Originally published by Axios Boston on August 30, 2022.
Cambridge and Boston continue to outpace other Massachusetts cities and towns when it comes to venture capital funding for biopharmaceutical companies, a new report says.
- Yes, but: Investors are also betting on startups in Waltham, Watertown and other small cities, per the report, confirming state officials and business leaders’ comments that the biotech industry is expanding beyond Cambridge.
Driving the news: Cambridge biotech companies raised $2.2 billion — or 43% of biotech funding in Massachusetts — in the first half of 2022, according to MassBio’s industry snapshot released today.
- Just over the river, Boston biotech companies raised $1.5 billion, nearly 30% of funding in the state, in that same time frame.
- The other nearly $1.4 billion, or 27%, in investments funded biotech companies in other cities and towns, but among them Waltham stood out as an emerging biotech hub with $561 million in VC funding (about 11% of funding).
What they’re saying: “The fact that good science will continue to be invested in and is being invested in here in Massachusetts is a great sign for the industry here,” said Ben Bradford, MassBio’s vice president of economic development and workforce, in an interview with Axios.
The bottom line: Cambridge remains the state’s biotech capital, just over the river from the actual state capital, but expect the state’s life sciences industry to keep growing out into the suburbs.
Read the full story at Axios Boston.