Funding round
Biofourmis Series B
Biofourmis, which works in connected healthcare platform development in Boston, raised $35M in a Series B round announced on 21 May 2019, led by Sequoia India and MassMutual Ventures. 7 firms took part, 4 of them already investors. It is Biofourmis' first venture round on record.
$35M
Amount raised
Not disclosed
Post-money valuation
7
Investors
2 leads
Valuation
What this round says about the price
Biofourmis did not disclose a valuation in this round. It is Biofourmis' first venture round on record, 4 years after it was founded in 2015. It is 8.0% of the $435M Biofourmis has raised in the venture rounds on record. Biofourmis raised again 16 months later: a Series C round of $100M in Sep 2020. Its next priced round, a Series D in Apr 2022, valued it at $1.30B.
Investors
Who put money in
Sequoia India and MassMutual Ventures led the round with 5 other firms. Sequoia India, Openspace Ventures, Aviva Ventures and SGInnovate had backed Biofourmis before.
Lead investors
- Sequoia India existing investor
- backs 79 venture-backed companies new investor
Also in the round
- EDBI backs 67 venture-backed companies new investor
- Jianke new investor
- Openspace Ventures existing investor
- Aviva Ventures existing investor
- SGInnovate existing investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
509 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $21M, and this round was 1.7 times the median. The closest in time, other companies' Series B rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| BlueVoyant Tech Companies | 30 May 2019 | $83M | $430M | Fiserv |
| Tech Companies | 13 May 2019 | $56M | not disclosed | Stripes |
| Tech Companies | 22 May 2019 | $50M | not disclosed | Cathay Innovation |
| ApplyBoard Tech Companies | 27 May 2019 | $41M | not disclosed | Anthos Capital |
| Tech Companies | 15 May 2019 | $28M | not disclosed | Tiger Global |
| Tech Companies | 21 May 2019 | $25M | not disclosed | Kayne Partners |
| Tech Companies | 15 May 2019 | $25M | not disclosed | GreatPoint Ventures |
| Tech Companies | 30 May 2019 | $23M | not disclosed | Energy Impact Partners |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Biofourmis raise in its Series B round?
Biofourmis raised $35M in its Series B round, announced in May 2019.
Who led Biofourmis' Series B round?
Sequoia India and MassMutual Ventures led it, with EDBI, Jianke, Openspace Ventures, Aviva Ventures and SGInnovate.
What was Biofourmis' valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Tech Companies?
509 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $21M, and this round was 1.7 times the median.
Did Biofourmis raise again after this round?
Yes: a Series C round in Sep 2020 of $100M.