The Toronto-based venture capital firm raised US$220 million for its Fund IV, its largest to date, and another US$35 million for a “strategic fund” in partnership with an undisclosed international pharmaceutical company. Investors in Fund IV include Kensington Capital Partners, Northleaf Capital Partners, Teralys Capital, Fonds de solidarité FTQ, the Caisse de dépôt et placement du Québec, Business Development Bank of Canada, Investissement Québec and Vancity. (The Logic)

Talking point: Lumira’s fourth fund follows an active year and a half for the firm. During that time, it completed eight exits and raised over US$800 million through initial public offerings and private financings. The life-sciences sector in general has seen a lift during the pandemic, with an uptick in venture capital investments and exits. Still, much of the funding fuelling the space is from outside Canada. Lumira managing partner Peter van der Velden said pension funds outside Quebec (which are already investing in the space) are “missing out” on returns in the sector, and called on them to step up their support.