Flagship Ventures, a VC firm focusing on technologies for healthcare and sustainability, has closed its 2011 fundraising efforts with $270 million in the bank.
“Despite the difficult environment for fundraising, especially for early-stage venture firms, we received strong support from our prior investors, as well as from several new important limited partners. We believe that the firm’s investment strategy and … history of building valuable, transformative companies are well aligned with the world’s ever increasing reliance on innovation, entrepreneurship and value creation.”, said Flagship CEO and managing partner Noubar Afeyan in a release.
Read the article from Venturebeat here.
Indeed, VC fundraising had a lackluster year in 2011, according to Dow Jones analysts. On average, a U.S.-based venture capital firm in 2011 was only able to raise around $120 million.