Retinal Degeneration Fund

What Retinal Degeneration Fund does

The Retinal Degeneration Fund (RD Fund) is a 501(c)(3) nonprofit venture philanthropy fund launched in October 2018 as a wholly-owned subsidiary of the Foundation Fighting Blindness, headquartered at 223 S. West Street, Suite 900, Raleigh, NC. It operates at the intersection of philanthropy and venture capital, deploying donor capital into biotech companies developing therapeutics for inherited retinal diseases (IRDs) and dry age-related macular degeneration (dry AMD). The fund manages approximately $130 million in assets under management, has deployed $90 million into a 19-company portfolio, and has syndicated $1.25 billion in total capital alongside 50+ co-investors. Its core thesis is to bridge the funding gap between academic discovery and clinical-stage drug development in retinal disease therapeutics.

Name

Retinal Degeneration Fund

Legal name

Retinal Degeneration Fund

Website

https://retinaldegenerationfund.org

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

The Retinal Degeneration Fund is a 501(c)(3) venture philanthropy vehicle of the Foundation Fighting Blindness that deploys donor capital into biotech companies developing therapeutics for inherited retinal diseases and dry AMD, operating via a Core Fund and a Discovery Fund across a 19-company portfolio.

Ownership category

akta.pro rank

Product category

Venture Philanthropy Fund

NAICS

Grantmaking Foundations (813211)

SIC

Investors, Nec (6799)

akta.pro primary industry

Health & Medical Research Grantmaking Foundations (BPAGAKAL)

akta.pro secondary industries

Research & Science Grantmaking Foundations (BPAGAKAI), SDG / Thematic Sustainable Investment Funds (FSANAJAN), Grantmaking & Philanthropic Funds (Institutional Donors) (BPADAOAB)

Keywords

• Venture philanthropy fund
• Biotech investment vehicle
• Retinal therapeutics financing
• Nonprofit venture capital
• Clinical stage biotech investing

Headquarters

HQ city

Raleigh

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Distribution channels1 record

Marketing channels4 records

Core offering

The Retinal Degeneration Fund (RD Fund) is a 501(c)(3) nonprofit venture philanthropy organization that makes mission-related investments in biotech companies developing therapeutics for inherited retinal diseases (IRDs) and dry age-related macular degeneration (dry AMD). It deploys capital through two investment vehicles—the Core Fund (initial $1-5 million for mid-to-late-stage programs, with $10-15 million follow-on reserves) and the Discovery Fund (seed investments from $250,000)—using equity, debt, royalty, and project co-funding structures, and returns all proceeds to its parent Foundation Fighting Blindness.

Product overview

The Retinal Degeneration Fund is a venture philanthropy organization operating as a 501(c)(3) subsidiary of the Foundation Fighting Blindness. It offers two investment vehicles: the Core Fund (for mid-to-late stage programs with $1-5M initial investments) and the Discovery Fund (for early-stage seed investments starting at $250K). The fund deploys capital through equity, debt, royalty, and project co-funding structures to advance therapeutics for inherited retinal diseases and dry AMD. All proceeds are reinvested into the Foundation's mission. The organization manages a 19-company portfolio spanning gene therapies, small molecules, cell therapies, and neuroprotection approaches.

Differentiator

Problem solved

Functional benefit

Products and services

• Core Fund The Core Fund is an investment vehicle that provides meaningful, sustained capital to advance mid-to-late-stage therapeutic programs with strong translational potential for inherited retinal diseases and dry AMD. Initial investments range from $1-5 million with up to $10-15 million in follow-on reserves, targeting biotech companies with projects ranging from pre-IND to clinical stage.
• Discovery Fund The Discovery Fund supports high-risk, high-reward science at its earliest stage with catalytic seed investments, typically starting at $250,000. It helps validate novel technologies, attract follow-on investors, and accelerate clinical readiness for early-stage retinal disease therapeutics.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Foundation Fighting BlindnessflagshipStrategic or Co-development PartnerThe RD Fund is a wholly-owned 501(c)(3) subsidiary of the Foundation Fighting Blindness. All proceeds from investments are returned to the Foundation to support its mission of providing preventions, treatments and cures for inherited retinal diseases and age-related macular degeneration.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Cystic Fibrosis Foundation: The Cystic Fibrosis Foundation pioneered mission-driven venture philanthropy by funding therapeutics companies and capturing returns to reinvest in its mission, mirroring RD Fund's model of catalytic capital deployed through dedicated investment vehicles tied to a single disease area.
• Alzheimer's Drug Discovery Foundation: ADDF operates a venture philanthropy fund that invests across biotech companies developing therapeutics for a single disease (Alzheimer's), using donor capital to bridge early-stage science and clinical development — directly comparable to RD Fund's IRD/dry AMD focus.
• Orphan Disease Center (University of Pennsylvania): The Orphan Disease Center runs mission-driven funding programs that deploy philanthropic capital into therapeutic development for rare diseases, including gene therapy approaches analogous to those RD Fund supports in inherited retinal diseases.
• JDRF T1D Fund: JDRF's venture philanthropy fund invests in Type 1 diabetes therapeutics companies using donor capital and mission-related returns, sharing RD Fund's structure of a disease-specific foundation-affiliated investment vehicle with a focus on clinical-stage assets.
• LifeArc: LifeArc is a UK-based medical research charity that runs a venture philanthropy-style fund translating academic science into therapeutic companies, comparable to RD Fund's bridging role between discovery research and clinical development using charitable capital.
• BrightEdge (American Cancer Society): BrightEdge is the American Cancer Society's venture philanthropy fund that invests in oncology therapeutics companies using donor capital and returns proceeds to the parent mission — directly comparable in structure and intent to RD Fund's relationship with Foundation Fighting Blindness.

Emerging players

• Myeloma Investment Fund: The Myeloma Investment Fund is a venture philanthropy vehicle operated by the Multiple Myeloma Research Foundation that invests in biotech companies developing multiple myeloma therapeutics — a comparable disease-specific philanthropic investment model with a smaller AUM than RD Fund.
• Harrington Discovery Institute: Harrington Discovery Institute funds and accelerates academic discoveries into therapeutic development, including through mission-aligned investment — a partial comparator to RD Fund's Discovery Fund vehicle for early-stage, high-risk translational science.

Broad incumbents

• OrbiMed: OrbiMed is one of the largest dedicated healthcare venture capital firms, investing across therapeutics companies including ophthalmology. It overlaps with RD Fund as a co-investor in several portfolio companies but operates as a broad, returns-driven fund rather than a mission-aligned vehicle.
• ARCH Venture Partners: ARCH Venture Partners is a broad biotech VC firm that frequently co-invests alongside mission-driven funds in early-stage therapeutics companies. It competes for similar biotech deal flow but without disease-specific focus or philanthropic capital structure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/RD_Fund
• LinkedInlinkedin.com/company/rd-fund

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments14 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Retinal Degeneration Fund