US-based gene therapy developer ElevateBio secured $525m yesterday in a series C round that included telecommunications and internet group SoftBank’s Vision Fund 2 and diversified trading firm Itochu.
The round was led by investment manager Matrix Capital Management and also featured investment and financial services group Fidelity Management & Research Company in addition to a large undisclosed insurance firm.
MPM Capital, F2 Ventures, Redmile Group, EcoR1 Capital, Samsara BioCapital, The Invus Group, Emerson Collective, Surveyor Capital, EDBI and Vertex Ventures made up the rest of the participants in the round.
ElevateBio is working on cell, gene and regenerative therapies which are being developed by its research and development and manufacturing unit, ElevateBio BaseCamp, for a wide range of potential illnesses.
The company launched in May 2019 with $150m from a series A round featuring investment bank UBS’s Oncology Impact Fund, which is managed by MPM Capital and F2 Ventures, as well as EcoR1 Capital, Redmile Group, and Samsara BioCapital.
MPM Capital, F2 Ventures, EcoR1 Capital, Redmile Group and Samsara BioCapital returned for a $170m series B round in March 2020 alongside Invus Group, Surveyor Capital, EDBI and Vertex Ventures.
Deep Nishar, senior managing partner for SoftBank Investment Advisers, which manages Vision Fund 2, will join the company’s board of directors in connection with the round, as will Karan Takhar, senior managing director at Matrix Capital Management.
Nishar said: “We are proud to support ElevateBio’s world-class team to expand and advance its technology and manufacturing platforms to accelerate the production and development of tomorrow’s life-saving cell and gene therapies.”
