Funding round
Formation Bio Series D
Formation Bio, which works in AI-Driven drug development solutions in New York, raised $372M in a Series D round announced on 26 Jun 2024, led by Andreessen Horowitz. 8 firms took part, 3 of them already investors. It is Formation Bio's second venture round on record; the one before was a Series C in Sep 2021.
$372M
Amount raised
Not disclosed
Post-money valuation
8
Investors
1 lead
Valuation
What this round says about the price
Formation Bio did not disclose a valuation in this round. It came 33 months after Formation Bio's Series C. It is 70% of the $528M Formation Bio has raised in the venture rounds on record. No later venture round is on record for Formation Bio.
Formation Bio's funding rounds
Formation Bio has 2 venture rounds on record. This one is highlighted.
- Series C 30 Sep 2021, led by Sam Altman and Lachy Groom $156M
- Series D this round 26 Jun 2024, led by Andreessen Horowitz $372M
Investors
Who put money in
Andreessen Horowitz led the round with 7 other firms. Sequoia Capital, Thrive Capital and Emerson Collective had backed Formation Bio before.
Lead investor
- Andreessen Horowitz backs 722 venture-backed companies new investor
Also in the round
- Sanofi new investor
- Sequoia Capital backs 589 venture-backed companies existing investor
- Thrive Capital backs 130 venture-backed companies existing investor
- Emerson Collective backs 76 venture-backed companies existing investor
- SV Angel backs 293 venture-backed companies new investor
- backs 39 venture-backed companies new investor
- Lachy Groom
Joined the board: Scott Kupor (Andreessen Horowitz) and Alfred Lin (Sequoia).
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, scaling operations, acquisitions and working capital.
- Product development
- Scaling operations
- Acquisitions
- 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 $72M, and this round was 5.2 times the median. The closest in time, other companies' Series D rounds in Pharmaceutical Products:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Pharmaceutical Products | 5 Jun 2024 | $50M | not disclosed | Zimmer Biomet |
| Pharmaceutical Products | 6 Aug 2024 | undisclosed | not disclosed | LBBW Venture Capital |
| Pharmaceutical Products | 3 Sep 2024 | $90M | not disclosed | The Column Group |
| Pharmaceutical Products | 13 Sep 2024 | $65M | not disclosed | Johnson & Johnson Innovation – JJDC, Inc. |
| Pharmaceutical Products | 8 Oct 2024 | $68M | not disclosed | Arboretum Ventures and Johnson & Johnson Innovation – JJDC, Inc. |
| Pharmaceutical Products | 17 Jan 2024 | $65M | not disclosed | BOLD (Business Opportunities for L’Oréal Development) |
| Pharmaceutical Products | 13 Sep 2023 | $80M | not disclosed | not named |
| Pharmaceutical Products | 23 Aug 2023 | $75M | not disclosed | SR One and Medicxi |
Sources
Where this comes from
Reported by 5 sources. The deal data marks this round as not yet confirmed by an official announcement. Unconfirmed
Questions
Frequently asked
How much did Formation Bio raise in its Series D round?
Formation Bio raised $372M in its Series D round, announced in Jun 2024.
Who led Formation Bio's Series D round?
Andreessen Horowitz led it, with Sanofi, Sequoia Capital, Thrive Capital, Emerson Collective and SV Angel and 2 more.
What was Formation Bio'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 $72M, and this round was 5.2 times the median.