MRL Ventures Fund
Cambridge, Massachusetts, United StatesFounded 2014
MRL Ventures Fund (MRLV) is the therapeutics-focused corporate venture fund of MSD (Merck & Co.), investing globally in early-stage, preclinical therapeutics companies focused on delivering innovative therapies to improve patient care.
45% of their portfolio is in Biotech & Life Sciences. Their most common stage is series-a (55% of deals). Average disclosed round size is $76.7M (across 41 rounds with reported amounts).
Portfolio
31
Fund Size
$500M
Top Stage
Series A
Last 12 Mo
0
Team
PD
Peter Dudek
President and managing partner
CB
Christine Brennan
Partner
JR
Jason Ruth
Partner
RH
Reza Halse
Partner
JF
Justin Feng
Senior Associate (Associate Director)
OD
Olga Danilchanka
Biotech Investor
TF
Tao Fang
Biotech Investing
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
49 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Therini Bio | Series A | $39M | May 2025 |
| PPAQ Therapeutics | Series B | $39M | May 2025 |
| IImago | Series B | $1.4M | Jan 2025 |
 ATB Therapeutics | Series A | — | Nov 2024 |
 Axonis | Series A | $115M | Oct 2024 |
 Aktis Oncology | Series B | $175M | Sep 2024 |
| AAxonis Therapeutics | Series A | $115M | Jan 2024 |
| Axonis | Series A | $115M | Jan 2024 |
| VVectorY Therapeutics | Series A | $138M | Nov 2023 |
 Ray Therapeutics | Series A | $100M | May 2023 |
 Anavo Therapeutics | Seed | — | May 2023 |
| AAnavo | Seed | — | May 2023 |
| VVectorY Therapeutics | Series A | $129M | Jan 2023 |
 Photys | Series A | $75M | Sep 2022 |
| Aktis Oncology | Series A | $84M | Aug 2022 |
 Photys Therapeutics | Series A | $75M | Jan 2022 |
| LLifeMine | Series C | $175M | Jan 2022 |
 HotSpot Therapeutics | Series C | $100M | Nov 2021 |
 Mozart Therapeutics | Series A | $55M | Oct 2021 |
| CCarisma Therapeutics, Inc. | Series B | — | Mar 2021 |
 LifeMine Therapeutics | Series B | $50M | Jan 2021 |
 Entrada | Series B | $116M | Jan 2021 |
| PPAQ Therapeutics | Series A | $30M | Jan 2021 |
| Mozart Therapeutics | Series A | — | Jan 2021 |
 Tallac Therapeutics | Series A | $62M | Dec 2020 |
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Top Co-Investors
Agent Capital9 shared
AbbVie9 shared
AJU IB Investment7 shared
Alexandria Venture Investments7 shared
Sofinnova Partners7 shared
MPM Capital7 shared
ARCH Venture Partners6 shared
RA Capital Management6 shared
Wellington Management6 shared
Solasta Ventures6 shared
Merck6 shared
Omega Funds6 shared
INKEF Capital6 shared
Eli Lilly and Company5 shared
TPG Biotech5 shared
HealthCap5 shared
SV Health Investors5 shared
Roche Venture Fund5 shared
Sanofi Ventures4 shared
GV4 shared
Last updated: 7 October 2026