Funding benchmark · last 12 months

The typical Series B round in Biotech

From 34 Series B rounds announced in Biotech over the last twelve months, each read from a named source. Half of them raised between $32M and $125M.

See the roundsAll benchmarks

Series BBiotech
Median round$63M
$17M1 in 10 below$32M – $125Mmiddle half$146M1 in 10 above

34 rounds counted · recounted nightly

Rounds counted34Series B rounds in Biotech, last 12 months
Against worldwide+25%vs the $50M worldwide median
Since last round-too few earlier rounds on record
Lead named85%of these rounds name the investor who led

The trend

Median Series B round, quarter by quarter

From $55M in 2025 Q1 to $43M in 2026 Q3. Quarters with fewer than five rounds are left blank.

'24 Q43 rds
$55M'25 Q15 rds
$100M'25 Q26 rds
$93M'25 Q35 rds
$66M'25 Q46 rds
$29M'26 Q15 rds
$100M'26 Q215 rds
$43M'26 Q38 rds

Who leads

The most active leads

The firms that led the most Series B rounds in Biotech this year.

  1. 1ARCH Venture Partners2 led
  2. 2Frazier Life Sciences2 led
  3. 3General Catalyst1 led
  4. 4Norwest Venture Partners1 led
  5. 5RA Capital Management1 led
  6. 6IVC1 led

Recent examples

Series B rounds in Biotech, latest first

How to read these figures

They come from announced rounds. Large rounds are almost always announced and many small ones never are, so the true typical round is probably a little smaller than shown, most of all at pre-seed and seed. Every round behind them is in the record with its source. How we read rounds.

Other stages in Biotech

Seed$7.3MSeries A$32M

Series B elsewhere

AI$55MUnited States$60MFintech$40MUnited Kingdom$43MHealthcare$46MConstruction$40MCybersecurity$58MRobotics$63MEnterprise Software$49M

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Q&A

How big is a typical Series B round in Biotech?

The median is $63M, from 34 Series B rounds announced in Biotech in the last twelve months. Half of them raised between $32M and $125M; one in ten raised more than $146M.

Which rounds are counted?

Rounds announced in the last twelve months with a stated amount and stage, each read from a named article or filing. A page is only published where at least 30 rounds stand behind it.

Are these figures biased?

Towards larger rounds, yes. Big rounds are announced; many small ones never are. So the true typical round is probably a little smaller than the figure here, especially at pre-seed and seed.

How often does it change?

The figures are recounted from the record every night, as new rounds are read.