# Adcendo

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/adcendo-aps

- Industry: Biotechnology
- Headquarters: Frederiksberg, Denmark
- Website: www.adcendo.com
- Total disclosed funding: $324M
- Latest round: Series C (Apr 14, 2026)
- Investors on record: 18

## About

Adcendo ApS, located in Frederiksberg, Denmark, is a biotechnology firm focused on developing innovative antibody-drug conjugates (ADCs) for targeted cancer therapies, aiming to enhance treatment efficacy and minimize side effects for patients. Founded in 2017 in Frederiksberg, Denmark, Adcendo ApS specializes in developing antibody-drug conjugates (ADCs) to target specific cancer therapies. The company was co-founded by Henrik Stage, Lars Engelholm, and Niels Behrendt, while Michael Pehl serves as the CEO. Adcendo ApS specializes in the development of innovative antibody-drug conjugates (ADCs), which deliver targeted cancer therapies. Their primary product, ADCE-D01, targets uPARAP, an endocytic receptor overexpressed in mesenchymal cancers, particularly various subtypes of soft tissue sarcoma. This approach aims to improve treatment specificity and efficacy, focusing primarily on patients with high unmet medical needs in the clinical market, especially in the United States and Europe. Adcendo's revenue model is based on partnerships and collaborations with biotech firms and potential licensing agreements for their ADC technologies. The company seeks to generate revenue through the commercialization of its flagship product, ADCE-D01, while also benefiting from grants and funding related to ongoing clinical trials and research initiatives. In April 2026, Adcendo ApS raised EUR 65 million in series C funding led by Jeito Capital, with participation from Vida Ventures, Bpifrance Investissement Régions, Export Investment Fund of Denmark, TCG Crossover Management, RA Capital Management, OrbiMed Advisors, Venrock Healthcare Capital Partners, TPG, Surveyor Capital, Logos Capital, Novo Holdings, Pontifax Venture Capital, Dawn Biopharma,  HealthCap, Gilde Healthcare, and Ysios Capital Partners. The company plans to use the April 2026 funding to support its antibody-drug conjugate pipeline through multiple upcoming clinical milestones, including advancing its lead ADC candidates in ongoing clinical development.

## Funding rounds

- Series C, Apr 14, 2026, $76M — OrbiMed Advisors, TPG, HealthCap, Gilde Healthcare, Novo Holdings, Ysios Capital Partners, Bpifrance Investissement Régions, Pontifax Venture Capital, Surveyor Capital, RA Capital Management, Vida Ventures, Jeito Capital, Logos Capital, Venrock Healthcare Capital Partners, TCG Crossover Management, Export and Investment Fund of Denmark, Dawn Biopharma
- Series B, Nov 25, 2024, $135M — OrbiMed Advisors, TPG, HealthCap, Gilde Healthcare, Novo Holdings, Ysios Capital Partners, Pontifax Venture Capital, RA Capital Management, Surveyor Capital, Logos Capital, Venrock Healthcare Capital Partners, TCG Crossover Management, Dawn Biopharma
- Series A, May 29, 2024, $17M — HealthCap, Gilde Healthcare, Novo Holdings, Ysios Capital Partners, Pontifax Venture Capital, RA Capital Management, Dawn Biopharma
- Series A, Apr 4, 2023, $34M — HealthCap, Novo Holdings, Ysios Capital Partners, Pontifax Venture Capital, RA Capital Management, Glide Healthcare
- Series A, Apr 29, 2021, $61M — HealthCap, Gilde Healthcare, Novo Holdings, Ysios Capital Partners, RA Capital Management

## Investors

- HealthCap — Series A, Series B, Series C
- Gilde Healthcare (https://capitalatlas.ai/funds/gilde-healthcare) — Series A, Series B, Series C
- Novo Holdings — Series A, Series B, Series C
- Ysios Capital Partners (https://capitalatlas.ai/funds/ysios-capital-partners) — Series A, Series B, Series C
- RA Capital Management (https://capitalatlas.ai/funds/ra-capital-management) — Series A, Series B, Series C
- Pontifax Venture Capital (https://capitalatlas.ai/funds/pontifax-venture-capital) — Series A, Series B, Series C
- Glide Healthcare — Series A
- Dawn Biopharma — Series A, Series B, Series C
- OrbiMed Advisors (https://capitalatlas.ai/funds/orbimed-advisors) — Series B, Series C
- TPG (https://capitalatlas.ai/funds/tpg) — Series B, Series C
- Surveyor Capital — Series B, Series C
- Logos Capital (https://capitalatlas.ai/funds/logos-capital) — Series B, Series C
- Venrock Healthcare Capital Partners (https://capitalatlas.ai/funds/venrock-healthcare-capital-partners) — Series B, Series C
- TCG Crossover Management (https://capitalatlas.ai/funds/tcg-crossover-management) — Series B, Series C
- Bpifrance Investissement Régions (https://capitalatlas.ai/funds/bpifrance-investissement-regions) — Series C
- Vida Ventures (https://capitalatlas.ai/funds/vida-ventures) — Series C
- Jeito Capital (https://capitalatlas.ai/funds/jeito-capital) — Series C
- Export and Investment Fund of Denmark (https://capitalatlas.ai/funds/export-and-investment-fund-of-denmark) — Series C