Atlas Venture's tenth fund has gained investment from university endowments and surpassed its initial cap of $250m to reach $280m.

Atlas Venture, the US-based biotechnology investment firm, has raised $280m in its tenth fund from a consortium including a number of university endowments.

The fund was oversubscribed with the original cap being $250m.

Atlas Venture is now a biotechnology company, having split from its technology team that is now operating as its own entity.

Bruce Booth, partner at Atlas Venture, said: “As fundraisings go, having done this multiple times, this was one of the smoothest and most well received fundraises that I’ve been a part of.”

Of the $280m for this fund, approximately 75% of it came from Atlas Venture’s existing partners. The remaining investments came from university endowments and foundations.

Booth said that the fund will invest in novel therapeutics, of which around 80% are likely to be seed stage companies incubated within its offices.