Eir’s first fund will partner Nordics-based universities to invest in their spinouts, while also making selected deals in the rest of Europe and the US.
Sweden-based venture capital firm Eir Ventures raised €76m ($86m) on Friday for the first close of a life sciences-oriented fund that will partner closely with universities across the Nordics and invest in their spinouts.
LPs for Eir’s inaugural fund include pharmaceutical firm Novo Holdings in addition to the EU-owned European Investment Fund, state-owned investment fund Danish Growth Fund (also known as Vækstfonden) and Swedish government-founded VC firm Saminvest.
Aside from its academic focus, Eir Ventures will work alongside Nordics-based incubators and more broadly anticipates region-wide dealmaking as well as across Europe and the US.
Amanda Hayward, former managing director of state-backed venture unit Connecticut Innovations, will act as special partner of Eir Ventures, while the investment team consists of life sciences-focused managing partners Magnus Persson, Stephan Christgau and Andreas Segerros.
Christgau said: “The Nordic region is ranked year after year as one of the most innovative areas in Europe, with a stable business environment and a successful track record of medical innovation and world-class science.
“However, the region is severely underserved with professional venture capital. Eir Ventures sees this as a unique opportunity that it will leverage.”
Notable exits for life sciences spinouts of Nordic universities have included the $97.8m initial public offering for Karolinska Institute-founded cancer treatment developer Aprea Therapeutics in October 2019, although Aprea is now based in the US rather than in Sweden.
