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Avalon's Sweat Equity

This article was originally published in Start Up

Executive Summary

Avalon Ventures closed its ninth fund in January with $200 million committed, $50 million more than planned and a third larger than its previous fund. For a firm that invests half its money in tiny lifescience start-ups, it was an impressive number at a time when the venture industry is reeling. That’s a vote of confidence in the firm’s unusual "sweat equity" strategy.

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