What stage does Pappas Capital invest at?

Pappas Capital invests at the Pre-Seed, Seed, Series A, Series B, Series C, Late Stage stages.

Where is Pappas Capital located?

Pappas Capital is headquartered in Durham, US.

Pappas Capital

Venture capital

Durham · Pre-Seed–Late Stage · 34 people tracked

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Investment thesis

Pappas Capital is a global venture capital and commercial development firm that invests in next-generation life science, agriculture, and technology companies. It runs three lines of business: Pappas Ventures, its flagship life science venture arm; Specialized Fund Management, which creates and manages custom investment vehicles tailored to investors' strategic needs; and Translational Medicine, which partners with research universities to accelerate development of their scientific discoveries and inventions. Leveraging deep drug-development expertise and long-standing industry relationships, the firm supports portfolio companies with talent recruitment, clinical and regulatory strategy, and access to its professional network, aiming to guide companies from concept to commercialization.

Invests inAgTech Biotech Consumer Crypto & Web3 Digital Health Fintech Healthtech Medical Devices SaaSAsia-PacificCanadaGlobalUnited States

Source: firm website, verified Aug 18, 2026.

Stage

Pre-Seed–Late Stage

Durham, North Carolina, US

Instruments

Equity

Founded

1994

Tracked investments

Team · 34 people

from the firm's website & public directories

Art Pappas· Managing Partner

Has over 40 years of operating experience as a pharmaceutical and biotech executive and life science venture investor.

Elizabeth Kelly· Managing Director

Has over a decade of experience working with early-stage life science and technology companies.

Tom Mathers· Partner

Has more than 30 years of executive management experience in life sciences and medical devices.

Drew Cutshaw· Principal and Medical Officer

Holds an MD and brings a combined medical and business background to evaluating investment opportunities.

Phillip Graham· Principal

Brings early-stage investing experience across technology and life sciences.

Barry Myers· Senior Venture Partner

A Duke University faculty member for 29 years providing distinctive perspective on portfolio companies.

Franz Humer· Venture Partner and Senior Advisor

Brings leadership experience from the pharmaceutical and life science industries.

Karen LeVert· Venture Partner

Has a long track record developing early-stage technologies and bringing them to market.

Mike Grey· Venture Partner

Contributes an operational viewpoint drawn from extensive company management experience.

Miranda Gottlieb· Venture Partner

Has extensive experience working with early-stage companies in the US and Asia.

Richard Staub· Venture Partner

Brings experience from a long career as a senior executive in the CRO industry.

Russel Kaufman· Venture Partner

Holds leadership roles in academic internal medicine organizations with interests in cancer research.

William Pay· Venture Partner

Has life science investment and operating experience across the US, Europe, and Asia.

Antonio Chow· Asia Regional Advisor

Serves as the firm's regional advisor in Asia.

Bob White· Senior Advisor

Has a medical device industry background, including the sale of TYRX to Medtronic in 2013.

Bruce Sullenger· Scientific Advisory Board

Distinguished professor of experimental surgery and associate professor at Duke University.

Catherine Yue· Advisor

Has a decade of experience working with research institutes and early-stage deeptech startups.

Charles Gersbach· Scientific Advisory Board

Distinguished professor of biomedical engineering at Duke University and director of Duke centers for biomolecular/tissue engineering and advanced genomic technologies.

David Savello· Venture Advisor

Has held senior positions at companies including Glaxo, Warner Lambert, and Boehringer Ingelheim.

Donald McDonnell· Scientific Advisory Board

Glaxo Wellcome professor of molecular cancer biology at Duke University School of Medicine and associate director of translational research at the Duke Cancer Institute.

Eoin McDonnell· Executive in Residence

Brings experience in oncology drug discovery, company building, and business development across biotech and large pharma.

Glenda Crumpler· Executive Assistant

Provides organizational support that keeps the firm running smoothly.

Lisa Dreyer· Senior Associate, Operations

Brings finance and operations experience from the alternative investments industry.

Manesh Patel· Scientific Advisory Board

Chief of cardiology and director of the Duke Heart Center, named 2023 American Heart Association Physician of the Year.

Nikki Heron· Chief Financial Officer

A finance executive with more than 25 years of experience across public and private companies.

Patrick Daly· Senior Advisor

A global executive with a track record in entrepreneurship and building and growing companies of various sizes.

Richard Pascoe· Senior Advisor

A life science executive with a history of leading successful companies.

Rodolphe Barrangou· Scientific Advisory Board

Distinguished professor at North Carolina State University (T. R. Klaenhammer chair) serving on the firm's scientific advisory board.

Stanley Lau· Special Advisor

Has over 40 years of business and healthcare experience in China and internationally.

Thyagi Thyagarajan· Special Advisor

Has in-depth knowledge of Asian markets and an east-west perspective across developed and emerging markets.

Tina Wong-Russell· Advisor

Brings a global perspective from work across Europe, the Americas, and Asia.

Vicky McCauley· Project Manager

Supports the team with attention to operational detail.

Victor Shi· Special Advisor

Has operating and investing experience with early-stage companies in Asia.

Ford Worthy· Partner and Senior Advisor

A lawyer with a finance and accounting background serving as a senior advisor to the firm.

What they invest in

from 3 of 82 portfolio companies

Biotech ×3New Materials ×1

HQs:United States×3

Investments · 82 tracked

founders shown can be your intro path

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4D Molecular Therapeutics

Achillion Pharmaceuticals

Aclara Biosciences

Aer Therapeutics

Afferent Pharmaceuticals

Aktis Oncology

Allievex

Amplyx Pharmaceuticals

Anthera Pharmaceuticals

Arena Pharmaceuticals

Argomed

Athersys

Balance Therapeutics

Barosense

Bayhill Therapeutics

biobio.org

The Biotechnology Innovation Organization (BIO) is an advocacy organization representing biotech companies, industry leaders, and state biotech associations across the United States and more than 35 countries.

Biotech

BioAesthetics:ncbiotech.org

Bioatla

Biosyntech

Braincells

BiotechSan Diego, US

Charles W. III Newhall(Director)David Thompson(Director)Carl Goldfischer(Director)Arthur Pappas(Director)Fred H. Gage(Director)

Calyx Therapeutics

Cardiodx

Cenerx Biopharma

Cequent Pharmaceuticals

Cerexa

Chimerix

Cognetix

Colucid Pharmaceuticals

Curasen Therapeutics

Curzion Pharmaceuticals

Cyclerion Therapeutics

Dynogen Pharmaceuticals

Ebm Solutions

Elitra Phramaceuticals

Emerald Bioagricultureemeraldbio.com

Emerald Bio develops biology-based life science solutions using fermentation, bioreactions, and biomanufacturing to create products aimed at supporting human, animal, and plant life.

BiotechNew Materials

Enlaza Therapeutics

Envisia Therapeutics

Flowcardia

Gentis

Illuminoss Medical

Istari Oncology

Kezar Life Sciences

Lead Therapeutics

Liposcience

Liquidia Technologies

Lumena Pharmaceuticals

Marina Biotech

Member National Venture Capital Associationnvca.orgin

This is a policy/advocacy page from the National Venture Capital Association (NVCA) about protecting foreign investment into U.S. venture funds and startups, addressing CFIUS regulations.

Washington, US

Methylgene

Milestone Pharmaceuticals

Mirum Pharmaceuticals

Nereus

Nuvasive

Optherion

Orphomed

Panacos Pharmaceuticals

Peninsula Pharmaceuticals

Plexigen

Plexxikon

Frequently asked questions

What stage does Pappas Capital invest at?: Pappas Capital invests at the Pre-Seed, Seed, Series A, Series B, Series C, Late Stage stages.
What sectors does Pappas Capital focus on?: Pappas Capital focuses on AgTech, Biotech, Consumer, Crypto & Web3, Digital Health, Fintech, Healthtech, Medical Devices, SaaS.
Where is Pappas Capital located?: Pappas Capital is headquartered in Durham, US.