Technology and healthcare focused venture capital firm Canaan closed on $850 million across two new funds. Its flagship fund – Canaan XIII – is an oversubscribed $650 million fund that supports startups seeking seed and Series A funding with reserves to support companies through mergers and initial public offerings. An additional $200 million is available to support its breakaway portfolio companies. 

The latest raise brings Menlo Park, CA-based Canaan’s total assets under management to $6.8 billion. 

“We believe Canaan XIII reflects the high caliber of our team, the trust we’ve built with our limited partners, and the successful track record we’ve established through multiple up and down market cycles over our more than 35-year history in venture,” said John J. Pacifico, General Partner, COO & CFO. 

In just the past five years, Canaan has seen ten IPOs, four public listings and eight M&A exits, generating nearly $1.7 billion, including IPOs for Day One Biopharmaceuticals in May 2021, TheRealReal in June 2019 and Arvinas in September 2018, 

The latest haul adds to the recent venture attraction in the biotech industry, which has seen the launch of new VC shops in recent months, including Cure Ventures last week and Dimension in January, both at $350 million, and more money for existing firms like the former GSK VC group SR One.