HTGF Portfolio Company Tubulis Raises €308M in Record-Breaking Series C Financing

• Largest Series C round for a European biotech company and the largest financing for a private ADC developer globally
• HTGF renews and significantly expands its commitment to Tubulis, supporting the company from early stage to clinical development
• Milestone highlights Germany’s strength as a biotech innovation hub and demonstrates that private capital can be mobilized to scale disruptive, capital-intensive technologies like ADCs

HTGF portfolio company Tubulis, a pioneer in the development of uniquely matched antibody-drug conjugates (ADCs), today announced the successful closing of a €308 million (USD 361 million) Series C financing round. This landmark round marks the largest Series C raised by a European biotechnology company and the largest financing for a private ADC developer globally.

The Series C was led by Venrock Healthcare Capital Partners, with participation from additional new investors Wellington Management and Ascenta Capital. Existing investors including Nextech Invest, EQT Life Sciences, Frazier Life Sciences, Andera Partners, Deep Track Capital, Bayern Kapital, Fund+, OCCIDENT, Seventure Partners, and HTGF also joined the round.

HTGF has backed Tubulis from the very beginning, co-leading the Series A in 2020 and supporting its growth from concept to clinic as a trusted partner. With its largest growth investment to date, HTGF underscores its strong belief in the team’s innovative strength and global impact.

Funding accelerates Clinical Development and Platform Innovation

The proceeds from the Series C will be used to expand the clinical development of TUB-040, Tubulis’ lead ADC candidate targeting NaPi2b, an antigen overexpressed in ovarian cancer and lung adenocarcinomas. TUB-040 is currently being evaluated in a Phase I/IIa study (NAPISTAR1-01, NCT06303505) in patients with platinum-resistant ovarian cancer and relapsed or refractory non-small cell lung cancer. The candidate received Fast Track designation from the U.S. FDA in June 2024.

Beyond TUB-040, the funding will advance Tubulis’ broader pipeline, including the clinical-stage ADC TUB-030 and several preclinical programs. Additionally, the company will continue to expand its proprietary ADC platform technologies to unlock novel therapeutic applications.

“This landmark financing round reflects the deep conviction these global healthcare investors have in Tubulis and the disruptive potential of our ADC platforms,” said Dr. Dominik Schumacher, CEO and Co-Founder of Tubulis. “With TUB-040 progressing in the clinic and first data to be shared in a late-breaking oral presentation at ESMO, we are ready to expand into earlier treatment lines, while continuing to innovate across our pipeline and technology platforms. The new funding empowers us to execute on our vision of creating truly differentiated antibody-drug conjugates that are tailored to the biology of solid tumors and can deliver superior therapeutic value to patients.”

Tubulis as a best-practice case of HTGF’s support of deep-tech leaders from the start

HTGF recognized Tubulis’ transformative potential very early, engaging during the pre-founding phase, and later co-led the Series A round in 2020. Since then, HTGF has supported the company’s journey from early-stage to clinical development. With this renewed investment and the largest commitment to date from the HTGF Growth Fund, HTGF reaffirm its confidence in Tubulis’ science, its exceptional team, and its global impact.

“HTGF was one of our earliest investors and supported us in shaping Tubulis during its formative years. Their renewed commitment in this round reflects the continued partnership and shared belief in our mission to expand the therapeutic potential of ADCs for patients worldwide,” said Dr. Dominik Schumacher, CEO and Co-Founder of Tubulis.

Dr. Frank Hensel, Principal at HTGF, added: “Our relationship with Tubulis has always been built on trust and a shared ambition to redefine oncology treatment. This latest round, supported by leading global investors, validates the strength of the platform and the team. We are proud to continue backing Tubulis as it enters a pivotal phase of clinical development.”

Dr. Achim Plum, Managing Director at HTGF, said: “Tubulis’ Series C demonstrates that even highly capital-intensive, disruptive technologies can attract the private funding needed to bring cutting‑edge therapies to patients. For us at HTGF, Tubulis is a prime example of how we operate: we engage very early, often before a company is founded, and build trusted relationships with exceptional teams. This story reflects our belief in scientific excellence, entrepreneurial vision, and the impact that can be achieved when both come together. Congratulations to the entire Tubulis team on this outstanding success.”

About HTGF – High-Tech Gründerfonds
HTGF is one of the leading and most active early-stage investors in Germany and Europe, financing startups in the fields of Deep Tech, Industrial Tech, Climate Tech, Digital Tech, Life Sciences and Chemistry. With its experienced investment team, HTGF supports startups in all phases of their development into international market leaders. HTGF invests in the pre-seed and seed phase and can participate significantly in further financing rounds, since 2024 with the HTGF Opportunity growth fund. HTGF has a fund volume of over 2 billion euros. Since its inception in 2005, HTGF has financed around 800 startups and successfully sold shares in 200 companies.
The Federal Ministry for Economic Affairs and Energy, KfW Capital and numerous companies are invested in the HTGF seed funds. Investors in the HTGF Opportunity growth fund include the ERP Special Fund and KfW with the resources of the Zukunftsfonds (“Future Fund”). Further information can be found at HTGF.de or on LinkedIn and on the Zukunftsfonds page. 

Media contact 
High-Tech Gründerfonds Management GmbH 
Tobias Jacob, Senior Marketing & Communications Manager  
T.: +49 228 – 82300 – 121 
t.jacob@htgf.de    

About Tubulis
Tubulis generates uniquely matched antibody-drug conjugates with superior biophysical properties that have demonstrated durable on-tumor delivery and long-lasting anti-tumor activity in preclinical models. The two lead programs in our growing pipeline, TUB-040, targeting NaPi2b, and TUB-030, directed against 5T4, are being evaluated in the clinic in high-need solid tumor indications. We will solidify our leadership position by continuing to innovate on all aspects of ADC design leveraging our proprietary platform technologies. Our goal is to expand the therapeutic potential of this drug class for our pipeline, our partners and for patients. Visit www.tubulis.com or follow us on LinkedIn.

Media requests for Tubulis
Trophic Communications
Stephanie May, PhD
T: +49 (0) 171 185 56 82
tubulis@trophic.eu