Funding round
Rakuten Medical Series D
Rakuten Medical, which works in precision photoimmunotherapy development in San Diego, raised $166M in a Series D round announced on 2 Aug 2021, led by General Catalyst. 3 firms took part. It is Rakuten Medical's second venture round on record; the one before was a Series C in Jul 2019.
$166M
Amount raised
Not disclosed
Post-money valuation
3
Investors
1 lead
Valuation
What this round says about the price
Rakuten Medical did not disclose a valuation in this round. It came 25 months after Rakuten Medical's Series C. It is 34% of the $485M Rakuten Medical has raised in the venture rounds on record. Rakuten Medical raised again 31 months later: a Series E round of $119M in Mar 2024.
Investors
Who put money in
General Catalyst led the round with 2 other firms.
Lead investor
- General Catalyst backs 574 venture-backed companies new investor
Also in the round
- Rakuten Group new investor
- backs 45 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development.
- Product development
Comparable rounds
How it compares
11 Series D rounds in Pharmaceutical Products within a year either side disclosed an amount; the median was $100M, and this round was 1.7 times the median. The closest in time, other companies' Series D rounds in Pharmaceutical Products:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Pharmaceutical Products | 23 Jul 2021 | $100M | not disclosed | CPE and China Structural Reform Fund |
| Pharmaceutical Products | 15 Jun 2021 | $270M | not disclosed | not named |
| Pharmaceutical Products | 21 Oct 2021 | $50M | not disclosed | 国寿大健康基金 and Centurium Capital |
| Pharmaceutical Products | 25 May 2021 | $65M | not disclosed | Cargill and Manna Tree Partners |
| Pharmaceutical Products | 2 Nov 2021 | $31M | not disclosed | Adjuvant Capital |
| Pharmaceutical Products | 10 Mar 2021 | $114M | not disclosed | LYZZ Capital and HBM Healthcare Investments |
| Pharmaceutical Products | 8 Dec 2020 | $181M | not disclosed | RTW Investments, LP and GT Fund |
| Pharmaceutical Products | 14 Apr 2022 | $50M | not disclosed | not named |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did Rakuten Medical raise in its Series D round?
Rakuten Medical raised $166M in its Series D round, announced in Aug 2021.
Who led Rakuten Medical's Series D round?
General Catalyst led it, with Rakuten Group and SBI Holdings.
What was Rakuten Medical's valuation at the Series D round?
It was not disclosed.
How does it compare with other Series D rounds in Pharmaceutical Products?
11 Series D rounds in Pharmaceutical Products within a year either side disclosed an amount; the median was $100M, and this round was 1.7 times the median.
Did Rakuten Medical raise again after this round?
Yes: a Series E round in Mar 2024 of $119M.