ANN ARBOR – Arboretum Ventures announced it has raised $140 million for its third investment fund, Arboretum III, which focuses on health care technology companies.
The Venture Capital company, led by managing directors Jan Garfinkle and Tim Petersen, had set a goal of $125 million for its latest fund.
?We are pleased to have exceeded our fundraising target for Arboretum III in what remains a challenging venture capital fundraising environment,? Garfinkle said in a statement. ?We are gratified by the support of our returning investors, and welcome several new investors to Arboretum III.?
The news comes after several major wins for Arboretum, which reaped a windfall of profits from the 2008 sale of Ann Arbor-based startup HealthMedia to Johnson & Johnson, the 2009 sale of Pittsfield Township-based HandyLab to Becton, Dickinson and Co. for $275 million and the 2011 sale of Scio Township-based Accuri Cytometers to BD for $205 million.
“These exits certainly boosted our fundraising efforts, allowing us to attract new institutional capital from across the U.S.,” Petersen said in a statement.
Arboretum has also invested in several other local companies, including Ann Arbor-based Life Magnetics, Plymouth Township-based Esperion Therapeutics and Plymouth Township-based Delphinus Medical Technologies.
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