# Nutshell Therapeutics funding: rounds and investors > Nutshell Therapeutics has raised $40M across 2 rounds since 2022. Investors include Decheng Capital, Trustbridge Capital and Tengxun Touzi. Source: https://millionrounds.com/company/nutshell-therapeutics (Millionrounds; every figure on the page links to its filing or article) China · [Series C startup](https://millionrounds.com/companies) # Who invested in *Nutshell Therapeutics* 2 rounds we have observed, with the 9 investors named in them. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it. AI Biotech Raised 2 months ago Follow Nutshell Therapeutics and see its new rounds in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Fcompany%2Fnutshell-therapeutics) Funding summary Updated 5 Nov 2026 **$40M** raised across 2 rounds since 2022, from 2 sources - **Latest round:** Series C Sept 2026 - **Led by:** Decheng Capital and Trustbridge Capital - **Biggest round:** $40M Series A · Mar 2022 - **Investors:** 9 (2 led) See who backed them ## The funding story Each circle is a round, placed by date and sized by amount. The line above is the running total. 2022 2023 2024 2025 2026 **$40M** Series A **?** Series C - **First round:** Series A, $40M - **Biggest round:** $40M - **Between rounds:** 4.6 years ## The rounds - **Sept 2026** Series C **tens of millions of dollars** *4 new* [Decheng Capital](https://millionrounds.com/fund/decheng-capital) Lead [Trustbridge Capital](https://millionrounds.com/fund/trustbridge-capital) Lead [Dachen Caizhi](https://millionrounds.com/fund/dachen-caizhi) [Zhongsheng Xichuang Dingqi Fund](https://millionrounds.com/fund/zhongsheng-xichuang-dingqi-fund) Reported by TechStartups - **Mar 2022** Series A **$40M** *5 new* [Tengxun Touzi](https://millionrounds.com/fund/tengxun-touzi) [Matrix Partners China](https://millionrounds.com/fund/matrix-partners-china-2) [Northern Light Venture Capital](https://millionrounds.com/fund/nlvc) [Source Code Capital](https://millionrounds.com/fund/source-code-capital) [Baidu Ventures](https://millionrounds.com/fund/baidu-ventures) Source recorded ## Who was in which round The busiest backers across the latest rounds. A filled square is a round they joined; a dark one, a round they led. **Series A** 2022 **Series C** 2026 [Decheng Capital](https://millionrounds.com/fund/decheng-capital) L [Trustbridge Capital](https://millionrounds.com/fund/trustbridge-capital) L [Tengxun Touzi](https://millionrounds.com/fund/tengxun-touzi) [Matrix Partners China](https://millionrounds.com/fund/matrix-partners-china-2) [Northern Light Venture Capital](https://millionrounds.com/fund/nlvc) [Source Code Capital](https://millionrounds.com/fund/source-code-capital) [Baidu Ventures](https://millionrounds.com/fund/baidu-ventures) [Dachen Caizhi](https://millionrounds.com/fund/dachen-caizhi) [Zhongsheng Xichuang Dingqi Fund](https://millionrounds.com/fund/zhongsheng-xichuang-dingqi-fund) ## Everyone who backed them [Decheng Capital](https://millionrounds.com/fund/decheng-capital) VC firm **1** round, led 1 [Trustbridge Capital](https://millionrounds.com/fund/trustbridge-capital) Growth equity **1** round, led 1 [Tengxun Touzi](https://millionrounds.com/fund/tengxun-touzi) VC firm **1** round [Matrix Partners China](https://millionrounds.com/fund/matrix-partners-china-2) VC firm **1** round [Northern Light Venture Capital](https://millionrounds.com/fund/nlvc) VC firm **1** round [Source Code Capital](https://millionrounds.com/fund/source-code-capital) VC firm **1** round [Baidu Ventures](https://millionrounds.com/fund/baidu-ventures) VC firm **1** round [Dachen Caizhi](https://millionrounds.com/fund/dachen-caizhi) Growth equity **1** round [Zhongsheng Xichuang Dingqi Fund](https://millionrounds.com/fund/zhongsheng-xichuang-dingqi-fund) Growth equity **1** round Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=nutshell-therapeutics). ## Quick answers about Nutshell Therapeutics ### Who invested in Nutshell Therapeutics? Nutshell Therapeutics's investors include Decheng Capital, Trustbridge Capital, Tengxun Touzi, Matrix Partners China and Northern Light Venture Capital, and 4 more on record. Decheng Capital led its latest round. ### How much has Nutshell Therapeutics raised? Nutshell Therapeutics has raised $40M across 2 rounds since 2022. One round did not disclose an amount, so the total is a floor. ### When did Nutshell Therapeutics last raise? Nutshell Therapeutics's most recent round was a Series C in Sept 2026, led by Decheng Capital. ### What was Nutshell Therapeutics's biggest round? Nutshell Therapeutics's largest round on record is $40M (Series A), in Mar 2022. ### Who backed Nutshell Therapeutics first? Nutshell Therapeutics's first round on record, in Mar 2022, was backed by Tengxun Touzi, Matrix Partners China and Northern Light Venture Capital and 2 others. ### What stage is Nutshell Therapeutics at? Nutshell Therapeutics's latest named round is a Series C, in Sept 2026. ### Where is Nutshell Therapeutics based? Nutshell Therapeutics is based in China. ### Who led Nutshell Therapeutics's rounds? Decheng Capital led the Series C in 2026. ## Companies like Nutshell Therapeutics In the same sector, and raised in the last eighteen months. 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