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Breakout Ventures, a San Francisco industrial and life sciences venture capital firm, closed a $114 million third fund.

Why it matters: The new fund is one of several debuting this year as momentum and excitement for investing in life sciences returns.

Follow the money: The fund's limited partners include Cortes Capital, S-Cubed Capital, The Kraft Group, Pinegrove Venture Partners, Korea Omega Investment Corporation, JIMCO, and an affiliate of LH Capital.

Inside the room: Breakout's average check ranges from $500,000 to $6 million, and the firm leads more than half of the rounds it participates in, Breakout managing partner Julia Moore says.

"We're going to be the first institutional check for a lot of those companies," Moore says.

Breakout also promoted Nima Ronaghi to partner.

Catch up quick: The firm closed its first fund in 2017 at $60 million and its second in 2021 at $112.5 million.

Zoom in: Portfolio companies include Surf Bio, acquired by Halozyme for up to $400 million in January.

Breakout also invested in cancer AI platform Noetik, which recently inked a $50 million licensing deal with pharma giant GSK.

What's next: The firm expects to invest in roughly 20 startups from Fund III.

Breakout has already begun cutting checks, including an investment into robotics lab software startup Reach Industries.

Zoom out: Other life sciences and biotech VCs have announced new funds in the first few months of this year.

Santé Ventures, an Austin, Texas, health care and life sciences investment firm, closed a $330 million fifth fund in February.

Israeli investment firm Arkin Capital raised its third biotech fund at $100 million in January.

Breakout Ventures closes $114M third fund

The firm is doubling down on early science bets.

Illustration of a price tag on a DNA strand.

Breakout Ventures, a San Francisco industrial and life sciences venture capital firm, closed a $114 million third fund.Why it matters: The new fund is one of several debuting this year as momentum and excitement for investing in life sciences returns.

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Breakout Ventures closes $114M third fund

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