Versant closes fund on $305m, makes European promotions

Ellie Pullen
16 December 2014

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Versant Ventures has held a final close for its fifth fund, Versant Venture Capital V, on $305m and announced the promotions of several European team members.

The fund easily exceeded its original target of $250m. The vehicle launched in October 2013, according to unquote" data.

In conjunction with the fund close announcement, Versant has also announced the promotions of several members of staff in both its North American and European offices.

Tom Woiwode has been promoted to managing director for the firm's Basel office, while Guido Magni and Gianni Gromo – both also based in Basel – have been promoted to partner.

The three will continue to manage the firm's European biotechnology portfolio, with Woiwode also leading investments in the US.

Investors
In early November, unquote" reported on Bayer Healthcare making a $25m commitment to the fund.

Other investors in the fund include Business Development Bank of Canada, Fonds de Solidarité FTQ, Northleaf Venture Catalyst Fund and Teralys Capital.

Investments
The fund will invest across the healthcare sector, with a focus on companies developing new therapeutics.

The vehicle's strategy will mainly be to establish and be the founding shareholder of new healthcare companies, before embarking upon a buy-and-build growth strategy.

The fund began investing earlier this year.

People
Tom Woiwode is the managing director for Versant's Swiss office.