The global biotech and pharmaceutical landscape in 2024 continued to attract significant investment, with our BiopharmIQ system capturing 651 early and late-stage funding events securing over $1M. The United States remained the dominant force, with 361 funding events reaching this funding milestone, reinforcing its leadership in biotech innovation. The United Kingdom (55), China (46), and Switzerland (34) also continued to be key investment hubs. Emerging biotech and pharma regions such as India, South Korea, and Israel continue to attract venture capital and private funding (See FIG. 1).
FIG. 1. Global Distribution of >$1M Bio/Pharma Funding Rounds.
Within the United States, California (133) and Massachusetts (92) continued to serve as the primary bio/pharma funding hotspots (FIG. 2). New York (24) followed as a financial business hub, although it is unclear to us whether the NY funding dollars stay in NY or are spent in other locations for these companies. Other states, including Washington (15), Texas (8), Pennsylvania (8), and New Jersey (8) had substantial funding activity. Ten states had at least 4 funding events. This trend underscores the slowly increasing geographic diversification of bio/pharma investment across the U.S. We were surprised that there were not more >$1M funding events in 2024 in Maryland, Wisconsin, Arizona, and Oregon, perhaps signaling a weakening of bio/pharma focus in these states, or possibly signaling that the biotech focus in these states is not in therapeutics companies, for which our data is likely biased.
FIG. 2. State-by-state Distribution of >$1M Early & Late Stage Bio/Pharma Funding Activities.
Funding Type Breakdown
Early-Stage Funding Breakdown
Among early-stage companies (Angel, Pre-Seed, Seed, and Series A funding rounds), Series A rounds accounted for the largest share, with 218Â funding events securing over $1M in funding. Seed rounds followed closely, with 188Â funding events, indicating strong investor interest in companies with promising preclinical or early development-stage assets. Pre-Seed funding, which typically supports companies in their infancy, was secured by 37Â funding events, while large Angel investment rounds (>$1M), often from high-net-worth individuals or small investor groups, contributed funding to 5Â early-stage ventures (FIG. 3). Almost certainly, there were many more smaller angel and seed rounds for biotech companies in 2024.
FIG. 3. Early-Stage Funding Type Breakdown.
Late-Stage Funding Breakdown
For late-stage companies (Series B, C, D, E, F, and debt financing rounds), Series B funding led the way, with 137 funding events securing over $1M. Series C and Series D rounds followed, with 66 and 24 funding events , respectively, closing >$1M rounds to advance clinical trials and commercialization efforts. Series E funding, which is often reserved for scaling operations or preparing for IPOs, accounted for 8 >$1M investments, while Series F funding was limited to just one funding events . Debt financing, a non-dilutive funding option that remains important in the bio/pharma sector, accounted for 68 funding events with loan amounts exceeding $1 million (FIG. 4).
FIG. 4. Late-Stage Funding Type Breakdown.
Company Type Breakdown: Early & Late-Stage Bio/Pharma Companies
Finally, regarding company type for these 2024 investments, the therapeutics sector continued to dominate biotech and pharmaceutical funding, with 412Â companies securing over $1M in funding. This remarkable majority reflects the industry's strong focus on drug development, biologics, and next-generation therapies, and may also reflect the bias in our BiopharmIQ systems to detect funding for therapeutics companies, over diagnostics and other types of biotech companies.
Beyond therapeutics, vendor companies providing specialized services, software, or platforms that support biotech and pharma firms accounted for 116Â funded companies that raised more than $1M, underscoring the continued demand for outsourced solutions and technology-driven services.
Investment of over $1M in 2024 in lab research products (33Â companies) and diagnostics (32Â companies) highlights ongoing funding in supporting technologies that enable drug discovery, biomarker research, and precision medicine. Meanwhile, medical device companies (25Â companies) continued to secure financing, showcasing innovation in wearable health tech, imaging, and treatment devices.
Although healthcare companies accounted for a smaller share (7Â companies) of the 2024 over $1M financing rounds we captured, funding in this category continues to support new patient care, digital health, and health-tech integration models (FIG. 5).
FIG. 5. Early & Late-Stage Funding Company Type Breakdown.
Our Biopharma systems continue to capture bio/pharma funding activities. We are excited to see how bio/pharma funding in 2025 compares to 2024. Join our email list to receive bio/pharma corporate and clinical trial insights in your inbox.
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Article History:
Rex F., Maryam D., Danilo G., Jaspher D., Manny V. (Published: 19 February 2025)
Not legal, investing, or tax advice.