United States · Funded startup

Who invested in Shoulder Innovations

3 rounds we have observed, with the 12 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.

BiotechHealthcareMedical Devices

Raised 5 months ago

Funding summaryUpdated 26 Oct 2026

$49Mraised across 3 rounds since 2018, from 3 sources

$1.5MSeries A$2.5MSeries A$45MDebt
Latest round
Debt, $45MJun 2026
Step-upi
18×
Investors
12 (1 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.

20182020202220242026
$1.5MSeries A$2.5MSeries A$45MDebt
First round
Series A, $1.5M
May 2018
Biggest round
$45M
Debt · Jun 2026
Usual gap between rounds
7.6 years
the median of 2

The rounds

  1. Jun 2026
  2. Oct 2018
    Series A$2.5M2 new2 returning

    Reported by FinSMEsSEC filing: $5.1M sold, first sale Feb 2017

  3. May 2018

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.

Everyone who backed them

Michigan Angel FundAngel network2rounds, led 1
Alumni VenturesVC firm1round
FidelityVC firm1round
Trinity CapitalVC firm1round
Start GardenVC firm1round
Wakestream VenturesVC firm1round
Invest MichiganVC firm1round
cultivate(MD)Private equity1round
Novus BioventuresVC firm1round

Missing a round, or an investor who was in one? Tell us.

Also claim to have backed them

These 3 firms list Shoulder Innovations as a portfolio company on their own websites, but no report of a round names them. They are the firms' own claims, kept apart from the rounds above.

Lightstone VenturesVC firmPer its own site
Bluestem CapitalPrivate equityPer its own site
Microtech VenturesAdvisorPer its own site

Quick answers about Shoulder Innovations

Who invested in Shoulder Innovations?

Shoulder Innovations's investors include Michigan Angel Fund, Genesis Innovation Group, Alumni Ventures, Global Brain Corporation and Fidelity, and 7 more on record.

How much has Shoulder Innovations raised?

Shoulder Innovations has raised $49M across 3 rounds since 2018.

When did Shoulder Innovations last raise?

Shoulder Innovations's most recent round was a Debt of $45M in Jun 2026.

What was Shoulder Innovations's biggest round?

Its most recent round, $45M in Jun 2026, is also its largest on record.

Who backed Shoulder Innovations first?

Shoulder Innovations's first round on record, in May 2018, was backed by Michigan Angel Fund, Start Garden and Genesis Innovation Group and 3 others.

What stage is Shoulder Innovations at?

Shoulder Innovations's latest named round is a Debt, in Jun 2026.

Where is Shoulder Innovations based?

Shoulder Innovations is based in the United States.

Who led Shoulder Innovations's rounds?

Michigan Angel Fund led the Series A in 2018.

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