Cambridge-based Flagship Ventures has raised its fifth and largest-ever fund, bringing the 14-year-old firm on par with the area’s biggest investors in early-stage life science companies. The $537 million fund brings Flagship’s total funds under management to $1.4 billion. Industrywide, venture capital funding for startup biotech firms rose by 33 percent to $6.5 billion in 2014, according to market intelligence firm EP Vantage. But Flagship CEO and founder Noubar Afeyan said in an interview he still sees a “massive drought” in life science venture funding, despite the success such companies have seen in the public markets in recent years.
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