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January 9, 2024
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Unleashing the Fundraising Beast: Ben Lamm’s $225 Million Triumph

Summary of “Fundraising for Long Time Horizon Startups: How Ben Lamm Raised $225M”

TLDL: Fundraising for Long Time Horizon Startups

Ben Lamm raised $225 million for his company, Colossal Biosciences, which aims to bring back the woolly mammoth. While typical fundraising tactics involve creating pitch decks and networking, raising funds for a moonshot venture requires a different approach. Colossal’s technology has applications in the healthcare sector, national security, and data analysis techniques, attracting interest from various parties. The company has already spun off an AI-based computational biology platform called Form Bio and is exploring other potential spin-offs. Colossal raised $225 million over two years through Series A, B, and C rounds, targeting patient investors who have previously supported pioneering ventures. These investors, such as Thomas Tull, Jim Breyer, Tim Draper, and Tom Chi, were interested in the company’s potential to preserve and potentially bring back pollinators and keystone species. Although Colossal’s fundraising journey was not easy, its technologies have attracted attention from various sectors, including the CIA’s investment arm, In-Q-Tel. The company employs 30 post-doc researchers and 110 employees worldwide and needs funding to support its work. Colossal’s feedback from the scientific community has been positive overall, despite concerns that funds might be diverted from conservation efforts. The company plans to bring new money into conservation through its technologies and has formed partnerships with organizations that protect endangered elephants. Ben Lamm, the CEO of Colossal Biosciences, wishes he had transitioned to deep tech sooner in his career and encourages pursuing moonshot endeavors.

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