Flagship Ventures, a Cambridge, Mass.-based life sciences venture capital firm, closed its Special Opportunities Fund, at $285m.
The new fund operates alongside Flagship’s most recent early-stage family of funds, Fund V, which totalled $585 and closed in 2015. This brings the total in active capital being deployed to $870m, and the overall funds managed by the firm to $1.75 billion.
In addition to the close of the fund, Flagship Ventures has rebranded as Flagship Pioneering. The evolution of the name reflects the distinctive nature of its enterprise of systematically conceiving, creating, resourcing and growing first-in-category ventures to transform human health and sustainability.
Originally conceived in 1999 by Noubar Afeyan, CEO, the firm adopted the name Flagship Ventures in 2002 and has created and developed more than 75 scientific ventures, resulting in $19 billion in aggregate value, 500+ issued patents, 50+ clinical trials and 16 IPOs. Team members fill the roles of scientific co-founders, early-stage entrepreneurial leaders and financiers of every venture the firm creates.
The current output of Flagship-founded ventures stands at 6-8 per year.