Managers

VCCI-backed Kensington Venture Fund II raises initial $85 mln

Kensington Capital Partners has raised $85 million in commitments in the first close of Kensington Venture Fund II. Fund II, a fund of funds earmarked for investments in a range of venture capital funds and technology companies primarily based in Canada, was launched under the $400-million Venture Capital Catalyst Initiative (VCCI). Other investors in the first close included BMO Capital Partners, Trend Forward Capital and Kensington Private Equity Fund. The federal government announced in June that VCCI would commit capital to five fund-of-funds managers, including Kensington, a Toronto-based alternative assets investor. Kensington Venture Fund I secured more than $300 million in a final close in 2016.

VCs on the Move, monthly recap through Dec. 15

Sequoia to raise Chinese principals' seed fund

Sequoia Capital has set out to raise a principals' seed fund for the Chinese market, according to a filing with the SEC.

Seed-focused Pear seeks $35 mln for expansion fund

Palo Alto, California-based venture firm Pear, which raised $75 million for its second seed-stage fund in 2016, is seeking to raise $35 million for Pear Ventures I Expansion, according to a regulatory filing. The firm is led by Pejman Nozad and Mar Hershenson, the founding managing partners.

Valar Ventures gathers $11.6 mln for sixth co-investment fund

Valar Ventures has raised $11.6 million for its sixth co-investment fund, according to an SEC filing. The target is $20 million. The New York-based venture firm is backed by Peter Thiel.

Third Rock Ventures names two as partners

Third Rock Ventures has named Dr. Christoph Lengauer and Dr. Jeffrey Tong as partners. Previously, both were venture partners at the Boston-based healthcare venture firm.

Caisse de dépôt partners in creation of Québec AI hub

Caisse de dépôt et placement du Québec has partnered with Mila to create Espace CDPQ-Axe IA, a Montréal-based hub for artificial intelligence (AI) startups. Hub projects must show potential for technological acceleration at Mila, an AI partnership of the Université de Montréal and McGill University, with the support of HEC Montréal and Polytechnique Montréal. Selected companies will spend 12 months at Espace CDPQ-Axe IA, gaining access to advice, coaching and other resources to help commercialize their solutions. To date, nine startups have been invited to participate.

November IPO Profile: Biotech company Vapotherm

Mission Bio rallies $30 mln Series B

South San Francisco-based Mission Bio Inc, a provider of single-cell DNA analysis and precision genomics solutions, has secured $30 million in Series B funding. The investors were Agilent Technologies, Cota Capital, LAM Capital and Mayfield.

Ikove Venture Partners launches $10 mln fund

Ikove Venture Partners, a Midwest venture development company, has launched a $10 million startup nursery fund. The fund will be used to launch 10 to 15 early-stage tech companies.