# Karolinska

> Karolinska is a VC fund in Solna backing Biotechnology and Health Care. See 32 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: Solna, Sweden
- Total investments: 32
- Last investment: Oct 2025
- Lead investor: 34%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/karolinska-development
- X (Twitter): https://twitter.com/Karolinska_Dev
- Website: http://www.karolinskadevelopment.com/en/

Karolinska is a VC fund in Solna focused on Biotechnology and Health Care. Karolinska Development aims to create value for patients, researchers, investors and society by developing innovations from world class science into products that can be sold or out-licensed with high returns. The business model is to: SELECT the most commercially attractive medical innovations; DEVELOP innovations to the stage where the greatestreturn on investment can be achieved; and COMMERCIALIZE the innovations through the sale of companies or out-licensing of products.Karolinska Development has developed a well-structured selection process to identify the most commercially attractive medical innovations screened by KIAB. Pharmaceutical development is a high-risk enterprise. In most cases, development projects fail because of side effects or insufficient efficacy. Successful selection of innovations is fundamental to Karolinska Development’s business model, which makes the inflow of new projects crucial. One key to success lies in selecting those innovations that can be developed from scientific findings to products and have significant commercial potential. To date, over 1,300 projects have been screened by KIAB.The portfolio companies are often founded together with the innovators and are initially operated as virtual companies with few or no employees. During the first six to twelve months, the companies normally have minimal fixed costs and technological development is outsourced.The innovator, who is often employed at an academic institution, normally participates as a board member and scientific advisor. The CEO of a portfolio company cooperates closely with a representative of Karolinska Development, who in most cases is also a board member of the company. The companies are capitalized to reach their next milestone, usually within a period of six to eighteen months. Development projects are continuously monitored, and those that do not meet their stipulated targets are discontinued. In the first three to four years, a portfolio company’s operating expenses are often limited to a few million Swedish kronor per year, which cover the cost of external studies and the salary of the staff. In subsequent years, Karolinska Development and other investors play an important role recruiting key expertise to the companiesKarolinska Development intends to realize value by exiting portfolio companies or through out-licensing of projects. Such transactions (especially out-licensing) are often structured as single upfront payments followed by payments based on predetermined milestones and royalties on sales. Although Karolinska Development has a flexible exit strategy, pharmaceutical products are, for two reasons, preferably exited at Phase II. First a successful Phase II study indicates that the pharmaceutical has an effect on patients, which is an important value-enhancing factor when negotiating out-licensing or sales. Secondly, finalizing product development and undertaking Phase III clinical trials frequently requires very large patient populations. In many cases this requires much greater resources than those available at Karolinska Development but these can be found in established pharmaceutical companies. Several licensing deals were closed in 2011 involving projects with a similar focus and development phase to Karolinska Development's projects.

## Contacts

5 contacts available for Karolinska. Shizune tracks 2 team members at Karolinska. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/karolinska?utm_source=investor_profile

## Round sizes

| Stage | Round size |
| --- | --- |
| Series A | $1.3M–$73M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Biotechnology | 15 | 47% |
| Health Care | 8 | 25% |
| Pharmaceutical | 7 | 22% |
| Medical | 6 | 19% |
| Biopharma | 5 | 16% |

12 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Funding Round | 9 | 28% |
| Seed | 2 | 6% |
| Series A | 2 | 6% |
| Series B | 2 | 6% |
| Post-IPO Equity | 2 | 6% |

11 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Sweden | 12 | 38% |
| Denmark | 3 | 9% |
| United States | 2 | 6% |
| Finland | 1 | 3% |

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Viktor Drvota | CEO | 9 | https://shizune.co/investors/profile/viktor-drvota-87b3 |
| Viktor Drvota | CEO | 0 | https://shizune.co/investors/profile/viktor-drvota |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| BOOST Pharma | BOOST Pharma is a biotechnology research company developing a stem cell therapy for the treatment of osteogenesis imperfecta. It is based on novel mesenchymal stem cells that have high bone-forming capabilities that migrate to the bone of patients where they will engraft, and start bone formation.It was founded in 2019 and is headquartered inCopenhagen, Denmark. | $1.6M | Convertible Note | Oct 28, 2025 |  |
| Umecrine Cognition | Umecrine Cognition develops drugs against central nervous system neurological disorders, CNS caused by endogenous CNS active steroids (GABA steroids).Umecrine Cognition is a lean organization in a competent network. Together with Karolinska Development, the company was founded in 2006 as a subsidiary to Umecrine AB, in order to focus thedevelopment activities on finding treatments for neurological disorders in the central nervous system that are caused by endogenous CNS-active steroids (GABA-steroids).The GABA-system is the major inhibitory neurotransmitter system within the central nervous system and an excessive GABAergic tone has been described in several important clinical conditions such as Hepatic Encephalopathy, Alzheimer’s disease, and Down syndrome. Certain endogenous GABA-steroids act as strong agonists at the GABAA receptor and alterations in the production and metabolism of these GABA-steroids has been described in Hepatic Encephalopathy, Alzheimer’s disease, and Down syndrome.The company is focusing its efforts on the development and commercialization of novel therapeutics to treat Hepatic Encephalopathy in patients with liver disease. | $2.6M | Convertible Note | Jul 14, 2025 |  |
| Modus Therapeutics | Modus Therapeutics is a Swedish drug development company developing sevuparin – a novel drug to treat people suffering from Sickle Cell Disease – a painful, inherited blood disorder affecting millions of people around the globe. | $497.9K | Post-IPO Debt | Mar 31, 2025 |  |
| Umecrine Cognition | Umecrine Cognition develops drugs against central nervous system neurological disorders, CNS caused by endogenous CNS active steroids (GABA steroids).Umecrine Cognition is a lean organization in a competent network. Together with Karolinska Development, the company was founded in 2006 as a subsidiary to Umecrine AB, in order to focus thedevelopment activities on finding treatments for neurological disorders in the central nervous system that are caused by endogenous CNS-active steroids (GABA-steroids).The GABA-system is the major inhibitory neurotransmitter system within the central nervous system and an excessive GABAergic tone has been described in several important clinical conditions such as Hepatic Encephalopathy, Alzheimer’s disease, and Down syndrome. Certain endogenous GABA-steroids act as strong agonists at the GABAA receptor and alterations in the production and metabolism of these GABA-steroids has been described in Hepatic Encephalopathy, Alzheimer’s disease, and Down syndrome.The company is focusing its efforts on the development and commercialization of novel therapeutics to treat Hepatic Encephalopathy in patients with liver disease. | $2.2M | Convertible Note | Dec 19, 2024 |  |
| Modus Therapeutics | Modus Therapeutics is a Swedish drug development company developing sevuparin – a novel drug to treat people suffering from Sickle Cell Disease – a painful, inherited blood disorder affecting millions of people around the globe. | $458.3K | Post-IPO Debt | Nov 19, 2024 |  |
| BOOST Pharma | BOOST Pharma is a biotechnology research company developing a stem cell therapy for the treatment of osteogenesis imperfecta. It is based on novel mesenchymal stem cells that have high bone-forming capabilities that migrate to the bone of patients where they will engraft, and start bone formation.It was founded in 2019 and is headquartered inCopenhagen, Denmark. |  | Venture - Series Unknown | May 28, 2024 |  |
| Umecrine Cognition | Umecrine Cognition develops drugs against central nervous system neurological disorders, CNS caused by endogenous CNS active steroids (GABA steroids).Umecrine Cognition is a lean organization in a competent network. Together with Karolinska Development, the company was founded in 2006 as a subsidiary to Umecrine AB, in order to focus thedevelopment activities on finding treatments for neurological disorders in the central nervous system that are caused by endogenous CNS-active steroids (GABA-steroids).The GABA-system is the major inhibitory neurotransmitter system within the central nervous system and an excessive GABAergic tone has been described in several important clinical conditions such as Hepatic Encephalopathy, Alzheimer’s disease, and Down syndrome. Certain endogenous GABA-steroids act as strong agonists at the GABAA receptor and alterations in the production and metabolism of these GABA-steroids has been described in Hepatic Encephalopathy, Alzheimer’s disease, and Down syndrome.The company is focusing its efforts on the development and commercialization of novel therapeutics to treat Hepatic Encephalopathy in patients with liver disease. | $2.9M | Convertible Note | Nov 17, 2023 |  |
| PharmNovo | PharmNovo's goal is to develop novel Delta Opioid Receptor Agonists that are safe and effective for chronic pain treatment (DORAs). This is a very different target than traditional opioid drugs, which have caused an epidemic of addiction and toxicity.The company addresses the significant unmet medical need for safe and effective chronic paintreatments, which affects up to 30% of the adult population in the United States and Europe. | $2.2M |  | Sep 26, 2023 |  |
| Modus Therapeutics | Modus Therapeutics is a Swedish drug development company developing sevuparin – a novel drug to treat people suffering from Sickle Cell Disease – a painful, inherited blood disorder affecting millions of people around the globe. | $673.1K | Post-IPO Debt | Mar 29, 2023 |  |
| OssDsign | OssDsign was founded in May 2011 by Professor Håkan Engqvist, Dr Thomas Engstrand, Bo Qwarnstrom, Jonas Åberg, Uppsala University AB and other leading clinical, preclinical and materials researchers and engineers. The key people in the company are presented below. OssDsign has in addition developed a network of international experts in ClinicalAffairs, Regulatory and Business Development. | $6.2M | Post-IPO Equity | Nov 29, 2022 |  |

10 of 32 investments shown.

## Co-investors
- [AB Ility](https://shizune.co/investors/profile/ab-ility) — VC Fund, 3 deals together
- [ARCH Venture Partners](https://shizune.co/investors/profile/arch-venture-partners) — VC Fund, 3 deals together
- [HealthCap](https://shizune.co/investors/profile/healthcap) — VC Fund, 3 deals together
- [Ribbskottet](https://shizune.co/investors/profile/ribbskottet) — VC Fund, 3 deals together
- [Almi Invest](https://shizune.co/investors/profile/almi-invest) — VC Fund, 2 deals together
- [EIR Ventures](https://shizune.co/investors/profile/eir-ventures) — VC Fund, 2 deals together

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## FAQ

### What does Karolinska invest in?

Karolinska invests primarily in Biotechnology, Health Care and Pharmaceutical startups, most often at Funding Round and Seed stage. Most of the 32 investments tracked by Shizune back companies in Sweden. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Karolinska's check size?

Karolinska typically joins rounds of $1.3M–$73M at Series A. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Karolinska participates in.

### How do I contact Karolinska?

Public channels for Karolinska include LinkedIn, X (Twitter) and the website linked on this profile. For a verified work email and phone number, create a free Shizune account — contact data is searched across 20+ sources and validated before delivery, so your outreach lands in the right inbox.

### Who are the partners at Karolinska?

The team at Karolinska includes Viktor Drvota (CEO) and Viktor Drvota (CEO). The Team section lists each member with their title, investment count and links.

### 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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