Aglaia is a new venture capital fund that will invest in about ten to fifteen biotechnology start-ups developing groundbreaking technologies to prevent and cure cancer.
The Dutch venture has announced the launch of Aglaia Oncology Fund II. Investors contribute with $65M (EUR 51M) for the fund, to reach $80M (EUR 63M) to $100M (EUR 80M). Like its predecessor Aglaia Oncology Fund I, the fund is backed by high-net-worth families. The group of investors has been expanded to include several institutional investors, including the European Investment Fund, which has made a substantial commitment. Aglaia is also one of the funds selected under the Dutch Venture Initiative, an investment fund recently launched by the Netherlands Ministry of Economic Affairs.
Public demand for new oncology products is substantial. Approximately 21.4 million people may be diagnosed with cancer in 2030, with more than 13 million of these cases resulting in a fatal outcome. The fight against cancer has become one of the largest and fastest-growing areas of the pharmaceutical industry.
A fast growing number of high-potential start-ups operating in this field are in an early stage of technological development. However, there is few venture capital because of the high risk of failure. Aglaia can help translate high-potential research into clinically and commercially successful products.
Aglaia Partner Mark Krul said: “We demonstrated the effectiveness of our strategy with our first fund. The confidence our investors have placed in us will now enable us to use this new fund to substantially increase our contribution to the fight against cancer by building a portfolio of companies engaged in developing truly innovative anti-cancer medications.”