About IndieBio
IndieBio, an accelerator and incubator program founded in 2014, is based in San Francisco, United States. With a presence in 21 countries, it has supported around 252 startups in sectors like Life Sciences, High Tech. As of Aug 2026, IndieBio has 3 unicorns under its belt and has witnessed 10 portfolio exits. Most notable companies in
its portfolio include RingCentral, Perfect Day and Ten63. The program is backed by a team of 17 people who primarily support Seed startups based in United States. Its latest investment was a $1.43M Seed round in FluoSphera on Jan 12, 2026 along with Soulmates Ventures.
Key Metrics
Founded Year
2014
Location
San Francisco, United States
Portfolio Companies
Sectors of Investment
Stages of Investment
Seed, Series A & 1 more
Locations of Investment
Unicorn in Portfolio
IndieBio's List of Top Investments
IndieBio has a portfolio of 252 companies, including 3 unicorns. Their most notable investments are in LizarBio Therapeutics and Pannex Therapeutics.Their portfolio spans across United States, Canada, United Kingdom and 18 more locations. They have invested in Life Sciences, High Tech, Food and Agriculture Tech and 22 other sectors, across stages such as Seed, Series A and 1 more. Here is the list of top investments by IndieBio:1. RingCentral
Cloud based platform offering unified communication solutions. It offers products with features including video and audio conferencing, team messaging, screen or file sharing, online meeting management, real-time analytics, and live reports. The company caters to industries such as health care, education, finance, retail, government, nonprofit organizations, etc. It enables user access on a subscription-based pricing model.
Key facts about RingCentral
- Founded Year: 1999
- Location: Belmont (United States)
- Stage: Acquired
- Total Funding till date: $44M
- Employee Count: 6,728 as on Jun 30, 2026
- Investors: Adams Street Partners, GIC and 59 Others
- Latest Funding Round: Post IPO, Oct 21, 2022, $*****
- Highlight: Acquired
2. Perfect Day
Developer of animal-free dairy protein for food and beverage applications. The protein is created through precision fermentation for sustainable dairy alternatives. It offers ingredients for various applications, including developing partnerships and product launches. The protein aims to provide a kinder, greener supply chain.
Key facts about Perfect Day
- Founded Year: 2014
- Location: Berkeley (United States)
- Valuation: $*****
- Stage: Series E
- Total Funding till date: $770M
- Employee Count: 326 as on Jun 30, 2026
- Investors: Koehler Group, CPP Investments and 20 Others
- Latest Funding Round: Series E, Jan 05, 2024, $*****
- Highlight: Editors' Pick
3. Ten63
Ten63 is a developer of drugs that target undruggable protein targets. The company is developing therapeutics through its platform called COPPER that uses proprietary AI technology and physical models to explore the protein chemical space and screen a large dataset of molecules to identify binding sites.
Key facts about Ten63
- Founded Year: 2019
- Location: Durham (United States)
- Stage: Series A
- Total Funding till date: $45M
- Employee Count: 33 as on Mar 31, 2026
- Investors: Draper, Gates and 16 Others
- Latest Funding Round: Series A, Feb 19, 2026, $*****
- Highlight: Editors' Pick
4. Geltor
Geltor is a biodesign company that produces advance designer proteins. It uses various processes like protein optimization and fermentation to create consumer proteins. Its product range includes 'Collume' and 'Elastapure'. Its products are animal and GMO-free.
Key facts about Geltor
- Founded Year: 2015
- Location: San Leandro (United States)
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $137M
- Employee Count: 1 - 10 as on Mar 01, 2026
- Investors: Pegasus Tech Ventures, #adm ventures and 33 Others
- Latest Funding Round: Series B, Aug 08, 2025, $*****
- Highlight: Editors' Pick
5. Phable
Phable offers digital health management and telehealth software for patients and healthcare providers. The app can be used to track and record health data from health trackers. The app provides guidance, reminders, and manages medication, appointments, and alerts on health data throughout the treatment journey. The data is shared with the doctor for real-time health monitoring. The platform provides alerting messages to doctors regarding patients' vitals and health status. Health records and other information can be uploaded by the patient as well as the doctor if required on the platform.
Key facts about Phable
- Founded Year: 2018
- Location: Bengaluru (India)
- Annual Revenue: ₹10 - ₹50 Cr as on Mar 31, 2022
- Last Known Valuation: $*****
- Stage: Deadpooled
- Total Funding till date: $45.2M
- Employee Count: 163 as on Apr 30, 2026
- Investors: IKP Knowledge Park, Aflac Ventures and 111 Others
- Latest Funding Round: Series B, Feb 08, 2022, $*****
IndieBio's Year-on-Year Investment Trends
IndieBio has invested in 252 companies over the last 12 years, with an average of 19 new investments annually in the last 10 years. In 2025, it made 1 investment, while as of Jan 2026, it has made 1 investment in this year. Its most recent first time investment was in Iorgan and most recent follow-on round was in FluoSphera.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 1 | 1 |
2025 | 1 | 0 | 1 |
2024 | 2 | 2 | 4 |
2023 | 25 | 2 | 27 |
2022 | 35 | 8 | 43 |
2021 | 33 | 10 | 43 |
2020 | 20 | 3 | 23 |
2019 | 21 | 2 | 23 |
2018 | 28 | 1 | 29 |
2017 | 16 | 1 | 17 |
IndieBio's Investments by Stage
IndieBio has made 243 investments in Seed stage with an average round size of $286K, 3 investments in Series A stage with an average round size of $16.1M and 1 investment in Conventional Debt stage with an average round size of $250K.Stage of entry | No. of Investments |
|---|---|
Seed | 243 |
Series A | 3 |
Conventional Debt | 1 |
Note: We have considered here, only first round of investments
IndieBio's Investments by Sector
IndieBio has a diverse portfolio, with companies operating in the Life Sciences, High Tech, Sustainability Tech, Food and Agriculture Tech and HealthTech. Notably, it has invested in 196 Tech companies, 166 Enterprise (B2B) companies, 48 Consumer (B2C) companies and at least 29 companies focusing on Software.Sector | No. of Investments |
|---|---|
Life Sciences | 103 |
High Tech | 99 |
Sustainability Tech | 74 |
Food and Agriculture Tech | 51 |
HealthTech | 30 |
Others | 172 |
Note: We have considered here, only first round of investments
IndieBio's Investments by Geography
IndieBio has made most investments in United States (177), followed by Canada where it has made 22 investments.Country | No. of Investments |
|---|---|
United States | 177 |
Canada | 22 |
United Kingdom | 10 |
Israel | 7 |
Argentina | 6 |
Others | 28 |
Note: We have considered here, only first round of investments
IndieBio's recent investments
IndieBio has made 1 investments in 2026 so far - FluoSphera.Here are the most recent investments by IndieBio:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jan 12, 2026 | Switzerland | Seed | 2790 | ||
Nov 04, 2025 | United States | Seed | 4272 | [+4] | |
Jul 08, 2024 | United States | Series A | 4359 | [+5] | |
2024 | United States | Seed | 6841 | - | |
Mar 13, 2024 | New Zealand | Seed | 2068 | - |
Unicorns in IndieBio's Portfolio
IndieBio has 3 unicorns in its portfolio - Upside Foods, Perfect Day and NotCo. The most recent unicorn in their portfolio is Upside Foods. It became a unicorn in 2022, 7 years after IndieBio first invested in it.Here is a list of unicorns in IndieBio's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
59 | Provider of cell-based meat alternatives | 2015 | Berkeley | Series C | cilbqdt | ||
63 | Developer of animal-free dairy protein for food and beverage applications | 2014 | Berkeley | Series E | nknlmyz | ||
59 | - | 2015 | Santiago | Series D | pfhsisb |
Acquired companies in IndieBio's Portfolio
10 companies from IndieBio's portfolio have been acquired. The most recent acquisition was NovoNutrients in Jun 2026 by Biosphere for $*****.Here are IndieBio's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jun 30, 2026 | Sep 20, 2018 | Seed | 4464 | |
Jun 18, 2026 | Sep 13, 2023 | Seed | 3562 | |
May 26, 2026 | Oct 02, 2021 | Seed | 4966 | |
Apr 11, 2024 | - | - | 6860 | |
Jan 16, 2024 | Oct 27, 2020 | Seed | 9702 |
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Team profile of IndieBio
IndieBio has a team of 17 members including 8 Partners and 3 Principals located in United States and Ireland. IndieBio's team does not sit on the board of any company as of now.Here is a list of top team members in IndieBio:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | United States | - | ||
Partner | United States | - | ||
Partner | San Francisco | - | ||
Partner | San Francisco | - | ||
Partner | Cork | - | ||
Partner | United States | - | ||
Partner | Menlo Park | - | ||
Partner | New York City | - | ||
Principal | New York City | - | ||
Principal | New York City | - | ||
Principal | United States | - |
Co-investors of IndieBio
Over the past 12 years, 657 investors have co-invested in IndieBio's portfolio companies. This includes funds and angels.
- Invested before IndieBio: National Science Foundation, SOSV and 95 others have invested in rounds before IndieBio. There are 5 companies where National Science Foundation has invested before IndieBio and 3 companies where SOSV has invested before IndieBio.
- Top Co-investors of IndieBio: 26 investors entered a company along with IndieBio. These include investors like SOSV (6 companies).
- Invested after IndieBio: A total of 534 investors have invested in IndieBio's portfolio after their investments. Top Investors include SOSV (54 companies) and National Science Foundation (8 companies).
Recent News related to IndieBio
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FluoSphera zips CHF 1.15M seed for 3D human organ models that cut drug failuresTech Funding News•Jan 12, 2026•FluoSphera, Soulmates Ventures, IndieBio, University of Geneva
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Scindo Secures €4.5 Million to Advance AI Enzyme PlatformStartup Rise EU•Sep 24, 2025•Clay Capital, SynBioVen, Kadmos, IndieBio and 8 others
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NovoNutrients Raises $18M for Pilot PlantGlobal Village Space•Jul 10, 2024•NovoNutrients, Woodside Energy, CM Venture, TechCrunch+ and 8 others
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Syensqo invests in Bioeutectics, a start-up producing green solventsChemeurope•Jan 29, 2024•Syensqo, Bioeutectics, Fen Ventures, Atento Capital and 3 others
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BioFluff Secures $2.5M in Seed Funding for Plant-Based Fur AlternativesVegan Business Magazine•Dec 01, 2023•BioFluff, Astanor, LVMH, Arda Biomaterials and 4 others
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Voyage Foods raises $36m to develop synthetic peanut, cocoa, and coffee productsWorld Coffee Portal•Jul 31, 2023•Voyage Foods, UBS, Level One Fund, Horizons Ventures and 2 others
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Female-led Re-Fresh Global secures €1.1M to bring circular economy in textile industryTech Funding News•Jul 12, 2023•Re-Fresh Global, TastyUrban, Earlybird, Serpentine Ventures and 3 others
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Prime Roots scores US$30M in series B funding to scale plant-based deli meatsFoodIngredientsFirst•May 15, 2023•Prime Roots, Monde Nissin, IndieBio, Pangaea Ventures and 10 others
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FluoSphera secures $1 million pre-seed investmentStartupticker•Mar 01, 2023•FluoSphera, IndieBio, Mountain Labs, EFI Lake Geneva Ventures
