Eupry receives €2.4m investment from The Danish Growth Fund and Ugly Duckling Ventures

Note: Since this article was published, Eupry ensured another funding of almost $24 million/€23 million – read the story here.

Estimated reading time: 3 minutes

Eupry is a Danish tech company working to protect the supply chain of medicines and environmentally sensitive products. A fresh capital injection from The Danish Growth Fund and Ugly Duckling Ventures will help drive international expansion.

During the COVID-19 pandemic, coordination around the world was needed to ensure vaccines stored at sub-zero temperatures reached patients safely. Production and delivery were reliant on tight environmental monitoring, a regulatory requirement, which often involves manual efforts and complicated equipment. Years earlier, a team of students at the Technical University of Denmark (DTU) founded Eupry, a hardware-enabled SaaS company providing services for environmental monitoring.

“Back in 2012, we became aware that a great deal of medicine around the world is stored under unideal conditions – and therefore may have an inferior or no effect at all. We wanted to solve that problem, and we have been working on it ever since.” says CEO and co-founder Christian Jacobsen.

Founders of Eupry in conversation. From left Adam Hartmann-Kruckow CMO, Christian Elster Jacobsen CEO, Sigurd Jervelund Hansen CTO

The pandemic was a turning point for the company. “We worked around the clock to send our measuring equipment by taxis to Danish hospitals, so they could ensure that the precious first vaccines were stored correctly. Our thermometers constantly monitor the temperature where the vaccines are stored, and were easy for the healthcare staff to use,” says business development manager and co-founder Adam Hartmann-Kruckow.

Today, Eupry has expanded its customer base to more than 25 countries and major life science companies. The investment will be used for international growth and to strengthen their offerings.

Vækstfonden is a new investor and will join the board. Nina Haldipur, Senior Investment Manager at Vækstfonden, says “Safeguarding the healthcare supply chain is of critical importance to society. Eupry is addressing the needs of an aging and growing population, and an increased demand for a reliable cold chain. We are impressed by the founding team’s innovative offering, purpose-driven leadership, and track record. Vækstfonden is excited to collaborate with Eupry as they support sustainable healthcare delivery and Denmark’s leading position in health tech.”

Ugly Duckling Ventures have been investors and on the Board for over a year. Andreas Rasmussen Co-founder and GP at Ugly Duckling Ventures says, “Having worked in close collaboration with Christian and the rest of the founder team we have been impressed with the transparency, responsibility and perfomance-focus the team has shown, as well as their ability to make the right decisions – even in difficult times. Eupry continues to perform according to plan and we are excited to continue our journey together as co-leading investors in their SEED round.”

About the organizations

Eupry is on a mission to secure access to high quality medication and sensitive products for everyone. With the use of innovative technology, we are demystifying the regulation and simplifying processes for compliant storage and distribution. Eupry is founded by Adam Hartmann-Kruckow, Christian Elster Jacobsen, Sigurd Jervelund Hansen, Noam Ritov and Jakob Konradsen in 2014, Eupry is accredited by DANAK in ISO 17025.

Telephone +45 29898130 or +45 29606066 / E-mail press@eupry.com

Vaekstfonden is the Danish state’s investment fund. Working in close collaboration with banks and domestic and international investors, Vaekstfonden discovers and develops the companies that Denmark cannot afford to miss out on. The power of innovation, yield to society and responsibility are the three signposts that guide Vaekstfonden in new investments. Since 1992, Vaekstfonden has contributed more than DKK 44 billion to help develop and grow more than 11.000 companies.

Contact: Kommunikationschef Katrine Villarreal Villumsen

Telefon 31605020/E-mail kvi@vf.dk

Ugly Duckling Ventures is an early-stage venture fund investing in Nordic early stage companies. Our General Partners have founder- and operator experience and actively work and collaborate with the founders we back.