Biotech startup Mynvax raised $2.6 M Series A funding from Inviga Healthcare
Mynvax, a biotech startup, has successfully completed an extended Series A round led by Inviga Healthcare Fund, raising approximately Rs 21.63 crore ($2.6 million). After a break of nearly three years, the Bengaluru-based company is making its first investment round again.
According to Mynvax’s regulatory filing retrieved from RoC, the board approved a special resolution to issue 5,127 Series A1 CCPS at an issue price of Rs 42,182 per share in order to raise Rs 21.63 crore.
Legacy Assets LLP contributed Rs 2 crore and Inviga Healthcare Fund invested Rs 15 crore. The remaining funds, albeit insignificantly, came from 27 additional investors.
Mynvax is estimated by the media to be worth approximately Rs 257 crore, or $31 million after debt.
With the help of Lets Venture, 1Cword, Kotak Investments, and others, Mynvax led a $4.2 million Series A round that brought in an additional $9–10 million.
Accel continues to hold the largest share of external stakeholders after the new process, with 15.63%, followed by Invigia and Kotak Investment. Together, co-founders Raghavan Varadarjan and Gautam Nadig own a 24.7% share in the business.
Using their technology for protein stabilization, Mynvax, which was founded in 2017, creates innovative, engineered protein subunit vaccines. The business produced influenza shots as well as effective, thermotolerant vaccines that guard against SARS-CoV-2 and its developing variations in recent years.
Mynvax’s operational revenue increased by 89% to Rs 10.94 crore in the fiscal year that ended in March 2023, but the company also suffered losses of Rs 6.43 crore during that time. The firm has not yet submitted its FY24 financial statements, which cover the most recent fiscal year.
