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Lumira Ventures has announced the first closing of Lumira Ventures V, LP (“Fund V”), its latest healthcare venture capital fund dedicated to building transformative biotechnology and medical technology companies across North America. The closing was announced on April 20, 2026, with Fund V targeting a final size of US$200 million (C$275 million). Together with three strategic funds managed by the firm, the closing marks Lumira’s seventh investment fund established to date — and Fund V has already completed its first investment, a US$52 million Series B financing for a pre-commercial-stage medical device company.
Over its multi-decade history, Lumira-backed companies have delivered more than 25 exits through IPOs and strategic acquisitions, achieved over 40 regulatory approvals, and developed innovations that have touched the lives of more than 15 million patients globally — generating more than US$100 billion in cumulative revenue. The firm’s recent performance has been particularly strong: since 2024, Lumira has successfully exited seven portfolio companies at a cumulative transaction value exceeding US$8 billion, while its portfolio companies have collectively raised more than US$1.6 billion in follow-on capital, forged new relationships with over 20 strategic partners, and obtained seven new FDA product approvals.
In conjunction with the Fund V first close, Lumira announced that co-founder Gerry Brunk has been named Managing Partner. Brunk will play a central role in driving the strategy and execution of Fund V and the firm’s next phase of growth. As part of this planned leadership evolution, Peter van der Velden will transition to the role of Executive Chairman, continuing to support the firm’s strategic direction, mentor the next generation of leaders, and engage with key stakeholders and investors with a focused lens on Canada — while also ensuring continuity of Lumira’s investment philosophy and culture.
Brunk described Fund V as the next step in Lumira’s commitment to building globally competitive healthcare companies from Canada and across North America, including those founded in markets that have historically been underserved by traditional coastal venture capital firms. He emphasised that in a more selective capital environment, the firm pairs a disciplined, thesis-driven investment approach with hands-on, board-level support, with a relentless focus on patient impact and industry-leading realised returns.
Lumira also announced the promotion of Isabelle Harris to Associate. Based in Toronto, Harris focuses on sourcing and evaluating new investment opportunities and supporting portfolio companies in both the biotech and medtech sectors. Van der Velden highlighted Harris’s analytical rigor, sector insight, and deep commitment to the firm’s mission, describing her promotion as part of Lumira’s focus on building a durable, next-generation investment platform.
Fund V is anchored by a diversified group of returning and new institutional investors, strategic limited partners, and family offices — reflecting sustained support for the firm’s strategy, performance track record, and platform.
Ian Carew, Managing Director & Venture Partner at Northleaf Capital Partners, emphasised the firm’s continued anchor commitment, citing Lumira’s disciplined approach to healthcare investing, deep Canadian roots, and cross-border platform as well-aligned with Northleaf’s mandate to back experienced fund managers with consistent track records of strong distributed returns while supporting innovation that benefits patients and health systems.
Maxime Pesant, Vice-President, Private Equity and Impact Investing – Life Sciences at Fonds de solidarité FTQ, highlighted Lumira’s demonstrated ability to identify and scale high-potential healthcare companies — connecting them with sophisticated capital, strategic partners, and exit pathways. He described Fund V as playing an important role in advancing domestic medical innovation on the global stage.
Brunk framed the current environment as one of the most compelling moments in decades to deploy capital into healthcare innovation. He pointed to accelerating scientific and technological advances, intense healthcare system pressure to adopt solutions that improve outcomes while reducing costs, and a more selective capital environment that favours experienced specialist healthcare investors capable of underwriting risk rigorously and building companies in a disciplined, capital-efficient way.
Brunk also highlighted attractive exit dynamics in the sectors targeted by Fund V, with well-capitalised strategic acquirers actively looking to replenish their product pipelines over the next decade — creating a robust environment for high-quality private companies to achieve liquidity. The combination of secular tailwinds, robust exit conditions, and a more rational funding environment, he argued, creates a uniquely attractive opportunity for an experienced healthcare venture firm with fresh capital.
Lumira Ventures is a leading multi-stage healthcare investment firm with partners in Toronto, Montréal, Vancouver, and Boston. As Canada’s largest and most active dedicated life sciences venture capital investor, Lumira invests in biotechnology and medical device companies developing best-in-class products, often located in secondary venture capital markets across North America. The firm partners with mission-driven entrepreneurs to develop transformative healthcare solutions while generating strong financial returns and societal impact. Lumira’s portfolio companies have successfully brought to market dozens of biomedical innovations that are improving the lives of millions of patients worldwide.
