Flagship Pioneering has re-opened its Fund VII to raise an additional $2.23bn that brought the vehicle’s total capital to $3.37bn.

Flagship Pioneering, a US-based biotechnology venture studio, has raised another $2.23bn for its Fund VII from new and existing limited partners, bringing the vehicle to $3.37bn.

It reopened the fund to additional capital in April this year. The fund marks the first time that Flagship’s origination and growth strategies will live under a single investment vehicle.

Founded in 2000, Flagship Pioneering specialises in launching and funding biotechnology companies, often tapping into academic research.

Recent deals have included a $126m series C round for Omega Therapeutics, a US-based epigenetic medicine developer utilising research from Whitehead Institute, in April this year, while exits have included a $588m IPO for Sana Biotechnology, a US-based stem cell medicines developer exploiting Harvard University research, two months earlier.

Flagship now has $14.1bn in assets under management and is operating with an aggregate capital pool of $6.7bn. It has launched more than 100 ventures since its founding, with a current portfolio of 41 companies.

Noubar Afeyan, founder and chief executive of Flagship Pioneering, said: “At Flagship Pioneering, we are re-imagining how to prevent and treat disease, feed a growing population, and sustain our planet.

“We do this by harnessing chemistry, biology, and machine learning and artificial intelligence to build cohesive, integrated platforms, each with the potential for multiple transformative products.

“There is no better example of the power of bioplatform companies than Flagship-founded Moderna, which was able to rapidly shift its focus in 2020 to develop, test and deploy its covid-19 vaccine in record time.”