Lumira Ventures announced the first closing of Lumira Ventures V, LP, its latest healthcare-focused venture fund, targeting a final size of $200 million.

The fund will focus on building biotechnology and medical technology companies across North America, with an emphasis on high-impact innovation and underserved markets beyond traditional venture hubs. The initial close also included the fund’s first investment, a $52 million Series B financing for a pre-commercial-stage medical device company.

Fund V is supported by a mix of returning and new institutional investors, strategic partners, and family offices, reflecting continued confidence in Lumira’s investment strategy and track record. The firm has delivered more than 25 exits through IPOs and acquisitions and achieved over 40 regulatory approvals across its portfolio.

The launch of Fund V comes alongside leadership changes at the firm, with co-founder Gerry Brunk named Managing Partner. Peter van der Velden will transition to Executive Chairman, supporting strategic direction and mentoring the next generation of leadership. The firm also announced the promotion of Isabelle Harris to Associate as part of its ongoing team development.

Lumira’s investment strategy combines primary venture investments with hands-on operational support, focusing on companies that can deliver both strong financial returns and meaningful patient impact. The firm highlighted increasing opportunities in healthcare innovation, driven by advances in science and technology as well as growing demand for cost-effective healthcare solutions.

Since 2024, Lumira has exited seven portfolio companies with a combined value exceeding $8 billion, while its companies have raised more than $1.6 billion in follow-on capital and secured multiple regulatory approvals.

The fund positions Lumira to continue investing in next-generation healthcare companies, leveraging its cross-border platform and deep sector expertise.

KEY QUOTES:

“Fund V represents the next step in our commitment to building globally competitive healthcare companies from Canada and across North America, including those founded in markets that have historically been underserved by traditional coastal venture capital firms. In a more selective capital environment, our continued goal is to pair a disciplined, thesis-driven investment approach with hands-on, board-level support of our companies. Our investment team does this with a relentless focus on patient impact and industry-leading realized returns.”

“We deeply appreciate the continued support of our long-time partners and are excited to welcome a new group of financial and strategic investors to the Lumira community.”

“From our vantage point, this is one of the most compelling moments in decades to be deploying capital into healthcare innovation. Scientific and technological advances are accelerating and healthcare systems are under intense pressure to adopt solutions that both improve outcomes and reduce costs. At the same time, capital has become more selective, which we believe favors experienced specialist healthcare investors who can underwrite risk rigorously and build companies in a disciplined, capital-efficient way. We continue to see attractive exit dynamics in the sectors targeted by Fund V, with well-capitalized strategic acquirers actively looking to replenish their product pipelines over the next decade, creating a robust environment for high-quality private companies to achieve liquidity. This combination of secular tailwinds, robust exit conditions, and a more rational funding environment creates a uniquely attractive opportunity for an experienced healthcare venture firm with fresh capital.”

Gerry Brunk, Managing Partner, Lumira Ventures

“We are pleased to continue our longstanding relationship with Lumira Ventures as an anchor investor in Lumira Ventures V. Lumira’s disciplined approach to healthcare investing, combined with its deep Canadian roots and a cross-border platform, aligns well with our mandate to back experienced fund managers with a consistent track record of strong distributed returns while supporting innovation that benefits patients and health systems.”

Ian Carew, Managing Director And Venture Partner, Northleaf Capital Partners

“The Fonds de solidarité FTQ has invested in several of Lumira’s funds since the firm’s launch. Lumira has demonstrated an ability to identify and scale high-potential healthcare companies, helping them connect with sophisticated capital, strategic partners, and exit pathways. These are important assets for entrepreneurs from Québec and elsewhere in Canada looking to bring their innovative products to market. The new Lumira Ventures V fund will play an important role in advancing domestic medical innovation on the global stage.”

Maxime Pesant, Vice-President, Private Equity And Impact Investing – Life Sciences, Fonds de solidarité FTQ