Immuneel Therapeutics is a Biotech startup that raised $12 million in its extended series A funding round led by Taiba Middle East FZ LLC. The funding round had the participation of the firm’s new and existing investors. The startup plans to use these fresh proceeds to fuel its business growth, scale its operations, enhance its platform, and expand in the market. This marks the third round of investment for the company since its inception.
The board at the company approved a special resolution to allot 10 equity shares and 8,164 series A1 compulsorily convertible preference shares for an issue price of Rs 1,22,330 per share to raise a $12 million fund. This clinical startup develops and offers affordable cell and gene therapies for cancer patients. The company is working on creating its pipeline of cellular immunotherapies and CAR-T therapies for the treatment of cancer cells. The startup aims to offer affordable and advanced solutions to improve access and help cancer patients. The company has secured around $40 million to date including a $15 million secured during a series A funding round led by True North, F-prime capital, and True North in 2022.
The startup data intelligence platform, the kredible estimated the post-allotment valuation of Immuneel Therapeutics to be around $71 million. After the extended series A round, Taiba Middle East FZ LLC accounts for a 17% stake in the startup. This ongoing round may change the valuation depending on the funds raised. The main focus of the fund is to expand its operations. The Bengaluru startup provides cell therapy and personalized immunotherapy to cancer patients. The firm aims to revolutionize healthcare and cancer therapies across the world and offer the best solutions to patients.
The company announced a net loss of Rs 39 crore in FY23. The startup plans to use some of its investment fresh proceeds to expand its biotech research and advance cancer treatment technologies. The startup faces competition from other biotech companies including Ribon Therapeutics, Hava Health, and Gristone Bio. Last week, Grana Bio raised $7 million in funding from Y combinator, Felicis, and Refactor.
Conclusion:
Immuneel Therapeutics is a Bengaluru-based biotech startup that secured $12 million in its extended series A round. The funding round was led by Taiba Middle East FZ LLC with the participation of the firm’s new and existing investors. The company intends to use this fresh capital to fuel its business growth, scale its operations, enhance its platform, and expand in the market. The board approved a resolution to allot 10 equity shares and 8,164 series A1 compulsorily convertible preference shares for an issue price of Rs 1,22,330 each to raise a 12 million USD fund. The startup has raised $40 million to date including $15 million raised during a Series A funding round in 2022. The company is working on creating its pipeline of cellular immunotherapies and CAR-T therapies for cancer treatment.
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