Founded 2015, London. 3 funds: Fund II ($150M target), Fund III (2023 vintage, DBJ-backed). 40+ portfolio investments; 9 IPOs (Orchard, Autolus, ADC Therapeutics, UniQure, Seres); 6+ acquisitions incl. Araris ($1.14B Taiho 2025). Recent: Trogenix (£70M Series A Oct 2025), Actithera ($75.5M Series A), March Biosciences ($28.4M Series A Oct 2024), Ascend ($132.5M Series A). Team: 23 members incl. co-founders Dmitry Kuzmin, Andrew Kozlov. Hubs: London, San Diego, Paris, Munich.
Investment Focus
Investment Thesis
Cell/gene therapy, RNA-based, ADCs, radiopharmaceuticals, microbiome. Seed-Series A (£2–20M typical). ~1/3 portfolio from UK/European academic spinouts. Identifies technology bottlenecks in early-stage drug classes; backs science-driven teams. Avoids unfocused/late-stage. No geographic limits. Advanced manufacturing flagged as key bottleneck. 250+ team publications (Nature/Lancet/Cell/NEJM). Backed by DBJ, UPMC, Kyowa Kirin, validating Japan-Europe strategy.
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