The beginning of the Millenium was an exciting time for science: the completion of the Human Genome Project provided a blueprint of human DNA, laying the groundwork for advances in personalised medicine, genetic research, and a deeper understanding of human biology. This time coincided with the establishment of the Novo Group holding company (Novo A/S, now known as Novo Holdings A/S). “There was a great deal of excitement in the scientific community, as everything you wanted to know about the human genome was being unlocked. Any self-respecting company wanted to have venture capital investment activity to be part of this innovation – and we were no different,” explained Thomas Dyrberg, who joined Novo A/S in 2000 as one of its founding Partners and is currently Senior Advisor within Venture Investments.
25 years
Celebrating 25 years of transformative venture investing
“We thought this would be perfect for us since, coming from pharma, we believed we had the knowledge to make successful venture investments. Although, with hindsight, in the beginning we definitely knew more about the science than we did about investing – but we made up for this with our enthusiasm!”
A team with a clear mission
Thomas helped establish a small team of eight as the first business unit in Novo A/S, called Novo Ventures (which later became Venture Investments), setting out on a journey to generate strong returns through venture investments in Denmark, Europe and the United States. “We invested in biotech – a field that was quite narrow at the time, but one from which we were born. We had a clear mission to generate returns, and it worked.”
Peter Moldt, an early member of the original Ventures team who retired in 2024, recalls this exciting time breaking new ground. “It was a fantastic opportunity for all of us. Helping people through innovative healthcare advances and drug discovery, while creating a positive financial return, was personally very rewarding. We had a high degree of freedom to invest in what we thought was right and working with smart people in a collaborative spirit was a significant part of the enjoyment,” he said.
An evolving strategy driven by a collaborative team
During its first decade of operations, Venture Investments grew to rank among the top biotech venture investors globally, and as it did so its investment strategy evolved. “Our success meant that we had more money to invest. We developed a greater clarity of purpose, and a growing team,” said Peter. “Our investment decisions became even more collaborative, as more heads think better than one! We opened our first office in the US, to gain a strong foothold in this market.”
Peter was joined at the San Francisco office by Scott Beardsley (the current Managing Partner of Venture Investments), who knew of Venture Investments through his work at an investment bank. “I had great respect for Venture Investments’ strategy. Their funding structure provided a longer view than was typical and gave us the freedom to focus more on the science,” Scott said. “Although this may sound like a cliché, I joined Venture Investments to do something different – to invest with a purpose.”
Success in the US market led to the opening of a second office in Boston. Building on this momentum, Venture Investments set its sights on strengthening its European activities, opening a London office under the leadership of Senior Partner Naveed Siddiqi. “We saw the potential of being part of the UK’s amazing life sciences ecosystem and using it as a springboard to escalate our European operations,” said Naveed. “Over the last few years, we’ve shown that this is a great place to make investment returns. I’m very proud of our achievements and that we’re recognised as a valuable partner, both locally and globally.”
Succession
In 2021, Scott took over the Managing Partner role at Venture Investments from Thomas. “It has been a real treat to inherit a well-oiled machine that has stayed true to the same principles since its inception, and take it to the next level,” explained Scott. “We are now a team of over 30 people, with a 25-year track record of investing in science to advance medicine for the benefit of people and the planet. Our success is a testament to the faith the Novo Nordisk Foundation and Novo Holdings has in us, the effort of everyone on the team for the past 25 years and the importance of the mission ahead.”
“Drug discovery and development takes a lot of time and money – at Venture Investments we're fortunate to have both. And with our highly competent and collaborative team we have everything we need to achieve even greater success. The next decade promises unparalleled opportunities as the pace of scientific discovery accelerates, and we continue to evolve to achieve our ambitious goals.”
In memory of Søren Carlsen, long-time colleague in the Novo Group and Managing Partner of the Ventures team 2000-2015.
