ExCell Bio Secures Nearly RMB 100 Million in Series B++ Strategic Financing to Advance 'Made-in-China Cell Culture Core'

VCBeat has learned that Suzhou Excell Biotechnology Co., Ltd. (“Excell”) has recently completed a strategic B++ round of financing amounting to nearly RMB 100 million, following its over-RMB-100-million Series B+ financing in January 2023. Investors participating in this round include Puenzerui, Jinpu Muhe, ABC International, and Shenzhen Capital Group. Multi-Dimension Capital served as the exclusive financial advisor for this round. The funds raised will be used for new product development, capacity expansion, and the construction of a new R&D center, providing strong support for Excell’s strategies of localization and internationalization.

As one of the leading enterprises in core upstream raw materials for China’s biopharmaceutical industry, Excell Biotechnology has always prioritized the independent development of key core technologies, firmly integrating this principle into its strategic development philosophy. The company has invested hundreds of millions of yuan to build product portfolios including serum-free culture media, fetal bovine serum, and identification reagents, dedicated to resolving critical bottlenecks in the biopharmaceutical sector and achieving the localization of key raw materials. Excell Biotechnology has currently completed its joint-stock reform, marking a new starting point for its engagement with multi-tiered capital markets. Leveraging advantages in products, talent, commercialization, supply chain, and capital, the company is poised to accelerate onto a fast track of high-quality development.

For this round of financing,Chen Xu, Chairman of ExcellThe statement read: “This financing round has attracted industrial investors such as Puerui and Jinpu Muhe, and has also earned the full trust of renowned capital institutions including ABC International and Shenzhen Capital Holdings Group. Driven by this funding acceleration, we aim to leverage innovation as our engine, technology as our driver, and quality as our foundation to research, develop, and manufacture products at a globally advanced level, making it a reality for Chinese intelligent manufacturing and Chinese creation to serve the world.”

Hou Jiangtao, Chairman of Punzerui“Excell is a leading brand in China’s fetal bovine serum market, serving as the foundation of its business performance. As a key growth driver, Excell boasts one of the most comprehensive portfolios of serum-free culture media products in China. In terms of closing the industrial loop, Excell has also made early strategic moves in identification reagents, offering a diverse product range. With the rapid expansion of downstream markets such as biopharmaceuticals, cell and gene therapy (CGT), and contract research, development, and manufacturing organizations (CXO), demand in upstream segments—including sera, serum-free culture media, and identification reagents—is robust, presenting significant opportunities for import substitution and incremental market growth. Looking ahead, Excell is poised to become a globally influential leader in the upstream life sciences sector.”

Zhu Bing, Deputy General Manager of ABC International (China) Investment Co., Ltd.stated: “Driven by the growing demand in the downstream biopharmaceutical industry, upstream raw materials and supporting industries are also developing rapidly. This is a strategic emerging sector and direction strongly supported by China today, and it is also one of the key areas where Agricultural Bank Group serves the real economy. From the perspective of supply chain security and core raw materials ‘chokehold’’From the perspectives of scientific and technological innovation attributes and the development of specialized, refined, distinctive, and innovative enterprises, upstream raw materials and supporting industries have always been key sectors and tracks closely monitored by ABC International. Excell is a domestic brand of core upstream raw materials that has gradually emerged in recent years. With a focused core business and a clear profitability model, its competitiveness and leading position have become evident, and the trend of domestic substitution is well-defined. We look forward to supporting Excell’s continuous innovation and rapid growth, forging the “Chinese Core” for cell culture, pooling China’s strength, and contributing to human society.”

Ji Ting, Managing Director of Shenzhen Capital Holdingsstated: “The company’s products are positioned at the upstream end of the entire biopharmaceutical industry, serving as one of the most critical raw materials in the sector. With an excellent, solid, and pragmatic team, the company maintains a focused core business. By prioritizing customers and the market, it continuously achieves breakthroughs in new core technologies, has established a comprehensive product portfolio, and holds significant influence within the industry.””

ExCell Bio, founded in 2013, is driven by the mission to “accelerate the application of life sciences technologies and improve public health.” The company is dedicated to overcoming critical bottlenecks in the biopharmaceutical industry and achieving localization of key raw materials, establishing itself as one of the leading providers of core upstream raw materials for China’s biopharmaceutical sector. ExCell Bio is recognized as a National High-Tech Enterprise and a National “Little Giant” enterprise specializing in sophisticated and niche innovations. It is the first Chinese member of the International Serum Industry Association (ISIA) and hosts the Jiangsu Province Engineering Research Center for Chemically Defined (CD) Serum-Free Culture Media used in biopharmaceuticals, cell therapy, and related fields.

The company currently focuses on three major product segments: serum-free media, fetal bovine serum, and characterization reagents, providing international-quality products and services to customers in the fields of biopharmaceuticals, cell and gene therapy, and basic scientific research. Leveraging its international and specialized R&D, quality control, production, and commercialization teams, the company is committed to continuous innovation and the pursuit of excellence. While constantly optimizing product performance, it ensures reliable quality and stable supply, fully empowering the rapid and healthy development of the biopharmaceutical industry and creating cell culture products with a “Chinese Core.”

Excell adheres to a dual-drive strategy for both domestic and international markets, continuously strengthening its competitive moat. Recently, Excell’s new ARTICA facility in Uruguay was inaugurated in Montevideo, the capital of Uruguay. The ceremony was attended by distinguished guests, including Wang Gang, Chinese Ambassador to Uruguay; Uruguayan Minister of Foreign Affairs Bustillo; Minister of Livestock, Agriculture, and Fisheries Matos; Minister of Industry, Energy, and Mining Paganini; and Secretary-General of the Presidency Delgado. This event marks another milestone in the development of Excell Biotechnology and signifies that the company’s Uruguayan subsidiary will serve as a key overseas source plasma base, extending its reach across South America and facilitating global operations.

Puen Zerui was established as a limited partnership, with Shanghai Shifeng Xinhui Venture Capital Management Co., Ltd. (the fund management subsidiary of CSPC Pharmaceutical Group) and Hainan Puen Zhongjian Private Equity Fund Management Co., Ltd. serving as joint General Partners (GPs). The fund focuses on investing in companies within the pharmaceutical, medical, and broader healthcare sectors that possess core competitive advantages in technology, products, and teams, demonstrate standardized corporate governance, and exhibit strong growth potential. Leveraging CSPC Pharmaceutical Group’s substantial strengths in professional technical teams and across all segments of its industry chain, Puen Zerui identifies frontier trends, secures high-quality investment opportunities, and provides strategic support to portfolio companies during the later stages of investment. This approach enhances synergies and accelerates the rapid development of invested projects.

The Jinpu Muhe Fund is a fund established through a partnership between Jinpu Investment and industry players in the cell and gene therapy (CGT) sector. The fund focuses on investing in enterprises across the upstream and downstream CGT value chain that possess core technologies and innovative capabilities. By combining investment with strategic empowerment, the fund aims to accelerate the growth of domestic Chinese cell and gene therapy companies and jointly promote the development of China’s CGT industry.

ABC International is a professional investment banking platform meticulously established by Agricultural Bank of China in Hong Kong, founded in November 2009. The company currently operates eight wholly-owned subsidiaries, including financing, investment management, asset management, and securities firms. It holds Type 1 (dealing in securities), Type 4 (advising on securities), Type 6 (advising on corporate finance), and Type 9 (asset management) licenses issued by the Hong Kong Securities and Futures Commission. This enables the provision of comprehensive, integrated investment banking financial services, such as IPO sponsorship and underwriting, bond issuance and underwriting, financial advisory for overseas mergers and acquisitions, asset management, institutional sales, securities brokerage, securities consulting, and direct investment. In mainland China, the company engages in capital market activities not requiring specific financial licenses, including equity investment, debt financing, fund management, and financial advisory services.

Shenzhen Investment Holdings Co., Ltd. (SIHC), established in 2004, is a Fortune Global 500 company. As Shenzhen’s largest state-owned capital investment and operation company and the city’s sci-tech financial control platform, SIHC focuses on cultivating three major industrial clusters through strategic investments: science and technology parks, sci-tech industries, and sci-tech finance. Shenzhen SIHC Capital Co., Ltd., with a registered capital of RMB 5 billion, is a wholly-owned subsidiary of SIHC and serves as the core implementation platform for strategic investment, capital operations, and fund cluster management.