Series C Funded Biotechnology Startups
The 50 Series C biotechnology rounds shown span January 2024 through November 2025, with disclosed deal sizes ranging from $7M (ENYO Pharma, Lyon) to $358M…
The 50 Series C biotechnology rounds shown span January 2024 through November 2025, with disclosed deal sizes ranging from $7M (ENYO Pharma, Lyon) to $358M (Tubulis, Munich). Of the 47 rounds with disclosed amounts, 22 cleared $100M, and the distribution skews toward large tranches — ArsenalBio raised $325M in South San Francisco, Kriya Therapeutics closed $313M in Redwood City, and Aviceda Therapeutics pulled in $208M in Cambridge, Massachusetts.
California cities collectively contribute the most entries, spanning San Diego, San Francisco, South San Francisco, and Redwood City among others. Boston and Cambridge, Massachusetts together add six more, including Scorpion Therapeutics ($150M) and Elektrofi ($112M). Thirteen companies are headquartered outside the United States, with notable rounds from Hemab ($157M, Copenhagen), Alpha9 Theranostics ($175M, Vancouver), CellCentric ($120M, Cambridge UK), and Tubulis ($358M, Munich). Three rounds — Click Therapeutics, Cortechs.ai, and ENOUGH — list undisclosed amounts.
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Frequently asked
What are the five largest disclosed rounds in this set?
The top five are Tubulis ($358M, Munich), ArsenalBio ($325M, South San Francisco), Kriya Therapeutics ($313M, Redwood City), Aviceda Therapeutics ($208M, Cambridge MA), and Zenas BioPharma ($200M, Waltham). Four of the five are US-based; Tubulis represents the largest non-US close in the group.
Which US cities have the highest concentration of Series C biotech companies here?
California cities lead in aggregate — San Diego (Aspen Neuroscience, Aardvark Therapeutics, Cortechs.ai), San Francisco (Bluejay Therapeutics, Frontier Medicines, Asher Bio), and Redwood City (Kriya Therapeutics, Karius) each carry multiple entries. New York accounts for four: Gameto, Click Therapeutics, Precision Neuroscience, and LB Pharmaceuticals. Boston and greater Massachusetts (Cambridge, Waltham) add six more, including Scorpion Therapeutics ($150M) and Zenas BioPharma ($200M).
How many companies in this listing are headquartered outside the United States?
Thirteen of the 50 companies are based outside the US, spanning the UK (CellCentric, Nuclera, ENOUGH), Switzerland (Numab, ImmunOs Therapeutics, BioVersys), Germany (Tubulis, CarboCode), Denmark (Hemab), Israel (Omnix Medical), France (ENYO Pharma), Australia (AdvanCell), and Canada (Alpha9 Theranostics). The largest of those rounds is Tubulis at $358M.
What share of rounds cleared $100M?
22 of the 47 rounds with disclosed amounts — roughly 47% — came in at $100M or above. Four companies raised exactly $100M: Umoja Biopharma, SiteOne Therapeutics, Karius, and Alamar Biosciences. The remaining 18 above that threshold ranged from $105M (Geneoscopy) to $358M (Tubulis).
Are there rounds where the amount wasn't disclosed?
Three rounds list undisclosed amounts: Click Therapeutics (New York, March 2025), Cortechs.ai (San Diego, November 2024), and ENOUGH (Glasgow, February 2024). The remaining 47 rounds in this set have confirmed figures.
How does round volume split between 2024 and 2025?
Of the 50 rounds, 26 closed in 2024 and 24 in 2025 through November 19. Three of the five largest disclosed rounds — Tubulis ($358M, October 2025), Kriya Therapeutics ($313M, August 2025), and Hemab ($157M, November 2025) — are from 2025, while ArsenalBio ($325M) represents the largest 2024 close.
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