# Novo Holdings

> Novo Holdings is a VC fund in Hellerup backing Biotechnology and Health Care. See 374 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: Hellerup, Denmark
- Total investments: 374
- Last investment: Aug 2026
- Lead investor: 40%
- Fund size: $165M
- Last fund: Feb 2018
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/novo-a-s
- X (Twitter): https://www.twitter.com/novoholdings
- Website: https://www.novoholdings.dk/

Novo Holdings is a holding and investment firm that manages the assets of the Novo Nordisk Foundation. It is a life science investor with a diverse portfolio that includes equities, bonds, real estate, infrastructure, and private investments.

## Contacts

5 contacts available for Novo Holdings. Shizune tracks 16 team members at Novo Holdings. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/novo-a-s?utm_source=investor_profile

## Round sizes

| Stage | Round size |
| --- | --- |
| Series A | $9.9M–$133M |
| Series B | $12M–$135M |
| Series C | $30M–$118M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Biotechnology | 145 | 39% |
| Health Care | 98 | 26% |
| Medical | 55 | 15% |
| Therapeutics | 53 | 14% |
| Pharmaceutical | 53 | 14% |

69 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Series A | 76 | 20% |
| Series B | 56 | 15% |
| Series C | 44 | 12% |
| Funding Round | 29 | 8% |
| Seed | 17 | 5% |

14 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| United States | 97 | 26% |
| Denmark | 30 | 8% |
| United Kingdom | 18 | 5% |
| Switzerland | 9 | 2% |
| Sweden | 5 | 1% |

17 countries tracked in total.

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Emmanuelle Coutanceau | Partner Novo Seeds | 10 | https://shizune.co/investors/profile/emmanuelle-coutanceau |
| Thomas Dyrberg | Partner | 17 | https://shizune.co/investors/profile/thomas-dyrberg |
| Thomas Grotkjær | Investor & Principal | 12 | https://shizune.co/investors/profile/thomas-grotkj%C3%A6r |
| Abhijeet Lele | Senior Partner and Head of US Principal Investments | 6 | https://shizune.co/investors/profile/abhijeet-lele |
| Christopher Shen | Partner | 2 | https://shizune.co/investors/profile/christopher-shen |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Expedition Therapeutics | Expedition Therapeutics operates as an unincorporated association. | $115M | Series B | Aug 05, 2026 |  |
| Claris Biotherapeutics | Claris Biotherapeutics develops a topical formulation intended to cure corneal wounds, ulcers, and scars. The formulation creates a recombinant hepatocyte growth factor which accelerates the healing process, providing healthcare providers noninvasive therapeutic treatment. | $118M | Series B | Jul 28, 2026 |  |
| Crystalys Therapeutics | Crystalys Therapeutics is a clinical-stage biopharmaceutical company transforming the treatment of gout. | $130M | Series B | Jul 22, 2026 |  |
| The Protein Brewery | The Protein Brewery is a high-tech company that specializes in developing and making animal-free- based protein in a sustainable way. It's a spin-out from BioscienZ and is commercializing innovative protein production using fermentation. It was founded by Wim de Laat in 2019 and is based in Breda, Noord-Brabant, The Netherlands. | $20.5M | Series B | Jun 29, 2026 |  |
| HSTpathways | HSTpathways will raise the level of excellence for providing Information Technology and IT Services to Outpatient Healthcare Providers. In every industry, a clear market leader emerges and delivers exceptional value and service to their customers. HSTpathways demonstrates its leadership with superior solutions for both the enterprise multi-facilitycustomer as well as the freestanding surgical centers. Together, with customers as partners, HSTpathways will continually improve upon its Information Technology to reflect best practices. HSTpathways will become an important Strategic Business Asset and indispensable to senior and executive management.HSTpathways' leadership, management, and staff will tirelessly pursue quality improvement processes. They continuously strive to develop reliable software and provide excellent customer service in a way that is consistent, repeatable, and cost effective for their customers. They are committed to listening to their customers and to understanding how the industry is evolving. They will incorporate these new requirements and changes as part of regular and prompt software updates. As a customer, you will experience this commitment by their actions, their products, and by the attitudes of everyone at HSTpathways. |  | Private Equity | Jun 05, 2026 |  |
| cAMPfield Therapeutics | cAMPfield Therapeutics is a biotechnology company that specializes on exploration and development activities of therapeutic solutions. | $180M | Series A | May 20, 2026 |  |
| Windward Bio | Windward Bio is a clinical-stage drug development company focused on improving outcomes for individuals with advanced immunological diseases, particularly severe respiratory conditions. The company is advancing a monoclonal antibody targeting thymic stromal lymphopoietin (TSLP) into phase 2 development while creating innovative bispecific programsfor various immunological disorders. Led by a team of biopharmaceutical executives, Windward Bio aims to address significant unmet medical needs in this field. | $165M | Series B | May 04, 2026 |  |
| Coultreon Biopharma | Coultreon Biopharma is developing best-in-class therapeutics that target clinically validated pathways in immunology and metabolic illnesses.Coultreon Biopharma employs extensive experience in disease biology, drug development, and translational science to identify the optimum treatment approach for addressing underlying illness biology withbest-in-class therapeutics. | $125M | Series A | Apr 28, 2026 |  |
| Ray Therapeutics | Ray Therapeutics is a biotech company developing optogenetic gene therapies for patients with blinding diseases. | $125M | Series B | Apr 21, 2026 |  |
| Terremoto Biosciences | Terremoto Biosciences is a biotechnology company leveraging the power of lysine-based covalency to develop optimized medicines. | $108M | Series C | Apr 15, 2026 |  |

10 of 374 investments shown.

## Co-investors
- [OrbiMed](https://shizune.co/investors/profile/orbimed-advisors) — VC Fund, 39 deals together
- [RA Capital Management](https://shizune.co/investors/profile/ra-capital-management) — VC Fund, 34 deals together
- [Forbion Capital Partners](https://shizune.co/investors/profile/forbion-capital-partners) — VC Fund, 24 deals together
- [New Enterprise Associates](https://shizune.co/investors/profile/new-enterprise-associates) — VC Fund, 20 deals together
- [HealthCap](https://shizune.co/investors/profile/healthcap) — VC Fund, 19 deals together
- [SR One](https://shizune.co/investors/profile/sr-one) — VC Fund, 18 deals together

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## FAQ

### What does Novo Holdings invest in?

Novo Holdings invests primarily in Biotechnology, Health Care and Medical startups, most often at Series A and Series B stage. Most of the 374 investments tracked by Shizune back companies in United States. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Novo Holdings's check size?

Novo Holdings typically joins rounds of $9.9M–$133M at Series A, $12M–$135M at Series B and $30M–$118M at Series C. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Novo Holdings participates in.

### How do I contact Novo Holdings?

Public channels for Novo Holdings 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 Novo Holdings?

The team at Novo Holdings includes Emmanuelle Coutanceau (Partner Novo Seeds), Thomas Dyrberg (Partner) and Thomas Grotkjær (Investor & Principal), among 16 team members tracked by Shizune. 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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