Typical seed round size for biotech startups in Chicago
Based on 12 Form D filings by Chicago biotech issuers at seed stage, filed Oct 2024 – Aug 2026. Updated monthly. Change any segment to compare.
The numbers
- Median seed raise: $1.2M
- Middle half of rounds: $386k – $5.7M
- Filings in sample: 12
- Rounds under $1M: 50%
- Rounds over $5M: 33%
- Updated Aug 2026
Read this number carefully
Form D undercounts small SAFE rounds and rounds that rely on other exemptions. Treat the median as a ceiling for "typical", not a target.
Compare segments
Biotech · Seed · Boston ($4.2M)
Biotech · Seed · Bay Area ($3.8M)