The companies BioAge Labs, Latigo Biotherapeutics, and Neurona Therapeutics bagged the biggest private biotech investments in February 2024. Around the world, oncology and drug discovery players attracted the biggest funding rounds overall.
February 2024 saw fewer private biotech funding rounds take place than in January, with 25 rounds in total compared to January’s 38. However, there was still some impressive fundraising last month, particularly coming out of North America, as the top 10 biggest rounds went to companies based in the U.S.
Let’s dive in and take a closer look at the details.
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Biggest biotech investments by value in February 2024
If you take a look at the table below, you can see that longevity company BioAge Labs bagged the biggest investment round in February, raising $170 million in series D funding. The company’s mission is to extend healthy lifespan by developing treatments that target the molecular causes of human aging.
Coming in second on the list was Latigo Biotherapeutics, which debuted with $135 million in a series A round to develop non-opioid pain medicines, and third on the list was Neurona Therapeutics, raising $120 million in series E funding to advance its pipeline of regenerative cell therapy candidates for chronic neurological disorders.
Biotech investments by location in February 2024
When we split February’s private financing rounds into location-based data, we can see that, once again, North America had the most funding rounds, with 17 in total. And, from those 17 rounds, a very impressive $1.2 billion was raised, which is more than the region managed to raise in January from 20 rounds. Asia-Pacific, on the other hand, saw only one major fundraising round take place in February.
Biotech investments by funding type in February 2024
Meanwhile, when looking at funding type, there were more series A rounds than any other in February; seven rounds took place in total, from which $452 million was raised. It’s also worth mentioning that, although there was only one series D round last month, $170 million was raised in that round, meaning series D funding came third on the list when looking specifically at which funding types generated the largest amount of money – all thanks to BioAge Labs’ round.
Month-to-month comparison of biotech investments
Below is a graph showing a month-to-month comparison of private biotech fundraising. We have included the total number of funding rounds, as well as the total amount of money raised per month.
As you can see, February saw a decline in both fundraising rounds and fundraising amount compared to January, with 13 fewer funding rounds completed and $189 million less raised.