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Finance Watch: Q2 Saw Fewer, But Larger, Venture Capital Deals

BGV Closed New Europe-Focused €150m VC Fund

 
• By Mandy Jackson
  
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Private Company Edition: Fewer biotech companies raised venture capital in the second quarter, but the amount of capital raised was on par with the first quarter. Also, former BMS R&D exec Rupert Vessey joined Flagship Pioneering, two new VC funds emerged and Septerna raised a $150m series B round.

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The second quarter of 2023 was a good news bad news situation for venture capital investment in biopharmaceutical companies, according to the latest Venture Monitor report from Pitchbook and the National Venture Capital Association (NVCA). There were fewer VC financings in Q2 than there were in Q1 – dropping to 211 funded companies from 237 – but the amount of capital raised did not decrease, holding steady at $5bn in the second quarter, a tiny bit higher than the $4.9bn total in the prior quarter.

That means the average deal size rose to $23.7m from $20.7m, which is not surprising given the rise in venture...

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