The following clip is from an article originally published to BioPharmaReporter on February 7, 2023:
New focus: Waltham, Bedford, Somerville
An interesting shift seen in 2022 was increased investment outside the stronghold of Cambridge. Whereas 42% of companies receiving VC funding in 2021 were outside Cambridge, this rose to 51% in 2022. Boston continues to increase its share of funding (23% in 2022, up from 17% the year before). Waltham took 11% of investment; while up-and-coming areas were Bedford, Somerville and Framingham.
“The VC funding that flowed into local biopharma companies in 2022 is proof that investors continue to want to be a part of the early-stage research and development happening here,” said Kendalle Burlin O’Connell, CEO and President of MassBio, which represents 1,600+ members in the state. “The Commonwealth’s innovation ecosystem is second to none, and with these investments comes new opportunities to spread the industry into new corners of the state and advance exciting science toward patients.
“The influx of private funding into the Massachusetts ecosystem will ensure that lab and biomanufacturing space will continue to be in demand, and startup formation and company expansions will lead to additional jobs.”
Read the full story on the BioPharmaReporter website.