SF Life Sciences Startups Get $27.5M Fund
Proximal Ventures' debut fund exceeded its $25 million target, backing founders before they incorporate.
Updated on Nov. 10, 2026 in Healthcare
Founders building early-stage life sciences companies now have a new source of pre-incorporation help. Proximal Ventures, a San Francisco firm, closed its debut fund at $27.5 million.
Why it matters
For San Francisco's life sciences founders, Proximal's fund adds capital aimed at pre-seed and seed companies, often before they are formally incorporated. Whether this model of early validation and pharma connections proves useful to local startups is still to be seen as the fund begins investing.
Proximal Ventures closed its Fund I at $27.5 million, above its $25 million target, according to the firm's announcement. The announcement does not disclose how many companies the fund plans to back or how capital will be allocated across them.
The players
Proximal Ventures
A San Francisco venture firm investing in pre-seed and seed life sciences companies through its debut fund.
Sahir Raoof
The founder of Proximal Ventures.
Kleiner Perkins
A venture capital firm and one of the backers of Proximal's Fund I.
The details
Proximal Ventures, founded in 2026 by Sahir Raoof and headquartered in San Francisco, announced the final close of its debut fund on November 10, 2026. Fund I targets pre-seed and seed companies building AI-native infrastructure across the life sciences value chain. Backers include Domino Lane, SignalFire, Kleiner Perkins, Bertelsmann Healthcare Investments and PagsGroup, along with individual investors Nan Li and Zavain Dar, co-founders of Dimension.
Timeline
2026: Proximal Ventures is founded by Sahir Raoof.
November 10, 2026: Proximal announces the close of its debut fund at $27.5 million.
Across the Bay
Most seed investors wait until a company is incorporated before providing hands-on support, so Proximal's pre-incorporation model is a deliberate departure. Its backing from both venture firms and a healthcare investor like Bertelsmann Healthcare Investments reflects the cross-sector interest in life sciences startups.
If you are a founder working on early-stage life sciences technology in San Francisco, Proximal's fund is a new option for validation and early funding. Founders who want to see how the firm works can check its website for details on its approach.
The takeaway
Proximal's $27.5 million close shows continued investor appetite for early life sciences companies in San Francisco. Founders interested in pre-incorporation support can review the firm's approach on its website.
Further reading
For more on the sector, see Healthcare coverage of San Francisco's life sciences economy.
More information
Learn more about the firm on the Proximal Ventures website.
Source note: This article includes information reported by Firstwordpharma.
