After the year’s slow start, venture capital fundraising by drug developers has gotten a big boost in recent months, especially in May when two companies raised more than $700m between them – $300m for ReNAgade Therapeutics, Inc. and $401m for ElevateBio, LLC.
Key Takeaways
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Mega-rounds (>$100m) have picked up after a slow start to the year, with seven total for January and February then seven each in March and April, and six so far in May.
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ElevateBio’s $401m series D round is the largest VC round of 2023, so far
There have been six $100m-plus VC mega-rounds announced by biopharmaceutical companies so far in May, and with a week to go the month still has time to catch up with March and April, which each had seven mega-rounds, up from seven mega-rounds total for January and February. It remains to be seen, however, if the rising number and size of mega-rounds will reverse the overall decline in venture capital fundraising by the industry so far in 2023; first quarter fundraising totaled $4.1bn, less than half of the $11.3bn raised by in Q1 of 2022
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