Lux Capital ditched opportunity fund in latest fundraiser

Recognized for investing in life science and modern expertise startups, Lux Capital has returned to the market to boost cash for its newest brokerage – however this time with no devoted end-stage startup.

The agency goals to exceed $1 billion for Lux Ventures VIII. meeting materials March 28 from the New Mexico State Funding Council (NM SIC), which has dedicated $62.5 million to the fund. The fund will pool the agency’s early and late funding methods right into a single pool.

The agency was based in 2000 and has raised $4 billion from the earlier 9 funds. Lux declined to touch upon fundraising efforts.

The fund will nonetheless put money into next-stage alternatives, however the agency’s founder and managing associate, Josh Wolfe, instructed NM SIC that the fund will primarily put money into the early stage, persevering with the agency’s thesis of investing on the intersection of the sciences. and expertise.

The agency most not too long ago raised a pair of funds in June 2021 totaling roughly $1.5 billion. This consists of $675 million for the early-stage targeted Lux ​​Ventures VII and $800 million for the Lux Complete Alternatives Fund, a late-stage fund.

Lux is the newest agency with early-stage roots to desert a non-public end-stage fund, on condition that late-stage and exit environments have been quiet over the previous yr. Final month, Y Combinator mentioned it could shut its perpetuity fund, withdraw from late-stage funding, and go away 20% of its staff in a single go.

Many corporations, together with Founders Fund and Vibe Capital, have both lowered the scale of their funds or given again a few of their capital to buyers as a result of softening market.

As 2023 continues, we anticipate to see extra funds withdrawn into the normal funding section.