Third Rock Ventures, a venture capital firm, announced the final closing of Fund III, raising $516 million in an oversubscribed fund. With Fund III, Third Rock will continue to execute on its strategy of launching, building and supporting transformative healthcare companies.

"We are grateful for the strong support for our model and significant interest from our existing and new investors," said Kevin Starr, partner at Third Rock Ventures. "Since 2007, it has been our mission to be the preferred partner for entrepreneurs, investors, employees and industry to build great companies that discover and develop breakthrough products that make a difference for patients. Our funding to date has enabled us to successfully seed, support or launch more than 31 important healthcare companies. With Fund III we will continue on our mission, launching up to 16 new companies focused on disruptive areas of science and medicine."

Since its inception, Third Rock has raised more than $1.3 billion, including Fund III, for investments in healthcare companies, with a particular emphasis on innovative product engines.