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Leaps by Bayer
Leaps by Bayer is the corporate venture arm of Bayer AG, deploying over €2 billion into early-stage biotech and ag-tech since 2015 under Jürgen Eckhardt.
Leaps by Bayer
Bayer AG established Leaps by Bayer in 2015 as a dedicated corporate venture capital unit with a mandate to invest in transformative technologies in healthcare and agriculture. Headed by Jürgen Eckhardt, a medical doctor by training, the unit operates from Leverkusen, Germany, and Cambridge, Massachusetts, making it proximate to both Bayer's pharmaceutical headquarters and the Boston biotechnology cluster. The structure was designed to place long-term, high-risk wagers outside the traditional R&D budgeting cycle of the parent company. The fund targets early-stage companies developing platform technologies and breakthrough therapeutics that can fundamentally alter treatment paradigms or food production systems. Its portfolio spans cell and gene therapy, regenerative medicine, synthetic biology, and digital farming. Confirmed investments include CRISPR Therapeutics, a gene-editing company co-founded by Emmanuelle Charpentier; Joyn Bio, an agricultural synthetic biology joint venture with Ginkgo Bioworks; and BlueRock Therapeutics, a cell therapy company later fully acquired by Bayer in 2019. Leaps by Bayer typically leads or co-leads Series A and B rounds, often alongside top-tier venture capital firms such as Versant Ventures and Orbimed, covering both North America and Europe. The unit has committed over €2 billion since inception, deploying across more than 50 portfolio companies. Teams in Leverkusen and Cambridge work alongside Bayer's internal scientific experts to conduct technical due diligence, a differentiator from pure financial VCs. In 2022, Leaps by Bayer led a $60 million Series B into Aignostics, a Berlin-based AI pathology startup, signaling continued commitment to data-driven platforms. The unit also participates in follow-on rounds and provides portfolio companies with non-dilutive access to Bayer's labs, regulatory expertise, and global distribution networks. Leaps by Bayer operates with a structurally distinct investment committee that reports directly to Bayer's board, not through the divisional R&D heads. This governance firewall allows the unit to hold positions for upwards of a decade — longer than most independent venture capital funds. The parent company retains an option to acquire portfolio companies, as demonstrated by the BlueRock and Asklepios BioPharmaceutical transactions, but the investment team is not required to sell to Bayer, preserving alignment with external co-investors and management teams.
General information
Firm type
Corporate Venture Capital
Year founded
2015
AUM
Undisclosed
Location
Region
Europe
Country
Germany
City
Leverkusen
Corporate office
Leverkusen, Germany
Additional offices
Cambridge, MA, United States
Principals
Jürgen Eckhardt
Head of Leaps by Bayer
Sector focus
Frequently asked questions
Who runs investment decisions at Leaps by Bayer?
Jürgen Eckhardt, a medical doctor and senior vice president at Bayer, has led Leaps by Bayer since its founding in 2015. Investment decisions are made by a dedicated investment committee that reports directly to Bayer's board of management, not through the company's divisional R&D heads. The unit maintains offices in Leverkusen, Germany, and Cambridge, Massachusetts.
How is Leaps by Bayer structurally separated from Bayer's corporate R&D?
Leaps by Bayer operates with its own investment committee and budget, insulated from Bayer's quarterly earnings cycle and divisional R&D priorities. Portfolio companies are not obligated to sell to Bayer, and the unit can hold positions for a decade or longer. Bayer does retain an option to acquire portfolio companies, as it did with BlueRock Therapeutics and Asklepios BioPharmaceutical, but those decisions are negotiated at arm's length.
What investment stages does Leaps by Bayer typically target?
The unit focuses on early-stage investments, primarily Series A and B rounds, in companies developing platform technologies and breakthrough therapeutics. It typically co-invests alongside established venture capital firms such as Versant Ventures and Orbimed. Leaps by Bayer also participates in follow-on rounds and occasionally leads later-stage syndicates for companies within its existing portfolio.
Does Leaps by Bayer invest only in companies it can eventually acquire?
No. While Bayer has acquired certain portfolio companies — notably BlueRock Therapeutics in 2019 and Asklepios BioPharmaceutical in 2020 — Leaps by Bayer is not a corporate development vehicle. Portfolio companies remain independent and are free to pursue IPOs, acquisitions by third parties, or continued private operation. This structure is designed to maintain alignment with external co-investors and management teams.
Which sectors does Leaps by Bayer focus on?
Leaps by Bayer targets paradigm-shifting technologies in two broad domains: healthcare and agriculture. In healthcare, the unit invests in cell and gene therapy, regenerative medicine, synthetic biology, and AI-driven drug discovery. In agriculture, it focuses on regenerative farming, microbial crop protection, and digital agronomy platforms. The unit does not invest in incremental improvements to existing chemical or pharmaceutical product lines.
What non-financial resources does Leaps by Bayer provide to portfolio companies?
Portfolio companies gain access to Bayer's scientific infrastructure, including laboratory facilities, regulatory affairs expertise, and clinical development capabilities. The unit also facilitates connections to Bayer's global distribution networks in both pharmaceuticals and agriculture. These resources are provided on a non-dilutive basis, meaning portfolio companies do not give up additional equity for access.
How large is the Leaps by Bayer portfolio?
Since its founding in 2015, Leaps by Bayer has committed over €2 billion to more than 50 portfolio companies. Representative investments include CRISPR Therapeutics, Joyn Bio (a joint venture with Ginkgo Bioworks), BlueRock Therapeutics, and Aignostics. The unit has not publicly disclosed its total assets under management, focusing instead on cumulative deployment as its primary scale metric.
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