# Zenas BioPharma funding: rounds and investors > Zenas BioPharma has raised $420M across 3 rounds since 2024. Investors include New Enterprise Associates, Norwest Venture Partners and Wellington Management. Source: https://millionrounds.com/company/zenas-biopharma (Millionrounds; every figure on the page links to its filing or article) United States · [Funded startup](https://millionrounds.com/companies) # Who invested in *Zenas BioPharma* 3 rounds we have observed, with the 16 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. Biotech Pharma Raised 8 months ago Funding summary Updated 26 Oct 2026 **$420M** raised across 3 rounds since 2024, from 3 sources **$200M** Series C **$120M** Round **$100M** Round - **Latest round:** Round, $100M Mar 2026 - **Biggest round:** $200M Series C · May 2024 - **Investors:** 16 (4 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. 2025 2026 **$200M** Series C **$120M** Round **$100M** Round - **First round:** Series C, $200M - **Biggest round:** $200M - **Usual gap between rounds:** 17 months ## The rounds - **Mar 2026** Round **$100M** *1 new* *4 returning* [New Enterprise Associates](https://millionrounds.com/fund/new-enterprise-associates) [Norwest Venture Partners](https://millionrounds.com/fund/norwest) [Wellington Management](https://millionrounds.com/fund/wellington-management) [Perceptive Advisors](https://millionrounds.com/fund/perceptive-advisors) [Vivo Capital](https://millionrounds.com/fund/vivo-capital) Source recorded - **Oct 2025** Round **$120M** *5 returning* [New Enterprise Associates](https://millionrounds.com/fund/new-enterprise-associates) [Norwest Venture Partners](https://millionrounds.com/fund/norwest) [Wellington Management](https://millionrounds.com/fund/wellington-management) [Vivo Capital](https://millionrounds.com/fund/vivo-capital) [SR One](https://millionrounds.com/fund/sr-one) Source recorded - **May 2024** Series C **$200M** *15 new* [New Enterprise Associates](https://millionrounds.com/fund/new-enterprise-associates) Lead [Norwest Venture Partners](https://millionrounds.com/fund/norwest) Lead [SR One](https://millionrounds.com/fund/sr-one) Lead [Delos Capital](https://millionrounds.com/fund/delos-capital) Lead [Wellington Management](https://millionrounds.com/fund/wellington-management) [Vivo Capital](https://millionrounds.com/fund/vivo-capital) [Longitude Capital](https://millionrounds.com/fund/longitude-capital) [Rock Springs Capital](https://millionrounds.com/fund/rock-springs-capital) [ArrowMark Partners](https://millionrounds.com/fund/arrowmark-partners) [Pivotal bioVenture Partners](https://millionrounds.com/fund/pivotal-life-sciences) [Fairmount](https://millionrounds.com/fund/fairmount) [Enavate Sciences](https://millionrounds.com/fund/enavate-sciences) [Federated Hermes Kaufmann Funds](https://millionrounds.com/fund/federated-hermes-kaufmann-funds) [Quan Venture Fund](https://millionrounds.com/fund/quan-venture-fund) [Superstring Capital](https://millionrounds.com/fund/superstring-capital) Reported by Tellus BioVentures SEC filing: $200M sold, first sale May 2024 ## Founders and team From Zenas BioPharma's own website and the SEC filings it signed: 1 founder, 11 on the team. **Lonnie Moulder** Founder, CEO & Chairman - **Joe Farmer** President and Chief Operating Officer - **Caroline Chevalier** Chief Administrative Officer - **Christy Oliger** Board of Directors - **Jake Jacob Nunn** Board of Directors - **James Patrick Boylan** Board of Directors - **Jennifer Jacob Fox** Executive Officer i - **Joseph O. Farmer** Executive Officer i - **Leon O. Moulder** Executive Officer, Director i - **Patricia Jacob Allen** Board of Directors - **Patrick Gerald Enright** Board of Directors - **Tanya Z. Fischer** Executive Officer i On the board, as filed i *Hongbo O. Lu* *John Jacob Orloff* *Tim Jacob Xiao* *Tomas O. Kiselak* ## 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 C** 2024 **Round** 2025 **Round** 2026 [New Enterprise Associates](https://millionrounds.com/fund/new-enterprise-associates) L [Norwest Venture Partners](https://millionrounds.com/fund/norwest) L [Wellington Management](https://millionrounds.com/fund/wellington-management) [Vivo Capital](https://millionrounds.com/fund/vivo-capital) [SR One](https://millionrounds.com/fund/sr-one) L [Delos Capital](https://millionrounds.com/fund/delos-capital) L [Perceptive Advisors](https://millionrounds.com/fund/perceptive-advisors) [Longitude Capital](https://millionrounds.com/fund/longitude-capital) [Rock Springs Capital](https://millionrounds.com/fund/rock-springs-capital) [ArrowMark Partners](https://millionrounds.com/fund/arrowmark-partners) ## Everyone who backed them [New Enterprise Associates](https://millionrounds.com/fund/new-enterprise-associates) VC firm **3** rounds, led 1 [Norwest Venture Partners](https://millionrounds.com/fund/norwest) VC firm **3** rounds, led 1 [Wellington Management](https://millionrounds.com/fund/wellington-management) VC firm **3** rounds [Vivo Capital](https://millionrounds.com/fund/vivo-capital) Private equity **3** rounds [SR One](https://millionrounds.com/fund/sr-one) Corporate VC **2** rounds, led 1 [Delos Capital](https://millionrounds.com/fund/delos-capital) Private equity **1** round, led 1 [Perceptive Advisors](https://millionrounds.com/fund/perceptive-advisors) Asset manager **1** round [Longitude Capital](https://millionrounds.com/fund/longitude-capital) VC firm **1** round [Rock Springs Capital](https://millionrounds.com/fund/rock-springs-capital) Hedge fund **1** round [ArrowMark Partners](https://millionrounds.com/fund/arrowmark-partners) Private equity **1** round [Pivotal bioVenture Partners](https://millionrounds.com/fund/pivotal-life-sciences) VC firm **1** round [Fairmount](https://millionrounds.com/fund/fairmount) Growth equity **1** round [Enavate Sciences](https://millionrounds.com/fund/enavate-sciences) VC firm **1** round [Federated Hermes Kaufmann Funds](https://millionrounds.com/fund/federated-hermes-kaufmann-funds) Growth equity **1** round [Quan Venture Fund](https://millionrounds.com/fund/quan-venture-fund) Growth equity **1** round [Superstring Capital](https://millionrounds.com/fund/superstring-capital) VC firm **1** round Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=zenas-biopharma). ## Also claim to have backed them This firm lists Zenas BioPharma as a portfolio company on their own website, but no report of a round names it. They are the firms' own claims, kept apart from the rounds above. [Tellus BioVentures](https://millionrounds.com/fund/tellus-bioventures) VC firm Per its own site ## Quick answers about Zenas BioPharma ### Who invested in Zenas BioPharma? Zenas BioPharma's investors include New Enterprise Associates, Norwest Venture Partners, Wellington Management, Vivo Capital and SR One, and 11 more on record. ### How much has Zenas BioPharma raised? Zenas BioPharma has raised $420M across 3 rounds since 2024. ### When did Zenas BioPharma last raise? Zenas BioPharma's most recent round was an Undisclosed round of $100M in Mar 2026. ### What was Zenas BioPharma's biggest round? Zenas BioPharma's largest round on record is $200M (Series C), in May 2024, led by New Enterprise Associates. ### Who backed Zenas BioPharma first? Zenas BioPharma's first round on record, in May 2024, was backed by New Enterprise Associates, Norwest Venture Partners and SR One and 12 others. ### What stage is Zenas BioPharma at? Zenas BioPharma's latest named round is an Undisclosed round, in Mar 2026. ### Where is Zenas BioPharma based? Zenas BioPharma is based in the United States. ### Who led Zenas BioPharma's rounds? New Enterprise Associates led the Series C in 2024. ## Companies like Zenas BioPharma In the same sector, and raised in the last eighteen months. [**Star Therapeutics** $325M · Oct 2026](https://millionrounds.com/company/star-therapeutics)[**Prolific Machines** $105M · Oct 2026](https://millionrounds.com/company/prolific-machines)[**Promaxo** $106M · Oct 2026](https://millionrounds.com/company/promaxo)[**IMIO** $19M · Oct 2026](https://millionrounds.com/company/imio)[**Rejuvenate Bio** $13M · Oct 2026](https://millionrounds.com/company/rejuvenate-bio)[**Clinical Ink** $24M · Oct 2026](https://millionrounds.com/company/clinical-ink) ## Find investors like these Search every investor by what they have actually funded, then narrow to your stage and market. Free. Open the investor searchOr these rounds in the app