Synergy Life Science Partners on Thursday announced that it has wrapped up its debut fund with $143 million in committed capital, making it one of a dwindling number of firms to raise a first-time investment vehicle.
Although venture capital fundraising is enjoying one of its strongest runs since the late 1990s, limited partners have remained skeptical of partnerships raising their first fund, overwhelmingly preferring to go with follow-on funds. According to the National Venture Capital Association, only eight first-time funds closed in the third quarter of 2007, compared with 51 closings for follow-on funds.
It helps that Synergy general partners John Onopchenko, Richard Stack and William Starling are seasoned VCs. Onopchenko was the lead medical device investor for Johnson & Johnson's venture arm, while Stack and Starling run medical device incubator Synecor LLC.
Synergy's new fund is focused on early-stage and has already closed on six investments since the firm was founded in 2006, including participation in a $50 million round for implantable heart defibrillator developer InnerPulse Inc.
- George White
See press release from SynergySee January 2007 Inner Pulse story from TheDeal.comSee October 2006 story on debut funds from TheDeal.com
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