About TCG Crossover
TCG Crossover is a venture capital firm founded in 2020. It is primarily based out of Palo Alto, United States. As of Oct 2026, TCG Crossover is an active investor, having invested in 46 companies, with 10 new investments in the last 12 months. It primarily invests in Series B round in United States based startups. Its investments are spread across a wide range of sectors from Life Sciences to Enterprise Applications and High Tech. Most recently it participated in the $***** Series B round of Souffle Therapeutics Overall, TCG Crossover portfolio has seen 16 IPOs and 12 acquisitions including key companies like RayzeBio, Century Therapeutics and Upstream Bio. A lot of funds co-invest with TCG Crossover, with names like Janus Henderson Investors sharing a substantial percentage of its portfolio. TCG Crossover has team of 14 people including 4 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series B, Post IPO & 4 more
Portfolio IPOs
Portfolio Acquisitions
Portfolio Soonicorns
Deals in last 12 months
TCG Crossover's List of Top Investments
TCG Crossover has a portfolio of 46 companies. Their most notable investments are in RAPT and Plexium.Their portfolio spans across United States, China, United Kingdom and 3 more locations. They have invested in Life Sciences, Enterprise Applications, High Tech and 2 other sectors, across stages such as Series B, Post IPO and 4 more. Here is the list of top investments by TCG Crossover:
1. RayzeBio
Key facts about RayzeBio
- Founded Year: 2019
- Location: San Diego (United States)
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $426M
- Employee Count: 285 as on Aug 31, 2026
- Investors: Venrock, Perceptive Advisors and 22 Others
- Latest Funding Round: Series D, Aug 25, 2022, $*****
- Highlight: Acquired
Developer of therapeutics for the treatment of autoimmune diseases and cancer. The company's iPSC-derived cell therapy platform that integrates cutting-edge gene editing, protein engineering, technical development and manufacturing capabilities to generate allogeneic, iPSC-derived therapies for autoimmune diseases and cancer.
Key facts about Century Therapeutics
- Founded Year: 2018
- Location: Philadelphia (United States)
- Annual Revenue: $100M - $500M as on Dec 31, 2025
- Stage: Public
- Total Funding till date: $410M
- Employee Count: 120 as on Sep 30, 2026
- Investors: Bain Capital Life Sciences, Venrock and 22 Others
- Latest Funding Round: Post IPO, Jan 08, 2026, $*****
- Highlight: Public
3. Upstream Bio
Developer of therapeutics for allergic and inflammatory diseases. The lead candidate for the company UPB-101 is a monoclonal antibody that inhibits the TSLP receptor that affects a variety of immune cells pivotal to many inflammatory diseases.
Key facts about Upstream Bio
- Founded Year: 2021
- Location: Waltham (United States)
- Annual Revenue: $1M - $10M as on Dec 31, 2025
- Stage: Public
- Total Funding till date: $400M
- Employee Count: 86 as on Sep 30, 2026
- Investors: Access Industries, Bain Capital Life Sciences and 11 Others
- Latest Funding Round: Series B, Jun 08, 2023, $*****
- Highlight: Public
4. Structure
Developer of oral small molecule drugs for chronic diseases. It offers GPCR structure-based biologic and peptide drugs for pulmonary hypertension, pulmonary fibrosis, type 2 diabetes, and obesity. It has a structure-based technology platform that combines receptor-binding interactions with the simulation of molecular motion and signal transduction for drug development.
Key facts about Structure
- Founded Year: 2017
- Location: San Francisco (United States)
- Stage: Public
- Total Funding till date: $191M
- Employee Count: 257 as on Sep 30, 2026
- Investors: BVF Partners, Janus Henderson Investors and 17 Others
- Latest Funding Round: Series B, Aug 01, 2022, $*****
- Highlight: Public
Maze Therapeutics is involved in developing genetic biomarkers. The company is developing technologies in an integrated manner to identify genetic modifiers. It mainly focuses on genetic modifiers in neurological, metabolic and renal diseases, as well as oncology.
Key facts about Maze Therapeutics
- Founded Year: 2018
- Location: Redwood City (United States)
- Stage: Public
- Total Funding till date: $496M
- Employee Count: 160 as on Sep 30, 2026
- Investors: Venrock, Foresite Capital and 21 Others
- Latest Funding Round: Post IPO, Sep 11, 2025, $*****
- Highlight: Public
TCG Crossover's Year-on-Year Investment Trends
TCG Crossover has invested in 46 companies over the last 5 years, with an average of 7 new investments annually in the last 5 years. In 2025, it made 2 investments, while as of Oct 2026, it has made 14 investments in this year. Its most recent first time investment was in Souffle Therapeutics and most recent follow-on round was in Korsana.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 10 | 4 | 14 |
2025 | 1 | 1 | 2 |
2024 | 13 | 1 | 14 |
2023 | 6 | 2 | 8 |
2022 | 4 | 0 | 4 |
2021 | 9 | 0 | 9 |
TCG Crossover's Investments by Stage
TCG Crossover has made 16 investments in Series B stage with an average round size of $141M, 12 investments in Post IPO stage with an average round size of $148M and 6 investments in Series C stage with an average round size of $136M.Stage of entry | No. of Investments |
|---|---|
Series B | 16 |
Post IPO | 12 |
Series C | 6 |
Series A | 4 |
Series D | 3 |
Others | 2 |
Note: We have considered here, only first round of investments
TCG Crossover's Investments by Sector
TCG Crossover has a diverse portfolio, with companies operating in the Life Sciences, High Tech, Sustainability Tech, Enterprise Applications and Healthcare. Notably, it has invested in 42 Tech companies, 41 Enterprise (B2B) companies, 2 Consumer (B2C) companies and at least 2 companies focusing on Software.Sector | No. of Investments |
|---|---|
Life Sciences | 41 |
High Tech | 4 |
Sustainability Tech | 3 |
Enterprise Applications | 1 |
Healthcare | 1 |
Note: We have considered here, only first round of investments
TCG Crossover's Investments by Geography
TCG Crossover has made most investments in United States (36), followed by China where it has made 2 investments.Country | No. of Investments |
|---|---|
United States | 36 |
China | 2 |
United Kingdom | 2 |
Denmark | 1 |
France | 1 |
Others | 1 |
Note: We have considered here, only first round of investments
TCG Crossover's recent investments
TCG Crossover has made 14 investments in 2026 so far. Souffle Therapeutics and TriGemX Bio are the latest among them.Here are the most recent investments by TCG Crossover:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Oct 13, 2026 | United States | Series B | 3660 | [+15] | |
Oct 01, 2026 | United States | Series C | 2838 | [+1] | |
Sep 10, 2026 | United States | Post IPO | 5805 | [+15] | |
Aug 11, 2026 | Switzerland | Series B | 8369 | [+6] | |
Aug 05, 2026 | United States | Post IPO | 9135 |
IPOs and Publicly Listed companies in TCG Crossover's Portfolio
16 of TCG Crossover's portfolio companies have become public. ADARx Pharmaceuticals got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ), in Sep 2026 at marketcap of $1.74B and Korsana got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ).Here are TCG Crossover's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Sep 25, 2026 | Aug 02, 2023 | Series C | 8736 | |
Sep 09, 2026 | Feb 18, 2026 | Series A | 2872 | |
Aug 04, 2026 | Sep 09, 2021 | Series B | 7307 | |
Feb 05, 2026 | - | - | 3854 | |
Jan 09, 2026 | Aug 25, 2022 | Series A | 1465 |
Acquired companies in TCG Crossover's Portfolio
12 companies from TCG Crossover's portfolio have been acquired. The most recent acquisition was Alkeus Pharmaceuticals in Jul 2026 by Tarsus for $*****.Here are TCG Crossover's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 31, 2026 | Jun 05, 2023 | Series B | 3619 | |
May 03, 2026 | Sep 09, 2024 | Series D | 6535 | |
Jan 20, 2026 | Dec 23, 2024 | Post IPO | 1673 | |
Nov 14, 2025 | Nov 21, 2024 | Post IPO | 8171 | |
Oct 24, 2025 | Feb 05, 2024 | Post IPO | 1002 |
Team profile of TCG Crossover
TCG Crossover has a team of 14 members including 4 Partners, 1 Venture Partner and 2 Principals located in United States. TCG Crossover's team sits on the board of 1 company.Here is a list of top team members in TCG Crossover:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Cupertino | - | - | |
Partner | New York City | - | - | |
Partner | San Francisco | - | ||
Partner | - | - | ||
Venture Partner | Palo Alto | - | - | |
Principal | United States | - | - | |
Principal | - | - | - |
Co-investors of TCG Crossover
Over the past 5 years, 411 investors have co-invested in TCG Crossover's portfolio companies. This includes funds and angels.
- Invested before TCG Crossover: Orbimed, RA Capital Management and 181 others have invested in rounds before TCG Crossover. There are 6 companies where Orbimed has invested before TCG Crossover and 5 companies where RA Capital Management has invested before TCG Crossover.
- Top Co-investors of TCG Crossover: 168 investors entered a company along with TCG Crossover. These include investors like Janus Henderson Investors (10 companies).
- Invested after TCG Crossover: A total of 60 investors have invested in TCG Crossover's portfolio after their investments. Top Investors include RA Capital Management (4 companies), Janus Henderson Investors (4 companies) and Wellington (3 companies).
Recent News related to TCG Crossover
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TCGX Acquisition Corp. II Announces Pricing of $100,000,000 Initial Public OfferingBusiness Wire•Oct 16, 2026•TCG Crossover
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US healthcare investor TCGX secures $600m for first Asia biotech fundDeal Street Asia•Oct 09, 2026•TCG Crossover
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TriGemX Bio Raises $94M in FundingFinSMEs•Oct 01, 2026•TCG Crossover, Viking Global Investors, The Column Group
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Vaderis Therapeutics Raises $152M in Series B FundingFinSMEs•Aug 11, 2026•TCG Crossover, Vaderis, Goldman Sachs Asset Management, EQT and 2 others
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TCGX Acquisition Corp. Announces Pricing of $75,000,000 Initial Public OfferingTMC•Aug 05, 2026•TCG Crossover, Jefferies
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Agenus Secures $85 Million for Colorectal Cancer Clinical TrialInvesting•Jul 13, 2026•Commodore Capital, Agenusbio, TCG Crossover, Invus and 2 others
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Accro Bioscience Secures $50M Series C Funding Led by OrbiMed for Immune Disease TherapiesPR Newswire•May 19, 2026•Accropeutics, Orbimed, LAV, Oriza Holdings and 4 others
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Adcendo ApS Completes $75 Million Series C FinancingCNW•Apr 14, 2026•Jeito, Bpifrance, Danmarks Eksport og Investeringsfond, Adcendo and 12 others
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Vor Bio Announces $75 Million Private Placement with TCGXBakersfield•Mar 27, 2026•TCG Crossover, Vor Biopharma
