Atlas Venture has raised $400 million for its third 'Opportunity Fund,' aiming to support existing biotech startups within its portfolio135.
The new fund—Opportunity Fund III—will provide follow-on investments to help existing Atlas-backed companies advance their drug development programs, particularly as private biotech fundraising has become more difficult13.
Atlas employs a dual-fund model:
early-stage creation funds to launch new companies, and opportunity funds for additional investment into its maturing portfolio3.
The Opportunity Fund III is managed by general partners Kevin Bitterman, Bruce Booth, Michael Gladstone, and Jason Rhodes13.
While the current $400M raise is slightly smaller than some peer funds, it reflects Atlas' focused approach on portfolio support rather than rapid fund growth1.
Atlas' recent portfolio investments include companies such as Antares Therapeutics, Renasant Bio, Be Bio, and Vima Therapeutics3.
This is Atlas' third opportunity fund; the previous one, raised in 2021, totaled $300 million35.
Sources:
1. https://www.biopharmadive.com/news/atlas-venture-opportunity-fund-3-raise-september-2025/759281/
3. https://www.fiercebiotech.com/biotech/vc-atlas-lands-400m-existing-biotech-portfolio
5. https://www.statnews.com/2025/09/04/atlas-venture-biotech-opportunity-fund/