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The society is investing up to $10 million to the Cancer Breakthrough Fund. The investment vehicle is managed by life sciences firm Lumira Ventures and launched in partnership with the Terry Fox Foundation. It has raised $30 million to date, with a $50 million target. (The Logic)
Talking point: This marks the first venture capital play by Canada’s two leading cancer research charities, which typically fund basic research. The fund will make 13 investments, with at least one quarter of the money going to early-stage ventures developing cancer treatments. The remaining capital will go to later-stage companies, which Lumira will co-invest alongside another one of its funds. The hybrid philanthropy-VC model, while common in the U.S., is a new approach in Canada. – Catherine
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