What happened: Seeker Biologics, an early-stage biotech startup backed by 5AM Ventures, is shutting down operations. Seeker Biologics joins the growing list of VC-backed healthcare and biotech startups that have shut down operations in 2023 due to macroeconomic headwinds.
Relevance: Seeker Biologics, formerly Fleet Therapeutics, had raised $24.1M in venture funding in total from four investors. The startup was developing therapeutics for autoimmune and inflammatory diseases. Seeker Biologics was trying to raise $58.1M in funding, per Form D filing reviewed by Biz Journals.
Where to see the impact: Healthcare and biotech startups initially showed resilience against the venture funding pullback that started in mid-2022. Global healthcare startups raised $5.7B in Apr. 2023, representing nearly 27% of the total VC deployed across all sectors. Despite this, several startups in the sector face trouble raising fresh funding as venture funding slowdown starts impacting the sector. Seeker adds to the long list of startups closing operations in 2023.
