Benchling announces $100m Series F funding and continued European expansion
Benchling, an R&D cloud biotech firm, announces its continued European expansion, following a strong year of growth. The company achieved triple-digit year-over-year revenue growth in the market in its most recent fiscal quarter, with the number of customers in Europe increasing 184% from last year.
This expansion comes as Benchling reveals it has raised $100m in Series F funding at a $6.1bn valuation. The round was co-led by new investor Franklin Templeton and existing investor Altimeter Capital, and joined by new investors Tiger Global and Lone Pine Capital, as well as existing investors.
Benchling will use the funding to continue expanding in Europe and further develop its cloud-based R&D platform, which accelerates the speed of scientific breakthroughs, helping biotechnology companies across industries to bring the next generation of medicines, food, and materials to market faster.
As biotechnology companies come under increased pressure to deliver breakthroughs, they are turning to modern software to digitise all their scientific processes and centralise their data.
“Biotechnology is rewriting life as we know it. Europe is at the forefront of cutting-edge R&D and we are honoured to work with nearly 100 companies there, after establishing a presence in Zurich last year. We are excited to double down our investment in this important market,” said Sajith Wickramasekara, CEO and co-founder of Benchling. “Our customers, spanning nearly every major industry, are engineering more effective medicines, nutritious foods, and sustainable crops, materials, and fuels to address humanity’s most pressing issues. These challenges are global, so growth outside of the US is a strategic priority for us as we power modern, data-driven, and collaborative R&D.”