech. Portfolio companies include Allay Therapeutics, AstronauTx, Aravex and Certa Therapeutics.
AstronauTx raised $61 million in October 2023 in a series A that was also backed by Novartis Venture Fund, MPM Capital, EQT Life Sciences, Bristol Myers Squibb and the Dementia Discovery Fund. The fundraising round was set to help the London-based biotech develop new drugs that correct the disrupted physiology of the brain for several diseases, including Alzheimer’s.
Brandon Capital’s contribution was part of its last fund that was used to bolster multiple European biotechs. The firm has been working to boost its global reach and this latest Australasia fund is the next move.