Amorchem II Ventures began its second venture capital fund backed with $44.2 million from the Quebec government, Merck as well as others, bringing the total to $86 million that is managed by the AmorChem Group. The new fund will target seed-stage investments, with focus on life sciences projects from universities and research centers in and around the Quebec area. Back in 2011, the Quebec government and Merck, as well as Fonds de solidarité FTQ, had funded Amorchem’s first fund as well.
“We appreciate the support shown to us by our Limited Partners since the early days of AmorChem I. The closing of the second AmorChem fund is the validation of the quality of the work that is being done by our team,” said founder and managing partner Elizabeth Douville in a statement.
Inès Holzbaur, another founder and managing partner added, “We look forward to collaborating with our academic partners in order to build a portfolio of new opportunities”.
Amorchem’s portfolio presently contains two PCSK9 programs pursuing dry age-related macular degeneration, Type 2 diabetes, as well as neuroinflammation. The new fund also hits the goal for the province’s 2017-2027 Lifescience strategy, a system that was created to support the formation and development of ground-breaking life sciences companies.
“Access to funding is a critical issue for innovating life sciences startups. Our government is proud to participate in the establishment of the AmorChem II fund, a financial tool which will certainly contribute to these companies’ growth and to the actualization of important projects originating from Quebec-based universities and research centers,” Dominique Anglade, Quebec’s minister of economy, science and innovation said in a statement.