Third Rock closes debut fund on $378m

Newly formed venture firm Third Rock Ventures will use its first fund for investments in early stage biotechnology companies.

Boston venture firm Third Rock Ventures has closed its debut fund on $378 million. The fund will target investments in the life sciences, particularly early stage biotech, biopharmaceutical and medical device companies.

Third Rock was founded this year by five individuals: Mark Levin, Kevin Starr, and Robert Tepper are all former executives at biopharmaceuticals company Millennium Pharmaceuticals;  Lou Tartaglia, an obesity specialist; business development and marketing executive, Nick Leschly; and the former chief financial officer of MPM Capital, Anne-Mari Paster.

The firm’s investment model involves looking for technologies that have applications for multiple diseases, and then translating those technologies into companies.

“Our goal is to be the preferred partner for entrepreneurs,” Levin said in a statement.

The firm has not yet announced any investments.