3B biopharma startup dashboard

This dashboard covers biopharma VC, IPO and M&A trends. Explore more of our data here.

Biopharma venture funding over time

2019 topline data

VC funding, 2019 $ 0.0 B Latest deal: IPO proceeds, 2019 $ 0.0 B Latest deal: M&A total consideration, 2019 $ 0.0 B Latest deal:

The database is updated several times per month. We periodically publish deep dives on startup valuation, venture returns, funding trends and more on our blog. Sign up for our newsletter to receive updates.



Sign up



2019 biopharma venture funding down 17% from 2018



Source for 2013-2017 data: Evaluate Ltd. Vantage 2019 Preview

Venture round sizes remain high



Most Series A rounds are between $10-60M, but there is a long tail of "megarounds": 6% of Series A rounds are $100M or more 21% of Series C rounds are $50-60M. Another 26% are over $100M The average post-money valuation of Series A companies is $79M. More info on venture-stage valuations here.

Valuations of 250+ biopharma VC rounds Access detailed financial profiles of 100+ biopharma startups that went public in 2018 through 1H 2020, including estimated private-round valuations.

Learn more



US-based biotech VCs and Chinese investors dominate, though Chinese funding of US companies declining



US-based specialist biotech VCs dominate Series A investing, but Chinese investors dominate Series B investing Generalist tech VCs have increased their investment levels to that of pharma corporate VCs, but they still make up a small amount of overall funding In 2018, Chinese investors were the biggest leaders of Series B investments into US biopharma companies. Due to recent trade tensions between the US and China, but in 2019 Chinese investors led nearly zero deals (although they did participate as non-lead investors). More on that here.





Few active lead investors



Only 12 investors have led more than 5 Series A deals since January 2018 Many of these Series A investors create many of the companies they fund in-house These investors are generating outsized returns. Series A investments in companies that IPO return an average of 10.8x, with on average 3.5 years from Series A to IPO. More on returns here.

Oncology and rare disease declining, neuro and autoimmune rising



Oncology represents about a quarter of venture-funded programs from 2018-2019 While rare disease has historically received the second-most funding after oncology, neuro + neurodegenerative programs now receive more Series A funding than rare disease These charts represent the therapeutic areas of all companies receiving funding. Many companies have programs in multiple therapeutic areas





Series A investment trends can inform what kinds of companies will get funded in future rounds Oncology makes up a lower percentage of Series A-funded programs than rare disease, autoimmune and neuro combined, though oncology is still the single most funded therapeutic area

2019 VC-backed biopharma IPO activity down from 2018



Major VC-backed biopharma IPOs (those that raised over $50M in IPO proceeds)* in 2019 were down from 2018 levels in terms of dollars raised and number of IPOs * Q1 2019 IPOs excludes Stealth Therapeutics as it was majority controlled by a single investor







