BOSTON, Mass.- The T1D Fund: A Breakthrough T1D Venture, LLC, an impact investment fund focused on accelerating life-changing solutions to treat, prevent, and ultimately cure type 1 diabetes (T1D), announced the launch of a $150+ million fundraising campaign to expand its capital base and accelerate promising T1D programs. Across its 25+ portfolio companies, ranging from seed to public stage, the Fund invests in companies driving innovation across a spectrum of differentiated T1D approaches.
The Fund’s capital-raising efforts have been bolstered by several initial contributions, including a $12 million lead donation from the Bukhman Foundation and $25 million from Breakthrough T1D. Established by Anastasia and Igor Bukhman in 2023, the Bukhman Foundation aims to improve lives and create a better world through support of medical research and arts and culture. The contribution reaffirms the Bukhman family’s deep conviction and commitment to finding lasting, life-changing solutions for T1D patients, and underscores their support for the Fund’s higher-conviction investment strategy and vision for propelling scientific advancements.
“The scale and pace of T1D innovation have never been more promising, and our investment strategy is designed to meet this moment with the necessary capital and expertise in the pursuit of curative therapies,” said Elizabeth Mily, CEO of the T1D Fund. “The extraordinary early support from the Bukhman Foundation, which is intimately engaged with the T1D ecosystem, is a profound validation of our model and our power to drive meaningful progress—one that we proudly share with our partners at Breakthrough T1D and The Leona M. and Harry B. Helmsley Charitable Trust.”
The new capital raise is aimed at substantially expanding the T1D Fund’s investment scope, allowing for larger-scale investments in promising companies to treat, prevent, and ultimately cure T1D. This expansion will also enable the Fund to explore T1D applications for a wider array of emerging therapies, including novel modalities and new target mechanisms. With a broad mandate of driving towards a cure, the Fund is leveraging its unique expertise to identify and advance promising therapeutics in T1D.
“The T1D Fund has proven to be a vital catalyst, helping to turn groundbreaking research into real solutions for patients,” said Anastasia Bukhman, Co-Founder of the Bukhman Foundation. “Our donation reflects a strong commitment to the community and confidence in the Fund’s investment strategy to advance high-potential innovation for those living with T1D.”
Following significant leadership additions earlier this year, including the appointment of Mily as the Fund’s first CEO, the T1D Fund has refined its strategy to maximize its impact. Importantly, the Fund serves as a source of critical capital for its companies while also serving as a strategic thought partner by leveraging its deep disease expertise and extensive network across the T1D and life sciences spectrum.
With over $200 million assets under management (AUM), the Fund expects to double its AUM in the near-term to advance leading-edge T1D programs toward key clinical inflection points. Its unique model enables investment of philanthropic capital into for-profit ventures, creating a continuous cycle of progress. Proceeds from successful exits are redeployed into new investments with an aim to accelerate future T1D program development, thereby maximizing donor contributions and ensuring a profound, lasting impact.
“We must capitalize on our momentum. The T1D Fund’s larger scale empowers us to increase our investments and more powerfully champion T1D innovation,” said Jay Eastman, Chair of the T1D Fund’s Board. “Now is the crucial moment to elevate our support for promising companies, demonstrating our conviction as we align with partners and investors who trust our expertise. Born out of a vision to help bridge the gaps in T1D drug development, the Fund has far surpassed the founders’ initial expectations, becoming a transformative force driving breakthroughs in T1D.”
###
About the T1D Fund
Launched in 2016, the T1D Fund is the first scaled venture fund established to catalyze the development of T1D cure-oriented therapies through equity investments. The Fund co-invests with venture capital and biopharma in support of early-stage companies pursuing disease modifying therapies and potential cures for T1D. A core element of our mission is to rapidly advance promising therapies through development and ultimately regulatory approval. The Fund works in close partnership with Breakthrough T1D (formerly JDRF) and The Leona M. and Harry B. Helmsley Charitable Trust — two of the leading global organizations committed to supporting the T1D community and to advancing T1D research and innovation. Led by a deeply experienced team of healthcare and investing professionals, the Fund leverages its vast research, clinical, regulatory and medical affairs network on behalf of its portfolio companies. Capitalized through philanthropic dollars, the Fund makes investments in biotech companies and recycles returns into new investments, thereby extending the impact of its donors’ contributions. Learn more at t1dfund.org. Follow the T1D Fund on LinkedIn.
About Breakthrough T1D, Formerly JDRF
As the leading global type 1 diabetes (T1D) research and advocacy organization, Breakthrough T1D (formerly JDRF) helps make everyday life with type 1 diabetes better while driving toward cures. We do this by investing in the most promising research, advocating for progress by working with government to address issues that impact the T1D community, and helping educate and empower individuals facing this condition.
About the Helmsley Charitable Trust
The Leona M. and Harry B. Helmsley Charitable Trust aspires to improve lives by supporting exceptional efforts in the U.S. and around the world in health and select place-based initiatives. Since beginning active grantmaking in 2008, Helmsley has granted more than $4.6 billion for a wide range of charitable purposes. The Helmsley Type 1 Diabetes (T1D) Program is the largest private foundation funder in the world with a focus on T1D, with more than $1 billion to date granted to transform the trajectory of the disease and to accelerate access to 21st century care, everywhere. For more information on Helmsley and its programs, visit helmsleytrust.org.
About the Bukhman Foundation
The Bukhman Foundation was established in 2023 by Anastasia and Igor Bukhman to help improve lives and generate positive impact to people and their communities. The foundation focuses on T1D medical research, supporting open science, long-term collaboration and visionary thinking; and arts and culture, celebrating and expanding access, and helping the next generation of artists and cultural professionals to be represented, be innovative and excel.
In 2025, the foundation announced an historic £100 million pledge over the next 10 years to advance research and advocacy in T1D. By backing innovative projects and fostering collaboration among top researchers, the Bukhman Foundation’s aim is to spearhead efforts to address the unmet needs of millions of people living with T1D worldwide. For more information on the Bukhman Foundation and its programs, visit bukhmanfoundation.org.
Media Contact
Lia Dangelico
lia.dangelico@deerfieldgroup.com
540-303-0180
Discovery and development of the first systemic therapeutics to deliver self-antigens directly to the thymus to harness the body’s natural mechanism to induce central tolerance
Lead program in Type 1 diabetes is advancing toward the clinic, with pipeline opportunities in a broad range of autoimmune diseases
Company appoints Jason F. Cole, experienced biotech leader and company builder, as Chief Executive Officer
CAMBRIDGE, Mass., October 28, 2025 — Zag Bio™, Inc., a biotechnology company pioneering thymus-targeted medicines, today announced the company’s launch with $80 million in financing, including a recently closed Series A financing. Polaris Partners founded and incubated Zag Bio and co-led the Series A financing with the T1D Fund, with participation from Mission BioCapital, AbbVie Ventures, Lightspeed Ventures, Sanofi Ventures, KdT Ventures, Regeneron Ventures, Boxer Capital and Pear VC. Zag Bio also announced the appointment of biotech industry veteran Jason F. Cole, J.D., as the company’s Chief Executive Officer and Board member.
Zag Bio has discovered a novel approach to deliver tolerizing antigens to the thymus to achieve durable antigen-specific central tolerance to treat autoimmune disease. Zag Bio designs thymus-targeting bifunctional antibodies to deliver antigens to the thymus, where it engages the body’s natural mechanism for T cell tolerance, expanding antigen-specific thymic regulatory cells (Tregs) while depleting antigen-specific T effector cells (Teff). The thymic Tregs then migrate to diseased tissues to exert a broad range of protective effects. Thymic Tregs are epigenetically hardwired to be stable and durable, and are expected to enable an immune reset with long-lasting impact.
The proceeds from the financing will be used to advance Zag Bio’s lead program into the clinic as a tolerogenic therapy to prevent or delay the onset of Type 1 diabetes. In addition, the financing will enable the company to further advance its discovery programs for a range of other autoimmune diseases. Zag Bio’s proprietary technology facilitates modular design of thymus-targeted self-antigens, enabling streamlined development of additional pipeline programs.
“The significant progress by the Zag Bio team coupled with our recent financing enables the company to rapidly advance our lead program to the clinic. Zag Bio is trailblazing an unprecedented therapeutic pathway for medicines to target the thymus, and this positions the company to be an innovator in autoimmune disease treatment with the potential to help millions of patients,” said Alan Crane, Co-Founder and Chairman of Zag Bio and Entrepreneur Partner at Polaris Partners.
Zag Bio also announced the appointment of Jason F. Cole, J.D., as its Chief Executive Officer. Mr. Cole brings over 20 years of experience in the biotechnology industry with a track record of success at public and private biotechnology companies, advancing first-in-class therapies from discovery through approval, executing financings and collaborations and driving operational execution to bring new medicines to patients. His most recent roles were as Chief Executive Officer at SalioGen Therapeutics and as Chief Strategy & Financial Officer and Chief Business Officer of bluebird bio. Previously, Mr. Cole served on the executive leadership teams of Zalicus and CombinatoRx. He holds a J.D. from Columbia University and an A.B. in Government from Dartmouth College.
“It is an exciting opportunity to join Zag Bio’s outstanding team and supportive board and investors to realize the potential to transform the treatment of many autoimmune diseases by targeting the thymus,” said Jason Cole, Chief Executive Officer of Zag Bio. “Despite its integral role in central immune tolerance, the thymus has been inaccessible to drugs of all types. With Zag Bio’s novel approach, we aim to bring a new class of thymus-targeted medicines to help patients and their families, beginning with Type 1 diabetes and expanding to many more autoimmune diseases.”
ZAG-101, a tolerogenic therapy for Type 1 diabetes advancing toward the clinic
Zag Bio is advancing ZAG-101, a bifunctional antibody that delivers pancreatic beta cell antigens to the thymus, as its lead development candidate for Type 1 diabetes. This mechanism is designed to expand antigen-specific thymic Tregs to protect beta cells from destruction and preserve their ability to produce insulin in the pancreas. Zag Bio is initially developing ZAG-101 for patients who are newly diagnosed with Type 1 diabetes or at high risk of developing the disease, with the goal of restoring immune tolerance and preventing autoimmunity. The company has evaluated ZAG-101 in a range of preclinical studies and is initiating IND-enabling studies to advance ZAG-101 into clinical development in late 2026.
World class team of drug developers and biotech company builders, with deep experience in first-in-class therapies and autoimmunity
Zag Bio’s technology is inspired by the work of its co-founder Diane Mathis, PhD, Professor of Immunobiology at Harvard Medical School, whose research lab has made pioneering contributions in the field of immunologic tolerance. The other company co-founders are John Kulman, PhD, a scientific innovator, experienced drug developer, and Chief Scientific Officer of Zag Bio; Jo Viney, PhD, a biotech executive and entrepreneur with deep experience in the field of autoimmune diseases; and Alan Crane, a serial entrepreneur and partner at Polaris Partners who has played a founding and operating role in building numerous successful biotech companies. Collectively, the Zag Bio team brings together biotechnology leaders with decades of industry expertise and track records of advancing innovative therapies for patients.
Zag Bio’s Board of Directors brings together experienced biotechnology entrepreneurs, investors and drug developers:
Alan Crane, MA, MBA; Chair and Co-Founder, Entrepreneur Partner, Polaris Ventures
Shelley Chu, MD, PhD; Partner Lightspeed Ventures
Jason Cole, JD; CEO
Johannes Fruehauf, MD, PhD; Founding Partner, Mission BioCapital
Christian Schubert, PhD; Head, AbbVie Ventures
Sylvia Tobé, PhD; Managing Director, T1D Fund
Jo Viney, PhD; Co-Founder, CEO, Seismic Therapeutic
About Zag Bio
Zag Bio™ has discovered a novel approach to create thymus-targeted medicines to treat and prevent autoimmune diseases by restoring central immune tolerance. Zag Bio designs bifunctional antibodies that deliver self-antigens to antigen-presenting cells in the thymus to harness the body’s natural process for training immune cells to recognize and tolerate self, halting or preventing autoimmune attacks on the body’s own tissues. Zag Bio’s pipeline includes ZAG-101, its lead program for Type 1 diabetes, as well as discovery programs for thymus-targeted therapies to address other autoimmune diseases and help patients and their caregivers. Located in Cambridge, Massachusetts, Zag Bio’s team includes experienced experts in thymus biology, autoimmune diseases and innovative drug development. Zag Bio is supported by a broad syndicate of investors, including Polaris Partners, Mission BioCapital, AbbVie Ventures, the T1D Fund, Lightspeed Ventures, Sanofi Ventures, KdT Ventures, Regeneron Ventures, Boxer Capital, Pear VC, Codon Capital, Alexandria Venture Investments and Gaingels. For more information, visit www.zagbio.com and follow us on LinkedIn.
Media contact:
Kathryn Morris
The Yates Network LLC
914-204-6412
kathryn@theyatesnetwork.com