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Retinal Degeneration Fund

Venture Capital

The Retinal Degeneration Fund (RD Fund) is a 501(c)(3) not-for-profit subsidiary of the Foundation Fighting Blindness, established in 2018 as its venture investment arm. With $122 million under management, the RD Fund focuses on making mission-related investments in companies developing treatments and cures for inherited retinal diseases and dry AMD, primarily targeting programs nearing clinical testing.

Raleigh, United States · 3+ investments · 2 portfolio companies

Seed
Early Stage
Biotech
Gene Therapy
Ophthalmology
Headquarters
Raleigh, United States
Founded
2018
Website
retinaldegenerationfund.org
AUM
$122.0M
Portfolio Companies
2
Total Investments
3
Last Investment
Jan 2026
Geographic Focus
Global

Investment Thesis

The RD Fund deploys capital through two vehicles: a Core Fund (initial check $1–5M, Seed to Series B, with up to $10–15M follow-on reserves) and a Discovery Fund (catalytic seed investments starting at $250K for high-risk, high-reward early science). The fund targets therapeutic companies focused on inherited retinal diseases and dry AMD, operating under an evergreen model where realized gains are reinvested. Investment structures include equity, convertible debt, royalties, and project co-funding.

Retinal Degeneration Fund is a Venture Capital firm based in Raleigh, United States. It has made 3 investments in Biotech and Gene Therapy, including Perceive Bio and Amber.

Portfolio2

Co-investors17

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17 co-investors across 17 shared portfolio companies — who they back alongside, and how often they lead.

Venture Capital ×16 · Corporate VC ×1 · 8 shared rounds

Investment History

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