Funding round
Tubulis Series C
Tubulis, which works in antibody-drug conjugate development in Planegg, raised $358M in a Series C round announced on 15 Oct 2025, led by Venrock, at a $2.10B post-money valuation. 13 firms took part, 10 of them already investors. It is Tubulis' second venture round on record; the one before was a Series B in Mar 2024.
$358M
Amount raised
308,000,000 EUR converted
$2.10B
Post-money valuation
13
Investors
1 lead
17%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Tubulis at $2.10B after the new money. The $358M bought investors about 17% of the company. It came 19 months after Tubulis' Series B. It is 72% of the $496M Tubulis has raised in the venture rounds on record. No later venture round is on record for Tubulis.
Tubulis' funding rounds
Tubulis has 2 venture rounds on record. This one is highlighted.
- Series B 14 Mar 2024, led by EQT and Nextech Invest $139M
- Series C this round 15 Oct 2025, led by Venrock $358M$2.10B post-money
Investors
Who put money in
Venrock led the round with 12 other firms. Nextech Invest, EQT, Frazier Life Sciences and Andera Partners and 6 more had backed Tubulis before.
Lead investor
- Venrock backs 93 venture-backed companies new investor
Also in the round
- Wellington Management new investor
- backs 8 venture-backed companies new investor
- backs 22 venture-backed companies existing investor
- EQT backs 99 venture-backed companies existing investor
- Frazier Life Sciences existing investor
- backs 26 venture-backed companies existing investor
- backs 18 venture-backed companies existing investor
- backs 92 venture-backed companies existing investor
- backs 16 venture-backed companies existing investor
- backs 232 venture-backed companies existing investor
- backs 11 venture-backed companies existing investor
- backs 67 venture-backed companies existing investor
Joined the board: Dr. Lorence Kim (Ascenta Capital) and Patrick Heron (Frazier Life Sciences).
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
37 Series C rounds in Pharmaceutical Products within a year either side disclosed an amount; the median was $70M, and this round was 5.1 times the median. The closest in time, other companies' Series C rounds in Pharmaceutical Products:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Pharmaceutical Products | 7 Oct 2025 | $96M | $580M | not named |
| Pharmaceutical Products | 15 Oct 2025 | $44M | not disclosed | V-Bio Ventures |
| Pharmaceutical Products | 8 Oct 2025 | $30M | not disclosed | WestRiver Group |
| Pharmaceutical Products | 15 Oct 2025 | $25M | not disclosed | Harel Insurance & Finance and European Innovation Council (EIC) Fund |
| Pharmaceutical Products | 30 Sep 2025 | $77M | not disclosed | Junson Capital |
| Pharmaceutical Products | 10 Sep 2025 | $70M | not disclosed | Shiloh Advisors AG |
| Pharmaceutical Products | 13 Nov 2025 | $64M | not disclosed | not named |
| Pharmaceutical Products | 25 Nov 2025 | $12M | not disclosed | not named |
Sources
Where this comes from
Reported by 8 sources.
Questions
Frequently asked
How much did Tubulis raise in its Series C round?
Tubulis raised $358M in its Series C round, announced in Oct 2025.
Who led Tubulis' Series C round?
Venrock led it, with Wellington Management, Ascenta Capital, Nextech Invest, EQT and Frazier Life Sciences and 7 more.
What was Tubulis' valuation at the Series C round?
$2.10B post-money.
How does it compare with other Series C rounds in Pharmaceutical Products?
37 Series C rounds in Pharmaceutical Products within a year either side disclosed an amount; the median was $70M, and this round was 5.1 times the median.