Hatteras Venture Closes $90M Life Sciences, Health IT Fund
Hatteras Venture Partners has reloaded, closing a new fund this morning to make a fresh round of investments in life science and health IT companies.
The Durham, NC-based venture capital firm has raised more than $90 million for the fund, the company’s fifth. Ireland-based Malin (ISE: MLC) led the investment, which could reach as much as $150 million and be the firm’s largest fund to date.
Clay Thorp, a Hatteras co-founder and general partner, says Malin will broaden the opportunities for the firm’s portfolio companies by helping to connect startups to its network of potential partners. Malin already has some connections to Hatteras companies. The company last fall participated in the $60 million Series D round for Viamet Pharmaceuticals, and in March, led a $50 million investment in Novan Therapeutics, both Durham-based Hatteras portfolio companies. Rather than operate as an investment firm, Thorp describes Malin as a holding company with “long-term, patient capital.” He says the approach to building long-term value could give Hatteras portfolio companies additional options besides an initial public stock offering or an acquisition.