Enveda Therapeutics raised a $311 million Series E to expand its pipeline of drugs derived from plant-discovered molecules, nearly doubling its valuation to about $2 billion. The round was led by Catalio Capital Management and is intended to support clinical and preclinical development across inflammatory and metabolic disease targets. The financing also underlines how plant-based discovery platforms are increasingly viewed as scalable sources of drug-like leads—particularly when paired with modern screening and optimization engines. Enveda has raised more than $845 million since inception in 2019, indicating growing investor acceptance of ethnobotanical-to-clinic translation. For the sector, the deal provides another datapoint that platform-biotech valuations can rise quickly when companies demonstrate both pipeline progression and a credible path to clinical differentiation.