Participated · Equity · Aug 2025

Anocca develops libraries of T-cell receptor-engineered T cell (TCR-T) therapies using a proprietary discovery engine and programmable human cells. Its lead programme, VIDAR-1, is the first non-viral gene-edited TCR-T cell therapy in Europe and targets mutant KRAS in pancreatic ductal adenocarcinoma. The company operates an in-house cGMP manufacturing and process development facility in Södertälje, Sweden and runs a custom software ecosystem called AnoccaOS. Anocca says it has the broadest pipeline of TCR-T oncology cell therapy treatments and a team of 130+ staff from 40+ nations. The company plans to use new financing to drive VIDAR-1 through early-stage clinical development and to advance its preclinical pipeline. Phase I recruitment for VIDAR-1 is open at university hospitals across Sweden, Denmark, Germany and the Netherlands. Anocca AB develops cancer cell therapies using proprietary analytical methods to identify and produce tumour-specific T-cells and matching T-cell receptors (TCRs). The company has automated its research platform and aims to manufacture TCR-T therapies on an industrial scale. Operations and manufacturing are located at former AstraZeneca facilities in Södertälje, Sweden. Anocca plans to use the new capital to expand research, development, and manufacturing capabilities and to progress its first products into clinical trials, with a first clinical trial planned to be initiated in 2024. Founded in 2014 and led by CEO Reagan Jarvis, the company employs about 100 people. Including the current raise, Anocca has received SEK 1.3 billion in venture capital and in December 2022 secured a EUR 25M venture debt facility from the European Investment Bank. Anocca engineers next-generation T-cell immunotherapies and is building libraries of novel T-cell therapies targeting difficult-to-treat solid tumours. The company intends to move its T-cell immunotherapies into clinical trials in a solid-tumour indication and aims to enter clinical trials in 2024. Alongside its oncology programs, Anocca's proprietary technologies are being applied to the development of vaccines and treatments for autoimmune diseases. Led by CEO Reagan Jarvis and founded in 2014, the company is based in Södertälje, Sweden. Financially, Anocca has previously raised €100 million from leading Nordic investors and recently secured additional financing to advance its pipeline. The new funds are intended to support progression of its programs toward clinical development. Anocca develops TCR‑modified T‑cell (TCR‑T) therapies using a proprietary, industrialised analytical cell biology platform that replicates human T‑cell biology in the laboratory. Its platform combines proprietary cell biology and molecular genetics technologies with integrated information management and bioinformatic software tools to enable scalable, high‑precision analysis. The company has generated a broad pipeline of TCR‑T assets targeting multiple antigen classes, including shared tumour targets, cancer-driving mutations and oncogenic viruses. Anocca operates an in‑house cGMP clinical manufacturing and process development facility and emphasises automation and software to drive multiple clinical programmes in parallel. The company plans to use the financing to accelerate its oncology pipeline into Phase I/IIa clinical trials and to bolster its in‑house manufacturing capabilities. Anocca was founded in 2014 and employs over 65 people at its Södertälje, Sweden site.

Participated · Equity · Jul 2024

SmartCella is a global biotechnology company combining novel delivery platforms with cell and mRNA therapies. Its core product is the FDA-cleared Extroducer, an endovascular device that enables direct infusion to hard-to-reach organs and tumors. The company operates two business segments: Targeted Delivery and Cell/mRNA Therapies. Proceeds from the recent capital raise will be used to accelerate growth, support commercialization of the Extroducer, and expand the company’s cell and mRNA operations. Management plans continued investment in organization, infrastructure, commercialization, and marketing to drive adoption. The team is composed of scientists and industry veterans focused on building clinical evidence to advance targeted medicines.

Participated · Equity · Sep 2023

Stegra is an ailing Swedish startup focused on building the world’s biggest green-steel plant. The company has been seeking substantial new capital to complete construction of the facility and to remain in business. Reportedly, Stegra sought 15 billion SEK in fresh funding to stabilize operations and finish the project. A Wallenberg-led investor group committed 7–8 billion SEK as part of that financing, becoming the company’s largest shareholder. The funding was presented as a rescue package to ensure the plant’s completion. The article did not provide operational metrics such as revenue, users, or prior financing details.

Participated · Series C · Dec 2022

Founded in 2016, Einride provides a full-stack solution for decarbonising freight, combining electric and autonomous heavy-duty vehicles with an AI-powered planning and optimisation platform. Its offering spans digital routing software, autonomous driving technology, one of the world’s largest electric truck fleets, and associated charging infrastructure. The company already serves shippers across North America, Europe, and the Middle East. Management positions Einride as a leader at the intersection of autonomy, electrification, and logistics, targeting faster, cleaner, and more cost-efficient freight movement. The newly announced funding will be applied to accelerate its technology roadmap, expand autonomous deployments, and grow its intelligent freight platform. The proposed SPAC deal values Einride at a $1.35 billion pre-money equity valuation, underscoring investor confidence in its growth prospects.

Participated · Convertible Note · Jul 2022

Northvolt is a Swedish manufacturer of battery cells for electric vehicles, operating a flagship gigafactory (Northvolt Ett) in Skellefteå and Northvolt Labs in Västerås. The company has filed for Chapter 11 bankruptcy protection in the US to enable restructuring, reorganisation and additional fundraising while continuing operations. Northvolt says operations will continue as normal during the bankruptcy and expects to complete the restructuring by Q1 2025. Founders include former Tesla executives Peter Carlsson and Paolo Cerruti; Carlsson will step aside as CEO, take a Senior Advisor role, and remain a Board member. The company has previously raised over $13.8 billion but has struggled with falling EV demand, intense Chinese competition, a €2 billion lost BMW contract, and large workforce reductions (1,600 layoffs). Operational metrics show it missed a production goal of 100,000 cells per week, shipping roughly 20,000, and it reports having enough cash for about one week of operations despite securing new financing. Northvolt is a Swedish battery startup building large-scale gigafactories to produce lithium-ion cells and packs for electric vehicles. The company aims to ramp production capacity to about 60 gigawatt hours, which the article equates to enough cells for over 1 million Volkswagen ID.3 vehicles. Northvolt says it has offtake contracts totaling more than $55 billion with automakers including BMW, Volkswagen, Volvo and Scania. It is expanding its manufacturing footprint with additional factories in Germany and Montreal; the Montreal site is intended to attract U.S. production tax credits under the Inflation Reduction Act. Financially, Northvolt secured a $5 billion debt package that includes refinancing an existing $1.6 billion facility from 2020, improving its runway for factory build-out and scale-up. Northvolt develops and manufactures sustainable battery cells and systems, with activities spanning R&D, manufacturing and recycling. It operates Europe’s first homegrown gigafactory, Northvolt Ett in Skellefteå, and runs an R&D and industrialization campus, Northvolt Labs, in Västerås. The company has received $55 billion in orders from major customers including BMW, Volvo Cars, Volkswagen Group, Scania and Fluence, and is supported by over 5,000 employees across Sweden, Germany, Norway, Poland, Portugal, the US and Canada. Northvolt is developing additional projects across Europe and the Northvolt Six fully integrated battery factory in Saint‑Basile‑le‑Grand and McMasterville, Québec, which when built will target up to 60 GWh annual production and on‑site cathode, cell and recycling facilities. Groundwork for Northvolt Six was expected to start by the end of 2023. The company was established in 2016 in Stockholm, Sweden. Northvolt makes lithium-ion batteries and is developing next-generation lithium-metal cell technology, including work on electric aviation at a California facility. The company operates a gigafactory in Skellefteå and is building another in Gothenburg with Volvo, plus plants in Germany and an energy storage factory in Poland. This round is intended to fund expansion into North America and further growth in Europe; sources say Northvolt is close to finalizing plans for a multibillion-dollar factory in Canada. Financially, Northvolt has secured more than $55 billion in customer orders and has raised a total of $9 billion in debt and equity since 2017. The company has previously issued convertible notes, including $1.1 billion last year, and continues to use convertible instruments as it prepares for future milestones. Northvolt is a Stockholm-based maker of sustainable lithium-ion batteries. The company produces cells at a Sweden gigafactory, having produced its first battery cell just before 2022 and making first commercial deliveries in spring of this year. Its core product is sustainable lithium-ion battery cells intended to supply decarbonization efforts. Financially, Northvolt has secured close to $8 billion in equity and debt to support its expansion. The latest financing is a $1.1 billion convertible note, following approximately $2.75 billion in equity funding announced about a year earlier. The company says the capital will support plans to establish a supply of sustainable batteries to enable the decarbonization of society. CEO Peter Carlsson said the company is thankful for investor support and will work to deliver on its promise to build the world’s greenest battery.