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Pathway Bioventures
Daniel Jacobs launched Pathway Bioventures in Chicago in 2018 after post-doctoral training at Baylor College of Medicine and a PhD and MPH from Yale...
Pathway Bioventures
Daniel Jacobs launched Pathway Bioventures in Chicago in 2018 after post-doctoral training at Baylor College of Medicine and a PhD and MPH from Yale University. The firm was built to bridge the gap between academic life-science innovation and institutional Series A capital, targeting a structural window where complex biology still scares off generalist VCs. Its investment team blends scientific PhDs—Matt Martin (Physics, Carnegie Mellon; MBA, Chicago Booth), Jacob Segil (neural engineering, CU Boulder) and advisor Marta New (immunology PhD, ex-Agent Capital)—with hands-on company-building experience. The firm writes seed-stage checks into therapeutics companies pursuing genetic medicine—gene therapy, cell therapy, oligonucleotide therapeutics, RNA and DNA editing, and targeted small molecules and antibody-drug conjugates. It co-invests within high-quality syndicates, aiming to be a "valuable extension of the early team" specifically through the seed-to-Series-A transition, leveraging capital-efficient derisking strategies. Confirmed portfolio holdings include Modifi Biosciences, Biograph55, miRecule, and Saros Therapeutics, where Partner Matt Martin serves as founding CEO. The firm is concentrated in US-based biotechnology with investment activities run from its single Chicago office. Pathway operates with a lean disclosed team of five professionals who double as operators: Martin runs a therapeutics company; Segil is CEO of neural-engineering startup Afference; New leads CRO Radyus Research. The fund does not disclose AUM or total capital deployed. In October 2024, Merck completed the acquisition of portfolio company Modifi Biosciences for an upfront $30 million with milestones taking the total value to $1.3 billion, validating Pathway's seed-stage oncology thesis. Unlike asset-gathering venture platforms, Pathway's model relies on deeply technical, PhD-level diligence paired with direct operator roles inside its portfolio companies—several team members simultaneously hold C-suite posts in the same startups they fund. This collapses the distinction between GP and interim executive, a posture that can compress the seed-to-Series-A timeline but limits the fund to a handful of highly concentrated bets.
General information
Firm type
Venture Capital
Year founded
2018
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Chicago
Corporate office
150 N. Riverside Plaza, Suite 2200, Chicago, IL 60606, United States
Principals
Daniel Jacobs
Founder & Managing Partner
Matt Martin
Partner
Jacob Segil
Venture Partner
Marta New
Strategic Advisor
David Hardwicke
Investment Consultant
Sector focus
Frequently asked questions
Who runs investment decisions at Pathway Bioventures?
Founder and Managing Partner Daniel Jacobs leads all investment activities, including opportunity identification, diligence, and portfolio company support. He is supported by Partner Matt Martin, who brings 15 years of university, startup, and early-stage investment group management experience, and Venture Partner Jacob Segil. Strategic Advisor Marta New contributes immunology and biotech VC perspective from her time at Agent Capital and Baxter Ventures.
How does Pathway Bioventures source proprietary deal flow?
The firm draws heavily on its principals' deep academic ties—Jacobs trained at Yale and Baylor, Martin at Carnegie Mellon and Los Alamos, Segil is a Research Professor at CU Boulder—to access university spinouts and research-stage therapeutics before they reach institutional Series A investors. Its team members' concurrent operating roles inside startups provide an additional embedded sourcing channel.
Does Pathway participate in fund commitments or only direct deals?
Pathway makes direct seed-stage equity investments in therapeutics companies, co-investing within syndicates alongside other early-stage life-science investors. There is no indication the firm commits to external funds as a limited partner.
What investment stages does Pathway Bioventures target?
The firm focuses on seed-stage companies and is explicit about supporting the transition from seed to Series A, helping portfolio companies build capital-efficient derisking strategies to attract later-stage biotech VCs and pharma corporate venture arms.
Which sectors does Pathway Bioventures avoid?
Pathway's portfolio focuses exclusively on genetic medicine and molecularly-targeted precision therapeutics. It does not market activity in medical devices, diagnostics, health IT, or healthcare services, though Venture Partner Jacob Segil's personal work in neural interfaces sits outside the fund's stated genetic-medicine focus.
How is Pathway Bioventures structured relative to its team's operating companies?
Several investment professionals simultaneously hold C-suite roles in portfolio or related companies: Matt Martin is CEO of Saros Therapeutics, a Pathway portfolio company; Jacob Segil is CEO of Afference; Marta New is CEO of CRO Radyus Research. This blurs the line between GP and operating executive, creating a model where diligence and company-building are performed by the same small group.
Where does Pathway Bioventures' underlying investment capital come from?
The firm does not publicly disclose its limited partners. Its AUM is undisclosed. Its principals' wealth origins are not attributed to a specific family or publicly known exit, consistent with a traditional GP raising discretionary institutional or high-net-worth commitments for its first institutional fund vintage.
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