# Flagship Pioneering: portfolio, investments and team

> Flagship Pioneering is a vc firm based in United States. 53 investments on record, 4 in the last 12 months, latest Apr 2026.

Source: https://millionrounds.com/fund/flagship-pioneering (Millionrounds; every figure on the page links to its filing or article)

United States · [Investor](https://millionrounds.com/investors)

# Flagship Pioneering

Last cheque observed Apr 2026; 53 cheques on record.

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Deploying now New fund $2.6B, Nov 2024 VC firm

Seed Series A Series B Ehealth Health-tech Healthtech

Follow Flagship Pioneering and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Fflagship-pioneering)

Deploying now

**36%** of best year **4** **cheques in 12 months**, 53 on record

Since the last cheque **213** days **00** hrs **00** min **00** sec

Median round **$50M** Rounds led **0 of 53** Sole investor **17 rounds** Mostly in **United States, 97%**

Pitch Flagship Pioneering

## Flagship Pioneering highlights

- 01 4 cheques in the last 12 months
- 02 Mostly Series A and Venture: 53% of its rounds
- 03 Sole investor in 17 rounds, median $50M

## What they do

> Pioneering Partnerships Latest News From their own website

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** Up to $5.0M as they say
- **Stages:** Seed Series A Series B Growth Pre-IPO
- **Sectors:** Ehealth Health-tech Healthtech
- **Based in:** Cambridge, United States
- **Cold pitches:** Not accepted

## The record

Every round we can evidence, newest first **53 appearances**

- **2026** 3 rounds
- **Apr** **[Metaphore Biotechnologies](https://millionrounds.com/company/metaphore-biotechnologies)** Venture · US **Undisclosed** With 1 other
- **Apr** **[Serif Bio­med­i­cines](https://millionrounds.com/company/serif-bio-med-i-cines)** Venture · US **$50M** Sole investor
- **Jan** **[Foghorn Therapeutics](https://millionrounds.com/company/foghorn-therapeutics)** US **$50M** With 3 others
- **2025** 11 rounds
- **Dec** **[Denali Therapeutics](https://millionrounds.com/company/denali-therapeutics)** Debt · US **$200M** With 3 others
- **Oct** **[Seres Therapeutics](https://millionrounds.com/company/seres-therapeutics)** Grant · US **$3.6M** With 2 others
- **Oct** **[Expedition Medicines](https://millionrounds.com/company/expedition-medicines)** Series A · US **$50M** Sole investor
- **Sept** **[Lila Sciences](https://millionrounds.com/company/lila-sciences)** Series A · US · TechStartups **$235M** With 21 others
- **Sept** **[Extuitive](https://millionrounds.com/company/extuitive)** Seed · US **$20M** Sole investor
- **Jul** **[Terrana Biosciences](https://millionrounds.com/company/terrana-biosciences)** Series B · US **$50M** Sole investor
- **Apr** **[Etiome](https://millionrounds.com/company/etiome)** Series A · US **$50M** Sole investor
- **Mar** **[Indigo](https://millionrounds.com/company/indigo)** Venture · US **$1.5M** With 1 other
- **Mar** **[Lila Sciences](https://millionrounds.com/company/lila-sciences)** Seed · US · AlleyWatch **$200M** With 8 others
- **Mar** **[Ampersand Biomedicines](https://millionrounds.com/company/ampersand-biomedicines)** Series B · US **$65M** With 1 other
- **Jan** **[Harbinger](https://millionrounds.com/company/harbinger)** Series B · US · TechCrunch **$100M** With 14 others
- **2024** 4 rounds
- **Sept** **[Mirai Bio](https://millionrounds.com/company/mirai-bio)** Series A · US **$50M** Sole investor
- **Jul** **[Apriori Bio](https://millionrounds.com/company/apriori-bio)** Grant · US **$1.1M** Sole investor
- **May** **[Prologue Medicines](https://millionrounds.com/company/prologue-medicines)** Series A · US **$50M** Sole investor
- **Jan** **[CIBO](https://millionrounds.com/company/cibo)** Venture · US **Undisclosed** With 2 others
- **2023** 7 rounds
- **Nov** **[Quotient Therapeutics](https://millionrounds.com/company/quotient-therapeutics)** Seed · GB **$50M** Sole investor
- **Aug** **[Alltrna](https://millionrounds.com/company/alltrna)** Series B · US **$109M** Sole investor
- **Jul** **[Evelo Biosciences](https://millionrounds.com/company/evelo-biosciences)** US **$26M** With 2 others
- **Jun** **[Empress Therapeutics](https://millionrounds.com/company/empress-therapeutics)** Venture · US **$50M** Sole investor
- **May** **[Metaphore Biotechnologies](https://millionrounds.com/company/metaphore-biotechnologies)** Venture · US **$50M** Sole investor
- **Mar** **[Ring Therapeutics](https://millionrounds.com/company/ring-therapeutics)** Series C · US **$87M** With 3 others
- **Feb** **[Omega Therapeutics](https://millionrounds.com/company/omega-therapeutics)** US **$40M** With 3 others
- **2022** 8 rounds
- **Dec** **[Montai Therapeutics](https://millionrounds.com/company/montai-therapeutics)** Series A · US **$50M** Sole investor
- **Oct** **[Cellarity](https://millionrounds.com/company/cellarity)** Series C · US **$121M** With 1 other
- **Oct** **[Axcella](https://millionrounds.com/company/axcella)** US **$34M** With 1 other
- **Oct** **[Valo Health](https://millionrounds.com/company/valo-health)** Venture · US **Undisclosed** With 3 others
- **Sept** **[Codiak Biosciences](https://millionrounds.com/company/codiak-biosciences)** US **$20M** With 4 others
- **Aug** **[Senda Biosciences](https://millionrounds.com/company/senda-biosciences)** Series C · US **$123M** With 3 others
- **May** **[ProFound Therapeutics](https://millionrounds.com/company/profound-therapeutics)** Series A · US **$75M** Sole investor
- **Mar** **[Vesalius Therapeutics](https://millionrounds.com/company/vesalius-therapeutics)** Series A · US **$75M** Sole investor
- **2021** 6 rounds
- **Oct** **[Invaio Sciences](https://millionrounds.com/company/invaio-sciences)** Debt · US **$50M** With 1 other
- **Sept** **[Tarveda Therapeutics](https://millionrounds.com/company/tarveda-therapeutics)** Venture · US **$6.0M** With 3 others
- **Aug** **[Laronde](https://millionrounds.com/company/laronde)** Series B · US **$440M** With 4 others
- **Apr** **[Repertoire Immune Medicines](https://millionrounds.com/company/repertoire-immune-medicines)** Series B **$189M** With 3 others
- **Mar** **[Rubius Therapeutics](https://millionrounds.com/company/rubius-therapeutics)** **$200M** Sole investor
- **Feb** **[Kaleido BioSciences](https://millionrounds.com/company/kaleido-biosciences)** **$60M** With 2 others
- **2020** 1 round
- **Dec** **[Sigilon Therapeutics](https://millionrounds.com/company/sigilon-therapeutics)** **$145M** With 3 others

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

Named by the firm itself, on a filing, its Form ADV or its company registration **1 named**

NB **Noubar B. Afeyan, Ph.D.** CEO of the Manager i Filing they signed

We also hold **59** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

New fund on file

**$2.6B**

raised in Nov 2024

From its SEC filing, not a journalist: a firm that has just raised has money to deploy.

## The cheque

Seed Series A Series B

Median round joined **$50M** the round, not its cheque Alone, median **$50M**

Led 0 of 53 rounds **0%**

- **Said size:** Up to $5.0M
- **Sole investor:** 17 rounds
- **Last cheque:** Apr 2026

Rounds by stage said on their site

- Series A said *11*
- Venture *8*
- Series B said *7*
- Series C *7*
- Seed said *3*
- Growth said *-*
- Pre-IPO said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Invus](https://millionrounds.com/fund/invus) 7
- [Alexandria Venture Investments](https://millionrounds.com/fund/alexandria-venture-investments) 6
- [Fidelity](https://millionrounds.com/fund/fidelity) 6
- [Alexandria Real Estate Equities](https://millionrounds.com/fund/alexandria) 4
- [BlackRock](https://millionrounds.com/fund/blackrock) 4
- [ARCH Venture Partners](https://millionrounds.com/fund/arch-venture-partners) 3

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## Who they invest alongside

The investors most often in the same rounds as Flagship Pioneering. A count of rooms they were both in, not a relationship either has claimed.

[**Invus** Private equity **7** rounds together](https://millionrounds.com/fund/invus)[**Alexandria Venture Investments** VC firm **6** rounds together](https://millionrounds.com/fund/alexandria-venture-investments)[**Fidelity** VC firm **6** rounds together](https://millionrounds.com/fund/fidelity)[**Alexandria Real Estate Equities** VC firm **4** rounds together](https://millionrounds.com/fund/alexandria)[**BlackRock** Asset manager **4** rounds together](https://millionrounds.com/fund/blackrock)[**ARCH Venture Partners** VC firm **3** rounds together](https://millionrounds.com/fund/arch-venture-partners)[**Baillie Gifford** Asset manager **3** rounds together](https://millionrounds.com/fund/baillie-gifford)[**Casdin Capital** VC firm **3** rounds together](https://millionrounds.com/fund/casdin-capital)[**Google Ventures** Corporate VC **3** rounds together](https://millionrounds.com/fund/gv)[**Mayo Clinic** Investment firm **3** rounds together](https://millionrounds.com/fund/mayo-clinic)[**Partners Investment** VC firm **3** rounds together](https://millionrounds.com/fund/partners-investment)[**Abu Dhabi Investment Authority** Angel network **2** rounds together](https://millionrounds.com/fund/abu-dhabi-investment-authority)

## Recently backed

The latest companies Flagship Pioneering put money into.

[**Metaphore Biotechnologies** Apr 2026](https://millionrounds.com/company/metaphore-biotechnologies)[**Serif Bio­med­i­cines** $50M · Apr 2026](https://millionrounds.com/company/serif-bio-med-i-cines)[**Foghorn Therapeutics** $50M · Jan 2026](https://millionrounds.com/company/foghorn-therapeutics)[**Denali Therapeutics** $200M · Dec 2025](https://millionrounds.com/company/denali-therapeutics)[**Expedition Medicines** $50M · Oct 2025](https://millionrounds.com/company/expedition-medicines)[**Lila Sciences** $235M · Sept 2025](https://millionrounds.com/company/lila-sciences)

## On podcasts

3 episodes naming Flagship Pioneering in the title, and 3 more that mention it.

- [No Priors](https://millionrounds.com/podcasts/no-priors) 27 Feb 2025 · 41 min Building the Platform for Scientific Breakthrough, with Noubar Afeyan of Moderna and Flagship Pioneering With [Noubar Afeyan](https://millionrounds.com/person/noubar-afeyan) Mentions [Flagship Pioneering](https://millionrounds.com/fund/flagship-pioneering) Apple Podcasts
- [How I Built This](https://millionrounds.com/podcasts/how-i-built-this) 11 Oct 2021 · 1h 10m Moderna and Flagship Pioneering: Noubar Afeyan With [Noubar Afeyan](https://millionrounds.com/person/noubar-afeyan) Mentions [Flagship Pioneering](https://millionrounds.com/fund/flagship-pioneering) Apple Podcasts
- [The Healthtech Podcast](https://millionrounds.com/podcasts/healthtech-podcast) 8 Aug 2019 · 60 min Episode 35: The Story of Flagship Pioneering and The Future of Medicines 🧪 Mentions [Flagship Pioneering](https://millionrounds.com/fund/flagship-pioneering) Apple PodcastsShow page

### Mentioned in

- [No Priors](https://millionrounds.com/podcasts/no-priors) 31 Oct 2025 · 19 min The Best of 2025 (So Far) with Sarah Guo and Elad Gil Apple Podcasts
- [BRAVE Southeast Asia Tech](https://millionrounds.com/podcasts/brave-southeast-asia) 3 Oct 2022 · 33 min Joshua Wang: PHD to Founder, Killing Cancer Using Trickery & Backlash vs. Personal Truth - E202 Apple PodcastsShow page
- [Equity](https://millionrounds.com/podcasts/equity) 14 Jun 2021 · 9 min What does Uber and birth control have in common? Apple PodcastsShow page

## Quick answers about Flagship Pioneering

### What does Flagship Pioneering invest in?

Flagship Pioneering invests most often at Series A and Venture (53% of the rounds on record), in sectors such as Ehealth, Health-tech and Healthtech.

### How active is Flagship Pioneering?

53 investments on record, 4 of them in the last 12 months. The most recent was in Apr 2026.

### What has Flagship Pioneering invested in recently?

Its most recent investments on record: Metaphore Biotechnologies (Venture, Apr 2026), Serif Bio­med­i­cines (Venture, Apr 2026) and Foghorn Therapeutics (Undisclosed round, Jan 2026).

### How big are Flagship Pioneering's cheques?

The median round it joins is $50M.

### Does Flagship Pioneering lead rounds?

Rarely, if at all: none of its 53 investments on record names it as the lead.

### Where does Flagship Pioneering invest?

Most of the companies it backs are in the United States (97%).

### Is Flagship Pioneering investing now?

Yes: it is actively investing, with 4 investments in the last 12 months.

### Who does Flagship Pioneering invest alongside?

Most often Invus (7 rounds together), Alexandria Venture Investments (6 rounds together) and Fidelity (6 rounds together).

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