Chicago-based ARCH Venture Partners has closed on its twelfth venture fund, ARCH Venture Fund XII, with $2.975 billion it can now invest in early-stage biotechnology companies.
This follows the company’s January 2021 announcement of ARCH Venture Fund XI, which was worth nearly $2 billion. It also follows last week’s PwC report, which noted that more than 60 biotech companies have announced layoffs so far this year, with some going out of business, and a general slowing of initial public offerings (IPOs). In 2021, 104 biotech companies launched IPOs, bringing in almost $15 billion, but to date this year there have been only 14 IPOs in the sector, raising less than $2 billion altogether. read more