Abingworth
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Venture Lab
Venture Lab
Funding
Convertible loan of 500,000 euros (4M DKK)
Purpose
VentureLab is designed to help newly established start-ups in the early phases.
Eligibility
Research-based idea with high-growth commercial potential
Key Outcome
Scientific development, business development and team development
Duration
12 months
Location
BioInnovation Institute in Copenhagen, Denmark
Approvers
BII Board of Directors
Open Calls
Up to five loans granted per open call
FUNDING
Convertible loan of 500,000 euros (Approx. 4M DKK)
PURPOSE
VentureLab is designed to help newly established start-ups in the early phases.
ELIGIBILITY
Research-based idea with high-growth commercial potential
KEY OUTCOME
Scientific development, business development and team development
DURATION
12 months
LOCATION
BioInnovation Institute in Copenhagen, Denmark
OPEN CALLS
No upper limit
Accelerate your project
Are you looking for funding and professional guidance for your life science start-up? BioInnovation Institute’s Venture Lab program is designed to help newly established start-ups in the early phases of bioindustrials, health tech, and therapeutics.
The Venture Lab program combines business acceleration, scientific development, and team development and includes a EUR 500,000 risk-free convertible loan. During the program, you conduct key experiments to reach initial proof of concept and receive valuable help to make a business plan and set up a team that will allow you to progress rapidly towards the market.
Start-ups will each have a scientific advisor, a leadership coach, and a BII anchor who will closely follow the company’s development. The program comes with a EUR 500,000 risk-free convertible loan, a milestone plan to conduct key experiments, and access to a unique global network of experts and life science VCs.
Check out our most frequently asked questions and read the call guidelines here and reach out to Senior Business Developer Christian Brix Tillegreen if you are interested in hearing more about the Venture Lab program.
Venture Lab Timeline Call 4
Open for applications
May 10, 2022
Deadline
September 1, 2022 at 14.00 CET
Bootcamp
March 2023
Program start
March 2023
Demoday
TBA
Venture Lab Timeline Call 5
Open for applicaitons
October 11, 2022
Deadline
February 1, 2023 at 14.00 CET
Bootcamp
September 2023
Program start
September 2023
Demoday
TBA
Introducing Venture Lab cohort 3
Mikael Winkler
Co-founder & CSO, Commit Biologics
“We all reached a stage in our academic careers where we felt the desire to work on a project that could make a difference in people’s lives. In the Venture Lab program, we get a unique chance to get accustomed to a more commercial way of thinking.”
Jan Dideriksen
CEO, Nordic Virtual Pastures
“My expectations for the VentureLab program is to get the support required for me to create the fundament on which I will build my start-up journey. The support will come from the talented BII business development team as well as BII’s qualified partners.”
Morten Østergaard Andersen
Co-founder and CEO, Bioomix
“In the Venture Lab program, we receive valuable help and many business insights and become more certain about our value proposition. At the same time, we benefit from BII’s community and receive advice from other companies on a similar journey to ours – Morten Østergaard Andersen, CEO of Bioomix.”
Meet the Venture Lab team
Get in touch with us
Do you have questions regarding one of our programs, or are you interested in feedback on your application? Then please reach out to us and set up a meeting with one of our business developers.
Send us a short description of your project (5-10 lines) or a non-confidential pitch deck to meetbd@bii.dk, and we will get back to you with available timeslots.
Meet the start-ups in BII's programs
Program partners
When joining the BII programs, start-ups become part of an international community focused on bringing ideas to life and science to the market.
In collaboration with our partners, we want to create value for the companies in BII’s programs and our ecosystem. Our program advisory group and financing (VC) partnerships are focused on improving the likelihood of successful exits for our start-ups. The program advisory group of internationally-oriented VC companies advises BII in the selection of start-ups for our programs.
Meet our partners below and click on the read more button to learn more about what they offer start-ups in BII’s community.
Program Advisory Group - Therapeutics
Abingworth is a leading transatlantic life science investment firm. They help transform cutting-edge science into novel medicines by providing capital and expertise to top-caliber management teams building world-class companies.
Since 1973, Abingworth has invested in 168 life science companies, leading to 44 M&As and 69 IPOs. Their therapeutic-focused investments fall into three categories: seed and early-stage, development stage, and clinical co-development.
Novo Seeds is the early-stage investment arm of Novo Holdings. Novo Holdings is a leading international life science investor focusing on creating long-term value. As a life science investor, Novo Holdings provides seed and venture capital to development-stage companies and takes significant ownership positions in growth and well-established companies. Novo Holdings also manages a broad portfolio of diversified financial assets.
Sofinnova Partners is a leading European venture capital firm specializing in Life Sciences. Based in Paris, France, with offices in London and Milan, the firm brings together a team of 40 professionals from Europe, the U.S., and Asia. The firm focuses on paradigm-shifting technologies alongside visionary entrepreneurs. Sofinnova Partners invests across the Life Sciences value chain as a lead or cornerstone investor, from very early-stage opportunities to late-stage/public companies. It has backed nearly 500 companies over more than 48 years, creating market leaders around the globe. Today, Sofinnova Partners has over €2 billion under management.
SR One is the corporate venture capital arm of GlaxoSmithKline. The firm invests globally in emerging life science companies pursuing innovative science to significantly impact medical care. SR One’s team of investment professionals in the US and UK have experience spanning basic science, drug development, and commercialization. We take an active role in our portfolio companies and work with management teams and our fellow venture investors to create significant value. In its 30+ year history, SR One has invested >$1.1 billion in nearly 190 companies, and its current portfolio includes 40+ private and public investments.
Program Advisory Group - BioIndustrials
Founded in 2007, Redalpine is a leading European early-stage venture capital investment company, currently managing six venture funds. Redalpine has a sector-agnostic focus, and the diverse team supports more than 70 portfolio companies financially and with its in-house operational and subject matter expertise and extensive international network. Redalpine aims to help talented entrepreneurs turn their visions into reality and scale their businesses into global success stories. Redalpine is based in Zurich, Switzerland.
Wellington Partners is a leading European Venture Capital firm investing in early – and growth-stage life science companies. Wellington Partners focuses on investing in the most promising life science companies in biotechnology, therapeutics, medical technology, diagnostics, and digital health. With funds totaling EUR 1 billion, and more than EUR 400 million committed to Life Sciences, Wellington Partners has been actively supporting world-class private companies translating true innovation into successful businesses with exceptional growth. To date, Wellington Partners has invested in more than 40 innovative life science companies, including Actelion (acquired by J&J), Definiens (acquired by AZ/Medimmune), Invendo (acquired by Ambu), MTM laboratories (acquired by Roche), Rigontec (acquired by MSD), Symetis (acquired by Boston Scientific), Themis (acquired by MSD), Immatics and AMBOSS.
Novo Seeds is the early-stage investment arm of Novo Holdings. Novo Holdings is a leading international life science investor focusing on creating long-term value. As a life science investor, Novo Holdings provides seed and venture capital to development-stage companies and takes significant ownership positions in growth and well-established companies. Novo Holdings also manages a broad portfolio of diversified financial assets.
Sofinnova Partners is a leading European venture capital firm specializing in Life Sciences. Based in Paris, France, with offices in London and Milan, the firm brings together a team of 40 professionals from Europe, the U.S., and Asia. The firm focuses on paradigm-shifting technologies alongside visionary entrepreneurs. Sofinnova Partners invests across the Life Sciences value chain as a lead or cornerstone investor, from very early-stage opportunities to late-stage/public companies. It has backed nearly 500 companies over more than 48 years, creating market leaders around the globe. Today, Sofinnova Partners has over €2 billion under management.
The March Fund (“TMF”) – Technology. Food. Health. TMF is a technology venture capital fund dedicated to the transformation of the multi-trillion-dollar food industry and the expanding global health opportunity this represents. Our focus is on breakthrough technologies and defensible intellectual assets that can be rapidly commercialized and scaled to create healthier and more affordable nutrition solutions.
The Founding Partners are Harold Schmitz Ph.D. (Senior Scholar at the Graduate School of Management, University of California, Davis; Life Member of the Council on Foreign Relations, and former Chief Science Officer at Mars, Incorporated), and Christopher Lai (former Director at Horizons Ventures and former Co-Chairman of Celsius Holdings NASDAQ:CELH).
They have established unique collaborations with a world-class network of universities, companies, researchers, innovators, and industry experts. TMF has unparalleled access to the most exciting technologies, early-stage companies, and founders defining the role of food in the new economy of health.
Program Advisory Group - Health Tech
Sound Bioventures is a venture capital fund investing in about-to-be clinical or clinical stage private companies in Europe and USA developing therapies in specialty therapeutic areas.
Sound Bioventures Fund I AB is a registered alternative investment fund under the Swedish Alternative Investment Funds Managers Act. The target size for the fund is EUR 150 million.
Novo Seeds is the early-stage investment arm of Novo Holdings. Novo Holdings is a leading international life science investor focusing on creating long-term value. As a life science investor, Novo Holdings provides seed and venture capital to development-stage companies and takes significant ownership positions in growth and well-established companies. Novo Holdings also manages a broad portfolio of diversified financial assets.
Sofinnova Partners is a leading European venture capital firm specializing in Life Sciences. Based in Paris, France, with offices in London and Milan, the firm brings together a team of 40 professionals from Europe, the U.S., and Asia. The firm focuses on paradigm-shifting technologies alongside visionary entrepreneurs. Sofinnova Partners invests across the Life Sciences value chain as a lead or cornerstone investor, from very early-stage opportunities to late-stage/public companies. It has backed nearly 500 companies over more than 48 years, creating market leaders around the globe. Today, Sofinnova Partners has over €2 billion under management.
BioVentures MedTech Funds invests in leading-edge medical technologies. Founded by the highly experienced team of BioVentures Investors, BioVentures MedTech Growth Capital Fund and BioVentures MedTech Innovation Fund target companies that develop next-generation implantable and disposable devices, diagnostics, imaging, and digital health.
Program collaborations
Bærnholdt is a creative digital agency focused on crafting full digital solutions to fit businesses of all shapes and sizes.
From the first BII website to the online universe that represents BII today, Bærnholdt has helped secure a digital presence that matches the foundation’s growth.
Bærnholdt also helps BII start-ups establish their digital foothold at a level tailored to their needs in the early stages of their venture.
Molecule Consultancy helps BII start-ups develop and communicate their value story and project offerings. Molecule offers a broad range of services, including formulation of message platforms and core narratives, development of websites, and presentation materials – from slide decks over printed materials to videos. Molecule also has substantial experience with media and PR work, including media training, media strategy preparation, media materials development, and media outreaches. To help establish the need and motivate interest, Molecule can also assist start-ups with developing white papers and scientific articles and creating a social media presence for key stakeholders.
Back Bay’s expert guidance to companies at the earliest stages nourishes insight into the most promising science and technologies in development. They couple this with an exceptional understanding of development strategies globally, resulting in a true partnership for every stage of development.
Back Bay advisors and bankers bring their unique perspectives through landscape analyses and patient journeys, inflection points, capital raise planning, partnering, exit strategies, and more. They can help figure out what to do and then get it done.
Coulter Partners is a board and senior-level executive search specialist focused exclusively on global Life Sciences. From their offices in the UK, Europe, North America, and Asia-Pacific, they work together across boundaries and disciplines to build outstanding leadership teams for their clients in the pharmaceuticals, biotechnology, medical devices, diagnostics, health tech, CRO, and services sectors. Their industry-leading reputation is founded on deep sector knowledge and innovative thinking. Their strategy is built on unique team culture and truly global reach.
“Our goal is to bring you the world’s best talent.”
Innovayt helps BII start-ups and researchers obtain funding for their projects through high-quality grant and funding applications. Innovayt offers a broad range of services, including identification and selection of funding opportunities; preparation and writing of effective funding applications; assistance for project management after approval; and training and public speaking related to innovation and finance. In their work with innovation funding, Innovayt can assist BII start-ups throughout all phases of projects, from ideation through application and submission to project management.
Plesner Law Firm is a contributing partner in the BII network and offers the BII start-ups free legal advice and expertise to avoid the many legal pitfalls that entrepreneurs face when starting a business. As part of the partnership, two lawyers from Plesner are present one day a week at the BII offices, where they will provide consultancy and legal guidance.
Zacco is a full-service intellectual property consultancy and contributing partner in the BII network. Zacco offers BII start-ups free advice and expertise on intellectual property rights to avoid legal pitfalls and to strengthen their position when looking for investors or cooperation partners.
Program Advisory Group Experts
SG
Shomit Ghose
Venture Capitalist & Entrepreneur
HealthTech
EA
Eric Alan Rapp
Partner at VF Venture
BioIndustrials
CN
Chris Newton
Independant consultant
Therapeutics
JS
John Shields
Non Executive Director at Adaptate Biotherapeutics & Microbiotica Ltd.
Therapeutics
CJ
Christel Jørgensen
Consultant, Bactolife ApS
BioIndustrials
PG
Pam Garside
Management Consultant, Newhealth
HealthTech
Frequently Asked Questions
Can I apply to Venture Lab if I have received funding from elsewhere?
Yes, but as a rule of thumb, only non-dilutive funding is accepted. A small investment from friends and family is fine, but professional investments and certain types of loans may exclude your company from applying. Please be aware of the BII eligibility criteria for company ownership, which can be found in the Application Guidelines.
Can I receive funding from elsewhere while my project is a part of Venture Lab?
Yes, but professional investments and certain types of loans may exclude your company from applying for the Creation House program if you wish to do so after Venture Lab. We encourage companies to seek non-dilutive funding from, e.g., Danish governmental programs or EU programs.
Do I need to be physically present at BII?
It is mandatory for at least one empowered representative of the start-up (founder/management) to be present at the bootcamp, monthly crunches, and Demo Day. Furthermore, the Founders must be able to participate in monthly sessions with our Leadership Coach. It is highly recommended that the entire team is present for key events. In general, we recommend that you build and run your company at BII.
Do I need to own the IPR related to my project?
You are not required to have generated or filed IP but must have an idea of what could be created from your development plan. If your company will be based on already generated IP, ideally, the IPR is already owned by or licensed to your company. Alternatively, we ask that you have a draft Term Sheet from the IP owner (e.g., university tech transfer office) stating your willingness to enter into an exclusive license agreement on market terms.
How do you measure the project’s progression during Venture Lab?
Each company will get a dedicated BII anchor who will follow your progress and support you through the program. You will have monthly anchor meetings and continuous coaching with our program content providers.
How many companies are accepted?
There is no specific number of companies that are accepted in each call.
already have a company, but it is not Danish. Is that a problem?
No, as long as you are willing to establish a Danish company if your application is approved. If the Danish company will be a subsidiary, your current company must fulfill the eligibility criteria for companies.
I am not a Danish citizen. Can I apply for Venture Lab?
Yes! However, if you are not an EU citizen, you will need a work permit if you wish to relocate to Copenhagen. Please reach out to our friends at Copenhagen Capacity to clarify your options.
I don’t have a company yet – is that a problem?
Not at all. You can apply without a company but you need to establish a Danish company if you are accepted into to program.
You will be ready to execute your business plan and have the opportunity to attain follow-up funding through BII’s Venture House program or other types of funding.
What happens at the bootcamp?
The off-site bootcamp is the official kickoff for the program. The goal is to prepare you for the time at BII and introduce you to the other teams and the program content providers.
What if my company fails?
The loan includes no personal guarantees of repayment from the founders. In case of liquidation (company closure), the unrepaid balance of the loan will be into a grant from BII.
What is the duration of the Venture Lab program?
12 months
What is the outcome of Venture Lab?
The goal is to accelerate the scientific maturity of the innovation to attract further funding and develop a solid business plan and entrepreneurial skills for your team.
What type of funding do you provide?
BII provides a founder-friendly convertible loan of DKK 4M. See the loan terms in the Applicant Guidelines.
Which life science companies do you accept?
Companies within the fields of therapeutics, bioindustrials, and health tech. The companies must have strong commercial aspirations and novel ideas that can benefit human health and/or planetary health.
Who is involved in Venture Lab?
Besides the other program participants, you will collaborate with world-class coaches, the BII staff, experienced entrepreneurs, and subject matter experts.
