Mynvax Secures $2.6 Mn in Extended Series A Round

Bengaluru-based biotech startup Mynvax has raised Rs 21.63 crore ($2.6 million) in an extended Series A funding round, led by Inviga Healthcare Fund. This marks a significant investment for Mynvax, which had not raised fresh funds for almost three years.

According to regulatory filings accessed from the Registrar of Companies (RoC), Mynvax’s board approved a special resolution to issue 5,127 Series A1 CCPS at an issue price of Rs 42,182 per share, raising Rs 21.63 crore. Inviga Healthcare Fund contributed Rs 15 crore, while Legacy Assets LLP invested Rs 2 crore. The remaining capital came from 27 other investors in smaller proportions.

TheKredible estimates Mynvax’s post-money valuation at approximately Rs 257 crore ($31 million). This latest funding round brings Mynvax’s total raised capital to around $9-10 million, which includes a $4.2 million Series A round led by Accel, with participation from Lets Venture, 1Cword, Kotak Investments, and others.

Post-funding, Accel remains the largest external stakeholder, holding 15.63% of shares, followed by Kotak Investments and Inviga Healthcare Fund. Mynvax’s co-founders, Raghavan Varadarajan and Gautam Nadig, collectively retain a 24.7% stake in the company.

Founded in 2017, Mynvax specializes in developing novel, engineered protein subunit vaccines using proprietary technology for protein stabilization. The company has made significant strides in creating influenza vaccines and thermo-tolerant vaccines for protection against SARS-CoV-2 and its evolving variants.

For the fiscal year ending March 2023, Mynvax reported an 89% growth in revenue from operations, totaling Rs 10.94 crore. However, the company also recorded losses of Rs 6.43 crore for the same period. Mynvax has yet to file its financial statements for the last fiscal year (FY24).

This fresh infusion of capital will likely support Mynvax’s continued innovation in vaccine development and expand its impact within the biotech sector.

Source: Entrackr

Disclaimer: This information is covered based on the latest research and development available. However, it may not fully reflect all current aspects of the subject matter.

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