About Chemistry Ventures

• Founded: 2021

• Headquarters: Boston, Massachusetts

• Strategy: Early-stage life sciences, therapeutics and biotech tools

• Track record: $300m debut fund closed in 2022

• Leadership: Managing partners include Josh Resnick (founding partner) and Abbie Celniker

Chemistry Ventures has closed its second fund at $500m, a 67% increase from its $300m debut vehicle. The firm invests across therapeutics discovery and biotech infrastructure, with LPs in Fund I including Alaska Retirement Management Board and Teachers Insurance and Annuity Association of America. The close comes roughly two years after the firm's founding vintage, a rapid follow-on by life sciences standards.

The raise marks institutional momentum in early-stage biotech despite a sluggish IPO market for the sector. Biotech-focused venture funds raised $8bn in the first half of 2024, down from $12bn in H1 2021 but tracking ahead of 2023's pace. Chemistry's upsized Fund II suggests LPs remain willing to back specialist managers with clear thesis differentiation — in this case, a focus on both drug development and the tools layer — even as broader venture fundraising remains compressed. The firm's rapid return to market mirrors other specialist funds that closed debut vehicles in 2021–2022 and are now raising follow-ons in the $400m–$600m range, including Westlake Village BioPartners and RA Capital's seed-stage vehicle.

The test for Chemistry will be deployment velocity. A $500m fund with a 10-year life needs to deploy roughly $50m annually to avoid overhang, requiring 8–12 new investments per year at typical Series A check sizes for the strategy. The firm's ability to scale sourcing and portfolio support from the debut fund's team will shape whether the larger pool translates to broader sector coverage or deeper concentration in fewer platform bets.

Source: Venture Capital Journal