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

June 4 (Reuters) - 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)

(Reporting by Sneha S K in Bengaluru; Editing by Joyjeet Das)