Funding round
Cellares Series D
Cellares, which works in cell therapy manufacturing in South San Francisco, raised $257M in a Series D round announced on 28 Jan 2026, led by BlackRock and Eclipse. 11 firms took part. It is Cellares' third venture round on record; the one before was a Series C in Aug 2023.
$257M
Amount raised
Not disclosed
Post-money valuation
11
Investors
2 leads
Valuation
What this round says about the price
Cellares did not disclose a valuation in this round. It came 29 months after Cellares' Series C. It is 43% of the $594M Cellares has raised in the venture rounds on record. No later venture round is on record for Cellares.
Investors
Who put money in
BlackRock and Eclipse led the round with 9 other firms.
Lead investors
- BlackRock new investor
- Eclipse backs 79 venture-backed companies new investor
Also in the round
- T. Rowe Price Investment Management, Inc. new investor
- Baillie Gifford new investor
- Duquesne Family Office new investor
- Intuitive Ventures new investor
- EDBI backs 67 venture-backed companies new investor
- Gates Frontier new investor
- DC Global Ventures new investor
- DFJ Growth backs 51 venture-backed companies new investor
- Willett Advisors new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
15 Series D rounds in Pharmaceutical Products within a year either side disclosed an amount; the median was $58M, and this round was 4.4 times the median. The closest in time, other companies' Series D rounds in Pharmaceutical Products:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Pharmaceutical Products | 22 Jan 2026 | $287M | not disclosed | not named |
| Pharmaceutical Products | 5 Feb 2026 | $130M | not disclosed | Frazier Life Sciences and Venrock |
| Pharmaceutical Products | 19 Dec 2025 | $43M | not disclosed | People's Insurance Capital and LongRiver Investments |
| Pharmaceutical Products | 17 Nov 2025 | $115M | not disclosed | SV Health Investors and RA Capital |
| Pharmaceutical Products | 25 Mar 2026 | $32M | not disclosed | Elev8 Venture Partners |
| Pharmaceutical Products | 9 Apr 2026 | $50M | not disclosed | Boehringer Ingelheim |
| Pharmaceutical Products | 21 Oct 2025 | $20M | not disclosed | not named |
| Pharmaceutical Products | 18 May 2026 | $150M | not disclosed | Vivo Capital |
Sources
Where this comes from
Reported by 6 sources.
Questions
Frequently asked
How much did Cellares raise in its Series D round?
Cellares raised $257M in its Series D round, announced in Jan 2026.
Who led Cellares' Series D round?
BlackRock and Eclipse led it, with T. Rowe Price Investment Management, Inc., Baillie Gifford, Duquesne Family Office, Intuitive Ventures and EDBI and 4 more.
What was Cellares' valuation at the Series D round?
It was not disclosed.
How does it compare with other Series D rounds in Pharmaceutical Products?
15 Series D rounds in Pharmaceutical Products within a year either side disclosed an amount; the median was $58M, and this round was 4.4 times the median.