Mountain Pacific Venture Fund secures LP commitment from TY BIO Investment
August 14, 2018
Salt Lake City, August 1, 2018: Mountain Pacific Venture Partners, a Salt Lake City-based venture capital firm, has closed the first institutional investment into its debut fund, which invests in and supports innovative life science and biotech companies. The investment into Mountain Pacific Venture Fund was made by TY BIO Investment, Inc., a wholly-owned subsidiary of South Korea-based Tongyang Networks Co., Ltd.
Mountain Pacific Venture Fund will pursue investments in early-stage life science and biotech companies in the United States and South Korea that are poised to achieve a significant breakthrough or advancement in their development. In addition to much-needed financing, the fund will support its portfolio companies with strategic advisory services, a global incubation ecosystem and access to a broad, international network of resources and key opinion leaders.
“Promising life science and biotech companies represent not only significant financial potential, but also the potential to fundamentally impact society through their innovation,” said Ron Heffernan, Managing Partner at the fund. “At Mountain Pacific Venture Fund, our experience as both entrepreneurs and investors is the difference. Our mission is to help optimize the success of these companies through a combination of capital and comprehensive hands-on support.”
The growth of investment into venture-backed life science and biotech companies is outpacing the growth of overall venture funding, driven in part by the return of traditional venture investors into the space. According to Silicon Valley Bank, Series A investments into biopharma reached $2.6 billion as of mid-year 2018, compared to the full-year total of $2.3 billion in 2017. With a mix of seed and Series A investments, Mountain Pacific Venture Fund will help to bridge the critical funding gap at critical milestones between discovery and clinical development.
“It is a great honor for us to participate in this exciting journey with Mountain Pacific Venture Fund in the wonderful state of Utah,” said Hoonmo Lee, CEO of TY BIO Investment. “As an LP, we are committed to doing our best to support the fund in sourcing additional funding and business opportunities in South Korea.”
Headquartered in Salt Lake City, UT, Mountain Pacific Venture Fund is supported by an international scientific advisory board and a robust network of public and private organizations dedicated to helping startup and early-stage companies commercialize their innovations.
About TY BIO Investment
TY BIO Investment, Inc., is a California-based, wholly-owned subsidiary on Tongyang Networks Co., Ltd., a South Korean KOSPI-listed company. TY BIO Investment focuses on early-stage companies targeting therapeutic areas with high unmet medical need and realizable, attractive pricing segments, such as oncology/immuno-oncology, CNS, rare diseases and diagnostic tools/services.
About Mountain Pacific Venture Fund
Mountain Pacific Venture Fund invests in early-stage life science and biotech companies, with a geographic emphasis on the Mountain West and South Korea. The fund was founded with the purpose of investing critical, catalytic capital into companies with the potential to generate meaningful societal impact, aligning the triple bottom line with the quadruple aim of high-value healthcare delivery. For more information, visit www.mountainpacificfund.com.
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