SAN DIEGO — Venture capital firm Section 32 has closed its fourth fund, raising approximately $740 million from returning and new investors. Investors in Fund 4 include leading philanthropic and non-profit organizations, educational endowments and foundations, and leaders from the technology and healthcare sectors.
Section 32 Fund 4 will support companies across all stages that are pioneering innovations at the forefront of technology and healthcare. With the closing of its oversubscribed Fund 4 and to support its continued growth, Section 32 also announced the appointment of Nina Labatt to the role of Chief Operating Officer and Chief Financial Officer.
“I’m so pleased that Nina has joined this team and I look forward to what this growing group will achieve together,” said Bill Maris, founder of Section 32. “What a privilege it is to close this fourth fund, and to thus have the continued opportunity to try to use capital as a lever to accelerate the profound positive impact technology can have on healthcare and humanity.”
Maris is a former Google Vice President who helped found Google Ventures, the company’s venture capital arm, now known as GV.
The closing of Fund 4 brings assets under management for Section 32 to over $1.8B. To-date, Section 32 has made investments in more than 70 companies including Coinbase (Nasdaq: COIN), Crowdstrike (Nasdaq: CRWD), Relay Therapeutics (NASDAQ: RLAY), Thrive Earlier Detection (Acquired by Exact SciencesNASDAQ: EXAS), and Vir Biotechnology (NASDAQ: VIR). Section 32 has made eight investments from Fund 4 following an initial close of the fund in July 2021.
Since its inception in 2017, Section 32 has grown to 16 people, including four managing partners: Bill Maris, Michael Pellini, M.D., Steve Kafka, Ph.D., and Andy Harrison, with offices in San Diego, Silicon Valley and Boston. The team’s cumulative career experience includes contributing to more than 130 company exits (through acquisition or public offerings) and helping to build and finance more than 50 companies with valuations in excess of $1 billion.