🏆 Deal of the Week · KW 16/2026
ADCendo raised USD 75 million in a Series C financing round; the company's valuation was not disclosed. The round was led by Jeito Capital.
ADCendo — key deal facts
| Company | ADCendo |
| Founded | 2017 |
| Headquarters | Copenhagen, Denmark |
| Amount raised | USD 75m |
| Valuation | Valuation Remains Undisclosed |
| Round | Series C |
| Investors | The round was led Jeito Capital, with participation from additional new investors Vida Ventures, BPI France, and EIFO (Export and Investment Fund of Denmark), as well as all existing investors, including TCGX, RA Capital Management, TPG, Orbimed, Venrock, Surveyor, Logos Capital, Novo Holdings, Pontifax Venture Capital, Dawn Biopharma, a platform controlled by KKR, HealthCap, Gilde Healthcare and Ysios Capital. |
| Sectors | BioTech, Pharmaceutical |
Who invested in ADCendo?
The Series C attracted a broad syndicate of new and returning investors. New investors joining the round include Vida Ventures, BPI France, and EIFO (Export and Investment Fund of Denmark), while all existing investors — among them TCGX, RA Capital Management, TPG, OrbiMed, Venrock, Surveyor, Logos Capital, Novo Holdings, Pontifax Venture Capital, Dawn Biopharma, a platform controlled by KKR, HealthCap, Gilde Healthcare, and Ysios Capital — also participated. The combination of pan-European institutional backers, U.S. specialist life-science funds, and Danish public-sector investors reflects broad conviction across geographies in ADCendo's clinical pipeline.
What does ADCendo do?
ADCendo ApS is a clinical-stage biotechnology company headquartered in Copenhagen, Denmark, founded in 2017. The company develops first- and best-in-class antibody-drug conjugates (ADCs) targeting cancers with high unmet medical need, including solid tumors and soft tissue sarcoma. Its lead pipeline assets are ADCE-T02 (targeting Tissue Factor), ADCE-D01 (targeting uPARAP), and ADCE-B05, whose target has not yet been disclosed. The company is led by CEO Michael Pehl.
ADCendo valuation & multiples
ADCendo operates at the intersection of biotechnology and pharmaceutical drug development, two sectors for which European benchmarks as of Q4 2025 indicate EV/Sales valuation multiples of 3.71x to 4.74x and EV/EBITDA multiples of 19.32x to 21.52x. Because ADCendo's post-money valuation was not disclosed, these ranges serve as a sector-level reference for contextualising the round rather than a direct company valuation. Investors seeking deeper context on comparable deal pricing can explore the Biotech and Pharmaceutical sector multiples pages on DealMatrix.
Explore the benchmarks: Series C Pharmaceutical.
Frequently asked questions
How much did ADCendo raise in its Series C?
ADCendo raised USD 75 million in its Series C financing round.
What is ADCendo's valuation?
ADCendo's valuation was not disclosed in connection with this Series C round.
Who invested in ADCendo?
The round was led by Jeito Capital, with new investors Vida Ventures, BPI France, and EIFO joining all existing investors, including TCGX, RA Capital Management, TPG, OrbiMed, Venrock, Surveyor, Logos Capital, Novo Holdings, Pontifax Venture Capital, Dawn Biopharma, a platform controlled by KKR, HealthCap, Gilde Healthcare, and Ysios Capital.
When was ADCendo founded and where is it based?
ADCendo was founded in 2017 and is headquartered in Copenhagen, Denmark.
Source: original announcement — read the full report.