• Northvolt

  Participated · Convertible Note · Aug 2023

  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.

• Anocca

  Participated · Equity · May 2023

  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.

• Guard Therapeutics

  Participated · Equity · Nov 2022

  Guard Therapeutics develops novel therapies targeting diseases with high unmet medical need, with a lead candidate RMC-035 that has received FDA Fast Track designation. RMC-035 is being developed as a kidney-protective treatment in connection with open heart surgery. The company recently raised 120 million SEK in new capital to support its clinical program. The proceeds will secure completion of the ongoing global phase 2 study (AKITA) and finance selected preparatory phase 3 activities, including CMC development. Leadership says the new financing broadens the investor base and enables initiation of targeted activities toward a subsequent registrational study.

• Instabox

  Led · Convertible Note · Jul 2022

  Instabox builds technology-enabled parcel delivery services focused on fast, more sustainable, and efficient e-commerce shipping using locker and home delivery options. The company is internationally expanding and emphasizes flexibility and availability for customers through its combined locker and home-delivery model. Instabox delivers more than 3 million packages per month across Sweden, Norway, Denmark, the Netherlands and recently launched in Germany. Over the past year it has acquired market leaders in same-day deliveries in Norway and the Netherlands, supporting its expansion. Instabox was recently ranked the third fastest-growing tech company in Europe by the Financial Times, and the company cites high growth and strong customer influx in Sweden and internationally. Ownership includes founders and staff alongside investors such as Creades, EQT Ventures, Tham Special Investment, and Verdane. Instabox operates an automated parcel locker network that provides lightning-quick, fossil fuel-free last-mile delivery. The company plans to use the new capital to invest in sustainable solutions, refine its technology stack, and accelerate European expansion. Instabox recently acquired Norwegian logistics firm Porterbuddy, with Porterbuddy’s majority shareholders Verdane and Canica reinvesting their proceeds and becoming significant shareholders. The business has signaled continued geographic growth after a Dutch market entry and a $90 million Series B last year. Instabox now holds a unicorn valuation and reports having raised approximately $327 million to date, including the latest round. Instabox operates a smart locker network and technology platform that enables e-commerce deliveries with a maximum of six hours between merchant and consumer. Its platform provides real-time, end-to-end tracking of all deliveries, allowing optimization at each step. The service has been used by millions of Swedes and the company operates more than 1,000 automated parcel machines across Sweden, Denmark and Norway. Merchant customers include H&M, Ikea, Apotea and Boozt. Instabox plans to use new funding to further invest in technology to enhance the value chain for customers and merchants and to expand outside Sweden. The company was founded in 2015 by Alexis Priftis, Staffan Gabrielsson and Johan Lundin. Instabox operates a network of last‑mile smart delivery lockers offering same‑day delivery for e‑commerce retailers. The service reaches about six million Swedes and delivers for merchants including H&M, Ikea, and Lloyds. The company says its growth has more than tripled each year over the last few years. Financially, Instabox’s valuation was boosted to €100 million after the latest financing. Management plans to use the new funds to expand the locker footprint dramatically and to enter additional markets outside Sweden. Co‑founder and CEO Alexis Priftis outlined a target increase in parcel lockers from roughly 400 to between 2,000–3,000.

• Charge Amps

  Participated · Equity · Apr 2022

  Charge Amps develops smart charging stations, cables, and dedicated cloud software for use at home, in commercial properties and in public environments. Founded in 2012 in Sweden, the company launched its first charging station in 2015 and has since produced over 100,000 charge points for customers in 15 countries. It offers hardware and cloud services aimed at residential, office, and public charging deployments. The company raised €14.56 million (SEK 150 million) in the latest round, bringing total funding to €34.74 million to date. Charge Amps will use the funds to grow its European presence—targeting the U.K., Germany, Spain and the Nordics—and to accelerate product development. Management also plans to gear up for a planned IPO later this year. Charge Amps develops smart AC charging stations, charging cables, and a dedicated cloud software platform for B2C and B2B customers. The company has sold over 40,000 charge points across 15 countries since its first product launch in 2015. It employs a team of 62 and maintains additional teams in Norway and Denmark, with plans to establish more European offices. Charge Amps intends to use recent funding to expand its European presence in key 2021 markets including the Nordics, the UK, and the DACH and Benelux regions. The company also plans to advance R&D to enhance its product offering and innovation. Management is preparing for an IPO planned for next year.

No current team members are available.