Enveda Biosciences announced a $311 million Series E financing, its third nine-figure round in three years after a $130 million Series C in 2024 and $150 million Series D in 2025.
Catalio Capital Management led the round. New backers included Durable Capital Partners, ICONIQ, Lightspeed, Surveyor Capital, T. Rowe Price-advised accounts, Digitalis Ventures, a sovereign wealth fund and Alderline Group.
The raise brings Enveda’s cumulative funding to more than $845 million. Reports put its post-money valuation at roughly $2 billion.
Proceeds will advance three clinical programs:
ENV-294, an oral treatment being developed for atopic dermatitis and other inflammatory conditions; ENV-308, an oral drug intended to help sustain weight loss and metabolic health after GLP-1 discontinuation; and ENV-6946 for inflammatory bowel disease.
ENV-308 is designed to mimic Lac-Phe, a hormone associated with exercise and meals. In an early study involving 88 healthy volunteers, Enveda reported good tolerability and a favorable gastrointestinal side-effect profile; it has not yet established clinical efficacy for weight maintenance.
Enveda also plans to expand its AI-native PRISM discovery platform and move further inflammation and metabolic-disease candidates into human testing.
Sources:
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