Eir Ventures tops up life sciences fund with $138M for Nordic biotechs
Swedish venture capital manager Eir Ventures has rounded up a total of $138 million for its life sciences fund Eir Ventures I AB.
The fund — launched just last year — is the firm’s first dedicated life sciences venture capital fund, according to a company statement. Backed by a syndicate of investors such as the European Investment Fund (EIF), Novo Holdings, and new blue-chip investors such as the Sustainable Development Umbrella Fund (SDUF), the fund claims to invest in life science companies “with products and technologies addressing significant unmet medical needs,” according to a company statement.
Stephan Christgau, one of the founders of Novo Seeds, started Eir Ventures last year alongside three other veteran VCs — Andreas Segerros, Magnus Persson and Amanda Hayward.
In an interview with Endpoints News last year after they launched and had their first close at $85 million, Segerros cited increasing costs of doing business in the US hubs — from his perspective, those costs were starting to get prohibitive. Be it real estate, salary or drug development, you can do more with your dime in the areas Eir Ventures would be operating in.
Eir Ventures has participated in nine investments since it started — all tied to universities in the Nordic region. Companies such as Pretzel Therapeutics, ArgusEye and ISD Immunotech are just several of the biotechs that Eir Ventures had been a part of.
Arguably, the most familiar company that Eir has been involved with is IO Biotech, the Danish outfit that raised more than $154 million earlier this year in an oversubscribed Series B to advance immune-modulating cancer vaccines into the clinic — later raising an additional $115 million after going public on Nasdaq in October under the ticker $IOBT. Eir also joined in on Galecto’s $64M raise, co-leading the round back in September 2020 before they went public a month later under the ticker $GLTO.
“We thank our loyal and new investors for their trust in Eir Ventures,” said Eir Ventures chairman and founding partner Magnus Persson. “The close of Eir Ventures I AB is an important milestone for us and a tribute to our investors.”