Palo Santo, a newly formed venture capital fund with an eye on psychedelic drugs, announced its official launch on Thursday.
The fund raised an initial capital of $ 35 million and currently has an active portfolio of 20 companies, including investments in Atai Life Sciences (NASDAQ: ATAI), Reset Pharma, Field Trip Health (TSX: FTRP) (OTCQX: FTRPF ), Tactogen, Eleusis, Bexson Biomedical, Ksana Health, NeuroCare, Bright Minds (CSE: DRUG), Diamond Therapeutics and Gilgamesh, among others.
The fund was founded by Daniel Goldberg, Tim Schlidt and Tony Eisenberg.
“This is a validating time for our model, and we will continue to support our thesis by supporting talented founders who create innovative approaches to mental health and addiction treatment,” Goldberg said.
Schlidt said psychedelics represent a paradigm shift in treating a range of illnesses, but a sense of scientific rigor and thoroughness is still required to invest in this ecosystem.
“Palo Santo takes a meticulous and selective approach to investing and relies heavily on its network of scientific advisers and academics to assess opportunities,” Schlidt explained.
The psychedelic fund will be an active participant and will work with the management of the companies in which it invests, Schlidt said in an interview with Reuters.
The fund’s advisers are Charles Nichols, Julie Holland, David Sherman and John Greden.
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