Scandinavian venture capital firm Sound Bioventures raises € 110 million for new biotherapeutic venture capital fund

Based in Scandinavia Sound bio-adventures, a venture capital fund investing in near-clinical or clinical-stage private companies in Europe and the United States developing therapies in specialized therapeutic areas, announced the first close of its first fund at 110 millions of euros.

Funding comes from Novo Holdings, Saminvest, Vækstfonden, the European Investment Fund (EIF) and Ramsbury Invest, as well as the founders.

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The EIF investment was made possible through the European Guarantee Fund. The European Guarantee Fund (EGF) was created by the EIB Group with contributions from Sweden and other EU Member States to support businesses suffering from the COVID-19 crisis.

Using nearly € 25 billion in guarantees, the EGF enables the EIB and EIF to make loans, guarantees, asset-backed securities, equity and other financial instruments available to most of SMEs. The EGF is part of the European Union’s stimulus package to provide a total of 540 billion euros to boost the sectors of the EU economy which have been hardest hit by the Covid-19 pandemic .

What to expect from the fund?

This first fund will focus on investing in private biotech companies based in Europe and the United States with clinical-stage or near-clinical assets in mainly orphan and rare diseases. The fund also intends to leverage Scandinavian science to create businesses and facilitate transatlantic exchanges of innovation, industry knowledge and capital.

Alain Godard, Managing Director of the European Investment Fund, said: “This EIF investment reflects the importance of supporting innovative players in this sector. Sound Bioventures has a strong founding team and the fund will be well positioned to find and further develop companies that solve the health challenges of tomorrow.

The fund will be managed by a founding team with venture capital and operational experience in drug development. They include Casper Breum, Johan Kördel, and Bibhash Mukhopadhyay. Casper is trained by Novo Nordisk, Lundbeck and Lundbeckfonden Ventures, Johan from Pharmacia, Biovitrum and Lundbeckfonden Ventures, and Bibhash from J&J, Astra-Zeneca and NEA.

About Sound Bioventures

Sound Bioventures is a clinical-stage biotherapy-focused venture capital fund that has a foundation in the Nordic biotech ecosystem and will invest in the EU, UK and US. The company’s I AB fund is an alternative investment fund registered under the Swedish Alternative Investment Fund Managers Act. The target size of the fund is € 150 million.

The fund will seek opportunities to address significant unmet medical needs for new therapies. To date, the company has made over 30 investments, many of which are in clinical stage rare / orphan disease companies.

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