Funding round
Inari Growth
Reported as "Growth Equity"
Inari, which works in seed design and breeding technology development in Cambridge, raised $103M in a Growth round announced on 30 Jan 2024, at a $1.65B post-money valuation. 7 firms took part, 6 of them already investors. It is Inari's fifth venture round on record; the one before was a Series E in Oct 2022.
$103M
Amount raised
$1.65B
Post-money valuation
$1.55B pre-money
7
Investors
no lead named
1.1x
Step-up from the Series E
$1.50B in Oct 2022
6.2%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Inari at $1.65B after the new money, 1.1 times the $1.50B of its Series E (Oct 2022). The $103M bought investors about 6.2% of the company. It came 15 months after Inari's Series E. It is 15% of the $708M Inari has raised in the venture rounds on record. Inari raised again 12 months later: a Growth round of $144M in Jan 2025.
Inari's funding rounds
Inari has 6 venture rounds on record and 1 other deal. This one is highlighted.
- Series B 9 Aug 2018, led by Flagship Pioneering $40M
- Series C 6 Aug 2019 $89M
- Debt not a venture round 22 Apr 2020 $45M
- Series D 12 May 2021, led by Flagship Pioneering and Alexandria Venture Investments $208M$1.20B post-money
- Series E 4 Oct 2022, led by Canada Pension Plan Investment Board and Flagship Pioneering $124M$1.50B post-money
- Growth this round 30 Jan 2024 $103M$1.65B post-money
- Growth 7 Jan 2025 $144M
Investors
Who put money in
7 firms took part; no lead investor was named.
Investors
- backs 3 venture-backed companies existing investor
- Canada Pension Plan Investment Board existing investor
- Rivas Capital existing investor
- NGS Super existing investor
- State of Michigan Retirement System existing investor
- Flagship Pioneering existing investor
- RCM Private Markets fund new investor
Joined the board: Stephen Berenson (Flagship Pioneering).
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
38 Growth rounds in Biotechnology within a year either side disclosed an amount; the median was $41M, and this round was 2.5 times the median. The closest in time, other companies' Growth rounds in Biotechnology:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Biotechnology | 30 Jan 2024 | $55M | not disclosed | ARCH Venture Partners |
| Biotechnology | 29 Feb 2024 | $210M | not disclosed | Gilead Sciences |
| Biotechnology | 6 Feb 2024 | $56M | not disclosed | Alpha Wave Global |
| Biotechnology | 19 Dec 2023 | $40M | not disclosed | not named |
| Biotechnology | 13 Dec 2023 | $37M | not disclosed | not named |
| Biotechnology | 1 Feb 2024 | undisclosed | not disclosed | not named |
| Biotechnology | 2 Nov 2023 | $40M | not disclosed | HealthCare Royalty |
| Biotechnology | 21 Mar 2024 | $35M | not disclosed | Spark Capital |
Sources
Where this comes from
Reported by 6 sources. The deal data marks this round as not yet confirmed by an official announcement. Unconfirmed
Questions
Frequently asked
How much did Inari raise in its Growth round?
Inari raised $103M in its Growth round, announced in Jan 2024.
Which investors took part in Inari's Growth round?
Hanwha Impact, Canada Pension Plan Investment Board, Rivas Capital, NGS Super, State of Michigan Retirement System and Flagship Pioneering and 1 more.
What was Inari's valuation at the Growth round?
$1.65B post-money ($1.55B pre-money).
How does it compare with other Growth rounds in Biotechnology?
38 Growth rounds in Biotechnology within a year either side disclosed an amount; the median was $41M, and this round was 2.5 times the median.
Did Inari raise again after this round?
Yes: a Growth round in Jan 2025 of $144M.