---
url: 'https://qubit.capital/blog/angel-seed-funds-specialising-in-biotech'
title: 'Angel Investors & Seed Funds Specializing in Biotech'
author:
  name: Mayur Toshniwal
  url: 'https://qubit.capital/blog/author/mayur'
date: '2026-04-02T08:04:00+05:30'
modified: '2026-07-24T19:28:04+05:30'
type: post
categories:
  - Industry-Specific Insights
image: 'https://qubit.capital/wp-content/uploads/2026/05/angel-seed-funds-specialising-in-biotech-1.webp'
published: true
---

# Angel Investors & Seed Funds Specializing in Biotech

A founder with pre-clinical data or a platform technology emails ten “top biotech VC” names. Half don’t underwrite biology or regulatory risk at all, and won’t lead a pre-seed round into unproven therapeutics.

Public roundups mix generalist tech-seed money with the angel and seed funds specialising in biotech, burying who writes the $250K-$3M check.

Founders with early IP are left guessing which funds lead, which only follow, and what diligence comes before a term sheet. This list ranks the angel and seed funds specialising in biotech by lead-or-follow status, matched to therapeutic focus and validation stage.

Here’s how the ranking was built, before the names.

How we ranked this list

We rank these funds by how they behave at your data stage, whether they lead or follow at pre-clinical, IND-enabling, or first-in-human evidence, not by assets under management or fund size. The list covers pre-seed and seed biotech and skips Series A and later institutional VCs, medtech and digital-health investors, and rounds above $5M. The read reflects our ongoing work advising biotech founders through live rounds.

* Figure published by the platform itself and not independently confirmed.

        
            
            
                
                    
                        
                            
                                
                                    Table of Contents                                
                                
                                                                    
                            
                            
                                
                                        

      - 
        [The 8 Angel Seed Funds Specialising in Biotech](#the-8-angel-seed-funds-specialising-in-biotech)
        

          
            [Lead Investor or Follow-on Check: Which Matters for Outreach Order](#lead-investor-or-follow-on-check-which-matters-for-outreach-order)
          

          - 
            [What Biotech Due Diligence Checks That Generalist Seed Diligence Skips](#what-biotech-due-diligence-checks-that-generalist-seed-diligence-skips)
          

        

      
      - 
        [Conclusion](#conclusion)
      

    

                                
                            
                        
                    
                    
                        
                    
                
            

    
## The 8 Angel Seed Funds Specialising in Biotech

1. FlagshipAssets Under ManagementUS$14 billion*Typical checkIn-house ProtoCo funding, not open checks (size undisclosed)Best forPlatform-stage science in mRNA, gene/cell therapy, synthetic biologyLimitationDoesn’t fund outside pitches; builds companies in-house only
Flagship builds biotech companies inside its own labs instead of funding outside founders’ pitches. Under its [Pioneering Medicines model](https://www.flagshippioneering.com/pioneering-medicines), a company starts as an internal ProtoCo and becomes a NewCo only once its thesis holds up.

By Series A, Flagship wants validated preclinical data, a credible IND-enabling plan, and a scientific-advisory sign-off already in hand. Its bioplatforms span mRNA, gene and cell therapy, synthetic biology, protein engineering, and AI-driven discovery, aimed at obesity, MASH, and lupus programs.

That in-house approach means most outside biotech founders never get the chance to pitch Flagship directly. In March 2025, Flagship unveiled [Lila Sciences](https://www.biopharmadive.com/news/lila-flagship-ai-superintelligence-startup-seed/742213/), a $200M-seed autonomous-lab platform, after founding it inside its own labs back in 2023.
What we seeFlagship rarely appears as an option for founders raising outside capital, since it generates most of its portfolio internally. When it does back an outside idea, expect diligence to mirror its own ProtoCo bar of preclinical data and advisory review. Founders chasing a fast term sheet should look elsewhere.
![ARCH logo](data:image/png;base64,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)2. ARCHAssets Under ManagementApproximately US$12 billionTypical check$500K-$5M first check, leads or co-leadsBest forFounders co-founding around academic or national-lab scienceLimitationScale and lead requirement outsize a $250K-$3M raise
ARCH Venture Partners fits founders building a company from scratch around breakthrough science, not those raising a quick top-up round. The firm manages [roughly $12 billion in assets](https://superscout.co/investor/arch-venture-partners) and closed Fund XIII at more than $3 billion in September 2024.

That fund keeps deploying into AI-driven biotechs through 2025 and 2026, including Xaira, Metsera and Mirador Therapeutics. The catch: that scale rarely matches [a founder raising $250K to $3M](https://qubit.capital/industries/biotech).

ARCH prefers to lead or co-lead, and its [typical first check runs $500K to $5M](https://www.vcsheet.com/fund/arch-venture-partners). That range can stretch from $50,000 to hundreds of millions as a company matures.

Co-founder Robert Nelsen frames the filter in [ARCH’s Fund XIII announcement](https://www.prnewswire.com/news-releases/arch-venture-partners-announces-new-fund-to-create-the-next-generation-of-biotech-companies-302259298.html): “After more than 38 years, the ARCH investment philosophy has been consistent: we bet on great science and great teams to build breakthrough companies.”

The firm also co-founds companies directly with scientists from [universities and national labs](https://www.archventure.com/team/), pairing science with proven management. It also shows up alongside [Foresite Labs](https://www.fiercebiotech.com/biotech/new-ai-drug-discovery-powerhouse-xaira-rises-1b-funding) and NEA in syndicates, as with the $1 billion Xaira Therapeutics round.
What we seeARCH behaves like a company creator, not a check-writer joining someone else’s syndicate. Its “launch” deals often arrive with a clinical-stage pipeline already in hand, as with [Metsera’s 2024 launch](https://www.businesswire.com/news/home/20240417261384/en/Metsera-Launches-to-Lead-the-Next-Generation-of-Medicines-for-Obesity-and-Metabolic-Diseases). That is a later, further-along bar than most pre-seed biotech founders are clearing.
![Versant Ventures logo](data:image/png;base64,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)3. Versant VenturesAssets Under ManagementUS$5.3 billionTypical check$1M-$10M (more for firm-built companies)Best forPlatform science, pre-companyLimitationHarder to win as lead with an existing team
Versant Ventures builds many of its biotech companies from scratch, running in-house Discovery Engines out of Basel and New York. It typically leads at that earliest, pre-clinical stage, as with [Borealis Biosciences](https://www.businesswire.com/news/home/20240822013670/en/Versant-Ventures-and-Novartis-Launch-Borealis-Biosciences-With-$150-Million-in-Funding), its $150M Series A with Novartis.

Founders with an existing team and product more often meet Versant as a syndicate partner, not the lead. Its typical check runs $1M to $10M per deal, according to [F4 Fund’s](https://f4.fund/firms/versant-ventures) read on the firm’s thesis.

A company it builds itself, though, can launch already holding tens of millions in committed capital. The firm manages [$5.3B in assets](https://superscout.co/investor/versant-ventures) as of 2025, a sizable pool even among specialist biotech investors.

In November 2025 it launched [Dayra Therapeutics](https://www.businesswire.com/news/home/20251124163989/en/Versant-Ventures-Announces-Launch-of-Dayra-Therapeutics-With-Foundational-Biogen-Partnership) with Biogen, committing more than $70M to the new company.
What we seeVersant’s cap tables often include the same pharma partners again, especially [Bayer](https://www.prnewswire.com/news-releases/bayer-and-versant-ventures-join-forces-to-launch-stem-cell-therapy-company-bluerock-therapeutics-with-usd-225-million-series-a-financing-300376367.html), across deals like BlueRock and Vividion. A strategic partner may already have views on your science before you even pitch. Diligence conversations tend to start with [the underlying biology and IP](https://qubit.capital/blog/what-do-biotech-investors-want), not a go-to-market deck.
![CRV logo](data:image/png;base64,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)4. CRVAssets Under Management$4.3 billionTypical check$1-2M (range $500K-$5M)Best forFounders who want a fast lead and a first term sheetLimitationGeneralist mandate, not a dedicated biotech specialist
CRV is a generalist early-stage investor that also backs life sciences companies, not a dedicated biotech specialist, per [CRV’s own site](https://www.crv.com/). Its bread and butter is consumer and developer-tool startups, so deep FDA or regulatory diligence isn’t its known strength.

That’s why its spot on biotech-focused seed lists can surprise founders expecting sector fluency. CRV raised its [$750 million twentieth fund](https://techcrunch.com/?p=3033541) in about four weeks last August.

It also returned $275 million from its Select growth fund, a signal it’s pulling back toward early-stage bets. On its early-stage page, [CRV lays out its philosophy](https://www.crv.com/content/early-stage-vc): “We aim to be your first term sheet. We lead rounds; we don’t wait for others to show social proof.”

Typical checks run $1 million to $2 million, per [VC Sheet’s breakdown](https://www.vcsheet.com/fund/crv) of its seed activity.
What we seeCRV’s own pitch is aimed at consumer and developer-tool founders first, biotech second. A generalist lead can move fast on a term sheet. But founders should expect to bring their own FDA and IP diligence support, since that isn’t the firm’s stated focus.
![Atlas Venture logo](data:image/png;base64,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)5. Atlas VentureAssets Under Management~$3 billionTypical checkSeed to Series A, from a $450M early-stage fundBest forPre-clinical, discovery-stage biotech wanting scientist co-foundersLimitationSeed-led model only; not built for later-stage or non-therapeutics rounds
Atlas Venture runs on a seed-led venture-creation model, not a typical generalist check-writer. It pairs a $450 million early-stage fund with a separate opportunity vehicle for follow-on rounds.

Business Wire covered the [Atlas Venture Announces $400 Million Third Opportunity Fund](https://www.businesswire.com/news/home/20250904269555/en/Atlas-Venture-Announces-$400-Million-Third-Opportunity-Fund) raise in September 2025. Partner [Bruce Booth, DPhil. Atlas Venture](https://atlasventure.com/team/bruce-booth-dphil/) holds a doctorate in molecular immunology from Oxford.

He sits on portfolio boards and frames the firm’s approach as deliberately narrow. He told [BioPharma Dive](https://www.biopharmadive.com/news/atlas-venture-capital-fund-biotech-startups-investing-strategy/734702/), “stay disciplined and focused on the model that we continue to try to perfect: seed-led venture creation.”

Atlas backs immuno-oncology, autoimmune and inflammatory disease, neuroscience. Gene and cell therapy bets, per its [Portfolio. Atlas Venture](https://atlasventure.com/portfolio/) page.

It often shares cap tables with 5AM Ventures, OrbiMed, and ARCH Venture Partners. Its 2025 seed into [Renasant Bio Launches to Pioneer Next-Generation Disease-Modifying Small Molecule Treatments for ADPKD](https://www.businesswire.com/news/home/20250709678610/en/Renasant-Bio-Launches-to-Pioneer-Next-Generation-Disease-Modifying-Small-Molecule-Treatments-for-ADPKD) backed a still-preclinical pipeline.

That signals comfort backing discovery-stage science years before an IND filing.
What we seeAtlas tends to co-invest rather than go it alone, showing up alongside 5AM Ventures, OrbiMed, and ARCH on the same cap tables. Expect the diligence to run deep on the science itself, not just the deck, given how many partners hold doctorates. Because the model leans on co-founding, timelines can move at the pace of the science, not the fundraise.
![Polaris logo](data:image/x-icon;base64,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)6. PolarisAssets Under ManagementMore than $3 billionBest forBiotech founders needing deep scientific and IP diligenceLimitationFull scientific/IP review can slow the decision timeline
Polaris fits founders who want a specialist life-sciences investor, not a generalist tech-seed fund chasing biotech headlines. The firm staffs an MD-PhD from Yale to run scientific and IP diligence on healthcare deals, per [Excedr](https://www.excedr.com/blog/doing-well-by-doing-good-polaris-partners).

Polaris leads rounds from seed through growth, and it led Leyden Labs’ $70M Series B alongside Casdin Capital. It also led Trogenix Therapeutics’ ~$95M Series A in 2025, backing a glioblastoma program’s move into the clinic, per [Xtalks](https://xtalks.com/biotech-funding-2025-tracker-follow-the-latest-raises-rounds-and-rd-momentum-4542/).

The firm also runs an in-house fund that seeds companies straight out of academic labs. It’s reportedly raising roughly $500M for a new biotech fund, per [Tracxn](https://tracxn.com/d/venture-capital/polarispartners/__3Wjqi7LMXseT5wg6JVshjTt83bhk1AyE-oHMgcQwVV8), a signal it plans to keep leading rounds.
What we seePolaris behaves like a science-first investor, not a generalist checking a box. Expect real technical questions on mechanism and IP in early meetings. Founders should have regulatory and IP answers ready before the first call.
![NFX logo](data:image/png;base64,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)7. NFXAssets Under Management$1.5 billionTypical check$1M-$5M from Fund IV ($325M)Best forPlatform biology (synthetic bio, gene editing, tissue models)Limitation$1M check floor may exceed sub-$1M pre-seed raises
NFX Bio is the biotech arm of NFX, led by partner Omri Amirav-Drory and advised by Twist Bioscience CEO Emily Leproust. Its [launch thesis](https://www.nfx.com/post/launching-nfx-bio) favors bioplatforms with built-in network effects, the same lens NFX applies across its tech portfolio.

Past seed bets include Mammoth Biosciences, the CRISPR company co-founded by Jennifer Doudna, and Twist Bioscience itself. In October 2025, [NFX Bio’s portfolio page](https://www.nfx.com/bio) added Cyclana Bio, a startup building physiologically accurate human tissue models.

That pattern means founders chasing a single drug through FDA trials without a platform story are a weaker fit here. The firm’s [investor profile](https://www.openvc.app/fund/NFX) lists checks of $1M to $5M from a $325M Fund IV, spanning pre-seed through Series A.
What we seeNFX Bio screens more like a tech investor than a classic biotech fund, looking for platform economics before lab data. A pitch built around one drug candidate, without a broader platform angle, tends to get passed on fast.
![Fifty Years logo](data:image/png;base64,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)8. Fifty YearsAssets Under Management$200M+*Typical check$500K–$1M (avg ~$2.7M)Best forScientist-founders, deep-tech/biotechLimitationHands-on, incubation-style process
Fifty Years backs pre-seed and seed founders, [often incubating or co-creating companies before a formal raise](https://f4.fund/firms/fifty-years). It leans toward scientist-founders moving straight from the lab bench into the CEO chair.

That fit suits teams still working through FDA timelines and pre-revenue R&D burn, not app-layer tech. The portfolio spans biotech, synthetic biology, food tech, healthcare, energy, aerospace and climate tech.

Synthetic biology and impact-driven deep tech are where the firm plays hardest. First checks typically run $500K to $1M, though its [historical average check](https://www.vcsheet.com/fund/fifty-years) sits closer to $2.7M.

Because it often builds companies from scratch, founders who already have a team may find the process less hands-off than expected.

Founding Partner Seth Bannon frames the thesis this way in [an ImpactAlpha interview](https://impactalpha.com/fifty-years-bets-on-deep-tech-for-high-impact-and-high-returns-are-starting-to-pay-off/): “Founders building companies to address the world’s biggest problems have systemic advantages that will help them outcompete companies that aren’t.”

Its [PhD to VC program](https://fiftyyears.com/phdvc) trains bio PhD students to source and diligence deep-tech deals. That pipeline has produced 72 PhD founders and 33 PhD CEOs across the portfolio.

In November 2025 it added [Onepot AI](https://startupintros.com/orgs/fifty-years) to the portfolio, a sign it kept deploying capital through the year.
What we seeExpect Fifty Years to dig into the science before the deck, given its PhD-staffed diligence process. Founders who prefer a fast, light-touch term sheet may find the process slower than a generalist seed fund’s.

### Lead Investor or Follow-on Check: Which Matters for Outreach Order

A fund that leads sets the price and terms. A fund that only follows waits for someone else to do that first.

Approach a follow-only fund before you have a lead, and their interest goes nowhere. They need a term sheet already on the table.

Rank your shortlist by lead capacity first. Fill in follow-on names once a lead has priced the round.

### What Biotech Due Diligence Checks That Generalist Seed Diligence Skips

A generalist seed fund asks about growth and market size. A biotech-focused fund starts with your intellectual property position instead.

Expect a freedom-to-operate review before a term sheet lands. The fund checks whether your platform sits clear of existing patents.

Many biotech funds also route your science past a scientific advisor before committing. Build that extra step into your fundraising timeline, not after it.

## Conclusion

Choosing which fund to approach first comes down to where your science actually sits today, not just how much capital you need. ARCH, Versant, and Atlas Venture lead at the earliest, pre-clinical stage; Fifty Years and Polaris fit slightly later validation.

NFX and CRV skew toward platform and tech-bio plays rather than pure therapeutics, so they rank lower on this list.

Match your current data stage and runway to a fund that actually leads at that stage first. Then use its known co-investment patterns to build out the rest of your syndicate.

Get help mapping your biotech fundraising approach order. Qubit Capital’s fundraising advisory helps biotech founders build the right materials and connect with investors deploying capital in this space. [Talk to Qubit about your biotech raise](https://qubit.capital/startup-services/fundraising-assistance) to get started.