Funding round
ElevateBio Series C
ElevateBio, which works in genetic medicine manufacturing in Waltham, raised $525M in a Series C round announced on 15 Mar 2021, led by Matrix Capital Management. 16 firms took part. It is ElevateBio's third venture round on record; the one before was a Series B in Mar 2020.
$525M
Amount raised
Not disclosed
Post-money valuation
16
Investors
1 lead
Valuation
What this round says about the price
ElevateBio did not disclose a valuation in this round. It came 12 months after ElevateBio's Series B. It is 42% of the $1.25B ElevateBio has raised in the venture rounds on record. ElevateBio raised again 26 months later: a Series D round of $401M in May 2023.
ElevateBio's funding rounds
ElevateBio has 4 venture rounds on record. This one is highlighted.
Investors
Who put money in
Matrix Capital Management led the round with 15 other firms.
Lead investor
- Matrix Capital Management new investor
Also in the round
- SoftBank Vision Fund backs 234 venture-backed companies new investor
- Fidelity Management and Research Company new investor
- MPM Capital new investor
- backs 26 venture-backed companies new investor
- Redmile Group new investor
- backs 14 venture-backed companies new investor
- backs 20 venture-backed companies new investor
- Invus backs 83 venture-backed companies new investor
- Emerson Collective backs 76 venture-backed companies new investor
- backs 26 venture-backed companies new investor
- EDBI backs 67 venture-backed companies new investor
- Vertex Ventures new investor
- iTochu new investor
- SoftBank
- Fidelity Management & Research Company
Joined the board: Karan Takhar (Matrix Capital Management) and Deep Nishar (SoftBank Investment Advisers).
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, scaling operations and working capital.
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
31 Series C rounds in Pharmaceutical Products within a year either side disclosed an amount; the median was $45M, and this round was 12 times the median. The closest in time, other companies' Series C rounds in Pharmaceutical Products:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Pharmaceutical Products | 18 Feb 2021 | $60M | not disclosed | Insight Partners |
| Pharmaceutical Products | 7 Apr 2021 | $54M | not disclosed | Meritech Capital |
| Pharmaceutical Products | 15 Jun 2021 | $108M | not disclosed | Venrock |
| Pharmaceutical Products | 16 Jun 2021 | $66M | not disclosed | The Column Group and Nextech Invest |
| Pharmaceutical Products | 24 Jun 2021 | $61M | not disclosed | AIG Investments |
| Pharmaceutical Products | 17 Dec 2020 | $24M | not disclosed | not named |
| Pharmaceutical Products | 25 Jun 2021 | $12M | not disclosed | First In |
| Pharmaceutical Products | 27 Jul 2021 | $153M | not disclosed | Omega Funds and TCG Crossover |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did ElevateBio raise in its Series C round?
ElevateBio raised $525M in its Series C round, announced in Mar 2021.
Who led ElevateBio's Series C round?
Matrix Capital Management led it, with SoftBank Vision Fund, Fidelity Management and Research Company, MPM Capital, F2 Venture Capital and Redmile Group and 10 more.
What was ElevateBio's valuation at the Series C round?
It was not disclosed.
How does it compare with other Series C rounds in Pharmaceutical Products?
31 Series C rounds in Pharmaceutical Products within a year either side disclosed an amount; the median was $45M, and this round was 12 times the median.
Did ElevateBio raise again after this round?
Yes: a Series D round in May 2023 of $401M.