Cape Fear BioCapital, a Research Triangle Park venture firm built specifically to invest in North Carolina biotech, announced the final close of Fund I on September 3, 2026, a milestone the firm says solves a gap the state’s therapeutics founders have complained about for years: plenty of science, not enough early capital or operators who’ve actually built a company before. General Partner Ed Field put it plainly: “When we launched, we said North Carolina had everything it needed to build world-class biotech companies except access to early capital and the operators who’ve done it before. The opportunity is clearer than ever, and expanding the fund lets us bring on exactly the founders and leaders needed to back the North Carolina entrepreneurs seeking to build their startups.”
Writing First Checks, Not Just Later Rounds.
Cape Fear is led by General Partners Field, Jimmy Melton, and Dave Ousterout, who have collectively founded and led numerous North Carolina ventures. The firm describes its mandate narrowly: write first checks and work hands-on with early-stage therapeutics and related human-health technologies in North Carolina, or opportunistically join strong syndicates for later-stage state companies already underway. The fund’s anchor backers reflect that same regional focus paired with outside firepower, led by Moore Strategic Ventures, the investment vehicle of Louis M. Bacon — a North Carolina native and founder and CEO of Moore Capital Management — alongside Parexel and a curated group of North Carolina biotech operators, founders, and executives. Cape Fear and Parexel have already built out that infrastructure together: in June 2026, the two launched the Parexel Biotech Incubator, connecting the state’s earliest-stage therapeutics companies with the clinical and regulatory development expertise needed to advance their programs.
Seven Deals In, With Room for More
Since launching in late 2024, Cape Fear has made seven investments in North Carolina biotech companies, selected from a pool of more than 200 early-stage opportunities, and says it has capacity for three to five more out of Fund I. One of those bets, EnFuego Therapeutics, shows what the firm means by operator-led support: CEO Mike Dombeck said, “Cape Fear relentlessly focused on bringing both capital and experience to this venture. They wrote the first institutional check and brought me in to drive the company’s drug candidates towards clinical development. We share founder Dr. Chad Pecot’s deep conviction to translate his research into transformative medicines for cancer patients.” Brendan Griffin, who led Propella Therapeutics through its $175 million acquisition by Astellas Pharma in 2023, is now on the other side of that dynamic as a Cape Fear investor: “As an operator who successfully built and exited a biotech company in North Carolina, I’ve seen the need for strong early support. I invested with Cape Fear to contribute both capital and my operating experience to our most promising startups so they can grow here, while also backing a compelling approach to driving value creation.”
Cape Fear says the momentum from Fund I sets the stage for a second fund, with an ambition of investing in and launching more than 40 seed-stage companies in North Carolina over the firm’s first decade.
About Cape Fear BioCapital
Cape Fear BioCapital is an early-stage venture fund dedicated exclusively to the formation and growth of ventures in North Carolina. It writes first checks and builds hands-on at the earliest stage, or opportunistically joins strong syndicates for later-stage North Carolina companies already in flight. The fund is focused on early-stage therapeutics and related technologies for human health.
