---
url: 'https://qubit.capital/blog/top-biotech-vc-firms'
title: Top Biotech Venture Capital Firms
author:
  name: Kshitiz Agrawal
  url: 'https://qubit.capital/blog/author/kshitiz'
date: '2026-05-01T04:52:00+05:30'
modified: '2026-07-24T19:28:18+05:30'
type: post
categories:
  - Industry-Specific Insights
image: 'https://qubit.capital/wp-content/uploads/2026/05/top-biotech-vc-firms.webp'
published: true
---

# Top Biotech Venture Capital Firms

Founders raising a biotech Series A or B keep seeing the same eight to ten VC names in every roundup. Few say which ones lead at this stage versus which only follow.

With preclinical or early data and nine to fifteen months of runway, that gap decides which top biotech VC firms to call.

This ranking of top biotech VC firms sorts loud brand names into firms worth calling first and firms to deprioritize. Four come out ahead for this stage and sub-sector, three fall behind.

The ranking is built on disclosed deal activity and stage fit, not brand recognition.

How we ranked this list

Firms make this list only on a disclosed round inside the $5-30M range this audience raises, each confirmed against a primary source, a public filing or the firm’s own announcement, not a third-party estimate. We weight recent in-scope activity over headline fund size, since a fund between vintages is not actually deploying. The scope reflects our ongoing work advising biotech and life-sciences founders.

        
            
            
                
                    
                        
                            
                                
                                    Table of Contents                                
                                
                                                                    
                            
                            
                                
                                        

      - 
        [The 8 Top Biotech VC Firms](#the-8-top-biotech-vc-firms)
        

          
            [What the Ranking Number Won't Tell You](#what-the-ranking-number-won-t-tell-you)
          

          - 
            [Why Lead-vs-Follow Order Matters When Your Runway Is Tight](#why-lead-vs-follow-order-matters-when-your-runway-is-tight)
          

        

      
      - 
        [Conclusion](#conclusion)
      

    

                                
                            
                        
                    
                    
                        
                    
                
            

    
## The 8 Top Biotech VC Firms

1. Flagship PioneeringTypical check$20M-$50M founding capital into companies it originatesBest forScientists open to co-founding inside Flagship’s own labsLimitationRarely funds outside teams pitching a standalone Series A
Flagship Pioneering has grown into one of biotech’s largest venture platforms, holding [$14 billion in assets under management](https://www.flagshippioneering.com/news/press-release/flagship-pioneering-raises-3-6-billion-to-fuel-breakthrough-innovations-that-transform-human-health-and-sustainability) after its 2024 raise. It closed $2.6 billion into Fund VIII alone and has raised $6.4 billion across its funds since 2021.

Flagship recently seeded [Serif Biomedicines](https://www.flagshippioneering.com/) with $50 million to build modified-DNA medicines, a company it founded itself rather than backed from outside. Etiome, another in-house launch, opened with [$50 million to map disease progression](https://www.biopharmadive.com/news/etiome-flagship-biotech-startup-launch-funding/746151/) across Parkinson’s, rheumatoid arthritis and MASH patients.

Flagship also installs physician-executives atop its companies, naming [Rahul Kakkar as CEO-Partner and CEO of Quotient Therapeutics](https://www.prnewswire.com/news-releases/flagship-pioneering-appoints-rahul-kakkar-as-ceo-partner-and-ceo-of-quotient-therapeutics-302440596.html) in April 2025. Even [Lila Sciences, its $200 million seed bet](https://www.flagshippioneering.com/news/press-release/flagship-pioneering-unveils-lila-sciences-to-build-superintelligence-in-science) in AI for science, was a Flagship-founded company, not an outside pickup.
What we seeFlagship rarely runs a conventional outside pitch process. Founders are more often recruited into an idea Flagship already framed, then co-build the company from inside its venture studio. A team walking in with a term sheet ask should expect a different conversation.
![Third Rock Ventures logo](data:image/png;base64,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)2. Third Rock VenturesTypical checkNot disclosed; active in $82M-$165M Series A roundsBest forBiotech founders raising Series A in neuroscience or genetic medicineLimitationPartner focus concentrated in neuro and genetic medicine subsectors
Third Rock Ventures is a biotech-focused venture firm built for founders raising Series A rounds with real preclinical or clinical data. The firm moves fast on lead roles.

It [led an $82 million Series A for Azalea Therapeutics](https://www.thirdrockventures.com/media-center) in November 2025. A month later it [co-led the $165 million round that launched Syremis Therapeutics](https://www.goodwinlaw.com/en/news-and-events/news/2025/12/announcements-lifesciences-goodwin-advises-third-rock-ventures), a mental-health medicines company.

Syremis marks a move into mental health, a newer area for a firm built on genetic medicine. Its checks come out of [Fund VI, a $1.1 billion vehicle raised in 2022](https://www.businesswire.com/news/home/20220615005097/en/Third-Rock-Ventures-Raises-$1.1-Billion-Fund-VI), run by eight named investing partners.

The partner roster includes Abbie Celniker, Neil Exter, Kevin Gillis, Reid Huber, David Kaufman, Cary Pfeffer, Robert Tepper and Jeffrey Tong. Portfolio activity clusters around neuroscience and genetic medicine.

That shows in its [co-led $101 million launch of Trace Neuroscience](https://www.biopharmadive.com/news/trace-neuroscience-als-third-rock-launch-atlas-ra-gv/732666/), alongside Atlas Venture, RA Capital and GV. Founders outside neuro or genetic medicine may find less pattern-matching from the partner group.
What we seeThird Rock’s last two Series A rounds split evenly between sole-lead and co-lead positions. Larger raises tend to bring in syndicate partners like Atlas Venture, RA Capital and GV. Founders should expect the round size to shape whether Third Rock leads alone or shares the position.
![ARCH Venture Partners logo](data:image/png;base64,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)3. ARCH Venture PartnersTypical checkCo-lead on $200M-$1B launch and Series A roundsBest forFounders launching a new biotech venture, not scaling an existing oneLimitationRound sizes run well above a typical $5-30M Series A
ARCH Venture Partners specializes in creating new biotech companies rather than backing already-operating startups. That said, it still functions as a [specialist biotech investor, not a generalist tech fund](https://qubit.capital/blog/types-of-vc-firms/).

It led the [$200 million launch financing of Tenvie Therapeutics](https://www.globenewswire.com/news-release/2025/01/08/3006209/0/en/Tenvie-Therapeutics-Launches-with-200-Million-to-Deliver-Breakthrough-Small-Molecule-Therapies.html) in January 2025, alongside F-Prime Capital and Mubadala Capital. That round funded a small-molecule pipeline built partly on programs acquired from Denali Therapeutics.

A year earlier, ARCH’s [Fund XIII portfolio](https://www.prnewswire.com/news-releases/arch-venture-partners-announces-new-fund-to-create-the-next-generation-of-biotech-companies-302259298.html) already covered four separate company launches across different therapeutic areas. Those companies, ArsenalBio, Xaira Therapeutics, Mirador Therapeutics, and Metsera, span cell therapy, AI drug discovery, precision medicine, and obesity.

Xaira’s 2024 [launch financing hit $1 billion](https://www.biopharmadive.com/news/arch-venture-biotech-startup-fund-artificial-intelligence/728100/), and Tenvie’s came in at $200 million a year later. Both rounds show ARCH writing checks far above a typical $5-30 million Series A round size.

A founder at that stage should expect ARCH to co-lead alongside other large funds, not write a solo check. The Tenvie deal in January 2025 signals ARCH keeps closing very large, multi-fund launch rounds into 2026.

That track record is one reason [biotech specialist lists](https://qubit.capital/blog/top-biotech-vc-firms/) keep naming ARCH ahead of generalist tech investors.
What we seeARCH usually shows up as a co-lead, not a solo investor. Founders should expect a syndicate of large funds at the table, not a single term sheet from ARCH alone. Deals built on acquired pipeline assets, like Tenvie’s programs sourced from Denali Therapeutics, tend to add [IP and CMC diligence after signing](https://qubit.capital/blog/biotech-startup-due-diligence-checklist/).
![Atlas Venture logo](data:image/png;base64,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)4. Atlas VentureTypical checkSeed-stage lead, follow-on reserved via a $400M Opportunity FundBest forPreclinical biotech founders who want a co-building partner, not just capitalLimitationBuilt around seed-led company creation, a weaker fit for a late Series B bridge
Atlas Venture is a venture creation firm that builds biotech startups instead of only funding pitches that walk in the door. The firm closed [Atlas Venture Announces $450 Million Fund XIV](https://www.businesswire.com/news/home/20241205893482/en/Atlas-Venture-Announces-%24450-Million-Fund-XIV), oversubscribed despite a slow biotech fundraising market in December 2024.

Atlas paired that raise with [Atlas Venture Announces $400 Million Third Opportunity Fund](https://www.businesswire.com/news/home/20250904269555/en/Atlas-Venture-Announces-$400-Million-Third-Opportunity-Fund), reserved for companies already in the portfolio. Partner Bruce Booth explained the thinking to [Atlas doubles down on ‘disciplined’ biotech investing with latest fundraise](https://www.biopharmadive.com/news/atlas-venture-capital-fund-biotech-startups-investing-strategy/734702/).

The goal: “stay disciplined and focused on the model that we continue to try to perfect: seed-led venture creation.” Vima Therapeutics, seeded by Atlas years earlier, raised a $100 million Series A in March 2026 for a dystonia and Parkinson’s drug.

That follow-through is what [Atlas Venture reels in $400M to grow its biotech startups](https://www.biopharmadive.com/news/atlas-venture-opportunity-fund-3-raise-september-2025/759281/) flagged as proof Atlas backs its seed bets.
What we seeAtlas runs closer to a company-builder timeline than a fast term-sheet race. [Tracxn’s 2026 investor profile](https://tracxn.com/d/venture-capital/atlasventure/__tnpRN7ZmQfO6-vv0kx4ZdA4iqEMgQ6drOgD7EMiGHi8) counted nine new investments in 2025 against two in January 2026. That slower pace fits a firm reinvesting in its own portfolio rather than chasing new logos.
![OrbiMed logo](data:image/png;base64,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)5. OrbiMedTypical checkSeries A/B, preclinical through clinical stageBest forFounders wanting a lead that also runs royalty and credit fundsLimitationScale means partner attention is split across public and private books
OrbiMed writes checks across the full healthcare stack, from preclinical biotech through public equities and royalty finance. Deal pace has stayed high even as [biotech fundraising slows elsewhere](https://qubit.capital/blog/mastering-biotech-startup-funding-strategies).

Over the year to June 2026, OrbiMed showed up in more disclosed biotech financings than any other tracked investor. The count comes from [BioBucks’ funding tracker](https://www.biobucks.co/biotech-vc-funding-tracker-2026).

In May 2026, OrbiMed led Accro Bioscience’s $50 million Series C for immune-disease therapies. That same month it joined Windward Bio’s $165 million round, backing an asthma drug headed into Phase 3.

On the fund side, OrbiMed raised [$1.86 billion for its Royalty & Credit Opportunities Fund V](https://www.orbimed.com/orbimed-raises-1-86-billion-for-healthcare-royalty-credit-fund-v/) in August 2025. More than 90% of that capital came from existing LPs, a sign of a fund cycle built to renew itself.

Partner Rishi Gupta sits on Helicore Biopharma’s board, after OrbiMed co-led the company’s [$65 million Series A](https://www.globenewswire.com/news-release/2025/01/28/3016188/0/en/Helicore-Biopharma-Emerges-from-Stealth-to-Continue-Advancing-Portfolio-of-First-in-Class-GIP-Antagonists-for-Obesity-and-Related-Conditions.html) in January 2025. Gupta’s background is legal and investment work, not bench science.

He called Helicore’s founders “an experienced and well-respected group of company builders with a proven track record in advancing novel therapeutics through clinical development.” OrbiMed’s recent first checks tend to land at preclinical or IND-enabling stage.

Examples include Helicore, Prolynx’s $70 million Series A, and Renasant Bio’s $54.5 million seed alongside Atlas Venture and 5AM.
What we seeOrbiMed’s deal pace points to a process built for speed once diligence wraps, not a slow committee. Because the firm also runs royalty and credit funds, its clinical-stage checks tend to come with sharper questions on manufacturing and IP timelines. Founders should have CMC and IP answers ready before the first term sheet conversation, not after.
![5AM Ventures logo](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACAAAAAgCAMAAABEpIrGAAAANlBMVEX///8pPWH5tQtqeJExRWdOX31baoakrbycpbY7TW/T2N/x8/W/xdDk5ut8iZ+0u8iOmaxGV3brKsSBAAAAuUlEQVQ4je2QDQ7DIAiFYeC/tXr/yw6qtmtid4HtxRjN+wI8AP66FHHIAhASgDy3Ta4J1AkUSIyYFNj3D8BOwIPDhk4ALoVPIIlFTuQ3YbM0kr8xdAJaLPfnhlwZpb0/zgCKAIbZOgDfOyHG4wwgXCEMRshoxAoBJqAhTaE+5Eq7MWpkLfG66w5KYf66TwHC2ukRdYd26VekJL5O6Va+GoFIs7Z1iLkF5PgwwlhUe/ClfW0c7LL/r+gNaOAEUqVYyikAAAAASUVORK5CYII=)6. 5AM VenturesTypical check$5M to $10M per key experimentBest forPreclinical to early clinical-stage Series A/B raisesLimitationAttention spread across roughly 80 active portfolio companies
5AM Ventures backs biotech and life-sciences founders at the point where one experiment will make or break the thesis. That first check usually runs $5 million to $10 million, sized to fund the one experiment that proves the thesis.

Co-founder and managing partner Andy Schwab frames diligence around a single question before term sheet talks start. In an interview with [RBC Capital Markets](https://www.rbccm.com/en/gib/biopharma/ep4-transcript.page), Schwab described the discipline behind that first check.

The goal, he said, is to “define early on, what is [the value-creating, differentiating science experiment](https://qubit.capital/blog/what-do-biotech-investors-want/) that’s going to prove that this is going to be meaningful.” Deal pace held into January 2026.

5AM joined Mendra’s $82 million Series A and Kinaset Therapeutics’ $103 million Series B in the same month, according to [Tracxn’s investor profile](https://tracxn.com/d/venture-capital/5am-ventures/__NDK51wM7njtV1nyCHwuR5Ocky4E_KUAXp3SbSDUO8Iw).

Managing partner Kush Parmar joined the board of ProLynx that December, when 5AM backed its [$70 million Series A](https://prolynxinc.com/press-release) alongside OrbiMed and Monograph Capital. The fund holds roughly 80 active companies out of more than 250 historical bets, so partner attention is spread wide.
What we see5AM’s check size clusters tight around a single experiment. The diligence conversation tends to center on that one data readout rather than the full pipeline. Founders who can’t yet name their value-inflection experiment may find early meetings move slower than expected.
![Versant Ventures logo](data:image/png;base64,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)7. Versant VenturesTypical check$65M-150M Series A/B rounds (our estimate, from disclosed deals)Best forSeries A-B biotech founders wanting a lead, not a co-signerLimitationHeavy board involvement post-close, less fit for passive-capital seekers
Versant Ventures is built for biotech founders raising a Series A or Series B round who want a lead, not a follower. The firm builds companies from inside its own venture creation engine, called Ridgeline, instead of only backing outside teams.

In April 2025, it used that engine for [Granite Bio’s $100M launch](https://www.biopharmadive.com/news/granite-bio-versant-biotech-startup-launch-autoimmune-ulcerative-colitis/746169/), an autoimmune antibody company with two drugs already in hand. Versant financed the company itself instead of joining an existing syndicate.

That venture-creation model is what still sets Versant apart on specialist biotech lists in 2026. Versant’s partners also stay close to the boards they help create.

Jerel Davis chairs the board of [Borealis Biosciences](https://www.borealisbio.com/news/press-releases/082224/), the RNA-focused kidney disease company Versant launched with Novartis on a $150M Series A. Carlo Rizzuto joined the board of [Helicore Biopharma](https://www.globenewswire.com/news-release/2025/01/28/3016188/0/en/Helicore-Biopharma-Emerges-from-Stealth-to-Continue-Advancing-Portfolio-of-First-in-Class-GIP-Antagonists-for-Obesity-and-Related-Conditions.html) in January 2025, when Versant co-led its $65M Series A with OrbiMed.

Both Davis and Rizzuto hold Ph.D. degrees, which matters to scientific founders evaluating diligence partners.
What we seeVersant runs deals like an operator, not just a check-writer. Two of its own managing directors sit on boards of companies it helped launch, which points to hands-on involvement after signing. Founders who want a passive capital partner may find that oversight heavier than expected.
![Sofinnova logo](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACAAAAAgCAMAAABEpIrGAAAAbFBMVEUAAAD///8FBQX7+/vl5eUNDQ1MTEyTk5P39/dVVVUYGBitra3v7+8HBwe2trbLy8tGRkakpKQ4ODh6enpoaGgmJibV1dXp6elbW1uysrKGhoYSEhK9vb2bm5t0dHQcHBwxMTGCgoI/Pz8jIyOwJOdsAAAAs0lEQVQ4jeWSSxqDIBCDG0FAwAeKz1Zr9f53LLAevYDZsEi+If/A6/VMZXdmLrrVSN9f+b1RiBoK2tcVWC2lsRgFGZiAWYcSXmEuqYAHltRkqdY3OYGhbvIIUtIo+gPYet2K7xXFPicKNvj8IpEX0gw2RBbSTldn+pAKfKcCW+XOeJYOjFxVB2xpkoMiN9Vy8K3t259FrckS0xg4eSjJLx4jE4YzKO4O2o/9elE05+2XeKr+/pEHQbttMR8AAAAASUVORK5CYII=)8. SofinnovaTypical checkAround €25M ($29M) at seed and Series ABest forSeries A/B biotech with clinical or preclinical data in oncology, immunology or CNSLimitationConcentrated bets, thin outside its core disease areas
Sofinnova manages [over €4 billion](https://www.businesswire.com/news/home/20251116996687/en/Sofinnova-Partners-Closes-%E2%82%AC650M-$750M-Capital-XI-Greatly-Exceeding-Initial-Target-to-Back-Early-Stage-Healthcare-Deals) across its platform, one of the largest dedicated life-sciences investors in Europe. The firm suits founders raising a Series A or Series B with preclinical or early clinical data in hand.

Its newest fund, Capital XI, [closed at €650 million in November 2025, above its initial target](https://www.biopharmadive.com/news/sofinnova-partners-venture-capital-fund-biotech-startups/805453/), adding fresh, uncommitted capital to deploy. Chairman [Antoine Papiernik](https://sofinnovapartners.com/team/antoine-papiernik) leads the early-stage strategy and fronted that close personally.

The catch is concentration in oncology, immunology, CNS and cardio-metabolic disease, which narrows the fit for founders outside those fields. In June 2026, Sofinnova [co-led Bionyra’s $165 million Series A](https://www.biopharmadive.com/news/bionyra-immune-drug-startup-sofinnova-jeito/823296/) alongside Jeito Capital, co-founding the company rather than following.
What we seeCo-founding a company, as Sofinnova did with Bionyra, usually means the firm was shaping the science story from day one, not just writing a check. That tends to bring deeper diligence on IP and manufacturing before signing, not less. Founders outside oncology, immunology or CNS should expect a harder case to make for fit.

### What the Ranking Number Won’t Tell You

This list ranks firms by one objective number, fund size or capital deployed into biotech. That number tells you who has the balance sheet to write a check.

It says nothing about whether a firm’s partners know oncology versus gene therapy. A large fund with no cell-therapy track record can still be the wrong call.

Treat the ranking as your starting list, not your final shortlist. Cross-check each firm against sub-sector focus and stage discipline before you spend a call on them.

### Why Lead-vs-Follow Order Matters When Your Runway Is Tight

Some firms on this list only lead rounds. Others show up only as co-investors, once a lead has already signed a term sheet.

If you’re at the tight end of your runway, calling a follow-only firm first can cost you weeks you don’t have. They will not move until a lead exists.

Approach lead-capable firms first when runway is short. Save follow-only firms for after you have a term sheet, when they can move fast on diligence they’ve already seen.

## Conclusion

The firms above split into two groups: those built to lead at preclinical-to-IND, and those that mostly follow once a round forms. That difference is why some belong in your first four calls, and others fall lower on the list.

A firm that leads early sits differently at the board table than one waiting for a syndicate to form around your round.

Start outreach with the highest-ranked firm whose sub-sector focus matches your program and stage. Then work down the list in order, weighing how much runway you have left before you need a term sheet.

Founder gets a runway-matched outreach order reviewed by a Qubit advisor before their first call. Qubit Capital’s fundraising advisory helps biotech founders build the right materials and connect with active investors. [Get help mapping your biotech investor list](https://qubit.capital/startup-services/fundraising-assistance) before your first call.