# Pappas Capital

> Pappas Capital is a VC fund in Durham backing Biotechnology and Health Care. See 33 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: Durham, United States
- Total investments: 33
- Last investment: May 2025
- Lead investor: 9%
- Fund size: $86M
- Last fund: Jan 2019
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/pappas-capital/
- X (Twitter): https://twitter.com/pappas_capital
- Website: http://www.pappas-capital.com/

Pappas Capital is a VC fund in Durham focused on Biotechnology and Health Care. Pappas Capital invests exclusively in the life science sector – biotechnology, biopharmaceuticals, drug delivery, medical devices and related ventures – across the United States and Canada. They operate three lines of business: Pappas Ventures, their flagship venture arm; Specialized Fund Management, where we create and manage custom-tailoredinvestment vehicles; and Translational Medicine, where we partner with research universities to accelerate the development of their scientific discoveries and inventions.

## Contacts

5 contacts available for Pappas Capital. Shizune tracks 9 team members at Pappas Capital. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/pappas-capital?utm_source=investor_profile

## Round sizes

| Stage | Round size |
| --- | --- |
| Series A | $10M–$100M |
| Series B | $21M–$137M |
| Series C | $53M–$75M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Biotechnology | 21 | 64% |
| Health Care | 11 | 33% |
| Medical | 10 | 30% |
| Pharmaceutical | 9 | 27% |
| Therapeutics | 8 | 24% |

30 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Series A | 14 | 42% |
| Series B | 7 | 21% |
| Series C | 3 | 9% |
| Funding Round | 3 | 9% |
| Series D | 2 | 6% |

7 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| United States | 21 | 64% |
| China | 2 | 6% |
| Singapore | 2 | 6% |
| India | 1 | 3% |
| Canada | 1 | 3% |

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Alex Arfaei | Partner | 0 | https://shizune.co/investors/profile/alex-arfaei |
| Kyle Rasbach | Managing Partner | 0 | https://shizune.co/investors/profile/kyle-rasbach |
| Thomas Mathers | Partner | 0 | https://shizune.co/investors/profile/thomas-mathers |
| Artthur M. Pappas | CEO | 12 | https://shizune.co/investors/profile/artthur-m-pappas |
| Ford Worthy | Partner & Senior Advisor | 2 | https://shizune.co/investors/profile/ford-worthy |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| VFlow Tech | VFlow Tech uses its unique IP to build safe, long-lasting, high performing low-cost flow batteries for large scale energy storage application. Our modular design allows our batteries to be highly scalable which fits in perfectly from households, micro-grids to grid level storage applications. We use a unique approach of industry focused research todeliver a long lasting and reliable storage solution based on user feedback and industry trends. In addition, our in-house expertise in renewable energy technologies means that we provide you with a complete “energy + storage” solution. | $20.5M | Series B | May 14, 2025 |  |
| Solu Therapeutics | Solu Therapeutics is a precision-medicine-focused company developing therapeutics to eliminate disease-driving cells. | $41M | Series A | Apr 09, 2025 |  |
| Enlaza Therapeutics | Enlaza Therapeutics is a biotechnology research company. It was founded in 2020 and is headquartered in La Jolla, California. | $100M | Series A | Apr 30, 2024 |  |
| RoboCT | RoboCT is an enterprise integrating robot technology, software design and development company. |  | Venture - Series Unknown | Oct 07, 2023 |  |
| Veralox Therapeutics | Veralox Therapeutics develops small molecule therapeutics that treat the underlying pathologies of thrombosis and type one diabetes. Based on an understanding of the molecular mechanisms of these diseases, these efforts will lead to new treatment paradigms and better outcomes for patients. | $24M |  | Jun 20, 2023 |  |
| Horizon Quantum | Horizon Quantum Computing is pioneering classical to quantum programming: the automatic construction of quantum algorithms from conventional languages such as Matlab, Python or C. Spanning the entire chain from algorithm generation to hardware-specific implementation, its programming tools will allow users to develop quantum-acceleratedapplications whatever their expertise.Horizon Quantum Computing was founded in 2018 by Dr Joe Fitzsimons, a former professor and principal investigator at the Centre for Quantum Technologies in Singapore. The leadership team also includes Dr Si-Hui Tan, an active researcher in the field of quantum information science with over 15 years experience. | $18.1M | Series A | Mar 31, 2023 |  |
| VFlow Tech | VFlow Tech uses its unique IP to build safe, long-lasting, high performing low-cost flow batteries for large scale energy storage application. Our modular design allows our batteries to be highly scalable which fits in perfectly from households, micro-grids to grid level storage applications. We use a unique approach of industry focused research todeliver a long lasting and reliable storage solution based on user feedback and industry trends. In addition, our in-house expertise in renewable energy technologies means that we provide you with a complete “energy + storage” solution. | $10M | Series A | Feb 07, 2023 |  |
| Aktis Oncology | Aktis Oncology is a biotechnology company pioneering the discovery and development of a new class of targeted radiopharmaceuticals to treat a broad range of solid tumor cancers. Founded and incubated by MPM Capital, the company has developed proprietary platforms to generate tumor-targeting agents with ideal properties for alpha radiotherapy.Designed for high tumor penetration and long residence time, Aktis Oncology's molecules will quickly clear other areas of the body, thereby maximizing tumor elimination while minimizing the side effects of treatment. This approach would also enable clinicians to visualize and verify target engagement prior to exposure to therapeutic radioisotopes. | $84M | Series A | Aug 25, 2022 |  |
| NuProbe | An early stage molecular diagnostics company. | $50M | Series B | Jun 02, 2022 |  |
| Yueer Gene | Yueer is a genetic screening and diagnosis service provider, focusing on applying new genetic technology & international big data algorithms | $50M | Series B | Jun 02, 2022 |  |

10 of 33 investments shown.

## Co-investors
- [Lundbeckfonden Ventures](https://shizune.co/investors/profile/lundbeckfond-ventures) — VC Fund, 5 deals together
- [RiverVest](https://shizune.co/investors/profile/rivervest) — VC Fund, 5 deals together
- [New Enterprise Associates](https://shizune.co/investors/profile/new-enterprise-associates) — VC Fund, 4 deals together
- [Pfizer Venture Investments](https://shizune.co/investors/profile/pfizer-venture-investments) — VC Fund, 4 deals together
- [UntroD Capital](https://shizune.co/investors/profile/real-tech-holdings) — VC Fund, 4 deals together
- [Arix Bioscience](https://shizune.co/investors/profile/arix-bioscience) — VC Fund, 3 deals together

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## FAQ

### What does Pappas Capital invest in?

Pappas Capital invests primarily in Biotechnology, Health Care and Medical startups, most often at Series A and Series B stage. Most of the 33 investments tracked by Shizune back companies in United States. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Pappas Capital's check size?

Pappas Capital typically joins rounds of $10M–$100M at Series A, $21M–$137M at Series B and $53M–$75M at Series C. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Pappas Capital participates in.

### How do I contact Pappas Capital?

Public channels for Pappas Capital include LinkedIn, X (Twitter) and the website linked on this profile. For a verified work email and phone number, create a free Shizune account — contact data is searched across 20+ sources and validated before delivery, so your outreach lands in the right inbox.

### Who are the partners at Pappas Capital?

The team at Pappas Capital includes Alex Arfaei (Partner), Kyle Rasbach (Managing Partner) and Thomas Mathers (Partner), among 9 team members tracked by Shizune. The Team section lists each member with their title, investment count and links.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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