Pan European VC firm Wellington Partners has co-led a €18.5m series B round of investment into Swiss-headquartered biotech company Evolva.
Current investor Aravis alongside new investors Auriga Partners and Vinci Capital – Renaissance PME also took part in the investment.
This first closing is part of Evolva’s preparations to do a reverse merger with Swiss biotech company Arpida which would allow it to list on the Swiss stock exchange. Evolva intends to raise further funding in a second closing subject to the merger by Arpida shareholders.
General Partner at Wellington Erich Schlick, who will also be joining Evolva’s board as chairman said: “Genetic chemistry will play a major role in drug research in coming years and Evolva has created a platform to replicate the ability of nature to create small molecules on an industrial basis. In addition, the company has exciting novel products in development addressing medical needs.”
The funds will be used to progress the company’s products in its genetic chemistry platform.