Biotechnology incubator Accelerator has snagged a commitment of about $5 million from a new investor to fund additional startups.
Accelerator, a Seattle-based incubator for biotechnology companies, snagged a commitment of about $5 million from a new investor to fund additional startups.
The commitment will bring to $27 million for the Accelerator's third round of investment, dubbed Accelerator III. The investor, PPD, is a large contract clinical research and development company based in Wilmington, N.C.
Accelerator Chief Executive Carl Weissman said PPD's expertise "should make a huge impact" in its farm team of young biotechs.
Accelerator's funding will allow it to invest in three or four more startups over the next few years.
At a time when few companies are willing to part with cash, PPD's involvement underscores its long-term thinking as an investor, said David Schubert, the Accelerator's chief business officer.
"They never even blinked when the economy or the markets went into turmoil," Schubert said.
In August Accelerator netted an initial $22.5 million for the third investment round.
Other investors include Amgen Ventures, ARCH Venture Partners, OVP Venture Partners, WRF Capital and Alexandria Real Estate Equities.
The Accelerator has invested in nine early stage companies, three of which have left the incubator and collectively raised more than $114 million.
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