Funding round
ElevateBio Series D
ElevateBio, which works in genetic medicine manufacturing in Waltham, raised $401M in a Series D round announced on 24 May 2023, led by AyurMaya Capital Management and Matrix Capital Management. 20 firms took part, 14 of them already investors. It is ElevateBio's fourth venture round on record; the one before was a Series C in Mar 2021.
$401M
Amount raised
Not disclosed
Post-money valuation
20
Investors
2 leads
Valuation
What this round says about the price
ElevateBio did not disclose a valuation in this round. It came 26 months after ElevateBio's Series C. It is 32% of the $1.25B ElevateBio has raised in the venture rounds on record. No later venture round is on record for ElevateBio.
ElevateBio's funding rounds
ElevateBio has 4 venture rounds on record. This one is highlighted.
Investors
Who put money in
AyurMaya Capital Management and Matrix Capital Management led the round with 18 other firms. Matrix Capital Management, Invus, Emerson Collective and SoftBank Vision Fund and 10 more had backed ElevateBio before.
Lead investors
- AyurMaya Capital Management new investor
- Matrix Capital Management existing investor
Also in the round
- backs 18 venture-backed companies new investor
- Lee Family Office new investor
- backs 95 venture-backed companies new investor
- Invus backs 83 venture-backed companies existing investor
- Emerson Collective backs 76 venture-backed companies existing investor
- SoftBank Vision Fund backs 234 venture-backed companies existing investor
- Fidelity Management & Research Company existing investor
- MPM Capital existing investor
- backs 26 venture-backed companies existing investor
- Redmile Group existing investor
- backs 14 venture-backed companies existing investor
- backs 20 venture-backed companies existing investor
- backs 26 venture-backed companies existing investor
- EDBI backs 67 venture-backed companies existing investor
- Vertex Ventures existing investor
- iTochu existing investor
- SoftBank new investor
- Fidelity new investor
Joined the board: Khalil Barrage (The Invus Group).
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
10 Series D rounds in Pharmaceutical Products within a year either side disclosed an amount; the median was $75M, and this round was 5.3 times the median. The closest in time, other companies' Series D rounds in Pharmaceutical Products:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Pharmaceutical Products | 6 Jun 2023 | $100M | not disclosed | Digital Mobile Venture |
| Pharmaceutical Products | 11 Jul 2023 | $75M | not disclosed | Guangrun Health Industry (Hong Kong) Co. Limited |
| Pharmaceutical Products | 23 Aug 2023 | $75M | not disclosed | SR One and Medicxi |
| Pharmaceutical Products | 13 Sep 2023 | $80M | not disclosed | not named |
| Pharmaceutical Products | 1 Dec 2022 | $35M | not disclosed | Pfizer |
| Pharmaceutical Products | 13 Sep 2022 | $160M | not disclosed | Viking Global and Sofinnova Partners |
| Pharmaceutical Products | 17 Jan 2024 | $65M | not disclosed | BOLD (Business Opportunities for L’Oréal Development) |
| Pharmaceutical Products | 12 Sep 2022 | $43M | not disclosed | Knott Partners |
Sources
Where this comes from
Reported by 2 sources.
Questions
Frequently asked
How much did ElevateBio raise in its Series D round?
ElevateBio raised $401M in its Series D round, announced in May 2023.
Who led ElevateBio's Series D round?
AyurMaya Capital Management and Matrix Capital Management led it, with Woodline Partners, Lee Family Office, Novo Holdings, Invus and Emerson Collective and 13 more.
What was ElevateBio's valuation at the Series D round?
It was not disclosed.
How does it compare with other Series D rounds in Pharmaceutical Products?
10 Series D rounds in Pharmaceutical Products within a year either side disclosed an amount; the median was $75M, and this round was 5.3 times the median.