Funding round
Pathos Series C
Pathos, which works in precision oncology drug development in Chicago, raised $62M in a Series C round announced on 29 Oct 2024, led by New Enterprise Associates, at a $600M post-money valuation. 4 firms took part, 4 of them already investors. It is Pathos' first venture round on record.
$62M
Amount raised
$600M
Post-money valuation
4
Investors
1 lead
10%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Pathos at $600M after the new money. The $62M bought investors about 10% of the company. It is Pathos' first venture round on record, 2 years after it was founded in 2022. It is 15% of the $427M Pathos has raised in the venture rounds on record. Pathos raised again 7 months later: a Series D round of $365M in May 2025, at $1.60B post-money.
Pathos' funding rounds
Pathos has 2 venture rounds on record. This one is highlighted.
- Series C this round 29 Oct 2024, led by New Enterprise Associates $62M$600M post-money
- Series D 15 May 2025 $365M$1.60B post-money
Investors
Who put money in
New Enterprise Associates led the round with 3 other firms. New Enterprise Associates, Revolution, lightbank and Builders VC had backed Pathos before.
Lead investor
- New Enterprise Associates existing investor
Also in the round
- backs 141 venture-backed companies existing investor
- backs 55 venture-backed companies existing investor
- backs 42 venture-backed companies existing investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, scaling operations and working capital.
- Hiring
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
34 Series C rounds in Biotechnology within a year either side disclosed an amount; the median was $54M, and this round was close to the median. The closest in time, other companies' Series C rounds in Biotechnology:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Arsenal Bio Biotechnology | 4 Sep 2024 | $325M | not disclosed | ARCH Venture Partners and NVentures |
| Enveda Biotechnology | 21 Nov 2024 | $130M | not disclosed | Kinnevik and FPV Ventures |
| Biotechnology | 26 Nov 2024 | $53M | not disclosed | Frazier Life Sciences |
| Biotechnology | 17 Sep 2024 | $40M | not disclosed | Deerfield |
| Biotechnology | 17 Sep 2024 | $11M | not disclosed | not named |
| Biotechnology | 5 Aug 2024 | $80M | not disclosed | Samsara BioCapital and The Column Group |
| Biotechnology | 1 Aug 2024 | $47M | not disclosed | R42 Group and Atomico |
| Biotechnology | 24 Dec 2024 | $15M | not disclosed | not named |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did Pathos raise in its Series C round?
Pathos raised $62M in its Series C round, announced in Oct 2024.
Who led Pathos' Series C round?
New Enterprise Associates led it, with Revolution, lightbank and Builders VC.
What was Pathos' valuation at the Series C round?
$600M post-money.
How does it compare with other Series C rounds in Biotechnology?
34 Series C rounds in Biotechnology within a year either side disclosed an amount; the median was $54M, and this round was close to the median.
Did Pathos raise again after this round?
Yes: a Series D round in May 2025 of $365M at $1.60B post-money.