Eir closes life sciences venture fund on EUR 122m

The first-time fund was launched in 2018 and held a first close in July 2020 on EUR 76m, according to Unquote Data. The fund had a target of EUR 125m.

Mannheimer Swartling provided legal advice. PwC advised on tax, auditing and structure.

Since its inception, Eir has participated in nine investments that focus on innovations relating to healthcare and life sciences from Nordic universities. It has backed Pretzel Therapeutics, developed by the Karolinska Institutet and Gothenburg University; AngusEye, developed by Linköping University; ISD Immunotech, developed by Aarhus University; One-carbon Tx, developed by the Karolinska Institutet; Sacra Therapeutics, developed by Lund University; Sortina Pharma, developed by Gothenburg Univeristy; and Synklino, developed by Copenhagen University.

Eir's exits to date include IO Biotech, which raised USD 115.1m on the US Nasdaq in October 2021. The VC also co-led a USD 64m crossover investment in Galecto in September 2020; the company went on to raise USD 85m in a Nasdaq IPO in November 2020.

The fund invests in Nordic companies that have developed innovative technology in the life sciences sector. According to a press release, half of its portfolio companies are led by female chief executives. It further notes that it expects to announce several investments in the near future. Eir is located in Stockholm and Copenhagen.

Magnus Persson, founding partner and chair of Eir, told Unquote: "What we feel is important is that the Nordic countries are underserved in venture capital compared to other regions. The Nordic region is super strong in innovation. The Karolinska Institute in Sweden and the Copenhagen University in Denmark generate loads of interesting innovations. However, comparatively there are less institutional VCs around."

Investors
The fund is backed by SamInvest as a cornerstone investor, the European Investment Fund (EIF), Novo Holdings and Vækstfonden, as well as family offices, the founding partners of Eir, and six Nordic universities. The majority of the investment will come from Nordic investors, according to Persson. The investors are all based in the Nordic region, except EIF.

Investments
The fund will make 12-15 seed investments and 12-15 later-stage venture investments, according to Persson. It will acquire minority stakes of around 10-40% in 12-15 companies in the healthcare sector. The fund will make two thirds of its investments in Nordic companies and the rest in Europe and the US. Around 5% of the vehicle will be used to make pre-seed investments in innovations from notable universities in the Nordic region, while the rest is used to invest in early-stage and expansion deals.

The fund will deploy equity tickets of around EUR 100,000-10m, according to Persson.

Eir has partners in the US and the Nordic countries.

People
Eir Venture Partners – Magnus Persson (founding partner, chair); Stephan Christgau (founding partner).

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