Kerecis, a Reykjavik, Iceland-based company that develops products from fish skin and fatty acids for cellular therapy, tissue regeneration and protection, closed a $100m Series D financing valuing the company at $620m.
The round was led by KIRKBI, the family holding and investment company behind the LEGO Group, with participation from several existing shareholders, including Silicon Valley’s Emerson Collective and the Icelandic pension funds BRU and LSV. The funding round also included conversion of existing convertible debt to equity and new and extended debt facilities.
KIRKBI invested $40m in cash in exchange for newly issued Kerecis shares. Co-investors contributed an additional $20m in cash for newly issued shares; $10m of existing convertible promissory notes were converted into equity; and Silicon Valley Bank provided an extension and increase of the company´s existing revolving credit facility to $30m.
The company intends to use the funds to accelerate growth and development of the next generations of its patented medical-fish-skin products sourced from sustainable fishing grounds near the Arctic Circle.
Led by Fertram Sigurjonsson, Founder and CEO, Kerecis is pioneering the use of sustainably sourced fish skin and fatty acids in cellular therapy and tissue regeneration and protection globally.
Its product portfolio includes MariGen®, which is sold to private offices and wound centers to treat diabetic and other chronic wounds; GraftGuide®, which is mostly sold to burn centers; and SurgiBind®/SurgiClose®, which are used for reconstructive surgery in operating rooms.
The fish skin used in Kerecis products derives from wild and sustainable fish stock caught in pristine Icelandic waters and processed with 100% renewable energy in the town of Isafjordur, close to the Arctic Circle.
FinSMEs
01/08/2022