Christmas Has Come Early for Nordic Biotechs as a Norwegian Fund Readies €100M Injection
Hadean Ventures has closed its first fund, which it will begin to invest in life sciences companies around Europe, particularly in the Nordic region.
Hadean Ventures is a VC fund based in Oslo, Norway, with the aim of improving healthcare to help patients that are suffering around the world. The VC has closed Hadean Capital I, its first fund that hoped to raise €100M thanks to investment from companies, including Argentum and Saminvest, which are financed by the Norwegian and Swedish governments, respectively. The money will be used to support world-class yet under-served science around the continent. Where possible, Hadean is keen to support research groups and companies in the Nordic region, which is home to exciting biotechs like the blockbuster club’s newest member, Genmab, and BerGenBio, which raised a record €43.55M IPO on the Norwegian Stock Exchange.
Ingrid Teigland Akay, Managing Partner of Hadean, commented on the gap in the market that the VC hopes to fill: “The Nordic region has outstanding scientists, a stable, business-friendly environment, and a vibrant start-up community, yet very few life science specialist venture funds are on the ground. We see an exceptionally strong deal flow of high potential opportunities here.” This marks an exciting couple of weeks for European biotech, with LSP closing the continent’s largest medtech fund earlier this month, raising €280M for cost-effective healthcare.
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