The busiest biotech seed and series A investors of 2025

Amid a continuing biotech winter and a slow year for A-round financing, more than a dozen biotech VCs have disclosed five or more early-stage investments year-to-date. Half of the group led their financings more often than not. 

VCs are concentrating bets in fewer biotechs, but dry powder is still available, and several firms continue to back new start-ups. So far this year, 14 VCs have disclosed five or more seed or series A investments, and nine of these investors made six or more. Novo Holdings A/S, Eli Lilly and Co. (NYSE:LLY), and Orbimed Advisors LLC are tied for the most disclosed seed and series A investments, at 11 each, nearly all in A rounds. ...