ElevateBio Raises $525M in Series C Financing

ElevateBio, a Cambridge, Mass.-based cell and gene therapy technology company focused on advancing new cell and gene therapies, raised $525m in Series C financing.

The round was led by Matrix Capital Management with participation from new investors SoftBank Vision Fund 2 and Fidelity Management and Research Company and existing investors MPM Capital, F2 Ventures, Redmile Group, EcoR1 Capital, Samsara BioCapital, The Invus Group, Emerson Collective, Surveyor Capital (A Citadel company), EDBI, and Vertex Ventures, iTochu, and a large insurance company.  As part of the financing, Karan Takhar, Senior Managing Director at Matrix Capital Management and Deep Nishar, Senior Managing Partner, SoftBank Investment Advisers, will join ElevateBio’s Board of Directors. 

The company intends to use the funds to continue to develop and expand its technology platforms, advance industry partnerships, and continue to develop its cell and gene therapies.

‍Led by David Hallal, Chairman and Chief Executive Officer, and Mitchell Finer, Ph.D., Chief Scientific Officer of ElevateBio, and President of ElevateBio BaseCamp, ElevateBio is a cell and gene therapy technology company built to develop cell and gene therapies. The company has built an initial technology stack, including gene editing, induced pluripotent stem cells, and protein, viral, and cellular engineering. At the center of the business model is ElevateBio BaseCamp, a centralized R&D and manufacturing company that offers research and development (R&D), process development (PD), and Current Good Manufacturing Practice (CGMP) manufacturing capabilities. The company is focused on increasing long-term collaborations with industry partners while also continuing to develop its own innovative cell and gene therapies. ElevateBio is headquartered in Cambridge, Mass, while ElevateBio BaseCamp is located in Waltham, Mass.