This is a weekly feature that runs down the top 10 funding rounds of the week in the U.S. Check out last week’s biggest funding rounds here.
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It seems like we say this every week, but this week was big again for biotech and health care. Most of the companies on the list fall into those categories and range from women’s health to cancer treatment to in-home nursing care. It seems that in a down market, investors tend to go big on anything health-related, knowing that the market will always be up.
1. DispatchHealth, $330M, Healthcare: As the population gets older and hospital costs rise, home care is becoming more essential. Denver-based DispatchHealth wants to help people get in-home care. According to Home Health Care News, the company locked a $330 million round led by health care-focused Optum Ventures. The startup provides nursing services at home for patients who require more care or a higher level of observation and intervention. The company partners with health systems, insurance companies and employers to provide long-term home care resources to families. Founded in 2013, the company has raised over $730 million per Crunchbase.
2. Astera Labs, $150 million, Semiconductors: Santa Clara, California-based Astera Labs was made a unicorn this week after raising a $150 million Series D led by Fidelity Management & Research, which values the company at about $3.2 billion. The company last raised a $50 million Series C led by Fidelity – valued at $950 million in September 2021. Astera Labs provides data and memory connectivity solutions for some of the world’s largest chip manufacturers, including Intel and Taiwan Semiconductor Manufacturing Co. The company will use the new proceeds to expand its product lines, add to its workforce and build two new research and design centers in Vancouver and Toronto this year. Semiconductor manufacturing has been in the news for the past several years as supply chain and manufacturing issues have ravaged the market. Founded in 2017, the company has raised over $200 million, according to Crunchbase data.
3. Vaca, $135M, Data: Even in a down venture market, investors will always put money into data. Campbell, California-based Vika closed a $135 million Series D led by Generation Investment Management at a $750 million valuation. Weka helps companies move data between sources faster and more efficiently. The fresh cash will be used to achieve profitability, fuel global expansion and scale the company. Founded in 2013, Vika has raised over $290 million, according to Crunchbase.
4. CG Oncology, $120M, Biotech: Cancer treatments will always attract investment until more and better treatments are found to combat its various forms. Irvine, California-based CG Oncology, an oncolytic immunotherapy startup developing therapeutics for patients with urologic cancers, closed a $120 million Series E round co-led by ORI Capital, Longitude Capital and Decheng Capital. The biotech firm will use the funds to advance its clinical programs in bladder cancer towards FDA approval. Founded in 2010, CG has raised over $200 million per company.
5. MBX Biosciences, $115M, Biotech: Indiana-based MBX Biosciences, a biopharmaceutical company developing therapeutics to treat endocrine disorders, has closed a $115 million Series B led by Wellington management. The cash infusion will be used to support MBX through early 2025 as it develops therapeutics known as “Precision Endocrine Peptides,” which are designed to overcome the limitations of traditional peptide therapeutics. Founded in 2019, the startup has raised around $175 million per Crunchbase.
6. Zanana Therapeutics, $107M, Biotech: Clinical-stage biotechnology company, Boston-based Zanana Therapeutics raises $107 million Series C led by Bain Capital Life Sciences. Founded in 2017, the company has raised over $200 million, according to Crunchbase.
7. Bonum Therapeutics, $93M, Biotech: Seattle-based Bonum Therapeutics, a biopharmaceutical company making conditionally active and less toxic drugs, closed a $93 million Series A that included participation from Roche Venture Fund, RiverWest Venture Partners and others. Bonum is a spinout of Good Therapeutics, which Roche acquired in August 2022 for a payment of $250 million upfront plus potential milestones.
8. Maven Clinic, $90M, Health Care: New York-based teletherapy startup Maven Clinic raises $90M Series E led by General Catalyst. Maven has raised over $300 million in total funding, according to the company.
9. (tied up) material stack, $80M, Contents: San Francisco-based content management system developer ContentStack closed an $80 million Series C led by Georgiana and Insight Partners. Founded in 2018, the startup has now raised $169 million per Crunchbase.
9. (tied up) Metagenomics, $80 million, Biotech: Emeryville, California-based gene editing startup Metagenomy raised $80 from Ionis Pharmaceuticals in a drug development deal. Founded in 2018, the biotech startup has raised $357 million to date, according to Crunchbase.
mega global deals
Of the top five rounds of the week, only one came from overseas.
- Berlin-based blockchain and Web3 technology startup Matter Labs has closed a $200 million Series C.
We tracked down the largest rounds in the Crunchbase database that were raised by US-based companies for the seven-day period from November 12 to 18. Although most of the announced rounds are reflected in the database, there may be a small time lag as some rounds are reported at the end of the week.
Illustration: Dom Guzman
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