Biograil, a Copenhagen company developing an oral delivery device for drugs that are normally injected, raised €20m (about $22.3m) in a round announced on 4 November 2026. According to High-Tech Gründerfonds (HTGF), Verve Ventures and Megatrend Invest are backing the round, and HTGF took part through its HTGF Opportunity growth fund.
The announcement did not name a lead investor, a valuation or a funding stage. This site lists the round as a Series A as an editorial classification based on its size next to Biograil's earlier financings; it is not a label used by the company or its investors.
Biograil said the money will advance preparations for Phase 1 clinical testing of its BIONDD device. The work includes non-clinical GLP studies and setting up a GMP manufacturing process, and HTGF said these steps are expected to be completed ahead of a larger financing planned for 2027. Non-diluting funding from partnerships is also expected to support the effort.
“Excellent to see such strong support from existing internal investors and involve the HTGF Opportunity growth fund in the round.”Karsten Lindhardt, CEO, Biograil
What Biograil does
Biograil's BIONDD device is meant to turn medicines that are usually given by injection into something a patient can swallow. According to Startup Rise, the device fits inside a standard capsule. When the capsule dissolves in the stomach, the device releases a spring-loaded mechanism that attaches to the stomach wall and delivers the medicine into the tissue. The device is biodegradable and passes through the digestive system afterwards.
HTGF describes the approach as delivering therapeutics into the stomach wall, which would otherwise have to be injected. Chief executive Karsten Lindhardt said the technology could allow oral delivery of large market compounds, with convenience and medical benefit for patients. Startup Rise dates the company to 2019. Neither source gives a headcount or a revenue figure, and no clinical data were mentioned.
Who invested
HTGF listed the full investor group as Megatrend Invest, Verve Ventures, High-Tech Gründerfonds, Eli Lilly and Co., Sanner Ventures, Evonik Venture Capital, Anobis GmbH and Roquette Ventures. The announcement singles out Verve, Megatrend and HTGF's growth fund as the backers of this round, and it does not say how much each contributed or whether the other names in the syndicate invested new money.
Lindhardt said it was good to see strong support from existing internal investors and to bring the HTGF Opportunity growth fund into the round. Anke Caßing, a principal at HTGF, said the fund first invested in Biograil in 2019 because it saw the potential of the company's approach to oral drug delivery, and that its participation now reflects continued conviction in that potential.
The funding so far
HTGF led Biograil's seed syndicate in 2019, according to its announcement. Startup Rise reports that in July 2025 Biograil announced the first close of an €8.5m round led by Verve Ventures. The sources do not give a total raised to date, so this article does not state one.
The new round is described as a bridge to the clinic rather than the end of the company's fundraising. With the preclinical safety work and manufacturing process still to be completed, HTGF said a larger financing is planned for 2027.