Funding round
Inari Series E
Inari, which works in seed design and breeding technology development in Cambridge, raised $124M in a Series E round announced on 4 Oct 2022, led by Canada Pension Plan Investment Board and Flagship Pioneering, at a $1.50B post-money valuation. 6 firms took part, 4 of them already investors. It is Inari's fourth venture round on record; the one before was a Series D in May 2021.
$124M
Amount raised
$1.50B
Post-money valuation
6
Investors
2 leads
1.3x
Step-up from the Series D
$1.20B in May 2021
8.3%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Inari at $1.50B after the new money, 1.3 times the $1.20B of its Series D (May 2021). The $124M bought investors about 8.3% of the company. It came 17 months after Inari's Series D. It is 18% of the $708M Inari has raised in the venture rounds on record. Inari raised again 15 months later: a Growth round of $103M in Jan 2024, at $1.65B 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 12 May 2021, led by Flagship Pioneering and Alexandria Venture Investments $208M$1.20B post-money
- Series E this round 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
Canada Pension Plan Investment Board and Flagship Pioneering led the round with 4 other firms. Flagship Pioneering, Hanwha Impact, NGS Super and Banque Pictet had backed Inari before.
Lead investors
- Canada Pension Plan Investment Board new investor
- Flagship Pioneering existing investor
Also in the round
- backs 3 venture-backed companies existing investor
- NGS Super existing investor
- Banque Pictet existing investor
- backs 3 venture-backed companies new investor
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
The closest in time: 1 in Biotechnology, then Series E rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Biotechnology | 4 Jul 2022 | $150M | not disclosed | Legend Capital |
| Form Energy Batteries | 4 Oct 2022 | $450M | not disclosed | TPG |
| Airwallex Payment Processing & Point of Sale | 10 Oct 2022 | $100M | $5.50B | not named |
| Property Management | 19 Oct 2022 | $98M | not disclosed | 83North |
| Maven Clinic Health Care Services | 1 Oct 2022 | $90M | $1.35B | General Catalyst |
| Tech Companies | 22 Oct 2022 | $75M | $867M | not named |
| Alan Insurance - Agents, Carriers & Brokers | 12 Oct 2022 | undisclosed | not disclosed | not named |
| Business Consulting | 6 Sep 2022 | $318M | not disclosed | THE FUND |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Inari raise in its Series E round?
Inari raised $124M in its Series E round, announced in Oct 2022.
Who led Inari's Series E round?
Canada Pension Plan Investment Board and Flagship Pioneering led it, with Hanwha Impact, NGS Super, Banque Pictet and Sage Hill Investors.
What was Inari's valuation at the Series E round?
$1.50B post-money.
Did Inari raise again after this round?
Yes: a Growth round in Jan 2024 of $103M at $1.65B post-money.