Scoop: Genoa Ventures raising $100M for third biotech fund

Early stage venture firm Genoa Ventures is preparing to raise $100 million this year for its third fund.

Why it matters: Genoa invests in biotech startups in agriculture, food, tools and diagnostics, and industrials like chemicals.

What's happening: Genoa plans to begin raising this year. It aims to close with existing LPs by the end of 2023 with any remaining capacity closed in Q1 2024.

• First checks from the 10-year fund will span $1 million to $5 million, with lifetime investments of up to $10 million.

What they're saying: “We’re sticking to our strategy of leading first rounds, seed and A," managing partner Jenny Rooke tells Axios.

Of note: The San Francisco-based firm previously raised $84 million for its Fund II, which closed in July.

• The firm's sustainability investments include Tropic Biosciences, which uses genetics to fine-tune crops like coffee and bananas; and Meiogenix, a genetic breeding company for ag.