Funding round
Formation Bio Series C
Formation Bio, which works in AI-Driven drug development solutions in New York, raised $156M in a Series C round announced on 30 Sep 2021, led by Sam Altman and Lachy Groom. 12 firms took part. It is Formation Bio's first venture round on record.
$156M
Amount raised
Not disclosed
Post-money valuation
12
Investors
2 leads
Valuation
What this round says about the price
Formation Bio did not disclose a valuation in this round. It is Formation Bio's first venture round on record, 8 years after it was founded in 2013. It is 30% of the $528M Formation Bio has raised in the venture rounds on record. Formation Bio raised again 33 months later: a Series D round of $372M in Jun 2024.
Formation Bio's funding rounds
Formation Bio has 2 venture rounds on record. This one is highlighted.
- Series C this round 30 Sep 2021, led by Sam Altman and Lachy Groom $156M
- Series D 26 Jun 2024, led by Andreessen Horowitz $372M
Investors
Who put money in
Sam Altman and Lachy Groom led the round with 10 other firms.
Lead investors
- Sam Altman
- Lachy Groom
Also in the round
- Sequoia Capital backs 589 venture-backed companies
- Thrive Capital backs 130 venture-backed companies
- backs 54 venture-backed companies
- Dragoneer Investment Group backs 82 venture-backed companies
- Section 32
- Kleiner Perkins backs 285 venture-backed companies
- Spark Capital backs 234 venture-backed companies
- Felicis backs 237 venture-backed companies
- Sound Ventures backs 114 venture-backed companies
- Arrowmark
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, scaling operations, acquisitions and working capital.
- Hiring
- Product development
- Scaling operations
- Acquisitions
- 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 $54M, and this round was 2.9 times the median. The closest in time, other companies' Series C rounds in Pharmaceutical Products:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Pharmaceutical Products | 15 Sep 2021 | $60M | not disclosed | Arboretum Ventures |
| Resilience Pharmaceutical Products | 1 Aug 2021 | $600M | not disclosed | not named |
| Pharmaceutical Products | 13 Oct 2021 | $70M | not disclosed | IDG Capital and Loyal Valley Capital |
| Pharmaceutical Products | 13 Oct 2021 | $37M | not disclosed | OneVentures and UTokyo IPC |
| Pharmaceutical Products | 11 Oct 2021 | $30M | not disclosed | Lapam Capital |
| Pharmaceutical Products | 29 Nov 2021 | $300M | not disclosed | SoftBank Vision Fund and 5Y Capital |
| Pharmaceutical Products | 27 Jul 2021 | $153M | not disclosed | Omega Funds and TCG Crossover |
| Pharmaceutical Products | 29 Nov 2021 | $25M | not disclosed | Ming Bioventures |
Sources
Where this comes from
Reported by 2 sources.
Questions
Frequently asked
How much did Formation Bio raise in its Series C round?
Formation Bio raised $156M in its Series C round, announced in Sep 2021.
Who led Formation Bio's Series C round?
Sam Altman and Lachy Groom led it, with Sequoia Capital, Thrive Capital, Casdin Capital, Dragoneer Investment Group and Section 32 and 5 more.
What was Formation Bio'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 $54M, and this round was 2.9 times the median.
Did Formation Bio raise again after this round?
Yes: a Series D round in Jun 2024 of $372M.