120 Capital

What 120 Capital does

120 Capital is a privately held, sector-specialized venture capital firm founded in 2014 that invests exclusively in life science and healthcare companies. The firm is headquartered in Boston at the Prudential Center and operates a second office in San Francisco at 650 California Street, with cross-border deal activity spanning North America and Greater China. Leadership is concentrated in a small senior team comprising Leon Chen (Global Managing Director and CEO), Hannes Smárason (Senior Managing Director), and Colin Wang (Managing Director). The firm reports $2B+ in assets under management and 80+ portfolio company investments accumulated over 10+ years of operation.

The fund's portfolio spans a broad therapeutic and modality range, including oncology bispecifics and antibody-drug conjugates (Curon, DualityBio), cell and gene therapy (TCR2, Senti Biosciences), biomolecular condensates (Dewpoint Therapeutics), diagnostics (Foundation Medicine, Grail), CNS (Ignis Therapeutics), and medical devices (VFLO Medical, Neuspera, Neusoft). Marquee exits include Halda Therapeutics' acquisition by Johnson & Johnson for $3.05 billion (announced 2025-11-17) and Curon's CN201 being acquired by Merck for $1.3 billion upfront (announced 2024-08-09), with Halda also having been named to C&E News' "10 Start-Ups to Watch 2023." These outcomes establish the firm as a credible investor in assets that reach strategic-pharma M&A.

120 Capital monetizes through the standard VC economic model: management fees on committed and invested capital plus carried interest on profitable exits. The firm does not disclose pricing, fund terms, or revenue. Its go-to-market is relationship-driven rather than marketing-driven, sourcing deals through investment-banking referrals, founder outreach, and industry conferences. Value-add centers on sector expertise and a trans-Pacific platform that helps US and Chinese biotechs access global capital markets, clinical-development partnerships (e.g., Senti Bio × Celest Therapeutics), and commercial pathways via licensing and joint ventures (e.g., VFLO Medical × Inari Medical for Greater China).

Name

120 Capital

Legal name

120 Capital

Website

https://120capital.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

1–10 employees

Short description

120 Capital is a Boston-based venture capital fund founded in 2014 that invests exclusively in life science and healthcare companies across the US and Greater China. The firm manages $2B+ in AUM across 80+ portfolio investments, generating returns through management fees and carried interest on strategic exits.

Ownership category

akta.pro rank

Product category

Venture Capital - Healthcare and Life Sciences

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282)

akta.pro primary industry

Small-Cap Equity (Active) (FSAAAIAC)

akta.pro secondary industries

Capital Raising Advisory (Equity & Equity-Linked) (FSAEAGAC), Corporate Finance & Capital Advisory (BPAHADAB)

Keywords

• Venture capital fund
• Life science investing
• Healthcare equity investment
• Biotech venture funding
• Portfolio management

Headquarters

HQ city

Boston

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees and Carry: As a venture capital firm, 120 Capital generates returns through management fees on assets under management and carried interest from successful portfolio company exits. The fund invests equity capital in life science and healthcare companies and realizes returns upon acquisitions, IPOs, or other exit events.

Distribution channels1 record

Marketing channels3 records

Core offering

120 Capital is a venture capital fund that invests equity capital in early to mid-stage life science and healthcare companies. The firm manages $2B+ in assets under management across 80+ portfolio companies, providing capital for clinical development, regulatory pathways, and commercialization, alongside strategic guidance from investment professionals with deep healthcare expertise. Returns are realized through management fees and carried interest upon exit events such as acquisitions and IPOs.

Product overview

120 Capital is a Life Science & Healthcare Venture Fund with $2B+ AUM, 80+ investments, and 10+ years of experience. The firm does not offer distinct technology products or services; it is an investment vehicle that provides capital and strategic support to portfolio companies in the life sciences and healthcare sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• 120 Capital Life Science & Healthcare Venture Fund

Quantifiable outcome

• Halda Therapeutics acquired by Johnson & Johnson for $3.05B
• +2 more outcomes

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

Eight partnerships are on record, tiered core and minor.

• Senti BiosciencescoreStrategic or Co-development Partner · 16 December 2024Celest Therapeutics, a portfolio company, collaborated with Senti Biosciences for clinical development of SN301A anti-GPC3 CAR-NK in hepatocellular carcinoma, with first patient dosed.
• Celest TherapeuticscoreStrategic or Co-development Partner · 6 November 2023Senti Bio announced strategic collaboration with Celest Therapeutics for clinical development of SENTI-301A in China.
• DualityBiocoreStrategic or Co-development Partner · 3 April 2023BioNTech and DualityBio formed global strategic partnership to accelerate development of differentiated antibody-drug conjugate therapeutics for solid tumors.
• Novo NordiskcoreStrategic or Co-development Partner · 22 March 2023Dewpoint Therapeutics partnered with Novo Nordisk to explore biomolecular condensates to treat insulin resistance and diabetes progression.
• Soundbite MedicalminorStrategic or Co-development Partner · 15 November 2022Soundbite Medical entered into a license agreement with VFLO Medical to bring its products to Greater China.
• NeuroSigmaminorStrategic or Co-development Partner · 25 January 2022Ignis Therapeutics licensed NeuroSigma eTNS technology for ADHD in a significant China licensing transaction.
• Ignis TherapeuticscoreStrategic or Co-development Partner · 11 November 2021SK Biopharmaceuticals entered Greater China out-licensing of 6 clinical pipelines to CNS-focused biotech Ignis Therapeutics.
• Nicoya TherapeuticsminorStrategic or Co-development Partner · 21 June 2021OPKO Health to develop and commercialize RAYALDEE in Greater China with Nicoya Therapeutics.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Bain Capital Life Sciences: Dedicated life-sciences platform of global PE firm Bain Capital, investing across venture, growth, and public biotech. Broader incumbent than 120 Capital but highly comparable on therapeutics investing and ability to write large checks into clinical-stage assets.

Direct peers

• 5AM Ventures: Early-stage life-sciences venture firm investing in biotech, medtech, and tools. Comparable to 120 Capital on stage focus, therapeutic orientation, and US-based life-sciences venture strategy.
• Omega Funds: Healthcare-dedicated investment firm investing across all stages of therapeutic and medical technology companies. Comparable to 120 Capital on healthcare mandate and stage-agnostic life-sciences investing.
• Vivo Capital: Healthcare-focused investment firm with explicit US-China cross-border capabilities and investments across life sciences and medical devices. Highly comparable to 120 Capital's distinctive US-Asia positioning and life-sciences mandate.
• ARCH Venture Partners: Pioneer in life-sciences venture investing with deep ties to academic science and large biotech outcomes. Comparable to 120 Capital on therapeutics-focused venture investing and pharma exits.
• OrbiMed: Largest healthcare-dedicated investment firm globally, investing across stages from venture to public. Directly comparable to 120 Capital on life-sciences focus, AUM scale, and pharma-aligned exit strategy.
• Atlas Venture: Early-stage life-sciences venture firm that builds companies around academic and pharma-sourced innovation. Directly comparable to 120 Capital on early-stage biotech investing and incubation.
• Cormorant Asset Management: Healthcare/biotech-focused investment manager with venture and public-equity activities. Comparable to 120 Capital on deep specialization in life sciences and thesis-driven biotech investing.
• RA Capital Management: Healthcare-focused crossover investor running a dedicated late-stage/private fund plus public equities. Highly comparable to 120 Capital on biotech venture investing and emphasis on clinical-stage therapeutics.
• Versant Ventures: Healthcare-dedicated venture firm with a focus on company creation and incubation across biotech, medtech, and digital health. Closely matches 120 Capital's life-sciences venture mandate and incubation-led model (e.g., Curon).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about 120 Capital