Funding round
Inari Series D
Inari, which works in seed design and breeding technology development in Cambridge, raised $208M in a Series D round announced on 12 May 2021, led by Flagship Pioneering and Alexandria Venture Investments, at a $1.20B post-money valuation. 7 firms took part, 5 of them already investors. It is Inari's third venture round on record; the one before was a Series C in Aug 2019.
$208M
Amount raised
$1.20B
Post-money valuation
$992M pre-money
7
Investors
2 leads
17%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Inari at $1.20B after the new money. The $208M bought investors about 17% of the company. It came 21 months after Inari's Series C. It is 29% of the $708M Inari has raised in the venture rounds on record. Inari raised again 17 months later: a Series E round of $124M in Oct 2022, at $1.50B post-money.
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 this round 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 30 Jan 2024 $103M$1.65B post-money
- Growth 7 Jan 2025 $144M
Investors
Who put money in
Flagship Pioneering and Alexandria Venture Investments led the round with 5 other firms. Flagship Pioneering, Alexandria Venture Investments, Investment Corporation of Dubai and Banque Pictet and 1 more had backed Inari before.
Lead investors
- Flagship Pioneering existing investor
- Alexandria Venture Investments existing investor
Also in the round
- Investment Corporation of Dubai existing investor
- Banque Pictet existing investor
- Rivas Capital existing investor
- G Squared backs 40 venture-backed companies new investor
- Pavilion Capital new investor
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
14 Series D rounds in Biotechnology within a year either side disclosed an amount; the median was $106M, and this round was 2.0 times the median. The closest in time, other companies' Series D rounds in Biotechnology:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Biotechnology | 14 Jun 2021 | $75M | not disclosed | Mirae Asset Financial Group |
| Biotechnology | 16 Mar 2021 | $102M | not disclosed | D1 Capital Partners |
| Biotechnology | 21 Jul 2021 | $68M | not disclosed | Magnetar Capital |
| Biotechnology | 9 Sep 2021 | $195M | $1.00B | Redmile Group |
| Biotechnology | 1 Jan 2021 | $120M | $12.00B | aMoon and Eventide Asset Management |
| Biotechnology | 31 Dec 2020 | $15M | not disclosed | not named |
| Biotechnology | 1 Nov 2021 | $88M | not disclosed | not named |
| Biotechnology | 9 Dec 2021 | $189M | not disclosed | HSG and CMB International Capital Corporation |
Sources
Where this comes from
Reported by 2 sources.
Questions
Frequently asked
How much did Inari raise in its Series D round?
Inari raised $208M in its Series D round, announced in May 2021.
Who led Inari's Series D round?
Flagship Pioneering and Alexandria Venture Investments led it, with Investment Corporation of Dubai, Banque Pictet, Rivas Capital, G Squared and Pavilion Capital.
What was Inari's valuation at the Series D round?
$1.20B post-money ($992M pre-money).
How does it compare with other Series D rounds in Biotechnology?
14 Series D rounds in Biotechnology within a year either side disclosed an amount; the median was $106M, and this round was 2.0 times the median.
Did Inari raise again after this round?
Yes: a Series E round in Oct 2022 of $124M at $1.50B post-money.