Section 32 Raises $740 Million Venture Fund

view original post

Classified in:Science and technology, Business
Subjects: PER, VEN

SAN DIEGO, Nov. 4, 2021 /PRNewswire/ — Section 32 announced today the closing of its fourth fund, raising approximately $740 million from returning and new investors. Investors in Fund 4 include leading philanthropic and non-profit organizations, educational endowments and foundations, and leaders from the technology and healthcare sectors. Section 32 Fund 4 will support companies across all stages that are pioneering innovations at the forefront of technology and healthcare. With the closing of its oversubscribed Fund 4 and to support its continued growth, Section 32 also announced the appointment of Nina Labatt to the role of Chief Operating Officer and Chief Financial Officer.

“I’m so pleased that Nina has joined this team and I look forward to what this growing group will achieve together,” commented Bill Maris, founder of Section 32. “What a privilege it is to close this fourth fund, and to thus have the continued opportunity to try to use capital as a lever to accelerate the profound positive impact technology can have on healthcare and humanity.”

The closing of Fund 4 brings assets under management for Section 32 to over $1.8B. To-date, Section 32 has made investments in more than 70 companies including Coinbase (Nasdaq: COIN), Crowdstrike (Nasdaq: CRWD), Relay Therapeutics (NASDAQ: RLAY), Thrive Earlier Detection (Acquired by Exact Sciences NASDAQ: EXAS), and Vir Biotechnology (NASDAQ: VIR). Section 32 has made eight investments from Fund 4 following an initial close of the fund in July 2021.

Since its inception in 2017, Section 32 has grown to 16 people, including four managing partners: Bill Maris, Michael Pellini, M.D., Steve Kafka, Ph.D., and Andy Harrison, with offices in San Diego, Silicon Valley and Boston, MA. The team’s cumulative career experience includes contributing to more than 130 company exits (through acquisition or public offerings) and helping to build and finance more than 50 companies with valuations in excess of $1 billion.

With the closing of Fund 4, Section 32 added Nina Labatt to its team as its chief operating officer and chief financial officer. Nina brings more than two decades of experience to her new role and is recognized as an industry expert leading finance and operations in venture capital and private equity.

“I’m delighted to join the team at Section 32 at this exciting time in the firm’s growth,” commented Nina Labatt. “I look forward to collaborating with the team to continue building world-class operations and finance functions that support our investing efforts.”

Most recently, Nina served as chief operating officer and general partner at Trinity Ventures, where she managed finance, marketing, data analytics, human resources, and legal for the firm. She also led internal strategic initiatives, structured and executed investment transactions with the investing team and participated in the firm’s fundraising efforts. Previously, Ms. Labatt served as managing director, Private Equity Services for Silicon Valley Bank, as well as chief financial officer for Health Evolution Partners. Earlier in her career, Ms. Labatt was an investment banker for Goldman Sachs and Montgomery Securities. Ms. Labatt received a bachelor’s degree in economics and a master’s degree in international policy studies from Stanford University. She received her MBA from Harvard Business School. She was a founding member of the Northern California board of directors for the CFO Leadership Council and previously served as chairperson of the board of directors of VCBC, a non-profit association for finance professionals in venture capital.

About Section 32
Section 32 is a venture capital fund investing at the frontiers of technology and healthcare. Founded by Bill Maris, the team has vast experience building iconic companies. The firm’s goal is to improve the human condition by accelerating the discovery, development and distribution of important technologies and life-saving medicines. Section 32 invests across the entirety of technology and life sciences. This includes software, cybersecurity, advanced communications and computation, space, climate change related technologies, machine learning, artificial intelligence, biotechnology, therapeutics, advanced diagnostics, precision medicine, genomics and more. For more information, please visit Section32.com

SOURCE Section 32

These press releases may also interest you

at 08:23

Emmaus Life Sciences, Inc. , a commercial-stage biopharmaceutical company and leader in the treatment of sickle cell disease, today announced it has entered into an agreement with Asembia to provide expanded patient and provider support services in…

at 08:21

The following issues have been halted by IIROC: Company: XORTX Therapeutics Inc. CSE Symbol: XRX All Issues: Yes Reason: Pending Delisting Halt Time (ET): 7:47 AM IIROC can make a decision to impose a temporary suspension (halt) of trading in a…

at 08:20

Liberty Broadband Corporation (“Liberty Broadband”) today reported third quarter 2021 results. Headlines include(1): Fair value of Charter investment was $40 billion as of September 30th From August 1st through October 31st, Liberty Broadband…

at 08:20

Liberty Media Corporation (“Liberty Media” or “Liberty”) today reported third quarter 2021 results. Headlines include(1): Attributed to Liberty SiriusXM Group SiriusXM reported strong third quarter 2021 financial results Third quarter revenue…

at 08:18

The following issues have been halted by IIROC: Company: XORTX Therapeutics Inc. TSX-Venture Symbol: XRTX Reason: Pending News Halt Time (ET): 7 :48 am IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a…

at 08:16

The following issues have been halted by IIROC: Company: Novamind Inc. CSE Symbol: NM All Issues: Yes Reason: Cease Trade Order Halt Time (ET): 7:45 AM IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a…

News published on 4 november 2021 at 08:14 and distributed by:

Read more at: ‘ + document.location.href,
copytext = selection + pagelink,
newdiv = document.createElement(‘div’);
newdiv.style.position = ‘absolute’;
newdiv.style.left = ‘-99999px’;
document.body.appendChild(newdiv);
newdiv.innerHTML = copytext;
selection.selectAllChildren(newdiv);
window.setTimeout(function () {
document.body.removeChild(newdiv);
}, 100);
}
document.addEventListener(‘copy’, addLink);
//]]>