Pendulum Therapeutics Revenue, Valuation, Funding & Investors

Pendulum Therapeutics is valued at $308M as of June 2023, a 7.7x multiple on its last reported $40M revenue.

Last Pendulum Therapeutics valuation

$308M

Series A · Jun 2023

Last Pendulum Therapeutics funding round

$10M

Series A · Jun 2023

Pendulum Therapeutics revenue

$40M

Series A · Jun 2023

Key investors in Pendulum Therapeutics

  • True Ventures
  • Khosla Ventures
  • Sequoia Capital
  • Mayo Clinic
  • Felicis
  • AME Cloud Ventures

Pendulum Therapeutics Overview

About Pendulum Therapeutics

Pendulum Therapeutics is a San Francisco-headquartered microbiome therapeutics company developing probiotics via strain-specific DNA sequencing. The firm launched Glucose Control in 2020, a medical probiotic proven in clinical trials to lower A1C and blood sugar spikes for metabolic health. Founded in 2013, Pendulum holds patents in microbiome engineering.


Founded

2013

HQ

United StatesSan Francisco, CA

Status

Privately held

Customer focus

B2C

Revenue model

Product sales

Revenue

$40M (Jun 2023)

Valuation

$308M (Jun 2023)

Pendulum Therapeutics Valuation

Pendulum Therapeutics is currently valued at $308M, based on its Series A in June 2023.

The $10M round was led by Nutrition Science Solutions, with participation from ATEL Growth Capital.

Pendulum Therapeutics' valuation has grown 1.0x from $304M at its Series C in April 2021 to $308M in June 2023, across 2 priced rounds.

Pendulum Therapeutics valuation by funding round

Revenue multiple
Pendulum Therapeutics valuation by funding round
DateStageValuationRevenue Multiple
Jun 2023Series A$308M7.7x
Apr 2021Series C$304M-

Pendulum Therapeutics Revenue

Pendulum Therapeutics' latest recorded revenue is $40M, as of its Series A in June 2023. At a $308M valuation, that implies a 7.7x revenue multiple.

Pendulum Therapeutics revenue by funding round

Pendulum Therapeutics revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jun 2023$40M$308M7.7xSeries A

* 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.

Pendulum Therapeutics Funding History

Pendulum Therapeutics has raised a total of $121M across 6 funding rounds.

Pendulum Therapeutics' first fundraising round was a $300K pre-seed round in March 2014. The most recent completed round was a $10M Series A in June 2023.

Pendulum Therapeutics funding rounds

Pendulum Therapeutics funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2023Series ANutrition Science Solutions (lead); ATEL Growth Capital$10M$308MPendulum Therapeutics develops evidence-based microbiome therapies using high-resolution DNA sequencing, with its flagship product Pendulum Glucose Control, a medical probiotic clinically proven to lower blood sugar spikes and A1C in type 2 diabetes patients. The company, founded in 2013 and headquartered in San Francisco, targets metabolic health through microbiome interventions and has expanded distribution via Amazon, Walmart Marketplace, and others. In June 2023, Pendulum closed a Series C round at a post-money valuation of $308.05 million, raising funds toward a total of approximately $122 million from investors including Meritech Capital, Sequoia Capital, True Ventures, and Khosla Ventures. This supported manufacturing, marketing, sales, and product pipeline expansion. In September 2023, Fonterra's Nutrition Science Solutions invested $10 million as a minority stake in a strategic partnership to co-develop next-generation microbiome products for gut health issues like immunity and metabolic conditions. Pendulum reported $40 million in revenue for 2023, reflecting commercial scaling post-launch of Glucose Control in 2020, which saw high demand and 74% retention in early months. The company positions in the $51 billion global digestive health market, leveraging clinical validation published in journals like BMJ Open Diabetes.
Apr 2021Series CMeritech Capital Partners (lead); Khosla Ventures; True Ventures; Sequoia Capital; Proximity Ventures$54M$304MPendulum Therapeutics is a San Francisco-based biotech company founded in 2013 that develops products targeting the microbiome using evidence-based science and DNA sequencing. Its flagship product, Pendulum Glucose Control, is a medical probiotic clinically shown to lower blood sugar spikes and A1C levels in people with type 2 diabetes and prediabetes, as published in BMJ Open Diabetes. The product debuted in January 2020 and experienced surging demand in Q4 2020 and Q1 2021, frequently selling out, with high customer satisfaction. On April 7, 2021, Pendulum announced a $54 million Series C funding round led by Meritech Capital Partners, with participation from existing investors Sequoia Capital, True Ventures, and Khosla Ventures. This round nearly doubled the company's prior venture capital raises, bringing total funding to $111 million. Meritech General Partner Craig Sherman joined the board alongside Sequoia partner Roelof Botha and True Ventures partner Adam D'Augelli. Investors view Pendulum as a next-generation pharmaceutical company leveraging advanced gene sequencing, comparable to Meritech's public investments like 10x Genomics, Snowflake, and Roblox. The funding will support manufacturing scale-up, marketing, sales expansion, and development of a future product pipeline targeting other diseases beyond diabetes. Pendulum holds 13 patents and 42 pending, backed by a team with expertise in microbiology, biochemistry, computational biology, and clinical research. Previous investors include AME Cloud Ventures and Mayo Clinic. The company positions its offerings in the gap between supplements and prescription drugs, emphasizing rigorous science for microbiome therapeutics.
May 2019Series BSequoia Capital (lead); AME Cloud Ventures; Khosla Ventures; True Ventures; Mayo Clinic$35M-Pendulum Therapeutics is a biotech company focused on developing microbiome-targeted therapeutics to improve health, particularly for metabolic diseases like type 2 diabetes. Founded in 2013 by scientists with expertise in microbiology, biochemistry, computational biology, and clinical research, the company holds 13 patents and 42 pending. Its flagship product, Pendulum Glucose Control, is a medical probiotic clinically proven to lower blood sugar spikes and A1C levels, even alongside metformin, filling a gap between supplements and prescription drugs. The specified Series B round around May 30, 2019, was led by Sequoia Capital with participation from AME Cloud Ventures, Khosla Ventures, Mayo Clinic, and True Ventures, raising approximately $35 million and bringing total funding at that time to around $57 million. Sequoia partner Roelof Botha joined the board. The funding supported market expansion, scaling operations, and product distribution. Subsequent to the Series B, Pendulum raised a $54 million Series C in April 2021 led by Meritech Capital, with participation from Sequoia, True Ventures, and Khosla Ventures, nearly doubling prior raises to $111 million total. Funds went toward manufacturing, sales of Glucose Control, pipeline development for other chronic diseases, and additional clinical research. The product showed strong customer loyalty, with 74% retention after five months in key segments, and frequently sold out, indicating surging demand. Later rounds included a $10 million corporate minority investment from Fonterra in June 2023 and others, pushing total funding over $109.5 million across 10-12 rounds. Investors view Pendulum as a next-generation pharma company leveraging advanced sequencing, comparable to successes like 10x Genomics.
Jun 2017Series AKhosla Ventures (lead); Morgan Noble (lead); True Ventures (lead); bpd partners$19M--
Dec 2014SeedTrue Ventures (lead); Felicis$3M--
Mar 2014Pre-seedMayo Clinic (lead)$300K--

Who has invested in Pendulum Therapeutics?

12 investors have backed Pendulum Therapeutics across its funding rounds, including True Ventures, Khosla Ventures, Sequoia Capital, Mayo Clinic, Felicis and AME Cloud Ventures.

Lead investors include Nutrition Science Solutions, Meritech Capital Partners, Sequoia Capital, Khosla Ventures, Morgan Noble and 2 other investors.


Pendulum Therapeutics Investors

Investors in Pendulum Therapeutics by funding rounds participated
InvestorHQRoundsRoleFirst check
True VenturesUnited StatesSan Francisco, CA4LeadDec 2014
Khosla VenturesUnited StatesSan Francisco, CA3LeadJun 2017
Sequoia CapitalUnited StatesSan Francisco, CA2LeadMay 2019
Mayo ClinicUnited StatesRochester, MN2LeadMar 2014
Morgan NobleUnited StatesWashington, DC1LeadJun 2017
bpd partnersCzech RepublicPrague1ParticipantJun 2017
ATEL Growth CapitalUnited StatesSan Francisco, CA1ParticipantJun 2023
FelicisUnited StatesSan Francisco, CA1ParticipantDec 2014
Nutrition Science SolutionsUnited StatesAustin, TX1LeadJun 2023
AME Cloud VenturesUnited StatesSan Francisco, CA1ParticipantMay 2019

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Pendulum Therapeutics Competitors

Pendulum Therapeutics competitors include listed companies like Medy-Tox, Vanda Pharmaceuticals, Cuorips and AprilBio, and private ones like Triveni Bio and CureGenetics.

Public and private companies comparable to Pendulum Therapeutics
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Medy-ToxSouth KoreaSouth KoreaPublicly listed$180M$19M$318M2.1x
Vanda PharmaceuticalsUnited StatesUnited StatesPublicly listed$216M($127M)$309M0.7x
CuoripsJapanJapanPublicly listed$1M($6M)$307M214.0x
AprilBioSouth KoreaSouth KoreaPublicly listed$2M($9M)$307M40.4x
Triveni BioUnited StatesBoston, MAPrivate--$310M-
CureGeneticsChinaSuzhouPrivate--$311M-

Pendulum Therapeutics Public Comps

Pendulum Therapeutics is still privately-owned, but its public comps include Vanda Pharmaceuticals, Cuorips, AprilBio, Animalcare Group, InflaRx, Fate Therapeutics, Zentalis Pharma, Lavipharm, Medy-Tox and SAB Bio.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Vanda Pharmaceuticals$216M($127M)0.7x0.7x(1.3x)-
Cuorips$1M($6M)209.2x214.0x(46.5x)-
AprilBio$2M($9M)157.0x40.4x(29.0x)(155.8x)
Animalcare Group$121M$24M2.7x2.7x13.6x13.6x
InflaRx$34K($54M)3656.9x77904.5x(2.3x)(2.7x)
Fate Therapeutics$7M($134M)33.9x38.1x(1.7x)(1.8x)
Zentalis Pharma-($136M)--(1.2x)(0.9x)
Lavipharm$72M$17M4.8x-20.8x-

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Common questions about Pendulum Therapeutics

When was Pendulum Therapeutics founded?Pendulum Therapeutics was founded in 2013.
Where is Pendulum Therapeutics headquartered?Pendulum Therapeutics is headquartered in San Francisco, CA, United States.
Is Pendulum Therapeutics publicly listed?No, Pendulum Therapeutics is a private, VC-backed company.
What is Pendulum Therapeutics' valuation?Pendulum Therapeutics was last valued at $308M in its Series A in June 2023.
How much funding has Pendulum Therapeutics raised?Pendulum Therapeutics has raised $121M across 6 funding rounds.
What was Pendulum Therapeutics' last funding round?Pendulum Therapeutics' last funding round was a $10M Series A in June 2023, led by Nutrition Science Solutions.
Who are Pendulum Therapeutics' investors?Pendulum Therapeutics' investors include True Ventures, Khosla Ventures, Sequoia Capital, Mayo Clinic, Morgan Noble, bpd partners, ATEL Growth Capital, Felicis, Nutrition Science Solutions, AME Cloud Ventures and 2 others.
What is Pendulum Therapeutics' revenue?Pendulum Therapeutics' latest recorded revenue is $40M (June 2023).
What is Pendulum Therapeutics' revenue multiple?Pendulum Therapeutics' latest valuation implies a 7.7x revenue multiple ($308M valuation on $40M of revenue).
Which companies are comparable to Pendulum Therapeutics?Companies comparable to Pendulum Therapeutics include Medy-Tox, Vanda Pharmaceuticals, Cuorips, AprilBio, Triveni Bio and CureGenetics.

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