Participated · Equity · Oct 2025

Oda operates a digital grocery marketplace that delivers food and household staples directly to consumers in Norway and, following a November 2023 merger, through Mathem in Sweden. The company combines an online storefront with its own fulfillment and last-mile logistics network to replace traditional supermarket trips. Heavy expansion has generated steep losses, with the holding company posting a –SEK 2.05 billion pre-tax result in 2024 after –SEK 1.6 billion in 2023. Management has launched aggressive cost-cutting, shedding more than 600 positions since the merger and replacing founder Karl Munthe-Kaas as CEO in March 2024. In September 2024 the group placed Mathem into reconstruction to address SEK 600 million of debt, exiting the process in August 2025. Oda has repeatedly tapped shareholders for capital—raising bridge loans and equity injections in 2024 and 2025—and now aims to use fresh funds to reach profitability. Existing bridge loans raised in 2025 are scheduled to convert to equity during a planned refinancing round in autumn 2025.

Participated · Equity · Jun 2021

Oncoinvent is a clinical-stage company developing radiopharmaceutical technology that delivers alpha-emitting particles to treat metastatic solid cancers. Its lead candidate, Radspherin®, is a radium-224 based alpha-emitting microsphere suspension in ongoing Phase 1 trials for peritoneal carcinomatosis from ovarian and colorectal cancer. The company leverages internal manufacturing and supply-chain capabilities to enable clinical supply of radioisotopes and is advancing a pipeline of targeted radiotherapeutics. Proceeds from the recent financing will fund two planned Phase 2A studies (ovarian and colorectal cancer) and accelerate preclinical development of proprietary antibodies OI-1 and OI-3 by about one year. Oncoinvent has raised NOK 535 million to date and says the new proceeds secure financing past the end of 2023. The company intends to pursue a contemplated initial public offering within the coming twelve months. Oncoinvent is an Oslo, Norway–based developer of new products to provide treatment options to cancer patients. Its lead candidate, Radspherin®, is a radium-224–based, alpha-emitting radioactive microsphere suspension designed for treatment of metastatic cancers in body cavities. Preclinical studies have shown anticancer activity at doses that were essentially non-toxic. The company will use the funds from the financing to pursue clinical development of Radspherin® and to advance other novel radiopharmaceuticals. Oncoinvent is led by CEO Jan A. Alfheim and is focused on translating its preclinical results into clinical programs. No revenue or user metrics were reported in the article. Oncoinvent is an Oslo, Norway–based developer of cancer therapeutics led by CEO Jan A. Alfheim. Its lead product, Radspherin™, is a novel alpha-emitting radioactive microsphere based on radium designed for treatment of metastatic cancers in body cavities. Preclinical studies of Radspherin showed consistent anticancer activity without any visible signs of product-related toxicity. The company plans to pursue clinical development, with the first clinical indication being treatment of peritoneal carcinomatosis originating from ovarian cancer. Financially, Oncoinvent raised around $25m in new equity funding to support its development programs. Backers in the round included Geveran Trading, Canica, CGS Holding, Helene Sundt and Must Invest.

Led · Equity · Jan 2015

Ultimovacs develops a therapeutic universal cancer vaccine (UV1) intended to trigger a general immunologic reaction against cancer cells regardless of cancer type. The company is carrying out three clinical trials to document that UV1 can produce a controlled immune response and is safe, alone or in combination with other immune‑activating drugs. It began a third trial in January 2015 to explore efficacy and safety of UV1 in combination with another immunomodulatory drug, and plans to complete two trials over the next two years to show immune activation. The funds from the recent share issue will be used to implement and further develop the programme to document UV1's effect and to establish and document a commercial‑scale production process. Ultimovacs was established by Inven2 in 2011 and will be located in Oslo Cancer Cluster Innovation Park from July 2015. Its largest shareholders include Gjelsten Holding AS, Inven2, Langøya Invest AS, Canica AS, Sundt AS and the Norwegian Radium Hospital Research Foundation.