Westlake Village BioPartners has launched its third fund of $450 million to incubate and grow early stage next-generation biotechnology companies in the Los Angeles region and beyond.
The new fund will be managed by founding managing director Beth Seidenberg, managing director Mira Chaurushiya, and David Allison, who was recently appointed managing director.
“This new fund will enable us to continue to do what we do best – build great companies from the ground up that make a difference for patients and generate outsized returns for investors regardless of market conditions,” Seidenberg said.
“Our investors recognize our strategy is working and have demonstrated their commitment through this new investment.”
Westlake will use the funds to continue to incubate and build early stage companies, by matching promising next-generation technologies with talent to create therapies that will change patients’ lives.
“Our goal is to build a venture capital firm for the long term,” Seidenberg added.
“Adding Mira and David to our leadership team allows us to leverage their deep scientific, business, and investing expertise across our entire portfolio, while also building Westlake’s next generation of leaders.”
“Working with Beth and reuniting with Mira at Westlake is a once-in-a-lifetime opportunity,” Allison said.
“The firm has a focused, disciplined, and consistent investing strategy, which aligns with my approach throughout my investing career. Having created more than 20 high-quality companies since Westlake’s founding in September 2018 is an impressive record by anyone’s standards and I am thrilled to continue this work as we launch the new fund.”
Westlake pioneered the creation of the Los Angeles Biotech Hub and has so far established eight companies in the region.
“Los Angeles has a culture of innovation that is underappreciated in the biotech world,” Chaurushiya said.
“We have outstanding entrepreneurial and industry-experienced talent, world-class academic institutions, and sufficient venture capital with expertise in building biotech companies. Along with the wonderful Southern California lifestyle, this is a recipe for success.”