# Novo Holdings: portfolio, investments and team

> Novo Holdings is a vc firm based in Denmark. 203 investments on record, 36 in the last 12 months, latest Oct 2026. Portfolio, stages, co-investors and team.

Source: https://millionrounds.com/fund/novo-ventures (Millionrounds; every figure on the page links to its filing or article)

Denmark · [Investor](https://millionrounds.com/investors)

# Novo Holdings

Last cheque observed Oct 2026; 203 cheques on record.

Email

Deploying now VC firm

Seed Series A Series B Fintechs Regtech Finserv

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Deploying now

**75%** of best year **36** **cheques in 12 months**, 203 on record

Since the last cheque **16** days **00** hrs **00** min **00** sec

Median round **$60M** Rounds led **3 of 203** Sole investor **12 rounds** Exits **7 from the portfolio** Mostly in **United States, 46%**

Pitch Novo Holdings

## Novo Holdings highlights

- 01 36 cheques in the last 12 months
- 02 Mostly Series A and Series B: 62% of its rounds
- 03 Sole investor in 12 rounds, median $54M
- 04 7 exits from the portfolio

## What they do

> Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. From their own website

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** Not stated
- **Stages:** Seed Series A Series B Growth Pre-IPO
- **Sectors:** Fintechs Regtech Finserv
- **Based in:** Hellerup, Denmark
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **203 appearances**

- **2026** 29 rounds
- **Oct** **[OMass Therapeutics](https://millionrounds.com/company/omass-therapeutics)** Series C · GB · Jefferson Life Sciences **$310M** *Led*
- **Oct** **[AnaCardio](https://millionrounds.com/company/anacardio)** Series B · CH · Firms' own news pages **$71M** With 10 others
- **Sept** **[AvenCell](https://millionrounds.com/company/avencell)** Series C · US **$6.0M** With 1 other
- **Sept** **[Breye Therapeutics](https://millionrounds.com/company/breye-therapeutics)** Series A · DK · Sound Bioventures **$77M** With 11 others
- **Sept** **[Tempus](https://millionrounds.com/company/tempus)** Grant · KY **$9.5M** With 3 others
- **Sept** **[Orbis Medicines](https://millionrounds.com/company/orbis-medicines)** Venture · DK **$94M** With 4 others
- **Aug** **[MapLight Therapeutics](https://millionrounds.com/company/maplight-therapeutics)** US **$150M** With 2 others
- **Jul** **[Crystalys Therapeutics](https://millionrounds.com/company/crystalys-therapeutics)** Series B · Frazier Life Sciences **$130M** With 10 others
- **Jul** **[Roslin Technologies](https://millionrounds.com/company/roslin-technologies)** Venture · GB **Undisclosed** With 3 others
- **Jul** **[Claris Biotherapeutics](https://millionrounds.com/company/claris-biotherapeutics)** Series B · US **$118M** With 4 others
- **Jun** **[cAMPfield Therapeutics, Inc.](https://millionrounds.com/company/campfield-therapeutics-inc)** Series A · US · Frazier Life Sciences **$180M** With 7 others
- **Jun** **[Mistral AI](https://millionrounds.com/company/mistral-ai)** FR · TechCrunch **$1.2B** With 3 others
- **Jun** **[The Protein Brewery](https://millionrounds.com/company/the-protein-brewery)** Series B · NL **$21M** With 1 other
- **May** **[Mirum Pharmaceuticals](https://millionrounds.com/company/mirum-pharmaceuticals)** Debt · US **$600M** With 3 others
- **May** **[Windward Bio](https://millionrounds.com/company/windward-bio)** Series B · CH **$165M** With 4 others
- **Apr** **[Ray Therapeutics](https://millionrounds.com/company/ray-therapeutics)** Series B · US · 4BIO Capital **$125M** With 10 others
- **Apr** **[Adcendo](https://millionrounds.com/company/adcendo)** Series C · DK · Ventureburn **$75M** With 9 others
- **Apr** **[Route 92 Medical](https://millionrounds.com/company/route-92-medical)** Growth · US · U.S. Venture Partners **$50M** With 1 other
- **Apr** **[Coultreon Biopharma](https://millionrounds.com/company/coultreon-biopharma)** Series A · BE **$125M** With 2 others
- **Apr** **[Terremoto Biosciences](https://millionrounds.com/company/terremoto-biosciences)** Series C · US **$108M** With 3 others
- **Apr** **[Spruce Biosciences](https://millionrounds.com/company/spruce-biosciences)** US **$60M** With 2 others
- **Apr** **[SUBRA A/S](https://millionrounds.com/company/subra-a-s)** Series A · DK **$47M** With 1 other
- **Feb** **[Alveus Therapeutics Inc.](https://millionrounds.com/company/alveus-therapeutics-inc)** Series A · US · Seroba Life Sciences **$197M** With 8 others
- **Feb** **[Centauri Therapeutics](https://millionrounds.com/company/centauri-therapeutics)** Series A · GB **$8.1M** With 2 others
- **Feb** **[Reduced](https://millionrounds.com/company/reduced)** Series A · DK **$4.7M** With 2 others
- **Jan** **[Spruce Biosciences](https://millionrounds.com/company/spruce-biosciences)** Venture · US **Undisclosed** With 3 others
- **Jan** **[Praxis Precision Medicines](https://millionrounds.com/company/praxis-precision-medicines)** US **$575M** With 2 others
- **Jan** **[Muna Therapeutics](https://millionrounds.com/company/muna-therapeutics)** Grant · DK **$1.0M** With 3 others
- **Jan** **[Bactolife](https://millionrounds.com/company/bactolife)** Series B · DK **$35M** With 1 other
- **2025** 48 rounds
- **Dec** **[Sidera Bio](https://millionrounds.com/company/sidera-bio)** Series A · DK **$109M** With 3 others
- **Dec** **[Mirum Pharmaceuticals](https://millionrounds.com/company/mirum-pharmaceuticals)** US **$69M** With 3 others
- **Dec** **[The Protein Brewery](https://millionrounds.com/company/the-protein-brewery)** Grant · NL **$2.7M** With 2 others
- **Nov** **[Chromologics](https://millionrounds.com/company/chromologics)** Venture · DK **$8.1M** With 2 others
- **Nov** **[Blue Planet Environmental Solution](https://millionrounds.com/company/blue-planet-environmental-solution)** Venture · SG **Undisclosed** Sole investor
- **Nov** **[Booster Therapeutics](https://millionrounds.com/company/booster-therapeutics)** Grant · DE **$5.0M** With 1 other
- **Nov** **[Cogent Biosciences](https://millionrounds.com/company/cogent-biosciences)** Debt · US **$200M** With 6 others
- **Oct** **[LEXEO Therapeutics](https://millionrounds.com/company/lexeo-therapeutics)** US **$154M** With 4 others
- **Oct** **[Expedition Therapeutics](https://millionrounds.com/company/expedition-therapeutics)** Series A · US **$165M** With 3 others
- **Oct** **[Cleveland Diagnostics](https://millionrounds.com/company/cleveland-diagnostics)** Venture · US **$14M** Sole investor
- **Oct** **[Disc Medicine](https://millionrounds.com/company/disc-medicine)** US **$225M** With 5 others

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

We hold **43** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

Funds they back

## 4 fund commitments on record

- **Managers:** 3

Every fund on record that it has committed money to, and the managers who invest it. Source: fund news.

Managers it backs most

- [2150 2 funds](https://millionrounds.com/fund/2150)
- [Glentra Capital 1 fund](https://millionrounds.com/fund/glentra-capital)
- [Quantonation 1 fund](https://millionrounds.com/fund/quantonation)

Most recent commitments

- [2150 Fund II](https://millionrounds.com/fund/2150)
- [2150 second fund](https://millionrounds.com/fund/2150)
- [Glentra Capital Glentra Fund I](https://millionrounds.com/fund/glentra-capital)
- [Quantonation Ventures second fund](https://millionrounds.com/fund/quantonation)

## What they claim to have backed

From their own portfolio page (on their website)

**0** of 1 we have independently watched raise

Novo Nordisk Foundation

Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded.

## Exits from the portfolio

Companies it backed that were later bought or listed **7 in all**

**[Alios BioPharma](https://millionrounds.com/company/alios-biopharma)** Bought by [Johnson & Johnson](https://millionrounds.com/fund/johnson-and-johnson) **$1.8B** Sept 2014

**[CellBiosciences](https://millionrounds.com/company/cellbiosciences)** Bought by Bio-Techne **Undisclosed** Jun 2014

**[Neomend](https://millionrounds.com/company/neomend)** Bought by C. R. Bard **$140M** Oct 2012

**[Elevation Pharmaceuticals](https://millionrounds.com/company/elevation-pharmaceuticals)** Bought by Sunovion Pharmaceuticals **$430M** Aug 2012

**[Synosia Therapeutics](https://millionrounds.com/company/synosia-therapeutics)** Bought by Biotie Therapies **$122M** Jan 2011

**[Foldrx Pharmaceuticals](https://millionrounds.com/company/foldrx-pharmaceuticals)** Bought by [Pfizer](https://millionrounds.com/fund/pfizer) **Undisclosed** Sept 2010

**[Gloucester Pharmaceuticals](https://millionrounds.com/company/gloucester-pharmaceuticals)** Bought by [Celgene](https://millionrounds.com/fund/celgene) **$640M** Dec 2009

An exit counts when it came after the firm's first round in the company. From historical deal records.

## The cheque

Seed Series A Series B

Median round joined **$60M** the round, not its cheque Alone, median **$54M**

Led 3 of 203 rounds **1%**

- **Sole investor:** 12 rounds
- **Last cheque:** Oct 2026
- **Exits:** 7 from the portfolio

Rounds by stage said on their site

- Series A said *56*
- Series B said *42*
- Venture *25*
- Series C *24*
- Series D *10*
- Seed said *-*
- Growth said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [RA Capital Management](https://millionrounds.com/fund/ra-capital-management) 20
- [OrbiMed](https://millionrounds.com/fund/orbimed) 18
- [New Enterprise Associates](https://millionrounds.com/fund/new-enterprise-associates) 17
- [Versant Ventures](https://millionrounds.com/fund/versant-ventures) 12
- [Cormorant Asset Management](https://millionrounds.com/fund/cormorant-asset-management) 10
- [Forbion Capital Partners](https://millionrounds.com/fund/forbion-capital-partners) 10

**Pitching Novo Holdings?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

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## Who they invest alongside

The investors most often in the same rounds as Novo Holdings. A count of rooms they were both in, not a relationship either has claimed.

[**RA Capital Management** Private equity **20** rounds together](https://millionrounds.com/fund/ra-capital-management)[**OrbiMed** Private equity **18** rounds together](https://millionrounds.com/fund/orbimed)[**New Enterprise Associates** VC firm **17** rounds together](https://millionrounds.com/fund/new-enterprise-associates)[**Versant Ventures** VC firm **12** rounds together](https://millionrounds.com/fund/versant-ventures)[**Cormorant Asset Management** Private equity **10** rounds together](https://millionrounds.com/fund/cormorant-asset-management)[**Forbion Capital Partners** Private equity **10** rounds together](https://millionrounds.com/fund/forbion-capital-partners)[**Janus Henderson Investors** Private equity **10** rounds together](https://millionrounds.com/fund/janus-henderson-investors)[**Novartis Venture Fund** Corporate VC **10** rounds together](https://millionrounds.com/fund/novartis-venture-fund)[**Wellington Management** VC firm **10** rounds together](https://millionrounds.com/fund/wellington-management)[**SR One** Corporate VC **9** rounds together](https://millionrounds.com/fund/sr-one)[**TPG** Private equity **9** rounds together](https://millionrounds.com/fund/tpg)[**Export and Investment Fund** VC firm **8** rounds together](https://millionrounds.com/fund/export-and-investment-fund)

## Recently backed

The latest companies Novo Holdings put money into.

[**OMass Therapeutics** $310M · Oct 2026](https://millionrounds.com/company/omass-therapeutics)[**AnaCardio** $71M · Oct 2026](https://millionrounds.com/company/anacardio)[**AvenCell** $6.0M · Sept 2026](https://millionrounds.com/company/avencell)[**Tempus** $9.5M · Sept 2026](https://millionrounds.com/company/tempus)[**Orbis Medicines** $94M · Sept 2026](https://millionrounds.com/company/orbis-medicines)[**MapLight Therapeutics** $150M · Aug 2026](https://millionrounds.com/company/maplight-therapeutics)

## On podcasts

1 episode naming Novo Holdings in the title.

- [Money Maze Podcast](https://millionrounds.com/podcasts/money-maze) 30 May 2024 · 39 min Novo Holdings: Controlling Shareholder of Novo Nordisk, Europe's Most Valuable Company - With CEO, Kasim Kutay Mentions [Novo Holdings](https://millionrounds.com/fund/novo-ventures)[Novo Nordisk](https://millionrounds.com/fund/novo-nordisk) Apple PodcastsShow page

## Quick answers about Novo Holdings

### What does Novo Holdings invest in?

Novo Holdings invests most often at Series A and Series B (62% of the rounds on record), in sectors such as Fintechs, Regtech and Finserv.

### How active is Novo Holdings?

203 investments on record, 36 of them in the last 12 months, and it led 3. The most recent was in Oct 2026.

### What has Novo Holdings invested in recently?

Its most recent investments on record: OMass Therapeutics (Series C, Oct 2026), AnaCardio (Series B, Oct 2026) and AvenCell (Series C, Sept 2026).

### How big are Novo Holdings's cheques?

The median round it joins is $60M.

### Does Novo Holdings lead rounds?

Sometimes: it led 3 of its 203 investments on record (1%).

### Where does Novo Holdings invest?

Most of the companies it backs are in the United States (46%), Denmark (23%) and the United Kingdom (8%).

### Is Novo Holdings investing now?

Yes: it is actively investing, with 36 investments in the last 12 months.

### Who does Novo Holdings invest alongside?

Most often RA Capital Management (20 rounds together), OrbiMed (18 rounds together) and New Enterprise Associates (17 rounds together).

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