Participated · Equity · Jun 2026

Viscaria is preparing to reopen its mine and restart operations around its concentrator (anrikningsverket). The company plans investments in building and process equipment, infrastructure, and dewatering to enable the mine’s reopening. Management has raised new equity to fund these activities, securing SEK 1.7 billion in a directed share issue. Two major existing shareholders increased their stakes with a combined SEK 307 million injection, and InfraVia Capital Partners joined as a new investor with SEK 420 million for roughly 6.6 percent ownership. The company reported that the issuance was heavily oversubscribed, and CEO Jörgen Olsson commented on strong investor interest.

Participated · Equity · Mar 2026

May Health is a medical device company focused on expanding therapeutic options for women suffering from polycystic ovary syndrome (PCOS)-related infertility. Its lead product, the Anavi™ System, enables a one-time, office-based procedure intended to restore ovulation in patients who do not respond to, are contraindicated to, or decline first-line treatments. The device secured CE Mark certification under EU MDR in October 2025 and is currently being evaluated in the U.S. REBALANCE pivotal IDE trial across more than 15 fertility centers. By targeting a condition that affects an estimated 10–13% of reproductive-age women worldwide, the company addresses a significant unmet clinical need. Management is advancing toward FDA marketing authorization while simultaneously preparing for commercialization in Europe and the United States. Backed by a syndicate of life-science investors, May Health is capitalizing on strategic partnerships to accelerate clinical development and future market launch.

Led · Series A · Dec 2025

Rail-Flow offers a cloud-based platform that functions as an ERP for the rail logistics ecosystem, digitising sales, procurement, contract management, order execution, transport management and invoicing. Complemented by a marketplace that connects shippers, operators, forwarders and railway undertakings, the software enables transparent procurement, faster bookings and improved network utilisation. The company is investing heavily in native AI to orchestrate workflows, anticipate decisions and automate routine tasks, thereby reducing manual work and improving data quality. New capital will be used to expand internationally through targeted market entries with local integrations and to bolster infrastructure for enterprise-scale deployments. Rail-Flow has consistently doubled its annual revenue in recent years, deepened intermodal capabilities via its merger with Simply Deliver and grown to a team of about 170 employees. Management positions the platform as a catalyst for shifting more freight to rail, addressing industry pressures around efficiency, labour shortages and sustainability.

Participated · Equity · Oct 2023

MinervaX is advancing a prophylactic vaccine against Group B Streptococcus (GBS) based on research from Lund University. Its candidate is a protein-only vaccine composed of fusions of highly immunogenic and protective protein domains from selected surface proteins of GBS (the Alpha-like protein family), distinct from traditional capsular polysaccharide (CPS) conjugate approaches. The company has reported Phase II data suggesting superior efficacy compared with other GBS vaccine candidates. MinervaX intends to use the fresh financing to support commencement of a Phase III clinical trial of its maternal vaccine. The company was established in 2010 and is led by CEO Per Fischer. It is headquartered in Copenhagen, Denmark. MinervaX is a Copenhagen-based biotechnology company led by CEO Per Fischer developing a prophylactic vaccine against Group B Streptococcus (GBS) for maternal immunization. Its vaccine approach is based on fusions of highly immunogenic and protective protein domains from selected surface proteins of GBS (the Alpha-like protein family) and derives from research at Lund University. The company intends to use the new funding to advance late-stage development of its GBS vaccine candidate in preparation for a Phase 3 clinical trial. Financially, MinervaX raised a total of €72M in the announced financing, comprising a €22M equity round and a €50M loan facility. The €22M equity round was led by Trill Impact Ventures and Pureos Bioventures with participation from REPAIR Impact Fund, Sunstone Life Science Ventures, LF Investment, Wellington Partners, Sanofi Ventures, Adjuvant Capital and Industrifonden. Bita Sehat of Trill Impact Ventures and Veronica Gambillara of Pureos Bioventures will join MinervaX's board as part of the transaction. MinervaX is developing GBS-NN, a maternal vaccine based on two surface proteins (Rib and AlphaC) intended to prevent Group B streptococcus infections in newborns and adverse pregnancy outcomes. Early clinical data indicate subsequent doses raise antibody levels above expected protective thresholds, including in participants with low baseline antibodies. The company completed phase 1 studies in 300 healthy females and has begun a phase 2 program, with the first five subjects dosed in South Africa. The new funding will allow MinervaX to complete phase 2 trials and prepare for phase 3, including midstage trials in the U.S. and Europe. Management highlights a large potential market—WHO estimates ~100 million women will require the vaccine globally and a potential commercial market of about $1 billion annually. MinervaX positions its protein-based approach in contrast to capsular polysaccharide (CPS) conjugate vaccines, which have shown poorer performance in individuals with low pre-existing antibody levels. The company frames the vaccine as a way to reduce reliance on intravenous antibiotics, which are costly and can drive antimicrobial resistance. MinervaX is developing a protein-only GBS vaccine for maternal immunization, based on fusions of immunogenic and protective protein domains from selected surface proteins of GBS (the Alpha-like protein family). The company’s vaccine is positioned as likely to have superior characteristics compared with other GBS vaccine candidates that use traditional capsular polysaccharide conjugate technology. MinervaX is advancing therapies to combat antimicrobial resistance (AMR) and is focused on preventing life-threatening infections in newborns by vaccinating pregnant women. The company plans to use recent funds to finalize Phase I development of its protein-only GBS vaccine. MinervaX was established in 2010 and is led by CEO Per Fischer, D.Phil. Its work is based on research from Lund University.

Participated · Series B · Sep 2023

Founded in 2015, UK-based Open Cosmos is the country’s only provider of fully integrated satellite mission services, covering design, build, launch and in-orbit operation. Its OpenOrbit offering delivers turnkey telecoms, Earth-observation, navigation and scientific missions, while OpenConstellation lets multiple organisations share a mutualised constellation to access space data at lower cost. The company also operates DataCosmos, an AI-driven platform that aggregates and analyses imagery from its own and third-party satellites to tackle use cases from agriculture monitoring to disaster response. Open Cosmos is now expanding its Harwell campus facilities with vibration tables and a TVAC chamber, more than doubling production capacity and enabling larger satellites. The company’s growth is underpinned by significant capital, including a $50 million Series B round in September 2023—the largest UK space-tech raise of the year—and a new £5 million government grant. These resources position Open Cosmos to extend its manufacturing, R&D and data-commercialisation capabilities and to strengthen ties with organisations such as Space Park Leicester.