Flagship Pioneering, a Cambridge, Mass.-based life sciences innovation enterprise, closed a $1.1 billion capital raise for its Flagship Pioneering Origination Fund VII.
The firm’s seventh origination fund will support the creation of Human Health and Sustainability companies originated and operating within its Flagship Labs unit.
This new capital pool will operate alongside separate Flagship funds totaling $1.08 billion raised in 2019 to support the financial needs of Flagship-originated companies after they spin out from Flagship Labs and enter their growth stage.
Led by Noubar Afeyan, Ph.D., Founder and Chief Executive Officer, Flagship Pioneering is an institutional innovation enterprise comprising a team of 130 members focused on continuously making pioneering innovations as well as founding, launching, and advancing new companies to develop and commercialize these innovations. There are currently 15 wholly owned companies, with a team of over 480 professionals, operating within Flagship’s enterprise. In addition, 26 companies comprise Flagship’s current ecosystem of growth-stage companies with an aggregate workforce of over 4,200.
Since its launch in 2000, the firm has applied its hypothesis-driven innovation process to originate and foster more than 100 scientific ventures, resulting in over $34 billion in aggregate value. To date, Flagship is backed by more than $4.4 billion of aggregate capital commitments, of which over $1.9 billion has been deployed toward the founding and growth of its pioneering companies alongside more than $10 billion of follow-on investments from other institutions.