Korean Biotech Startup MUSTBIO Raises $23.5 Million Series C to…

Team S · 2026-03-14T14:09:10.000Z

South Korean biotech startup MUSTBIO has secured $23.5 million (₩35 billion) in a Series C funding round to accelerate the development of its next-generation cancer immunotherapy treatments. The round values the company at a pre-money valuation of approximately $39.6 million (₩59 billion). With this latest investment, the company’s total funding has reached about $42.6 million (₩63.5 billion) since its founding in 2021, following earlier Series A funding of $6 million and Series B funding of $13.1 million. The Series C round attracted participation from both existing and new investors. Returning investors include Korea Investment Partners, Premier Partners, Partners Investment, Korea Development Bank, Ahngook Pharm, Wonik Investment Partners, and Shinhan Capital. New investors Atinum Investment and BNH Investment also joined the round. MUSTBIO focuses on developing multi-specific antibody-based cancer therapies designed to enhance the immune system’s ability to target tumors. The newly raised capital will primarily support the advancement of its key drug candidates, including MB5 (αPD-1/IL-2v), an IL-2-based immuno-oncology therapy currently moving toward clinical development. The company is also continuing research on MB7 (αPD-1/αVEGF/IL-21v), a triple-fusion immunotherapy candidate designed to activate immune responses in the tumor microenvironment and improve treatment outcomes for cancer patients. MUSTBIO’s technology is built on two proprietary platforms: BICSTA, a multi-specific antibody engineering platform designed for high-productivity drug development, and STARKINE, a cytokine platform that targets the tumor microenvironment to stimulate immune responses directly where tumors develop. With the new funding, the company plans to advance its immuno-oncology pipeline into clinical trials while expanding research capabilities for next-generation cancer therapies.

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Korean Biotech Startup MUSTBIO Raises $23.5 Million Series C to… | Newnex