/Investors

Pappas Capital

Venture capital

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

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772 people in our graph share verified history with the Pappas Capital team — schools, employers, funds. One of them is your warm intro.

Muz Ashrafunlockedknows Russel Kaufman · together at Mollie (overlapped)
knows the team · via Mollie
×2knows the team · via Pappas Capital
×5knows the team · via Promontory Financial Group, LLC
×2knows the team · via IDEA Fund Partners
knows the team · via Echo Health Ventures
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Investment thesis

Pappas Capital focuses on the life sciences, backing and building companies developing next-generation therapies and technologies across the full spectrum of human disease. Over more than three decades it has invested in over 100 companies across the United States, Canada, and Asia, with portfolio products reaching global markets to treat conditions such as melanoma, ovarian cancer, and hemophilia. The firm emphasizes hands-on company building and applying its investment and operating expertise to help entrepreneurs bring groundbreaking medical solutions to market. It also manages specialized funds and holdings and supports translational medicine initiatives.

Source: firm website, verified Sep 27, 2026.

Stage
Pre-Seed–Late Stage
HQ
Durham, North Carolina, US
Instruments
Equity
Founded
1994
Tracked investments
111
IPOs
6
Acquisitions
6

Team · 34 people

from the firm's website & public directories
Tom Mathers· Partner

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

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.

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· Advisorin

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

David Savello· Venture Advisor

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

Glenda Crumpler· Executive Assistant

Provides organizational support that keeps the firm running smoothly.

Lisa Dreyer· Senior Associate, Operationsin

Brings finance and operations experience from the alternative investments industry.

Richard Pascoe· Senior Advisor

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

Stanley Lau· Special Advisor

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

Tina Wong-Russell· Advisor

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

Victor Shi· Special Advisor

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

What they invest in

from 38 of 111 portfolio companies

Biotech ×33Healthtech ×14Medical Devices ×8Deep Tech ×3Consumer ×2Digital Health ×2AgTech ×1Cleantech ×1

HQs:United States×31France×2United Kingdom×1Vietnam×1

Who they back

founder profiles across 10 portfolio companies
50%
solo founders
5 of 10 mapped founding teams
33%
repeat founders
of 12 founders with career history

Founding team size:solo founder×52 founders×43 founders×1

Where their founders studiedfrom 10 founders with education data

Massachusetts Institute of Technology ×2Stanford University ×2Stanford University Graduate School of Business ×2

What their founders studiedfrom 11 founders with field-of-study data

Life Sciences ×3Chemistry ×2Engineering ×2Medicine ×2

Where their founders worked beforefrom 12 founders with career history

Avalon BioVentures ×2MPM BioImpact ×2The Scripps Research Institute ×2

Investments · 111 tracked

founders shown can be your intro path

By year:2024 · 12023 · 12019 · 12017 · 12015 · 32011 · 18 dated

4D Molecular Therapeutics4dmoleculartherapeutics.cominNASDAQ: FDMT

4DMT is a late-stage biotechnology company that develops gene delivery systems and genetic therapeutics targeting specific tissue types for various diseases.

BiotechHealthtechEmeryville, US

David Kirn(Executive Officer, Director)inDavid Schaffer(Director)inTheresa Janke(Executive Officer)in

BoardSharon Tetlow(Director)Margi McLoughlin(Director)

Co-investorsAmzak HealthBerkeley CatalystBOLD LongevityChiesi VenturesPfizer Venture InvestmentsRidgeback Capital+6 more

Aktis Oncologyaktisoncology.cominNASDAQ: AKTSSep 2024

Aktis Oncology discovers and develops targeted radiopharmaceuticals for treating solid tumors.

BiotechHealthtechMedical DevicesBoston, US

Todd Foley(Co-founder and Chairman)inPatrick Baeuerle(Co-founder & Advisor)inShulamit Ron-Bigger(Executive Officer)inKyle D. Kuvalanka(Chief Financial Officer)inAkos Czibere(Chief Medical Officer)inPaul L. Feldman(Chief Scientific Officer)in

Co-investorsAndreessen HorowitzEcoR1 CapitalMPM BioImpactMRL Ventures FundRA CapitalTCG Crossover+5 more

Cyclerion Therapeuticscyclerion.comin𝕏NASDAQ: CYCN

Cyclerion is a biopharmaceutical company developing therapeutics for neuropsychiatric diseases, with a lead candidate (CYC-126) for treatment-resistant depression that pairs anesthetic agents with a personalized biofeedback-driven device.

BiotechDigital HealthMental HealthCambridge, US

William Huyett(Executive Officer)Mark G. Currie(Executive Officer)inRegina M. Graul(President and Chief Executive Officer)inOle Isacson(Director)Stephanie Lovell(Director)Marsha Fanucci(Director)

Co-investorsAberdare VenturesEcoR1 CapitalInvusPolaris Partners

Liquidia TechnologiesNASDAQ: LQDA

Liquidia Technologies is a biopharmaceutical company that develops and commercializes drugs for pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease, including YUTREPIA, an inhaled dry-powder treprostinil formulation, and treprostinil injection through a profit-sharing arrangement with Sandoz, along with pipeline candidates based on its PRINT particle-engineering platform.

BiotechMorrisville, US

Kevin Gordon(President and Chief Financial Officer)Robert Lippe(Chief Operations Officer)Benjamin Maynor(Senior Vice President, Research and Development)Timothy Albury(Executive Officer)Neal F. Fowler(Chief Executive Officer)Roger A. Jeffs(Chief Executive Officer)in

Co-investorsCanaan Partners

Mirum Pharmaceuticalsmirumpharma.comin𝕏NASDAQ: MIRM

Mirum Pharmaceuticals is a biopharmaceutical company that develops and delivers therapies for people living with rare diseases.

BiotechHealthtechSan Diego, US

Chris Peetz(Co-founder & Chief Executive Officer)inEric Bjerkholt(Executive Officer)inPeter Radovich(Executive Officer)in

BoardPatrick Heron(Director)inMichael Grey(Director)Timothy Walbert(Director)

Co-investorsChiesi VenturesFrazier Life SciencesLongitude CapitalMESA VERDE VENTURE PARTNERSNew Enterprise Associates (NEA)RiverVest Venture Partners+4 more

Syndax PharmaceuticalsinNASDAQ: SNDX

Syndax Pharmaceuticals is a commercial-stage biopharmaceutical company that develops and commercializes small-molecule and antibody cancer therapies, including two FDA-approved medicines: revumenib (a menin inhibitor for acute leukemias) and axatilimab (a CSF-1R blocking antibody for graft-versus-host disease and fibrotic diseases), along with clinical-stage programs exploring expanded uses and combinations in oncology.

BiotechWaltham, US

John Pallies(Executive Officer)inArlene Morris(Executive Officer, Director)inMichael A. Metzger(Chief Executive Officer)inKeith A. Goldan(Chief Financial Officer)in

BoardDennis Podlesak(Director)inIvor Royston(Director)

Co-investorsForesite CapitalSofinnova VenturesvenBio PartnersBlackRockDomain AssociatesMPM BioImpact

Achillion Pharmaceuticals, Inc.achillion.com𝕏

Achillion conducts research and development focused on addressing rare disease challenges through investigation of new therapeutic targets, modalities, and technologies.

BiotechHealthtech

Co-investorsConnecticut InnovationsSV Health InvestorsDomain Associates

Aer Therapeuticsaertherapeutics.comin

Aer Therapeutics develops a science-driven therapeutic aimed at eliminating mucus plugs in the lungs to treat muco-obstructive lung diseases such as COPD and asthma.

BiotechHealthtechMedical DevicesRaleigh, US

Thomas Mathers(Executive Officer, Director)inJames Shaffer(Executive Officer, Director)John Fahy(Director)in

BoardChristy Shaffer(Director)inRishi Gupta(Director)inTim Shannon(Director)in

Co-investorsHatteras Venture PartnersOrbiMedCanaan Partners

Afferent PharmaceuticalsinJul 2015

BiotechSan Mateo, US

Anthony Ford(Executive Officer)inMichael Kitt(Executive Officer)inKathleen Sereda Glaub(Executive Officer, Director)in

BoardKevin Starr(Director)inArthur Pappas(Director)Liam Ratcliffe(Director)

Co-investorsDomain AssociatesFidelity InvestmentsJennison AssociatesThird Rock Ventures

Amplyxamplyx.com

Developing a new class of antifungal medicine to overcome limitations of current therapies.

Co-investorsBioBritGolden SeedsKeiretsu ForumSofinnova Ventures3x5 PartnersArix Bioscience+4 more

Antheraanthera.com

Anthera produces makeup and skincare products made in France with natural, non-toxic ingredients that are cruelty-free and vegan.

ConsumerWellness & FitnessFrance, FR

Co-investorsSofinnova VenturesVantagePoint Capital Partners

biobio.orgin𝕏

BIO is the world's largest advocacy association representing biotechnology companies and research institutions across the United States and 30+ other nations.

BiotechEnterprise SoftwareSheridan, US

Casey Thomas(CEO)

Co-investorsBluepoint PartnersKorea Technology Finance Corporation

BioAesthetics:ncbiotech.org

Co-investorsHemi Ventures, Llc

Cardiodxin

Molecular diagnostics company commercializing tools for diagnosing cardiovascular disease.

BiotechRedwood City, US

Mark Monane(Executive Officer)Gwen R. Carscadden(Executive Officer)David L. Levison(Executive Officer, Director)Deborah L. Kilpatrick(Executive Officer)inRobert F. Werner(Executive Officer)Douglas T. Ross(Executive Officer)

Co-investorsLongitude Capital

Chimerix NASDAQ: CMRX www.chimerix.comchimerix.com𝕏Jul 2019

Chimerix is a biopharmaceutical company developing therapies for rare diseases and cancers, with a focus on advancing treatments through biomarker-driven approaches and precision medicine.

BiotechHealthtechMedical DevicesDurham, US

Mike Sherman(Chief Executive Officer and President)W. Garrett Nichols(Chief Medical Officer)Michael A. Alrutz(Executive Officer)Randall Lanier(Chief Science Officer)Roy W. Ware(Chief Manufacturing and Technology Officer)Heather Knight-Trent(Vice President of Regulatory Affairs)

Co-investorsAisling CapitalAlta PartnersAsset Management CompanyCanaan PartnersFrazier Life SciencesSanderling Ventures

CuraSen Therapeuticscurasen.comin

CuraSen Therapeutics is a privately funded biopharmaceutical company developing treatments that selectively activate adrenergic receptors in the brain to restore noradrenergic signaling.

BiotechHealthtechSan Carlos, US

Anthony P. Ford(Executive Officer, Director)inBenjamin Potter(Executive Officer)Anthony FordinHenry Skinner(Director)Liam Ratcliffe(Director)in

BoardRon Hunt(Director)in

Co-investorsAlta PartnersLongitude Capitalabrdn plcIntermediate Capital GroupJohnson & Johnson Innovation – JJDCNew Leaf Venture Partners+2 more

Elitraelitra.xyz𝕏

Elitra develops yield infrastructure for onchain assets, allowing idle crypto holdings to be routed into yield-generating strategies.

FintechParis, FR

Anthony Hadwan(CEO)inSunil Thapa(CTO)in

Co-investorsEntrepreneur FirstTranspose Platform Management

Emerald Bioagricultureemeraldbio.com

Emerald BioAgriculture develops biology-based products and solutions using advanced biomanufacturing processes for plant, animal, and human health across various markets.

AgTechBiotechCleantechDeep TechHealthtechNew MaterialsKennett Square, US

Enlaza Therapeuticsenlazatx.comin

Enlaza Therapeutics develops covalent protein therapeutics using its War-Lock technology, which incorporates proprietary unnatural amino acids into protein drugs so they form irreversible covalent bonds with disease-related targets.

BiotechDeep TechSan Diego, US

Sergio Duron(Co-Founder & Chief Executive Officer)inSanford Madigan(Co-Founder, President & Chief Business Officer)inAnaleah Heidt(Chief Scientific Officer)in

BoardMarcos Milla(Director)inJay Lichter(Director)inTighe Reardon(Executive Officer)

Co-investorsFrazier Life SciencesLightspeed Venture PartnersSamsara BioCapitalAvalon BioVenturesPfizer Venture InvestmentsJ.P. Morgan Asset Management+1 more

Envisia Therapeuticsenvisiatherapeutics.comin

Develops novel ocular therapies.

BiotechMorrisville, US

Ben Yerxa(Executive Officer)inEric Linsley(Executive Officer)in

BoardEd Mathers(Director)inStephen Bloch(Director)inSeth Rudnick(Director)inNeal Fowler(Director)

Co-investorsCanaan PartnersNew Enterprise Associates (NEA)+ND CapitalARCH Venture PartnersIllumina VenturesOMX Ventures

IlluminOssilluminoss.comAcquired

IlluminOss Medical makes a light-curable, patient-conforming intramedullary implant for minimally invasive fracture repair.

Co-investorsExcel Venture ManagementLongwood FundSlater Technology Fund

IlluminOss Medicalin

BiotechEast Providence, US

Manny Avila(Executive Officer, Director)inDirk Kuyper(Executive Officer, Director)inRobert Rabiner(Executive Officer)

BoardDaniel Omstead(Director)Fouad Azzam(Director)inRajeev Dadoo(Director)

Co-investorsLife Sciences PartnersSR One Capital Management

Istari Oncologyin

Clinical-stage biotech developing immuno-oncology platforms for solid tumors including glioblastoma and melanoma.

BiotechMorrisville, US

Marc Banjak(Executive Officer)inMatthew W. Farber(Executive Officer)inWilliam G. Nichols(Executive Officer)Matthew R. Stober(Executive Officer, Director)

BoardRobert Bonczek(Director)Raymond Cheong(Director)

Kezar Life Scienceskezarlifesciences.com𝕏

Kezar Life Sciences is a clinical-stage biotechnology company developing small-molecule therapeutics for immune-mediated diseases and cancer.

BiotechSouth San Francisco, US

John F. Fowler(Executive Officer, Director)inChristopher J. Kirk(Executive Officer, Director)

BoardDr. Gerald Chan(Director)Dr. Jean-Pierre Sommadossi(Director)

Co-investorsBay City CapitalChiesi VenturesSolasta VenturesCowen Healthcare InvestmentsEcoR1 CapitalQiming Venture Partners

LEADlead.app𝕏

LEAD.Bot is a Microsoft Teams bot that automatically matches employees within an organization for virtual meetings and mentorship programs.

Future of WorkHR TechSaaS

Co-investorsExpert DOJONewfund CapitalKleiner PerkinsLightspeed Venture PartnersSequoia CapitalSouth Park Commons+1 more

Lumena Pharmaceuticals𝕏acquired by Shire

Acquired by Shire in 2014 (now part of Takeda).

BiotechMedical Devices

Co-investorsFrazier Life SciencesLongitude CapitalOberland CapitalRiverVest Venture PartnersSanofi Ventures

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

Bobby Franklin(President and CEO)in

Milestone Pharmaceuticalsmilestonepharma.comin𝕏

Milestone Pharmaceuticals is a life sciences company that develops therapies for patients with cardiovascular and other diseases.

BiotechDigital HealthHealthtechMedical DevicesMontreal, US

Ela Borenstein(Director)Francis Plat(Executive Officer)Yves Rosconi(Director)Scott Weiner(Director)Martin Maguire(Executive Officer)Philippe Douville(Executive Officer, Director)

Co-investorsAmplitude Venture CapitalForbionRTW Investments L.P.

Mirati Therapeuticsmirati.comin𝕏

Mirati develops investigational medicines and treatments for patients with multiple myeloma and other oncology indications.

BiotechHealthtechMedical Devices

Co-investorsAvoro Capital AdvisorsBioBritBoxer Capital, LLCNextech Invest

Reneo Pharmaceuticalsreneopharma.com

Xoilac TV is a free online football (soccer) live-streaming platform serving fans in Vietnam, offering Full HD match broadcasts of European, Asian, Vietnamese, and international competitions.

ConsumerMedia & EntertainmentSports Tech

Co-investorsAisling CapitalNew Enterprise Associates (NEA)RiverVest Venture PartnersAbingworthAmzak HealthLundbeckfonden Ventures+2 more

Ribometrixribometrix.com

BiotechGreenville, US

Kevin Weeks(Executive Officer, Director)Katherine Warner(Executive Officer)Joshua Resnick(Director)Michael Solomon(Director)John Gustofson(Director)

BoardMike Dial(Director)in

Co-investorsHatteras Venture PartnersIllumina VenturesM VenturesMC Healthcare VenturesSV Health InvestorsAbbVie+2 more

Rotation Medicalrotationmedical.com

HealthtechPlymouth, US

Thomas Westling(Executive Officer, Director)inMartha Shadan(Executive Officer, Director)Randy Nuernberg(Executive Officer)Craig Van Kampen(Executive Officer)

BoardFouad Azzam(Director)inScott Weiner(Director)in

Co-investorsNew Enterprise Associates (NEA)LSP (Life Sciences Partners)Pappas Capital

Syndaxsyndax.com

Late-stage oncology company using epigenetics to overcome resistance in cancer treatment.

Co-investorsAisling CapitalAvoro Capital AdvisorsBioBritDelos CapitalEcoR1 Capital

Tesarogsk.comin𝕏

GSK is a biopharmaceutical company that discovers, develops, and delivers medicines and vaccines for patients.

BiotechHealthtechLondon, GB

Mary Lynne Hedley(Executive Officer, Director)Leon O. Moulder, Jr.(Executive Officer, Director)Jeffrey Hanke(Executive Officer)Joseph L. Farmer(Executive Officer)inGrant C. Bogle(Executive Officer)Martin H. Huber(Executive Officer)

Co-investorsKleiner PerkinsNew Enterprise Associates (NEA)Ridgeback CapitalAvoro Capital Advisors

Tune Therapeuticstunetx.comin𝕏Mar 2023

Tune Therapeutics develops a therapeutic platform targeting the epigenome to treat complex diseases and regenerative medicine applications.

BiotechDeep TechHealthtechLongevityMedical DevicesDurham and Seattle, US

Akira Matsuno(Executive Officer)inDerek Jantz(Executive Officer)inCharles Gersbach(Director)inJohn McHutchison(CEO, Chairman of the Board)inDan McHugh(Executive Officer, Director)inBlythe Sather(Executive Officer)in

Co-investorsDuke Capital PartnersHatteras Venture PartnersMission BiocapitalNew Enterprise Associates (NEA)Saisei VenturesYosemite

Ultragenyxultragenyx.comin𝕏

Ultragenyx is a biotechnology company focused on developing treatments for patients living with rare genetic diseases.

BiotechHealthtechMedical Devices

Co-investorsF-Prime CapitalSanofi Ventures

Velosbiovelosbio.comin𝕏

A biopharmaceutical company developing medicines and vaccines with a focus on clinical research and development for human health.

BiotechSan Diego, US

David Johnson(Executive Officer, Director)Cam Gallagher(Director)Scott L. Glenn(Director)in

Co-investorsChiesi VenturesDecheng CapitalSofinnova VenturesVedanta CapitalArix BioscienceOrbiMed+2 more

Veraloxveralox.comacquired by Cadrenal Therapeutics · Dec 2025 · $200K

Developing novel treatments based on the 12-LOX pathway for immuno-inflammatory diseases.

Co-investorsHatteras Venture PartnersSanofi VenturesAlexandriaGenesys CapitalJDRF T1D FundNYBC Ventures+3 more

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

106784DMTAchillionAclara BiosciencesAfferentAllievexAmplyx PharmaceuticalsAnthera PharmaAnthera PharmaceuticalsArenaArena PharmaceuticalsArgomedAthersysBalance TherapeuticsBarosenseBayhill TherapeuticsBioAtlaBiosyntechBraincellsCalyx TherapeuticsCeNeRxCenerx BiopharmaCequent PharmaceuticalsCerexaChimerixCognetixCoLucidCoLucid PharmaceuticalsCurisCurzion PharmaceuticalsDynogen PharmaceuticalsEbm SolutionsElitra PhramaceuticalsEmeraldEnlazaFlowcardiaGentisLead TherapeuticsLipoScienceLumenaMarinaMarina BiotechMethylgeneMiratiMirumNereusNuvasiveOptherionOrphoMedPanacosPanacos PharmaceuticalsPeninsula PharmaceuticalsPlexigenPlexxikonReprogenesisSelventaSensysSensys MedicalSignaseSolu TherapeuticsSorrisoSphericsSungarddxSyntonixSyntonix PharmaceuticalsTargegenThrasosThrasos TherapeuticsTyrxUltragenyx PharmaceuticalVariagenicsX Ceptor TherapeuticsX-Ceptor

Exits · 12

6 IPOs · 6 acquisitions · showing 11

4D Molecular TherapeuticsNASDAQ: FDMTAktis OncologyNASDAQ: AKTSCyclerion TherapeuticsNASDAQ: CYCNLiquidia TechnologiesNASDAQ: LQDAMirum PharmaceuticalsNASDAQ: MIRMSyndax PharmaceuticalsNASDAQ: SNDXCerexaacq. by Forest LaboratoriesCoLucidacq. by LillyLumena Pharmaceuticalsacq. by ShirePeninsula Pharmaceuticalsacq. by Johnson & Johnson (Ortho-McNeil Pharmaceutical)Veraloxacq. by Cadrenal Therapeutics

Portfolio news

latest coverage across their companies
Investors - AER Therapeutics

Aer Therapeutics · aertherapeutics.com · May 5, 2025

Frequently asked questions

How many investments has Pappas Capital made?
Pappas Capital has 111 tracked investments, 12 of which have exited.
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.
Who does Pappas Capital co-invest with?
Pappas Capital most often shares deals with New Enterprise Associates (NEA), Chiesi Ventures, Hatteras Venture Partners, among 48 tracked co-investors.

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