Finland’s TILT Biotherapeutics raises €10M for cancer treatment

The Helsinki-based TILT Biotherapeutics has completed the first close of its financing round by raising €10 million. Lifeline Ventures is the lead investor, with Tesi joining this round to advance cancer therapeutics.

• TILT was founded by a cancer clinician Akseli Hemminki in 2013. It is a clinical-stage biotechnology company developing cancer therapeutics based on stimulating or suppressing T cells with adenoviruses. The company patented its TILT technology which enhances T cell therapies.
• Lifeline Ventures, a Finnish venture capital firm founded by serial entrepreneurs, led the financing round. The firm focuses on early-stage startups. Its ticket size ranges between $0.5-1 million. Its recent investments include Huuva raising €4.9M in seed, Swappie securing $124M in Series C, and Droppe landing €2.2M in seed.
• Tesi, a state-owned investment company, joined the round. The firm invests in all sectors, with total amount of funding reaching €2.4 billion. Its most recent investments include Gubbe raising €4M in seed and ONEiO securing €7.2 million in seed.

“TILT is one of the most promising biotech companies in Finland. We are excited to back the development of the company’s innovative treatments for cancer types with currently limited treatment options,”

Miia Kaye, Investment Manager at Tesi, on the funding.

• In 2020, TILT closed a €4.5 million venture round and received another €1.7 million from a grant by Business Finland. The company’s total funding amounts to almost €29 million.
• The fresh funding will be used to improve oncology immunotherapy assets and advance its treatment programs in Europe and the United States.