Souffle Therapeutics' Series B Lands at $135M, Oversubscribed and Led by Juvia Group

Souffle Therapeutics, a Boston-based RNA therapies company, has closed an oversubscribed $135 million Series B financing led by Juvia Group.

The round brings a slate of new institutional investors into the company's syndicate: TCG Crossover Management, BB Biotech, Fidelity Management & Research Company, Balyasny Asset Management and a leading sovereign wealth fund, according to the announcement. Existing investors also participated, including Amgen Ventures, ARCH Venture Partners, Bessemer Venture Partners, Breyer Capital, The Invus Group, Janus Henderson, Leaps by Bayer, Polaris Partners, Safar Partners, TAS Partners, Temasek and Vida Ventures.

The company describes itself as a leading RNA therapies company aimed at advancing the next generation of therapies designed to help people live healthier lives. That positioning places Souffle in one of biotech's more closely watched categories, where the underlying science has drawn both specialized healthcare funds and generalist asset managers.

The composition of the Series B investor list reflects that mix. BB Biotech and TCG Crossover Management are dedicated life-sciences investors, while Fidelity Management & Research Company and Balyasny Asset Management bring large asset-management reach. The inclusion of a sovereign wealth fund adds a further institutional pool of capital to the register. On the returning side, the company counts corporate venture arms in Amgen Ventures and Leaps by Bayer alongside venture firms such as ARCH Venture Partners, Bessemer Venture Partners and Polaris Partners, and public-market investor Janus Henderson.

Juvia Group led the financing. The announcement did not disclose the company's valuation, its headcount, or how it intends to deploy the proceeds.

The deal is one of the larger private biotech rounds announced this week, and its oversubscription — a term used when demand exceeds the amount originally sought — suggests the company was able to raise more than its initial target. For a sector that has seen financing windows open and close quickly, a Series B of this size with a broadened investor base gives Souffle a longer runway than a thinner round would have provided.