Convertible Note Funded Startups
Disclosed convertible-note sizes in this slice cluster tightly, except for a single outlier: Cheplapharm Arzneimittel’s $544M round on 2022-10-25 dwarfs th…
Disclosed convertible-note sizes in this slice cluster tightly, except for a single outlier: Cheplapharm Arzneimittel’s $544M round on 2022-10-25 dwarfs the next-highest disclosed amount of $401M (Arctic Wolf on 2022-10-06) and sits far above the rest of the disclosed rounds. Alphabetically and by sector, life sciences dominate the visible entries: Biotechnology appears in 10 companies (BOOST Pharma 2025-10-31, FORAY bioscience 2025-09-27, Pictor 2025-09-25, SciTech Development 2025-09-24, Artcline 2025-09-13, Enterin 2022-10-03, GeneCentric Therapeutics 2022-09-20, and others), with Healthcare and Pharmaceuticals recurring alongside it. Temporally, the list shows a dense modern cluster: 11 of 50 rounds fall between 2025-09-15 and 2025-11-26. Geographically, Europe is consistently represented, but the largest disclosed rounds are not confined to one region, ranging from Germany (Cheplapharm Arzneimittel) to the US (Arctic Wolf). The dataset spans 2022-08-29 (Adamas One) through 2025-11-26 (Alba Renewables), with amounts undisclosed in 14 of 50 rows.
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Frequently asked
What’s the size outlier in this convertible-note list, and how does it compare to the next-largest disclosed round?
Cheplapharm Arzneimittel’s $544M round (2022-10-25) is the single largest disclosed amount, and it substantially exceeds the next-largest disclosed round of $401M (Arctic Wolf on 2022-10-06). Most other disclosed rounds sit well below these levels (e.g., $34M by GHGSat on 2025-09-15).
Do recent rounds cluster within a narrow window near the top of the table?
Yes. Eleven of the 50 rows close between 2025-09-15 (GHGSat) and 2025-11-26 (Alba Renewables), with multiple large disclosed checks in that same span such as GHGSat $34M (2025-09-15), Rappi $25M (2025-09-09), and Superlogic $14M (2025-10-27).
Which sectors show up most often in this slice of convertible-note funded startups?
Biotechnology is the most repeated sector label, appearing in 10 companies across dates from BOOST Pharma ($2M on 2025-10-31) to GeneCentric Therapeutics ($3M on 2022-09-20). Healthcare and pharmaceuticals-adjacent entries recur alongside it (e.g., BOOST Pharma 2025-10-31, Soothe Healthcare $15M on 2022-10-21).
How common are undisclosed amounts, and does that obscure the ability to rank the largest rounds?
Undisclosed amounts appear in 14 of 50 rows, including recent entries like Alba Renewables (2025-11-26) and World Labs (2025-11-19). Even with those gaps, the disclosed set still produces clear top-end separation: $544M (Cheplapharm Arzneimittel) and $401M (Arctic Wolf) remain the two highest disclosed amounts in the table.
Are there notable geographic patterns among the disclosed largest rounds?
The largest disclosed checks are not limited to one city or country: Cheplapharm Arzneimittel ($544M, Greifswald, Germany on 2022-10-25) and Arctic Wolf ($401M, Eden Prairie, US on 2022-10-06) anchor the top end in different geographies. The list overall includes repeated European presence in both early and late dates (e.g., Baseload Capital $24M in Sweden on 2022-10-19 and Rappi $25M in Colombia on 2025-09-09).
What do the time edges look like for this set of 50 most-recent convertible-note rounds?
The rounds shown span from 2022-08-29 (Adamas One) through 2025-11-26 (Alba Renewables). The newest dated entry is Alba Renewables on 2025-11-26, while the oldest is Adamas One on 2022-08-29.
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