Exclusive: Accel-backed biotech startup Mynvax raises fresh funds

Biotech startup Mynvax has raised Rs 21.63 crore ($2.6 million approximately) in an extended Series A round led by Inviga Healthcare Fund. This is a fresh round of investment for the Bengaluru-based company after a hiatus of almost three years.

The board at Mynvax has passed a special resolution to issue 5,127 Series A1 CCPS at an issue price of Rs 42,182 per share to raise Rs 21.63 crore, its regulatory filing accessed from RoC shows.

Inviga Healthcare Fund invested Rs 15 crore while Legacy Assets LLP pumped in Rs 2 crore. The rest of the capital came from 27 other investors in small proportions.

As per TheKredible’s estimates, Mynvax is valued at around Rs 257 crore or $31 million post-money.

Mynvax has raised around $9-10 million to date including a $4.2 million Series A round led by Accel and with the participation of Lets Venture, 1Cword, Kotak Investments, and others.

Following the fresh process, Accel remains the largest external stakeholder with 15.63% shares followed by Kotak Investment and Invigia. Its co-founders Raghavan Varadarjan and Gautam Nadig cumulatively command a 24.7% stake in the company.

Head to TheKredible for the complete shareholding pattern.

Founded in 2017, Mynvax develops novel, engineered protein subunit vaccines using their technology for protein stabilization. The company made influenza vaccine and thermo-tolerant, efficacious vaccines for protection against SARS-CoV-2 and its evolving variants in recent years.

Mynvax’s revenue from operations grew 89% to Rs 10.94 crore during the fiscal year ending March 2023 while its losses stood at Rs 6.43 crore in the same period. The company is yet to file its financial statements for the last fiscal year (FY24).