Grove Biopharma Secures $30M Funding, Expands to New R&D Facility in Chicago's Fulton Market
Key Insights
Grove Biopharma, a Northwestern University spinout developing therapies for intracellular disease targets, has secured $30 million in Series A financing to fuel its expansion and research initiatives.
The preclinical biotech startup has relocated from Portal Innovations' incubator space to a 17,000-square-foot Science-Ready Lab suite at 400 North Aberdeen in Chicago's Fulton Market district.
The expansion represents a success story for Chicago's growing life sciences ecosystem, which has added approximately 900,000 square feet of specialized lab space over the past three years.
Grove BiopharmaSearch company, a preclinical biotechnology startup founded by Northwestern UniversityView company profile researchers during the pandemic, has secured $30 million in Series A financing and established its new headquarters and research facility in Chicago's Fulton Market district.
The company has leased a 17,000-square-foot Science-Ready Lab suite at 400 North Aberdeen, part of the Fulton Labs development owned by Trammell Crow CompanySearch company (TCC). This move represents a significant expansion from its previous location at Portal InnovationsSearch company' incubator space.
Pioneering Platform Technology
Founded in 2020, Grove BiopharmaSearch company is developing its proprietary Bionic BiologicsSearch drug platform to create therapies targeting previously intractable intracellular disease targetsSearch term. The company's technology aims to address cancerSearch disease and other diseases through novel drug mechanisms.
"That did not exist here in Chicago until Portal InnovationsSearch company," said Paul Bertin, President and Chief Technology Officer of Grove BiopharmaSearch company, referring to the essential early support the company received. "It's a capital-intensive industry, so if you are a brand-new startup coming out of a university lab, you can't afford to spend your seed financing on a laboratory."
Chicago's Growing Life Sciences Ecosystem
The expansion marks a significant milestone for Chicago's life sciences sector, which has experienced substantial growth despite recent market challenges. Developers have added approximately 900,000 square feet of specialized lab space in the Chicago area over the past three years.
"Grove BiopharmaSearch company is the perfect example of the thesis we planned our Fulton Labs campus around," said Morgan Baer Blaska, Vice President with TCC Midwest. "It's a company that spun out of Northwestern, then moved to Portal InnovationsSearch company for incubation and the support ecosystem and is now moving into a large Science-Ready Lab suite to accommodate further growth."
Blaska emphasized the importance of this development for the regional biotech landscape: "In the past, a company on this growth trajectory would have considered moving to one of the coasts, but both Portal and Fulton Labs have provided an environment where science startups can grow and thrive here in Chicago."
Strategic Location and Infrastructure
The 400 North Aberdeen facility is part of Trammell Crow's more than 2 million-square-foot Fulton Park campus, which includes the original 1375 W. Fulton Market building, residential developments, and the area's only public park. The 16-story building was completed in 2022 and is now more than 30% leased.
Other notable tenants in the building include the Illinois Institute of Technology, the Chicagoland Climate Investment Alliance, and Mattiq, a clean chemistry firm. The building is also home to the $250 million Chan-Zuckerberg BioHub, established in 2023 by Priscilla Chan and Mark Zuckerberg.
Ready-Made Lab Space Crucial for Biotech Growth
Industry experts note that having ready-made laboratory space is critical for the growth of life sciences companies, which often need to scale quickly following scientific breakthroughs or new funding rounds.
"What had been missing is the real estate component," Blaska explained. "When the demand pops, the demand pops immediately."
The Chicago region offers many advantages for biotech development, including prestigious research institutions like Northwestern UniversityView company profile and the University of Chicago, along with a highly educated workforce. The addition of purpose-built laboratory facilities addresses a crucial gap in the ecosystem.
Dan Lyne of CBRE represented TCC in the lease transaction, while Jonathan Metzl and Chip Evans of Cushman & Wakefield represented Grove BiopharmaSearch company.