Time Partners advises £30M venture fund to back life sciences startups

28th June 2022

London, UK

Time Partners Limited is today pleased to announce the final closing of its first advised fund, Time Boost Capital I LP, a £30 million genomics venture fund dedicated to providing match funding to startups graduating from Illumina Accelerator Cambridge, UK. Since opening in July 2020, Illumina Accelerator Cambridge has launched 13 startups focused on harnessing genomics applications to improve human health, including novel therapeutics, diagnostics, synthetic biology, research tools, and agriculture.

Time Boost Capital’s £30 million in capital commitments comes from a select group of global investors, including cornerstone investor, LifeArc, a leading UK independent medical research charity, Illumina Inc, the listed parent of Illumina Accelerator Cambridge, and Illumina Ventures, an independent fund investing in genomics and precision health. Time Boost Capital will provide pound-for-pound match funding to every Illumina Accelerator Cambridge graduate that secures between £500,000 up to £4 million in new capital from qualified investors, within 18 months of acceptance.

Illumina Accelerator Cambridge alumni include Alchemab Therapeutics LTD, a therapeutics company pioneering the next generation of antibody drugs that went on to raise £60M in Series A funding upon graduation, as well as recent graduate Broken String Biosciences Limited, a sequencing tools company focused on assessing the stability of the genome that secured £3 million in seed funding including funding from Time Boost Capital.

“At Time Partners, we are proud to partner with Illumina, a global leader in next generation sequencing technologies. Illumina is making a significant commitment to supporting new growth in the field through Illumina Accelerator.” said Mark Florman, CEO of Time Partners Limited. “As an investment adviser to Time Boost Capital, we have the unique opportunity to back some of the most promising new genomics businesses.”

“LifeArc is committed to funding innovative translational science with the aim of delivering positive impact for patients,” said Clare Terlouw, Head of LifeArc Ventures. “Through our investment in Time Boost Capital, we’re funding the next generation of UK-based genomics start-ups, enabling them to deliver novel therapeutics, diagnostics and other essential tools that will benefit patients and advance the UK’s globally-leading and competitive science base.”

“Time Boost Capital Fund will further propel our Illumina Accelerator Cambridge startups towards unlocking the power of the genome to make an impact on human health and beyond,” said Amanda Cashin, Ph.D., co-founder and Global Head of Illumina for Startups. “Cambridge, UK is a leading global hub for life science innovation and entrepreneurship, and this dedicated venture fund will attract exceptional entrepreneurs from across the globe to Illumina Accelerator.”

About Time Partners

Time Partners provides independent tailored solutions to major family businesses and institutions across the world with a particular focus on building and creating sustainable investing strategies. We provide specialist advice to investors seeking to build long-term private markets investment programmes and strategic advice to institutions seeking solutions in corporate finance, restructuring, and the design of investment vehicles with a broader purpose. Time Partners was formed in 2013 as a private markets investment adviser combining best advice, creative solutions and a client first philosophy. For more information, visit www.time-partners.com.

About Life Arc

LifeArc is a self-funded medical research charity. Our mission is to advance translation of early science into health care treatments or diagnostics that can be taken through to full development and made available to patients. We have been doing this for more than 25 years and our work has resulted in a diagnostic for antibiotic resistance and four licensed medicines. Our success allows us to explore new approaches to stimulate and fund translation. We have our own drug discovery and diagnostics development facilities, supported by experts in technology transfer and intellectual property who also provide services to other organisations. Our model is built on collaboration, and we partner with a broad range of groups including medical research charities, research organisations, industry and academic scientists. Two funds help us to invest in external projects for the benefit of patients: our Philanthropic Fund provides grants to support medical research projects focused on the translation of rare diseases research and our Seed Fund is aimed at start-up companies focussed on developing new therapeutics and biological modalities. Find out more about our work on www.lifearc.org or follow us on LinkedIn or Twitter.

About Illumina

Illumina is improving human health by unlocking the power of the genome. Our focus on innovation has established us as a global leader in DNA sequencing and array-based technologies, serving customers in the research, clinical and applied markets. Our products are used for applications in the life sciences, oncology, reproductive health, agriculture and other emerging segments. To learn more, visit www.illumina.com and connect with us on TwitterFacebookLinkedInInstagram and YouTube.

About Illumina Ventures

Illumina Ventures is an independently managed, healthcare-focused venture firm in a strategic partnership with Illumina. As an early-stage, value-add investor, Illumina Ventures helps entrepreneurs develop breakthrough science and technologies into market-leading companies to transform healthcare. The firm focuses on investment in life science tools, therapeutics, diagnostics, and personal wellness. For more information, visit www.illuminaventures.com.

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