Funding round
Turbine Series A
Turbine, which works in virtual biology platform development in Budapest, raised $21M in a Series A round announced on 22 Nov 2022, led by Mercia and MSD Global Health Innovation (GHI) Fund. 6 firms took part. It is Turbine's second venture round on record; the one before was a Seed in Nov 2019.
$21M
Amount raised
20,000,000 EUR converted
Not disclosed
Post-money valuation
6
Investors
2 leads
Valuation
What this round says about the price
Turbine did not disclose a valuation in this round. It came 36 months after Turbine's Seed. It is 42% of the $49M Turbine has raised in the venture rounds on record. Turbine raised again 39 months later: a Series B round of $25M in Feb 2026.
Investors
Who put money in
Mercia and MSD Global Health Innovation (GHI) Fund led the round with 4 other firms.
Lead investors
- Mercia
- MSD Global Health Innovation (GHI) Fund
Also in the round
- Day One Capital backs 22 venture-backed companies
- Accel backs 581 venture-backed companies
- backs 9 venture-backed companies
- XTX Ventures
Joined the board: David M. Rubin (MSD GHI Fund) and Daniela Tsoneva (Mercia Asset Management).
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
1,705 Series A rounds in Tech Companies within a year either side disclosed an amount; the median was $12M, and this round was 1.7 times the median. The closest in time, other companies' Series A rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 8 Nov 2022 | $57M | not disclosed | WestBridge Capital |
| Tech Companies | 15 Nov 2022 | $40M | not disclosed | Temasek and Alibaba |
| Tech Companies | 28 Nov 2022 | $33M | not disclosed | Radical Ventures and Temasek |
| Tech Companies | 23 Nov 2022 | $32M | not disclosed | Flexcap Ventures |
| Tech Companies | 2 Nov 2022 | $30M | $95M | Institutional Venture Partners |
| Tech Companies | 21 Nov 2022 | $25M | not disclosed | Playtika |
| Tech Companies | 3 Nov 2022 | $25M | not disclosed | PWV |
| Tech Companies | 4 Nov 2022 | $25M | not disclosed | Norwest and B Capital |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did Turbine raise in its Series A round?
Turbine raised $21M in its Series A round, announced in Nov 2022.
Who led Turbine's Series A round?
Mercia and MSD Global Health Innovation (GHI) Fund led it, with Day One Capital, Accel, Delin Ventures and XTX Ventures.
What was Turbine's valuation at the Series A round?
It was not disclosed.
How does it compare with other Series A rounds in Tech Companies?
1,705 Series A rounds in Tech Companies within a year either side disclosed an amount; the median was $12M, and this round was 1.7 times the median.
Did Turbine raise again after this round?
Yes: a Series B round in Feb 2026 of $25M.