The nationwide decline in venture capital funding is being felt by Massachusetts startups.
In the first six months of 2023, 56 Massachusetts companies announced Series A rounds, with the largest weighing in at $300 million from ReNAgade Therapeutics, according to a BostInno analysis of Crunchbase data. Outside biotech, the biggest Series A round so far this year was Author Health’s $115 million round.
There were only five Series A rounds announced in June 2023 compared to a dozen in May and nine in April.
Looking back at the first six months of 2022, Massachusetts companies tallied 84 Series A rounds. Twelve of those funding rounds were announced in June.
Seed funding also took a hit this year. Crunchbase reported 145 seed rounds announced by Massachusetts startups in the first half of 2022 compared to 77 in 2023.
This funding decline tracks alongside a statewide decline in the venture capital investors are willing to shell out. In the first half of 2022, Massachusetts companies brought in $12.6 billion in venture funding. That number dropped to $8.3 billion in the first six months of this year, per Pitchbook/NVCA data released today.
Take a look back at the largest Series A rounds raised by Massachusetts companies in the first half of 2023. As usual, biotechs dominated the list of top ten companies, so BostInno has also included a list excluding life science companies to feature companies across other industries.
Largest Series A rounds by Mass. companies in 2023
#1 ReNAgade Therapeutics
- Amount raised: $300 million
- Announced: May 23
#2 Orbital Therapeutics
- Amount raised: $270 million
- Announced: April 26
#3 Author Health
- Amount raised: $115 million
- Announced: June 28
#4 Rapport Therapeutics
- Amount raised: $100 million
- Announced: March 7
#5 Convergent Therapeutics
- Amount raised: $90 million
- Announced: May 3
#6 Mediar Therapeutics
- Amount raised: $85 million
- Announced: March 15
#7 Myeloid Therapeutics
- Amount raised: $73 million
- Announced: May 18
#8 Osmo
- Amount raised: $60 million
- Announced: January 24
#9 CodaMetrix
- Amount raised: $55 million
- Announced: February 27
#10 Mercy BioAnalytics
- Amount raised: $41 million
- Announced: April 3
Largest Series A rounds by Mass. companies in 2023 (excluding life science companies)
#1 Author Health
- Amount raised: $115 million
- Announced: June 28
#2 Osmo
- Amount raised: $60 million
- Announced: January 24
#3 CodaMetrix
- Amount raised: $55 million
- Announced: February 27
#4 Sublime Systems
- Amount raised: $40 million
- Announced: January 17
#5 Zus Health
- Amount raised: $40 million
- Announced: March 16
#6 Blues Wireless
- Amount raised: $32 million
- Announced: January 5
#7 Uwill
- Amount raised: $30 million
- Announced: May 2
#8 Alloy Enterprises
- Amount raised: $26 million
- Announced: May 17
#9 Axena Health
- Amount raised: $25 million
- Announced: February 16
#10 VEIR
- Amount raised: $24.9 million
- Announced: May 15
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