Chicago’s Bid to Become a Biotech Hub Gets $100 Million Boost

Chicago’s bid to become a key driver of new technologies including life sciences is about to get a $100 million boost.

Portal Innovations, which invests in biotech startups and is based in the trendy Fulton Market neighborhood, is raising the money for its third fund, said Chief Executive Officer John Flavin. The proceeds will be used to back startups spun out of universities across the country.

The private money could become a crucial lifeline for startups as Washington seeks to cut federal funds. The Trump administration has proposed significant reductions to the National Institutes of Health, a major ...