Funding round
Cellares Series C
Cellares, which works in cell therapy manufacturing in South San Francisco, raised $255M in a Series C round announced on 23 Aug 2023, led by Koch Disruptive Technologies. 7 firms took part, 3 of them already investors. It is Cellares' second venture round on record; the one before was a Series B in May 2021.
$255M
Amount raised
Not disclosed
Post-money valuation
7
Investors
1 lead
Valuation
What this round says about the price
Cellares did not disclose a valuation in this round. It came 27 months after Cellares' Series B. It is 43% of the $594M Cellares has raised in the venture rounds on record. Cellares raised again 29 months later: a Series D round of $257M in Jan 2026.
Investors
Who put money in
Koch Disruptive Technologies led the round with 6 other firms. Eclipse, Decheng Capital and 8VC had backed Cellares before.
Lead investor
- backs 50 venture-backed companies new investor
Also in the round
- Bristol Myers Squibb new investor
- DFJ Growth backs 51 venture-backed companies new investor
- Willett Advisors new investor
- Eclipse backs 79 venture-backed companies existing investor
- Decheng Capital existing investor
- 8VC existing investor
Joined the board: David Mauney (Koch Disruptive Technologies).
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, scaling operations and working capital.
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
20 Series C rounds in Pharmaceutical Products within a year either side disclosed an amount; the median was $47M, and this round was 5.4 times the median. The closest in time, other companies' Series C rounds in Pharmaceutical Products:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Pharmaceutical Products | 25 Jul 2023 | $52M | not disclosed | CPMG |
| Pharmaceutical Products | 21 Sep 2023 | $23M | not disclosed | Asteroid Partners |
| Pharmaceutical Products | 28 Sep 2023 | $20M | not disclosed | Guoxin Investment |
| Pharmaceutical Products | 1 Jun 2023 | $152M | not disclosed | not named |
| Pharmaceutical Products | 7 Jun 2023 | $21M | not disclosed | not named |
| Pharmaceutical Products | 14 Nov 2023 | $72M | not disclosed | Andera Partners and Bpifrance |
| Pharmaceutical Products | 16 Nov 2023 | $30M | not disclosed | not named |
| Pharmaceutical Products | 3 Jan 2024 | $43M | not disclosed | OrbiMed and Morningside Ventures |
Sources
Where this comes from
Reported by 6 sources.
Questions
Frequently asked
How much did Cellares raise in its Series C round?
Cellares raised $255M in its Series C round, announced in Aug 2023.
Who led Cellares' Series C round?
Koch Disruptive Technologies led it, with Bristol Myers Squibb, DFJ Growth, Willett Advisors, Eclipse and Decheng Capital and 1 more.
What was Cellares' valuation at the Series C round?
It was not disclosed.
How does it compare with other Series C rounds in Pharmaceutical Products?
20 Series C rounds in Pharmaceutical Products within a year either side disclosed an amount; the median was $47M, and this round was 5.4 times the median.
Did Cellares raise again after this round?
Yes: a Series D round in Jan 2026 of $257M.