St Andrews-based investment firm Eos Advisory has led an investment round into Europe’s first oncology drug discovery accelerator.
The £1.7 million funding round into Edinburgh-based Cumulus Oncology represents one of the Fife firm’s largest deals to date.
Founded in 2017, Cumulus manages spin-out companies created specifically to develop novel anti-cancer treatments.
The new funding will enable Cumulus, which is led by Clare Wareing, to continue to scale and take advantage of “significant opportunities in Europe”.
Eos Advisory invests and co-invests in innovative science, engineering and technology companies and supports them from seed round to series A stage.
Andrew McNeill, managing partner at Eos Advisory, said: “With a track record in scaling and exiting biopharmaceutical ventures, Clare is a founder who combines significant market understanding with a clear vision of what she wants Cumulus and its portfolio companies to achieve.
“Clare has assembled a world-class team and we are enthused by their keen focus, deep sector expertise and drive to consolidate Cumulus’s position as Europe’s first and most successful oncology drug discovery accelerator.”
The investment was supported by the Scottish Investment Bank, the investment arm of Scottish Enterprise, Alba Equity, Apollo and Investing Women.
Cumulus founder and chief executive Ms Wareing said: “While the business model is well developed in the US, Cumulus is leading the way in Europe.
“Having spent three years carefully curating a high-calibre team and building a portfolio of oncology asset-centric spin-out companies, we are poised to scale the business.
“Venture capital and trade investors see the value of the European biotech sector, which has matured markedly over the last few years evidenced by a three-fold increase in venture financing, the doubling of European VC funds and increased investment from the US.”
Eos Advisory counts record-breaking cyclist Mark Beaumont as part of its team of partners and fund managers.