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Published: 20 January 2025
Text: Anne-Marie Korseberg Stokke
Photo: Anne-Marie Korseberg Stokke
"Despite a challenging venture capital market, our companies collectively raised 1.076 billion NOK in the private investor market in 2024, says Esben A. Nilssen," managing partner at ShareLab.
90% of the capital was allocated to companies developing new pharmaceuticals. The most prominent example is Calluna Pharma, formerly ARXX Therapeutics, which alone raised 860 million NOK.
The next nine companies on the list raised between 10 and 40 million NOK each in 2024, totalling 177 million NOK, in addition to a similar amount in public funding. The remaining 26 companies raised an additional 40 million NOK in new equity.
"This proves a great potential for commercialization, growth, and development in Norwegian life sciences," says Nilssen.
ShareLab is the leading biotech incubator in Scandinavia for academia, startups, and industry. Here, the next generation of biotech companies is being created. ShareLab offers office space, fully equipped laboratories, lab management, an academic and commercial network, and guidance - all located on two floors in Oslo Science Park. ShareLab is owned by Oslo Science Park.
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The number of companies that became members of ShareLab has also increased, with 9 new companies joining during 2024. In total, there are now 31 members in the biotech incubator - a return to the top 2021 level. Marius Øgaard, Partner at ShareLab, emphasizes the importance of investing in both breadth and specialized expertise in innovation and entrepreneurship.
"Many will fail, so volume is important. It's like in sports: To produce one Therese Johaug, a lot of kids have to learn how to ski. At the same time, we are educating people who gain expertise in technology development. This is valuable both in industrial companies and new startups," he says.
The increase in ShareLabs' activity reflects a significant interest in and focus on life sciences that was not present just a few years ago. Øgaard believes this can be credited to a well-functioning ecosystem where both small and large players can thrive.
"In Oslo, there has been a targeted effort to establish an advanced ecosystem for innovation and business growth within life sciences over the past decade. It has been a prerequisite for success as an entrepreneur. Without the clusters and incubators in Oslo Science Park - such as ShareLab, there would have been very few contestants at the starting line," adds Øgaard.
It's like in sports: To produce one Therese Johaug, a lot of kids have to learn how to ski.
Marius ØgaardNumber of new inquiries: 30 companies
Number of new memberships: 9 companies
Total number of members: 31 companies
Total investments: 1.076 billion NOK
Largest investment: Calluna Pharma (formerly ARXX Therapeutics) with 860 million NOK in new equity.
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As an entrepreneur, it can be tempting to say yes to everything and everyone offering you financing. But think twice before entering a partnership with someone who cannot add value to the company in terms of expertise, is the message from Pekka Simula from Innovestor.
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Women in Life Science Norway – WiLD Norway for short – is a membership network for professional exchange, mentorship, board training, networking events, and resources to help women achieve their full potential in leadership and board roles.
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