# Fenja Capital

> Fenja Capital is a VC fund in Ålborg backing Biotechnology, Health Care and Therapeutics. See 24 investments, check sizes, portfolio. Updated Aug 2026.

- Type: VC Fund
- Location: Ålborg, Denmark
- Total investments: 24
- Last investment: Jul 2026
- Lead investor: 75%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/fenja-capital/
- Website: https://fenjacapital.com/

Fenja Capital is an independent specialized asset manager and capital partner for small and midsized listed companies

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Biotechnology | 10 | 42% |
| Health Care | 7 | 29% |
| Therapeutics | 4 | 17% |
| Pharmaceutical | 3 | 13% |
| Information Technology | 3 | 13% |

36 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Post-IPO Debt | 16 | 67% |
| Post-IPO Equity | 3 | 13% |
| Debt Financing | 1 | 4% |

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Sweden | 15 | 63% |
| France | 1 | 4% |
| Denmark | 1 | 4% |
| Finland | 1 | 4% |
| Australia | 1 | 4% |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| SynAct Pharma | SynAct Pharma AB develops drugs for acute deterioration in inflammatory diseases. The company's drug candidate AP1189 is intended for the treatment of arthritis including psoriatic arthritis - a form of acute joint disorder that affects approximately 30 percent of patients suffering from psoriasis.Preclinical studies show that AP1189 has aunique ability to both reduce inflammation and accelerate bleeding, which is expected to reduce joint damage that may occur after acute inflammation of the joints of the joints. AP1189 has the potential to be given in tablet form once a day. Results from a clinical phase I study are expected to be available during Q2 2018. The company intends to prepare for a first patient study in parallel with the completion of the phase I study. Assuming that AP1189 has proven safe and tolerable also in multiple dosing, the aim is to submit a clinical trial application (CTA) in patients with active arthritis (joint inflammation). After proof of concept has been shown in patients, the company intends to sign commercial agreements with one or more major pharmaceutical companies. | $5.2M | Post-IPO Debt | Jul 20, 2026 |  |
| Abionyx Pharma | ABIONYX Pharma is a biotech company discovering and developing innovative therapies for patients without existing or effective treatment. | $11.6M | Post-IPO Debt | May 27, 2026 |  |
| Metacon AB | Metacon AB is a hydrogen energy systems provider that develops and manufactures energy systems for hydrogen, heat, and electricity production using catalytic steam reforming technology to generate hydrogen from biogas or hydrocarbons. Metacon also offers electrolysis systems and hydrogen refuelling solutions. | $5.4M | Post-IPO Debt | Jan 20, 2026 |  |
| CellImpact | Cellimpact is an industrial manufacturing company that specializes in advanced bipolar flow plates for hydrogen fuel cells and electrolyzers. Utilizing its proprietary high-velocity forming technology, Cell Impact Forming™, the company produces precision metal plates with minimal energy use and no lubrication. Its services include designoptimization, prototyping, sealing, and local production setups to support scalable, low-emission energy solutions. | $1.3M | Post-IPO Debt | Dec 22, 2025 |  |
| Curasight A/S | Curasight is a biotech company focused on addressing the need for improved diagnosis and treatment of several cancer indications. The Company has developed a highly specific PET (Positron emission tomography) imaging ligand, uTRACE®, targeting the receptor uPAR, which is a biomarker only expressed in cancer. uTRACE® will become a game-changer inthe diagnosis and treatment of cancer patients.In addition, with the promising results obtained within diagnostics Curasight will also pursues uPAR targeted radionuclide therapy using the uTREAT® ligand. As PET imaging and radionuclide therapy is based on the same uPAR binding peptide, a uTRACE® scan can precisely predict where subsequent targeted radiation therapy will be delivered. uTRACE® covers the diagnostic path and uTREAT® covers the therapy. This will be the new management and treatment of cancer patients in the future. | $3.9M | Post-IPO Debt | Dec 12, 2025 |  |
| Cereno Scientific | Cereno Scientific AB develops a new innovative treatment for patients with increased risk of blood clotting, based on the company's newly patented research findings. Cereno Scientific AB develops drugs that normalize the body's own defense system against blood clots for the treatment of complications in cardiovascular diseases. | $37M | Post-IPO Debt | Nov 28, 2025 |  |
| Cereno Scientific | Cereno Scientific AB develops a new innovative treatment for patients with increased risk of blood clotting, based on the company's newly patented research findings. Cereno Scientific AB develops drugs that normalize the body's own defense system against blood clots for the treatment of complications in cardiovascular diseases. | $10.6M | Post-IPO Equity | Nov 28, 2025 |  |
| Greater Than | Greater Than offers AI-based SaaS solutions that deliver insights into driving behavior, crash risk, and environmental impact. Its platform calculates crash probability and climate impact scores, supplemented by interactive dashboards, reporting tools, and APIs for seamless integration. Users can monitor trends, pinpoint high-risk drivers,understand contributing factors, and execute data-driven interventions. The solutions support usage-based insurance, fleet risk management, and sustainability reporting, enabling behavior-informed pricing and targeted safety actions grounded in existing telematics data. | $7.5M | Post-IPO Equity | Nov 21, 2025 |  |
| Xbrane Bioscience | Xbrane is a biopharmaceutical company specialized in high demand complex generics.The segment have a high entry barrier, driven by high production complexity and the need of specific Know-How. Xbrane currently possess it own expertise within production of complex generics with slow release formulation and unique technologies for producing Proteinsefficiently. | $6.4M | Post-IPO Debt | Oct 17, 2025 |  |
| Cereno Scientific | Cereno Scientific AB develops a new innovative treatment for patients with increased risk of blood clotting, based on the company's newly patented research findings. Cereno Scientific AB develops drugs that normalize the body's own defense system against blood clots for the treatment of complications in cardiovascular diseases. | $2.6M | Post-IPO Equity | Jun 20, 2025 |  |

10 of 24 investments shown.

## Co-investors
- Arena Investors — VC Fund, 5 deals together
- SAJ Finans — VC Fund, 3 deals together
- Venusat — VC Fund, 3 deals together
- Belgrano Inversiones — VC Fund, 1 deal together
- Buntel — VC Fund, 1 deal together
- Cuarto AB — VC Fund, 1 deal together

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## FAQ

### What does Fenja Capital invest in?

Fenja Capital invests primarily in Biotechnology, Health Care and Therapeutics startups, most often at Post-IPO Debt and Post-IPO Equity stage. Most of the 24 investments tracked by Shizune back companies in Sweden. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### When did Fenja Capital last invest?

The most recent investment recorded for Fenja Capital closed in Jul 2026. Shizune tracks 24 investments in total for this profile, including round sizes, stages and portfolio companies, all sourced from confirmed public funding rounds and refreshed monthly.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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