Novo Holdings commits 500 million euros in new European tech growth fund

Novo Holdings, which controls obesity drugmaker Novo Nordisk, on Thursday said it committed 500 million euros ($582.00 million) as a founding investor in Scaleup Europe Fund to help technology companies grow and remain anchored in Europe.

The ‌new launched ⁠fund ⁠is a pan-European growth fund, with a target size ​of 5 billion euros and a hard cap of ​6-7 billion euros, focused on supporting companies through growth, late-stage growth and pre-IPO phases.

The fund ​will invest across three broad ⁠themes: digital and ‌intelligent systems, physical systems, human ​and planetary health.


The fund brings together a ⁠group of European institutional and public founding investors, including the European Commission, Novo Holdings, EIFO (Export and Investment Fund of Denmark), CriteriaCaixa, Santander and Allianz, among others.

The fund will focus on growth and late-stage investments across Europe, with typical investment sizes of more than ‌100 million euros, including follow-ons, according to Novo Holdings.

The fund is currently ​finalizing legal ​documentation and operational ⁠set-up, with first investments expected from autumn 2026.

"The Scaleup Europe Fund brings together long-term capital and aligned investors ​to help strengthen Europe's ability to scale innovation and retain strategic technologies and companies within Europe," said Nigel Govett, CFO of Novo Holdings. ($1 = 0.8591 euros)