Scaling beyond Series C: Insights from the frontlines

On Thursday, 21st May, hollandbio and De Brauw Blackstone Westbroek collaborated to support biotech companies in Scaling Beyond Series C at an exclusive event. 

The session kicked off with a market overview by hollandbio’s Annemiek and Jan Christoph Vollgraff (Vice President Healthcare Investment Banking at Van Lanschot Kempen), who set the stage with several observations on developments in the sector: 

• All 10 biotech IPOs in 2026 listed on NASDAQ, with none choosing a European exchange 

• Venture capital and private equity firms are facing increasing challenges in raising new funds 

• Capital is concentrating around a limited number of late-stage winners 

• This shift raises an important question: what happens if early-stage funding dries up, and the pipeline for future innovation shrinks? 

Jaap Barneveld (Partner at De Brauw Blackstone Westbroek) moderated the panel discussion with Paul van der Horst (CBO at Agomab Therapeutics), Zosia van Eesteren (Senior Associate at Gilde Healthcare), Oscar Marshall (Associate at EQT Group), and Jan Christoph Vollgraff. Raising capital beyond Series C is fundamentally different from earlier stages. The stakes are higher, timelines are longer, and expectations on both sides of the table are significantly more demanding.  

Drawing from Agomab Therapeutics’ journey through Series B to D and its IPO in February 2026, Paul van der Horst shared several practical lessons: 

• Always explore multiple financing strategies. Think about IPO, private rounds, partnerships, or M&A. Start early, before you can even imagine ever raising a Series C, as each option requires significant preparation time;

• Raise capital when you don’t urgently need it, not when you are under pressure;

• Invest in relationships from day one; trust with investors is built over years, not months; 

• Deliver on your promises—credibility compounds over time;

• Professionalize governance, with a focused board and clear operational ownership within the management team; 

• Plan financing with a multi-year horizon (typically 2–5 years); 

• Hire ahead of your future needs, not just current challenges; 

• Actively manage your news flow to sustain visibility and engagement. 

From the investor perspective, Zosia van Eesteren and Oscar Marshall highlighted how expectations are evolving alongside deal sizes: 

• A strong, proven management team is critical; 

• Companies with multiple assets and a clear platform strategy are more attractive; 

• Experience matters. Serial entrepreneurship is a strong signal; 

• Strategic investors, such as pharma partners, strengthen the cap table; 

• Non-dilutive funding can be valuable, but the application process should not slow down momentum. 

While the path to late-stage funding is becoming more complex, one message stood out clearly: preparation is everything. Building the right story, relationships, and strategic options takes years, but only those who are ready can act when the window of opportunity opens.  

Hollandbio would like to sincerely thank De Brauw Blackstone Westbroek for their expertise and hospitality.