Time Partners Limited has announced the final closing of its first advised fund, Time Boost Capital I LP, a £30 million ($36.6 million) genomics venture fund to provide match funding to startups graduating from Illumina Accelerator Cambridge, UK.
Since opening in July 2020, Illumina Accelerator Cambridge has launched 13 startups focused on harnessing genomics applications to improve human health, including novel therapeutics, diagnostics, synthetic biology, research tools, and agriculture.
Time Boost Capital’s commitments comes from a group of global investors, including LifeArc, a UK independent medical research charity; Illumina Inc, the listed parent of Illumina Accelerator Cambridge; and Illumina Ventures, an independent fund investing in genomics and precision health.
Time Boost Capital will provide pound-for-pound match funding to every Illumina Accelerator Cambridge graduate that secures between £500,000 up to £4 million ($610,000 to $4.9 million) in new capital from qualified investors, within 18 months of acceptance.
Illumina Accelerator Cambridge alumni includes Alchemab Therapeutics LTD, a therapeutics company pioneering the next generation of antibody drugs that went on to raise £60 million ($73 million) in Series A funding upon graduation.
A recent graduate is Broken String Biosciences Limited, a sequencing tools company focused on assessing the stability of the genome that secured £3 million ($3.7 million) in seed funding including funding from Time Boost Capital.
“At Time Partners, we are proud to partner with Illumina, a global leader in next generation sequencing technologies. Illumina is making a significant commitment to supporting new growth in the field through Illumina Accelerator,” said Mark Florman, CEO of Time Partners Limited.
“As an investment adviser to Time Boost Capital, we have the unique opportunity to back some of the most promising new genomics businesses.”