Investing Structured Capital Planetary Health TechAtlas Raven TechAtlas Maps Boards Courses Getting in Touch
How does RA Capital approach investment decision-making?
RA Capital uses a rigorous, science-first, evidence-based investment process grounded in biological and clinical understanding. This means we start by mapping scientific, clinical, and competitive data to identify where real breakthroughs could change treatment paradigms.
Potential considerations might include:
This discipline allows us to evaluate investments from first principles rather than following tactical market trends, providing clarity on where capital is most likely to create enduring value.
What differentiates RA Capital from other healthcare investors?
Three things set RA Capital apart: our science-first, evidence-led orientation, our multi-stage investment platform, and our company-building capabilities.
Science-first approach: We're not generalists dabbling in biotech. Our team includes 65+ scientific PhDs and MDs who bring deep biological expertise. Our internal TechAtlas research division maps therapeutic landscapes, identifies gaps in standards of care, and identifies where innovation is most likely poised to transform treatment.
Multi-stage investing: RA Capital invests from pre-seed through public markets across healthcare, life sciences, and planetary health. This flexibility means we are well positioned to lead private rounds, take companies public, and provide follow-on financing. We aim to help companies stay well-capitalized through inflection points so management teams can focus on value creation, not fundraising.
Company building: RA Capital offers a variety of proprietary company-building services to our portfolio companies. In addition, through Raven, our company-building platform, we don't just fund companies – we can create them. Raven is built to originate ideas around promising science, accelerate development, and unlock value underleveraged pharma assets, in addition to partnering with founders to build companies from scratch.
This integrated approach enables us to invest with conviction in complex scientific opportunities and contribute meaningfully throughout a company's lifecycle.
What stages and company types does RA Capital invest in?
RA Capital invests across a broad spectrum of stages in healthcare, life sciences, and planetary health, including:
We focus on development-stage biotech and life science companies where scientific and clinical evidence can be rigorously assessed. For planetary health, we focus on early-stage companies with clear paths to commercialization within 2-5 years. Investment decisions prioritize the quality of evidence and long-term value creation, not arbitrary stage constraints.
Does RA Capital invest in private companies?
Yes. RA Capital invests actively and across all stages of private and public companies. Our multi-stage, science-first strategy means we support companies from early validation through commercialization, helping founders navigate complex scientific and regulatory pathways.
We've invested as early as pre-seed (even helping form companies from scratch through Raven), through crossover/IPO rounds to later-stage structured capital solutions. We've led rounds, co-led rounds, and joined rounds others are leading. What matters isn't the stage label – what matters is whether the science is compelling, the evidence supports the approach, and the path to meaningful impact is credible.
We provide both capital and strategic insight tailored to development-stage value creation. This might mean helping a seed-stage company design early validation studies, supporting a Series B company's clinical trial strategy, or advising a late-stage company on IPO readiness.
Does RA Capital lead rounds and work with other investors?
Yes, RA Capital can lead, co-lead, or participate in venture rounds. Our role depends on what makes sense for the company and the opportunity.
When we lead or co-lead, we take responsibility for:
When we participate in rounds others are leading, we're constructive partners. We'll share our diligence, introduce additional investors to help fill out the round, and support the process to help companies close financings efficiently.
We prefer working with investors who demonstrate deep diligence and constructive problem-solving. Fortunately, that describes a lot of our peers. We tend to collaborate well with funds that take larger positions (>$10M) since their interests align well with ours and with long-term value creation.
Is any round too early for RA Capital?
No. RA Capital invests as early as seed stage and pre-seed. We've even invested when something is just an idea and no one has been hired. We help form companies from scratch through Raven.
We judge how investible a company is not by its maturity but by how validated the concept is and, if not validated, how much time and capital it will take to validate it. For example, we might invest in a newly formed private company that is three years from IND that requires a reasonable amount of capital to reach proof-of-concept data for solving an important problem.
Does RA Capital have a minimum check size for a financing round?
When deciding how much to invest, RA Capital focuses on whether the return is likely to be impactful for our fund. That means we might invest a small amount in a very small company, maybe even under $1M in a seed round, or a larger amount in a large company that we think has significant upside (we've invested as much as $200M in a single round).
Does RA Capital have a valuation range you stick to?
We have no rigid valuation bands. RA Capital has invested in companies with valuations ranging from nominal (companies we help form) to multi-billion dollar enterprises.
What matters more than headline valuation is how much value remains to be created. A company valued at $500M with a clear path to becoming worth $5B is more interesting than a company valued at $50M that might become worth $200M. We focus on the magnitude of the opportunity and the probability of capturing it, not arbitrary valuation cutoffs.
That said, we're not price-insensitive. We underwrite deals carefully and want to see meaningful potential returns that justify the risk. But we won't pass on a great company just because it's "expensive" if the long-term value creation opportunity is compelling.
Will you sign a CDA?
Yes, we will sign a CDA when we are interested in learning more than you can provide non-confidentially. We can provide a simple CDA template to accelerate the process.
What is RA Capital's Structured Capital investment strategy?
RA Capital's Structured Capital team provides customized, flexible financing solutions for de-risked commercial-stage healthcare and life sciences companies. These solutions include senior secured loans, convertible notes, synthetic royalties, preferred equity, and hybrid capital structures.
Our dedicated Structured Capital team complements RA Capital's equity investing by supporting companies that have brought products or services to market and are seeking growth capital for:
Think of Structured Capital investments as credit-oriented investments in innovative, revenue-generating companies. We pursue attractive risk-adjusted returns with reduced volatility and less correlation with general markets by utilizing structured instruments that provide downside protection while maintaining upside participation.
How does RA Capital's Structured Capital interact with RA Capital's equity funds?
RA Capital Structured Capital team pursues a distinct strategy with its own investment criteria and dedicated resources. However, their strategy benefits from RA Capital's:
Where RA Capital already holds equity in a company, our Structured Capital team may also invest if the company meets our criteria. At times, we may offer a combined structured and equity solution when that best supports the company's objectives.
This makes RA Capital a comprehensive multi-stage healthcare investor – we can support companies from inception through commercialization with the most appropriate form of capital at each stage.
Why partner with RA Capital's Structured Capital?
RA Capital's Structured Capital leverages the deep scientific, clinical, and commercial expertise of RA Capital, as well as our long-standing relationships across the healthcare ecosystem. This allows us to:
Unlike pure credit funds that view healthcare as just another sector, we understand the science, the regulatory pathways, the competitive dynamics, and the value drivers. This expertise translates into smarter deal structuring and more constructive partnerships.
Does RA Capital's Structured Capital team invest across all of healthcare and life sciences?
Yes. We invest across every sector of healthcare and life sciences, including:
Our broad sector coverage and deep domain expertise allow us to evaluate opportunities across the entire healthcare value chain.
What is the Structured Capital team's typical check size?
Our typical investment size ranges from $25–$250 million, with the ability to go larger or smaller in certain situations depending on the opportunity and the company's needs.
Does RA Capital provide Structured Capital expertise and opportunities to both public and private companies?
Yes. We invest in both public and private companies across healthcare and life sciences. The key criteria is that companies are commercial-stage (revenue-generating) and the capital will be used to drive growth.
Does RA Capital take board seats as part of Structured Capital investments?
Board rights are considered on a case-by-case basis and reserved for situations where we believe we can add meaningful value. Board participation tends to be more relevant when we have equity or equity-like exposure.
For pure credit investments, board seats are less common. For hybrid structures with equity components, board participation may make more sense.
How can companies reach the Structured Capital team?
Companies or advisors can reach us at request@racap.com with a brief overview of:
RA Capital's Structured Capital team will respond and engage if there's potential alignment.
What is planetary health?
Planetary health is RA Capital's term for the industrial and resource systems that underpin modern economies and quality of life – everything from how we extract and process critical minerals, to how we generate and distribute energy, to how we produce food and manage waste.
RA Capital's Planetary Health team invests in high-growth companies making these foundational systems more productive, more efficient, and more economically competitive; companies advancing resource availability, energy innovation, and industrial productivity.
What market verticals does RA Capital Planetary Health Fund invest in?
These are verticals where we see opportunities for venture-backed companies to have outsized returns and positively impact planetary health.
Is RA Capital Planetary Health Fund an impact fund or double bottom line fund?
No. While the Planetary Health team tracks the impact of our portfolio companies, our fund is not an impact fund nor a double bottom line fund. The goal with all investments made by RA Capital Planetary Health Fund is to have significant economic returns.
Our philosophy:
We invest in profit-first, scalable companies. Impact is the outcome of building successful, sustainable businesses – not a separate objective that trades off against returns.
Is RA Capital's Planetary Health Fund a "climate" or "climate-focused" fund?
Planetary health includes a stable climate, but climate change is just one of many aspects of the environment that affects the health and wellbeing of people.
To thrive, people also need:
We invest across all these dimensions. Some of our investments may address climate directly (emissions reduction, carbon removal), while others may address resource scarcity, pollution, food security, or environmental quality. All contribute to planetary health.
Does RA Capital's Planetary Health Fund invest in private or public companies?
RA Capital's Planetary Health Fund invests in private companies. While the healthcare side of RA Capital currently invests across private and public companies, the Planetary Health team's current focus is on early-stage privately held companies.
We look for companies with clear paths to commercialization within 2-5 years – businesses that can get to market relatively quickly rather than long-horizon science projects.
Does RA Capital's Planetary Health Fund lead rounds?
Yes. We can lead, co-lead, or join a round that others are leading. Even if we are an existing shareholder of a company, there may be times that we can lead the next round.
Our approach to syndication is similar to our healthcare investing approach – we're constructive partners who help shape investor groups and support the fundraising process.
Is any round too early for RA Capital's Planetary Health Fund?
No, but we focus on companies with a clear path to commercialization. We can invest in any round as long as the path to the company being in market (or acquired) is less than five years, and preferably less than two years.
We're not funding basic research or science experiments. We're funding companies building products that customers will pay for in the near term.
Does RA Capital have a minimum check size for planetary health investments?
No. We size our investment to be appropriate to the company and to our desired return. For early-stage companies in capital-efficient verticals, that might be a relatively small check. For companies with significant infrastructure requirements, we can write larger checks.
Does RA Capital have a valuation range you stick to for planetary health investments?
For planetary health specifically, RA Capital typically invests earlier than in healthcare, so valuations tend to be lower. But our focus is always on the value creation opportunity, not the starting valuation.
Does RA Capital's Planetary Health Fund have limits on how much of a company it will own?
We do not have any particular constraints. Our ownership reflects what makes sense for the company, the round size, and our conviction level.
Does RA Capital Planetary Health have a preference of funds that it would want to co-invest with?
We've co-invested with many other investors in the tough tech, deep tech, climate tech and sustainability space. We prefer to work with peers who have a track record of deep diligence and constructive problem-solving. Fortunately, that's a lot of groups.
We value partners who understand the technologies, markets, and regulatory dynamics in our focus areas and bring value to value creation efforts.
Will RA Capital's Planetary Health Fund sign a CDA?
It is not standard practice for RA Capital Planetary Health Fund to sign CDAs initially, but we can make exceptions where the situation warrants it.
How do I talk to your planetary health team about funding my company?
If you don't know anyone at our Planetary Health Fund, email the appropriate contact on our Contact page or reach out via request@racap.com. Please include:
We'll make sure your pitch gets to the right person and route it through the same evaluation process regardless of how it comes to us.
What role does TechAtlas play in RA Capital's thinking?
TechAtlas is RA Capital's proprietary knowledge engine – staffed with scientifically trained researchers who synthesize scientific and clinical evidence to originate conviction and inform RA Capital's investment strategies.
Think of TechAtlas as an insights machine that produces:
Competitive landscape mapping: TechAtlas has mapped 130+ disease areas, including technology platforms and in-depth strategic analyses, along with more than 30 planetary health territories. These structured analyses highlight potential breakthroughs in human and planetary health.
Mechanism evaluations: Deep dives into how technologies compare to current and future alternatives and opportunities, assessing whether new approaches offer meaningful advantages.
Decision context: Analysis that informs whether programs are investable based on anticipated impact, development hurdles, and competitive dynamics.
TechAtlas supports both our internal investment decisions and our portfolio companies' strategies. If you are building a company in a crowded space, having the entire competitive terrain mapped with strategic white spaces identified can be invaluable.
The team tracks a wide variety of molecules, clinical trials and pipelines, and conducts 5,000+ company meetings and calls annually alongside our Investment Teams to stay deeply connected to what's happening across healthcare, life sciences, and planetary health.
What is Raven?
Raven is RA Capital's healthcare incubator and company-building platform – a team of scientists, operators, and biomedical and healthcare innovators who can create companies around promising opportunities.
Raven operates in three modes:
Originate: If there's an unmet patient need and no investable company tackling it, Raven works to create the company to do it. This might mean licensing technology from academia, recruiting a founding team, and/or building the company from scratch.
Co-create: Raven partners with first-time founders, serial entrepreneurs, and scientific innovators to build companies around promising therapeutics. Raven provides the infrastructure, expertise, and capital to accelerate from concept to clinic.
Rejuvenate: Raven helps unlock value by focusing on in-licensing underutilized pharma assets and building new companies around them to help unlock their potential. Many promising molecules can sit dormant within large pharma portfolios when they fall outside strategic priorities – we look for opportunities to bring them forward.
From designing AI-guided discovery platforms to recruiting executives to setting up clinical trials and operations, Raven helps biomedical builders build. Our goal is to turn promising science into transformative therapeutics.
Is Raven short for "RA Ventures?"
No, Raven is not a shortened form of RA Ventures. RA Capital's Invest team includes a group that specializes in venture investing, but Raven is separate from that team. Raven is RA Capital's healthcare incubator and company-building platform.
Is Raven right for both experienced and first-time founders?
Yes. Raven is a company-building platform for both seasoned biomedical innovators and first-time academic or scientific founders.
For experienced entrepreneurs, Raven offers capital, infrastructure, and strategic support to help you move faster. You bring the vision and expertise – we bring resources, market intelligence, and operational capabilities to accelerate execution.
For first-time founders, Raven provides comprehensive support to help turn scientific innovation into durable companies. Many brilliant scientists have never built a company before. We've done it many times and can guide you through everything from corporate structure to fundraising to clinical development strategy.
Raven's team includes experienced operators who have successfully navigated drug development, regulatory pathways, and commercialization. We know firsthand the challenges of biomedical innovation, and we've built tools and expertise to help others overcome them.
How does Raven work with RA Capital's TechAtlas team?
Raven and TechAtlas work together to identify unmet needs, evaluate opportunities, and optimize company strategies.
Opportunity identification: TechAtlas maps therapeutic landscapes and identifies gaps where innovation could transform treatment. These maps highlight where compelling company-building opportunities exist.
Target and indication selection: For platform companies, TechAtlas analyses help identify which targets and indications offer the best strategic positioning and value creation potential.
Asset evaluation: When considering in-licensing underleveraged pharma assets, TechAtlas provides competitive context and market analysis to assess opportunity size.
Portfolio company support: TechAtlas helps Raven operators and companies focus their efforts in promising territories and inform strategic decisions and positioning.
This collaboration ensures Raven builds companies around scientifically compelling opportunities in areas where we have deep domain expertise.
How does Raven decide which underleveraged pharma assets to in-license and rejuvenate?
Raven looks for molecules with solid scientific rationale and clinical data that have been deprioritized for strategic rather than scientific reasons. Often these are assets that:
TechAtlas helps us identify these opportunities by mapping competitive landscapes and spotting where effective molecules are underutilized. We then evaluate whether we can build a company that's properly sized and focused to maximize the asset's potential.
The best rejuvenation opportunities typically have:
What kind of support does Raven provide to companies it creates?
Raven provides comprehensive company-building support, including:
Essentially Raven provides everything you need to go from concept to operating company. You can think of Raven as a company-building platform that provides both capital and capabilities. We're builders who help other builders succeed.
Can I pitch an idea to Raven even if I don't have a company formed?
Absolutely. Some of Raven's best companies started as conversations with scientists who had compelling ideas but hadn't formed entities yet. If you have strong science, a clear therapeutic rationale, and some preliminary data or proof-of-concept, we want to hear from you.
Email us at request@racap.com with:
We'll determine together whether it makes sense to build a company. Sometimes that means forming a new entity around your idea. Other times it might mean connecting you with an existing Raven portfolio company that could benefit from your insights.
The key is having compelling science and a credible path to meaningful patient impact. We can help with everything else.
I'm a drug hunter – could RA Capital's TechAtlas maps help me?
Yes. RA Capital's TechAtlas is a platform for drug hunting and company formation. See Raven Company Building above, or reach out to request@racap.com to discuss how we might collaborate.
What role does RA Capital play after an investment?
After investing, we typically engage in several ways:
This sustained involvement reflects our commitment to deep, long-horizon support for scientific innovation. We're not just capital providers; we're active partners throughout the journey.
What types of companies are a good fit for RA Capital?
Healthcare companies that fit our focus are those that:
For planetary health specifically, we look for companies that:
We're less excited about companies that are fundamentally business model or commercial execution stories without significant scientific or technological innovation. We're investors who back great science and great teams.
Does RA Capital take board seats?
When we invest in private companies, a member of the RA Capital team often joins the board as an observer or director.
This isn't about control – it's about partnership and support. Board participation lets us stay close to the science, understand the challenges you're facing, and deploy our resources most effectively.
Does RA Capital stay on the board when a private company goes public?
Typically, yes – if we hold a director seat. Observerships typically terminate at the IPO.
For companies where we have significant ownership and conviction, continuing board participation through the public markets transition can be valuable. RA Capital understands the public company environment well and can help management teams navigate the shift.
When does RA Capital step off a board?
We step off a board when we no longer feel that we can add value at the board level (e.g., the company has a clear plan and is well-capitalized and now just needs to execute) and when we feel that the company would be better served by having others occupy that board seat.
RA Capital's goal is always to be helpful, not to accumulate board seats. If someone else can be more valuable to the company at a particular stage, we'll make room for them.
Will my company end up on your maps?
TechAtlas maps include only publicly available information – no confidential data. If a company has disclosed a program on its website, in a publication, at a conference, or in a patent, our team may include it on a map.
We don't share anything you haven't already made public. Think of our maps as structured intelligence gathering, not information leakage.
Why isn't my program on your map, and can I ask you to add it?
Either (A) we missed it and will add it, or (B) we know about the program but haven't yet updated our map to include it.
We only show what's public. If you haven't publicly disclosed a program, we won't add it until you do. But if you mention your program (drug name and indication) on your website or in any public forum, we can give it a place on our maps.
Note: Maps are updated periodically, but our internal data stays much more current. Just because you don't see your program on a map doesn't mean we aren't aware and interested.
Why can't I clearly see all the maps on this website?
Our maps are proprietary to RA Capital/TechAtlas. We only show teasers to stimulate further discussion. We've made a few older maps available in full resolution. During Covid, we published our vaccine, treatment, and diagnostic maps in full resolution in real-time as a public service. Let's hope that's not going to happen again.
How can I see the full maps clearly?
Come to RA Capital's offices to explore them with us. We have large touchscreen displays that make it easy to navigate the maps. We're always looking for productive brainstorms with researchers, clinicians, entrepreneurs, drug hunters, small innovative companies, large biotech and pharma, payers, policy makers, and institutions interested in partnering with us.
We have mobile systems and can print maps if needed for off-site discussions. We're happy to share them with portfolio companies and disease-focused foundations.
Can I have or purchase a map?
We do not sell the maps. We can make them freely available to our portfolio companies (e.g., laminated to draw on) and have in the past provided them to disease-focused foundations and the FDA.
How do you decide on what to map?
We map everything that is of interest to us and our companies. There are plenty of topics that we still want to get to. Sometimes we create new maps when we see a critical mass of new ideas emerge around a common theme (e.g., immuno-oncology). We've even structured maps based on the needs of particular portfolio companies so that they can see many of the indications to which their platform technology could be applied.
As new platforms emerge, we will evolve our maps.
From what perspective do you map technologies?
Our disease maps are typically mapped from the standpoint of a physician who wants to best treat a patient. Our analyses factor in efficacy, safety, tolerability, convenience, and cost considerations.
Mechanism of action (MOA – in and of itself not important to a patient) is relevant to the extent that it helps predict how new drug candidates are likely to perform. For example, drugs with sufficiently different MOAs are more likely to have non-overlapping toxicities and additive or synergistic efficacy, making them potentially combinable, which is what's important to a physician.
Our "capability" maps (e.g., immuno-oncology, gene therapy, or epigenetics) take the perspective of a drug developer trying to make a useful product with a particular function. The same technology – for example a CAR-T program targeting multiple myeloma (MM) – may appear both on the MM map in the context of other MM drugs as well as on the immuno-oncology map in juxtaposition to other CAR-T programs, including those targeting other cancers, as well as PD-1 antibodies and cancer vaccines.
Nearly all the maps have what we call a Solutions Matrix that shows how well-equipped each competitor is in a given field and which technologies could help fill each player's gaps. We also create strategy maps that look at the world from the perspective of a particular large pharma so that we can help smaller companies understand what might be important to potential partners/acquirers.
Can TechAtlas maps directly benefit patients?
Our maps highlight compelling trials and drug candidates we consider most likely to improve the standard of care, which we expect may be of interest to patients. The ideal way for us to help patients would be through patient advocacy groups; we do not have a formal mechanism for interacting with patients.
When we have spoken with individuals seeking medical information, we have volunteered a list of recently approved products and advanced clinical trials that we considered credible for them to discuss with their physician.
Can TechAtlas maps help me decide my next career move?
Yes. Your career is precious capital, and it makes sense to diligence your options as you might an investment opportunity. Our maps can help you understand which therapeutic areas are most active, which technologies are emerging, and where the most compelling opportunities exist.
Time permitting, we're happy to provide a tour to someone evaluating career decisions. How an individual makes important career choices teaches us something about how we should think about investing our own time and capital – so these conversations are valuable for us, too.
Why does RA Capital teach courses?
RA Capital is over twenty years old, and we've seen students turn into leaders. We plan on being around for a long time, so we're excited to continue investing in educating the next generation of our industry's leaders.
It's not enough for RA Capital to learn important lessons from our successes and mistakes; we want to share that hard-earned knowledge with others so all of us in this field can improve together. Because we aren't only investors or entrepreneurs: we're all patients (or will be) and care for people who are patients. Helping everyone be as effective as they can be makes good sense.
What kind of courses does RA Capital offer?
Biotech Unveiled: Our flagship course for students, early-career professionals, and curious outsiders. Policy-focused elements of this course are also very useful for seasoned professionals. We created this course so that from early on, biotech professionals and students will be empowered and set up for greater success by understanding the broader context in which they operate. This free course is chock full of everything you've always wanted to know about biotech, but didn't know who to ask.
Gateway "Level Up" materials: For experienced members of the biotech community who serve on a board of directors or who are thinking about becoming board members, we recommend exploring Gateway's Level Up materials, where industry experts discuss board best practices and the kinds of decisions leadership is faced with.
How can I talk to your team about funding my company?
If you don't know anyone at RA Capital, email the appropriate contact on our Contact page or send to request@racap.com. The specific information you should include depends on which type of investment you're seeking:
For healthcare venture/multi-stage investment consideration, please include:
For planetary health investment consideration, please include:
For structured capital consideration, please include:
We'll make sure your pitch gets to the right person. Please know that you will never go wrong sending a thorough note with a deck to request@racap.com. Every query that comes through that route receives the same evaluation and assignment process as if you were to send a note to someone you know on the team.
Does it help if someone you know makes an introduction on behalf of a company?
It doesn't hurt, but it's not necessary to have an introduction. We consider every idea on its own merits and will evaluate any pitch regardless of how it reaches us.
An introduction from someone we know might get you a faster initial response, but it won't influence our ultimate investment decision: that's based entirely on the science, the data, and the opportunity.
We respond to everyone who contacts us via request@racap.com.
Whom do I have to meet at RA Capital to secure an investment?
Any member of our Investment Team can champion an investment.
Here's how it typically works:
Initial meeting: You'll usually meet with TechAtlas domain experts, often joined by an Investment Team member. This first conversation is about understanding your science, data, and opportunity.
Diligence: If we're interested, we'll dig deeper. This often involves multiple conversations with both Investment and TechAtlas team members. TechAtlas puts your technology into a broader competitive context that our Investment Team will want to see before making a decision.
Decision: Investment decisions are made by our Investment Team, not by junior team members alone. But Associates often champion deals and their recommendations carry significant weight.
Everyone on our team – including our newest Associates – is working toward getting to a credible, high-conviction "yes." If not right away, then under defined, possible future circumstances (like upon generating certain data).
Important note: Should you first meet with someone who appears young or less experienced than you expect, don't underestimate them. Many of our Associates have been deeply immersed in your therapeutic area and may know more than it seems. They report to senior partners and make the case for further diligence. Many of our investments originated with an Associate taking the first meeting and then internally championing the company. And we are proud that many of RA Capital's most senior investment team members started as associates.
And to be clear: if we don't invest, that's never based solely on an Associate's judgment. The Investment Team makes each and every final call.
Might our process overlook a gem? Yes. We miss some. No investment analysis is perfect. We study our misses to learn and improve. You can help us not miss your value proposition by ensuring it is expressed as clearly as possible.
How can I become a TechAtlas Associate?
Please check out our Careers page for information on open positions and how to apply. We welcome all qualified applicants.
After a phone interview, some applicants are asked to map an area we know well; a few are then invited in for final interviews and to present their map to members of our team, after which we make a hiring decision.
Does RA Capital have limits on ownership?
We don't have arbitrary ownership caps. Our ownership stakes reflect our conviction level, alignment with founders, and what makes sense for long-term partnership – not rigid thresholds. Historically, we've owned anywhere from small minority stakes to 50%+ of public companies.
For early-stage companies we help create through Raven, we might own nearly 100% initially, then bring in other investors over time.
What drives ownership isn't a target percentage, it's how much capital the company needs, how concentrated or diversified the investor base should be, and what ownership level allows us to be meaningfully helpful without being overbearing.
Does RA Capital co-invest with preferred funds?
RA Capital co-invests with investors who demonstrate deep diligence, constructive collaboration, and long-term orientation. We focus on partners whose interests align with scientific rigor and value creation, and who can contribute meaningfully to company growth beyond just capital.
We've worked with many excellent firms across venture, crossover, and public investments. What makes a good co-investor isn't their brand name, it's their willingness to engage thoughtfully on the science, support companies through difficult moments, and act like long-term partners rather than financial tourists.
We tend to prefer working with funds that cut larger checks (e.g., >$10M) as their interests are better aligned with ours and that of the company since large positions are harder to flip shortly after an IPO. We've found that investors with larger stakes tend to think more holistically and ambitiously about value creation, which appeals to us.
All information presented here is accurate as of 12/31/2025.
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