From Science to Stakeholder Buy-In: What Investors Want from Life Science Startups

Insights by: Denzel Gieling, Vice President Client Services | Expert in Biotech & Pharma

By the time a biotech startup reaches Series B, the conversation shifts dramatically. It’s no longer just about groundbreaking scientific promise; it’s about proving you can scale that science into a viable, lasting business. Series B investors want to know: Can this team commercialise? Can it navigate regulatory minefields? Can it build a company that thrives long-term?

Having worked closely with both founders and investors in life sciences, I’ve seen firsthand what separates a successful Series B raise from a stalled one. While the data and intellectual property (IP) still matter, it’s increasingly the team’s credibility, clarity of execution, and robust talent strategy that tip the scales.

What Series B Investors Truly Expect

At Series A, you proved the science. At Series B, you must prove the business. Investors are looking for concrete evidence that your vision can become reality. This means they want to see:

• Clear, derisked milestones toward clinical development, commercial validation, or regulatory submissions.
• Early traction, whether that's compelling positive trial data, strategic commercial partnerships, or emerging revenue signals.
• A credible, detailed plan to scale operations, from manufacturing to a comprehensive go-to-market strategy.
• And, most critically, a leadership team demonstrably capable of delivering on all of the above.

In fact, a growing number of Series B investors now conduct Leadership Due Diligence alongside scientific and financial reviews. Why? Because a misstep in leadership or team execution is one of the biggest risks to realising value at this pivotal stage.

The Transition: From Founder-Led to Function-Led

Series B typically marks a crucial transformation: your founder-driven startup evolves into a function-led business. This isn't just about adding new faces; it's about building specialised departments designed for scale:

• You're establishing clinical operations, regulatory affairs, market access, and supply chain functions.
• Your CEO, once hands-on in the lab, is now likely dedicating more time to fundraising, investor relations, or engaging with regulators.
• New challenges emerge: optimising organisational design, preventing decision-making bottlenecks, and maintaining a cohesive culture amidst rapid growth.

Investors scrutinise whether your current team is truly built for scale. Is your Chief Scientific Officer (CSO) prepared to lead across multiple complex trials? Does your Head of Regulatory possess global approval experience? Is your commercial strategy spearheaded by someone who has successfully brought products to market before? And if those critical roles aren't yet filled, do you have a crystal-clear, actionable hiring plan?

 

The Talent Blind Spot: How Investors See It

Many biotech founders significantly underestimate how closely investors evaluate talent risk at Series B. I've witnessed funds walk away from otherwise promising deals, not because of the science, but because they had profound doubts about the team’s ability to execute at scale.

Here's what investors are actively watching for and what can raise red flags:

• Critical functional gaps: Especially in areas like regulatory, quality assurance, market access, or supply chain.
• Inexperienced leadership: A lack of prior scale-up or exit experience among key executives.
• Over-reliance on a single founder or technical lead: This creates a significant single point of failure.
• No clear pipeline for succession or contingency planning: What happens if a key leader leaves?

This is precisely where Panda steps in, bringing essential talent intelligence directly into the deal process and scale-up strategy for both founders and investors.

How Panda Supports Your Growth Trajectory

At Panda, we partner with life sciences startups and their investors to de-risk growth by ensuring the right people are in place, or strategically pipelined, at precisely the right time.

1. Leadership Due Diligence: We rigorously evaluate the strength and readiness of your executive team, pinpointing where additional leadership may be needed to achieve Series C or exit milestones.
   

2. Market Mapping & Benchmarking: Gain clarity on who's available in the talent market, what they command in compensation, and how to effectively compete for top-tier talent across regulatory, clinical, commercial, data science, and operational roles.
   

3. Organisational Health Audits: Proactively identify and address structural gaps, inefficiencies, or internal misalignments before they impede your trials or dilute your company culture.
   

4. Fast-Track Cross-Functional Hiring: Through our innovative Group Recruitment Partnership model, VC-backed scale-ups gain preferential access to global life sciences talent, benefiting from reduced rates and flexible fee structures. We provide:

• Embedded support across R&D, clinical, regulatory, manufacturing, commercial & data.

• On-demand advisory calls to scope complex roles or test the feasibility of niche hires.

• Centralised dashboards for transparent, real-time visibility into hiring performance.
  

5. Talent Pipelining Subscription: Ideal for Series B companies anticipating rapid growth. We deliver curated bundles of pre-qualified, engaged candidates for your most critical roles, including:

• Emerging functions like Data Science, AI, and Digital Health.

• Proactive successor planning for key executive positions.

• Strategic support for expansion into new geographies or functions.

 

Talent: The Ultimate Signal to Investors

At the Series B stage, your story is no longer just about your science; it's about your team, your talent strategy, and your undeniable readiness to scale. Founders who proactively address talent by mapping succession plans, strategically planning key hires, and designing an organisational structure that supports Series C and beyond send a powerful, unmistakable message: you're not just building a promising product. You're building a sustainable, impactful company.

In today’s competitive market, investors expect a compelling scientific narrative, a clear and derisked path to market, and unwavering confidence in the leadership driving it forward. By showcasing patient-centred impact and robust talent planning, founders can secure essential long-term stakeholder buy-in.

At Panda, we partner with life sciences companies and their investors to reduce risk and accelerate critical hiring. From comprehensive leadership due diligence to embedded scale-up support, we help your teams move forward with confidence and secure the funding needed for your next chapter.

Planning your next raise? Growing your leadership team? Let’s talk. We'll help you scope your hiring priorities, benchmark talent availability, and build an investment-ready team that truly stands out.

Author Details:

• Denzel Gieling
• Vice President Client Services | Expert in Biotech & Pharma
• d.gieling@panda-int.com