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- Crescendo Biologics
Crescendo Biologics Revenue, Valuation, Funding & Investors
Crescendo Biologics is valued at $314M as of July 2023, a 36.8x revenue multiple. Crescendo Biologics revenue was $9M, as disclosed with its latest round.
Last Crescendo Biologics valuation
$314M
Undisclosed stage · Jul 2023
Last Crescendo Biologics funding round
$32M
Undisclosed stage · Jul 2023
Crescendo Biologics revenue
$9M
Undisclosed stage · Jul 2023
Key investors in Crescendo Biologics
Sofinnova Partners
IP Group
Andera Partners
Imperial Innovations
Astellas Venture Management
Quan Capital
About Crescendo Biologics
Crescendo Biologics is a Cambridge-based biotechnology company in the UK developing antibody therapeutics from human VH domain platforms. Its Homo sapiens-derived fragments target oncology and immunology indications. Partnerships with Janssen and Takeda advance clinical candidates, leveraging high-affinity binders for bispecific formats.
Founded
2007
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Licensing
Revenue
$9M (Jul 2023)
Valuation
$314M (Jul 2023)
Sectors
Crescendo Biologics Valuation
Crescendo Biologics is currently valued at $314M, based on its undisclosed-stage round in July 2023. Read the announcement ↗
The $32M round included BioNTech, Takeda Pharmaceuticals, Kreos Capital, IP Group, Quan Capital and 2 other investors.
Crescendo Biologics' valuation has grown 1.3x from $241M at its Series B in April 2018 to $314M in July 2023, across 2 priced rounds.
Crescendo Biologics valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jul 2023 | Undisclosed stage | $314M | 36.8x |
| Apr 2018 | Series B | $241M | - |
Crescendo Biologics Revenue
Crescendo Biologics' latest recorded revenue is $9M, as of its undisclosed-stage round in July 2023. At a $314M valuation, that implies a 36.8x revenue multiple.
Crescendo Biologics revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jul 2023 | $9M | $314M | 36.8x | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Crescendo Biologics Funding History
Crescendo Biologics has raised a total of $134M across 4 funding rounds.
Crescendo Biologics' first fundraising round was a $29M Series A in December 2013. The most recent completed round was a $32M undisclosed-stage round in July 2023.
Crescendo Biologics funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2023 | Undisclosed stage | BioNTech; Takeda Pharmaceuticals; Kreos Capital; IP Group; Quan Capital; Sofinnova Partners; Andera Partners | $32M | $314M | Crescendo Biologics is a clinical-stage immuno-oncology company developing novel, targeted T cell enhancing therapeutics based on its proprietary Humabody® platform. The platform generates fully human VH domains (VH antibody fragments), which are the smallest antibody fragments that retain binding affinity and specificity. The company's lead program, CB307, is a CD137 agonist designed to activate tumor-specific T cells in the tumor microenvironment while avoiding systemic toxicity, with applications across PSMA-positive cancer indications including metastatic castration-resistant prostate cancer (mCRPC). On July 24, 2023, Crescendo Biologics secured $32 million in additional funding supported by all major existing investors—Sofinnova Partners, Andera Partners, IP Group BioNTech, Takeda, and Quan Capital—plus new investor Kreos Capital. The proceeds were designated to augment the ongoing Phase 1b clinical trial of CB307 through the addition of a new pembrolizumab (anti-PD-1) combination expansion cohort. This strategic combination was informed by preclinical data from Crescendo and clinical evidence demonstrating the synergistic effect of PD-1 antagonism with T cell co-stimulation via CD137 agonism. Crescendo's pipeline extends beyond CB307 and includes a Clinical Development Partnership with Cancer Research UK for CB213, a PD-1 x LAG-3 bispecific. The company has also established strategic collaborations with major pharmaceutical partners, including a global collaboration with BioNTech to develop multi-specific precision immunotherapies and an exclusive worldwide license agreement with Zai Lab for innovative protein therapeutics for inflammatory indications. The company was founded in 2009 and is based in Cambridge, United Kingdom, with a team of 51-200 employees. As of early 2024, Crescendo had raised approximately $133.79 million across multiple funding rounds since its inception. |
| Apr 2018 | Series B | Andera Partners (lead); EMBL Ventures; IP Group; Takeda Ventures; Quan Capital; Sofinnova Partners; Biodiscovery V | $70M | $241M | Crescendo Biologics closed a USD 70 million Series B in April 2018, led by Andera Partners through its BioDiscovery V fund. Existing investors Sofinnova Partners, IP Group, EMBL Ventures and Takeda Ventures took part, and Quan Capital joined as a new investor. The money was earmarked to take the lead programme CB307, which stimulates local activation of tumour-specific T cells, into the clinic. Crescendo had signed a collaboration with Takeda in 2016 under which Takeda committed funding for research and wider investment. Crescendo Biologics is a UK-based clinical-stage immuno-oncology company headquartered at the Babraham Research Campus in Cambridge, developing Humabody-based targeted T cell therapeutics for cancers including PSMA-positive solid tumours. It later raised a USD 32 million Series C extension in July 2023. |
| Apr 2014 | Series A | Imperial Innovations (lead); EMBL Ventures; Sofinnova Partners; Astellas Venture Management | $3M | - | Crescendo Biologics raised £19.5M ($32.3M) in its Series A financing, completed with a final close from EMBL Ventures in April 2014. The round was led by Imperial Innovations, with participation from Astellas Venture Management, Sofinnova Partners, and EMBL Ventures. Initially announced in December 2013 as £17.5M ($28M), the funds supported advancement of in-house development programs in inflammation and oncology using its VH antibody fragment therapeutics platform based on the Crescendo Mouse. |
| Dec 2013 | Series A | Imperial Innovations (lead); Sofinnova Partners; Astellas Venture Management | $29M | - | Crescendo Biologics is a Cambridge, UK-based biopharmaceutical company founded in 2009 that develops conditionally-activated T cell therapeutics using its proprietary Humabody platform. The company's technology focuses on fully human VH domains (Humabodies) that are matured in vivo without light chains, designed to deliver potent tumor-specific killing while avoiding systemic toxicity. The company's lead program at the time was CB307, targeting PSMA-positive cancer indications through a unique format that activates only tumor-specific T cells in the tumor microenvironment. In December 2013, Crescendo announced its Series A financing, which eventually totaled £19.5 million (approximately $28-31.5 million USD across multiple closes). The round was led by Imperial Innovations, one of the UK's leading venture capital and technology commercialization firms, with participation from seed investor Sofinnova Partners and newly joining investor Astellas Venture Management. A final close of £2 million ($3.3 million) from EMBL Ventures occurred in early 2014, bringing the total Series A to £19.5 million. The funding was designated to advance Crescendo's in-house development programs in inflammation and oncology utilizing its VH fragment discovery platform centered on the Crescendo Mouse. At the time, the company's antibody fragment technology was recognized for its unique combination of in vivo maturation, diversity of immune response, unprecedented expression yields, and modularity based on fully human immunoglobulin sequences. The Series A represented significant validation of the company's science and platform approach from leading biotech investors. Crescendo went on to raise substantial additional capital in subsequent years. In May 2018, the company completed a Series B financing of $70 million led by Andera Partners, described as the largest disclosed Series B biotech financing in Europe that year. By July 2023, Crescendo had raised a total of over $140 million across multiple rounds, including a $32 million Series C in July 2023. The company also established a major collaboration with Takeda Pharmaceuticals worth up to $790 million, validating its therapeutic platform and pipeline approach. |
Who has invested in Crescendo Biologics?
12 investors have backed Crescendo Biologics across its funding rounds, including Sofinnova Partners, IP Group, Andera Partners, Imperial Innovations, Astellas Venture Management and Quan Capital.
Lead investors include Andera Partners and Imperial Innovations.
Crescendo Biologics Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Participant | Dec 2013 | ||
| 2 | Participant | Apr 2014 | ||
| 2 | Participant | Apr 2018 | ||
| 2 | Participant | Apr 2018 | ||
| 2 | Lead | Dec 2013 | ||
| 2 | Lead | Apr 2018 | ||
| 2 | Participant | Dec 2013 | ||
| 1 | Participant | Jul 2023 | ||
| 1 | Participant | Jul 2023 | ||
| 1 | Participant | Jul 2023 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialCrescendo Biologics Competitors
Crescendo Biologics competitors include listed companies like GC Biopharma, Circio Holding and Vogenx, and private ones like Ossium Health, PanTera and Readline.
| Company | HQ | Status | Revenue | EBITDA | Valuation |
|---|---|---|---|---|---|
| Publicly listed | $1.8B | $90M | $313M | ||
| Private | - | - | $315M | ||
| Private | - | - | $313M | ||
| Private | - | - | $316M | ||
| Publicly listed | - | ($5M) | $312M | ||
| Publicly listed | - | ($1M) | $311M |
Crescendo Biologics Public Comps
Crescendo Biologics is still privately-owned, but its public comps include GC Biopharma, Circio Holding, Vogenx, Swedencare, Recbio, Opus Genetics, Medy-Tox, Eikon Therapeutics, Prelude Therapeutics and Kyverna Therapeutics.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.8B | $90M | 1.2x | - | 23.9x | - | |||
| - | ($5M) | - | - | (53.1x) | - | |||
| - | ($1M) | - | - | (207.7x) | - | |||
| $274M | $46M | 1.7x | 1.6x | 10.4x | 8.3x | |||
| $2M | ($72M) | 204.0x | 211.3x | (5.4x) | (5.9x) | |||
| $14M | ($48M) | 17.8x | 20.2x | (5.3x) | - | |||
| $185M | $19M | 2.0x | 1.9x | 19.1x | 13.4x | |||
| - | ($315M) | - | - | (0.0x) | (0.0x) | |||
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Common questions about Crescendo Biologics
| When was Crescendo Biologics founded? | Crescendo Biologics was founded in 2007. |
| Where is Crescendo Biologics headquartered? | Crescendo Biologics is headquartered in Cambridge, United Kingdom. |
| Is Crescendo Biologics publicly listed? | No, Crescendo Biologics is a private, VC-backed company. |
| What is Crescendo Biologics' valuation? | Crescendo Biologics was last valued at $314M in its undisclosed-stage round in July 2023. |
| How much funding has Crescendo Biologics raised? | Crescendo Biologics has raised $134M across 4 funding rounds. |
| What was Crescendo Biologics' last funding round? | Crescendo Biologics' last funding round was a $32M undisclosed-stage round in July 2023. |
| Who are Crescendo Biologics' investors? | Crescendo Biologics' investors include Sofinnova Partners, EMBL Ventures, IP Group, Quan Capital, Imperial Innovations, Andera Partners, Astellas Venture Management, BioNTech, Takeda Pharmaceuticals, Kreos Capital and 2 others. |
| What is Crescendo Biologics' revenue? | Crescendo Biologics' latest recorded revenue is $9M (July 2023). |
| What is Crescendo Biologics' revenue multiple? | Crescendo Biologics' latest valuation implies a 36.8x revenue multiple ($314M valuation on $9M of revenue). |
| Which companies are comparable to Crescendo Biologics? | Companies comparable to Crescendo Biologics include GC Biopharma, Ossium Health, PanTera, Readline, Circio Holding and Vogenx. |
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