Hatteras Closes on $94M for Its Sixth Investment Fund

Durham-based Hatteras Venture Partners, a venture capital firm that invests in seed and early stage health care companies, has completed a first closing of $94 million on a new investment fund that it hopes will reach $200 million.

The fund, Hatteras Venture Partners VI (HPV VI), will invest in seed- and early-stage companies that are developing biopharmaceuticals, medical devices, digital health products and diagnostics. 

“The pace and quality of our deal flow has grown tremendously during the past several years,” said Clay Thorp, co-founder and general partner of Hatteras. “With HVP VI, we will continue to partner with innovative, driven entrepreneurs to launch and build world-class health care companies, many of which will be based upon leading-edge research stemming from the renowned academic centers in the southeastern U.S.”

While Hatteras focuses on North Carolina and the Southeast, Thorp said HVP VI will also co-invest in promising companies in other regions. Hatteras has relationships with more than 100 institutional co-investors around the world.

HVP VI will invest “across the health care continuum from transformative therapy companies that address unmet medical needs for patients to disruptive technologies that change the way therapies are developed or care is provided,” the company said.

Similar companies funded by Hatteras’s two previous funds – HPV IV and V – include G1 Therapeutics of Research Triangle Park; StrideBio, NeuroTronik and Bivarus (acquired by Press Ganey), all of Durham; and Graybug Vision of Redwood City, Calif., Elligo Health Research of Austin, Texas, and Qvella of Richmond Hill, Ontario, Canada. 

Hatteras, founded in 2000, has over $550 million in capital commitments under management. Its last fund, HPV V, closed on over $150 million about two years ago. 

New promotions, hires made

Hatteras also announced the promotions of Mike Dial, Ph.D., and Jeff Terrell to partner. They had joined the company as analysts “and have honed their respective skills as investors, board members and strategic thinkers while continuing to take on increasing responsibility,” the company said.

“Mike and Jeff have proven themselves to be invaluable members of the Hatteras team,” said Robert A. Ingram, general partner of Hatteras. “They will be key drivers in our funds’ performance going forward.”  

Hatteras has also added Ben Scruggs, Ph.D., as associate, and Kseniya Simpson, Ph.D., as analyst. Scruggs and Simpson earned their doctorates from Washington University in St. Louis and Yale University, respectively.