Investor Profile: Novo Holdings — Thesis, Cheque Size & How to Apply

Novo Holdings funding operates on a scale few investors can match. The Danish holding and investment company manages the assets of the Novo Nordisk Foundation — one of the world's largest enterprise foundations — and reported total assets under management of DKK 694 billion (about €93 billion) at year-end 2025. As the controlling shareholder of Novo Nordisk (maker of Wegovy and Ozempic) and Novonesis, it is a world-leading life-sciences investor — and since 2025 it has run a dedicated team in Mumbai, with India deal sizes now reaching $50–125 million.

Novo Holdings funding thesis

The stated purpose is improving people's health and the sustainability of society and the planet through attractive long-term returns. It invests in life-science companies at all stages through dedicated teams — Seeds, Venture, Growth, Asia, Planetary Health Investments and Principal Investments — alongside a broad portfolio of equities, bonds, real estate, infrastructure and private-equity assets. The firm operates from Copenhagen, London, San Francisco, Boston, Singapore, Shanghai and Mumbai, and is led by CEO Kasim Kutay.

India activity and notable portfolio

India is a stated growth priority. In 2024, its Asia Investments arm deployed DKK 768 million (about $107 million), including follow-on investments in Manipal Hospitals — described as its largest Asia investment to date — a pre-IPO investment in health-benefits administrator Medi Assist, participation in Bengaluru health-AI firm Qure.ai's Series D, and an investment in AgNext, its first planetary-health bet in Asia. Head of Asia Amit Kakar told Reuters that India ticket sizes have grown from $20–30 million to $50–125 million, with focus areas including single-specialty hospitals, contract drug manufacturing, medtech and complex drug manufacturing. Globally, the firm holds 170+ portfolio companies; a recent headline deal saw it lead AvenCell's $112 million Series B for next-generation cell therapies.

Cheque size and stages

Novo Holdings publishes no fund size for its venture teams — it is a balance-sheet investor, not a closed-end fund — but its Asia leadership has publicly stated the $50–125 million range for Indian deals. For founders, this makes it a growth-stage and buyout-scale partner rather than a seed investor, with the Seeds and Venture teams covering earlier stages in life sciences.

How to get funding from Novo Holdings

Novo Holdings runs no public accelerator or open application portal; deals flow through its specialist investment teams. Founders in healthcare, biotech, medtech and planetary health should approach the relevant team — the firm's press releases publish [email protected] as a contact — ideally with a warm introduction from the life-sciences ecosystem it already backs.

How to apply for funding

There is no application form. Engage the appropriate investment team (Venture, Growth or Asia for India-facing companies) through the official contact channels on novoholdings.dk, leading with traction and a clear fit to its health-and-sustainability thesis.