Biograil raises EUR 20m to prepare clinical trials of its oral alternative to injections
The Danish company's swallowable device attaches to the stomach wall and releases medicines that would otherwise need injecting. The round funds GLP studies and GMP manufacturing ahead of a larger raise in 2027.
Copenhagen-based Biograil announced on 4 November 2026 that it has raised a EUR 20 million financing round to advance preparations for clinical trials of its oral drug delivery technology, BIONDD.
According to EU-Startups, the round was backed by Verve Ventures and Megatrend Invest, with HTGF participating through its HTGF Opportunity growth fund. HTGF led the company's seed syndicate in 2019.
How the device works
Biograil, founded in 2019, is developing a device that sits inside a standard-size capsule. Once swallowed, the capsule dissolves in the stomach and releases a device with a spring-loaded grabbing mechanism, which attaches to the stomach wall and releases medication into the tissue for systemic distribution. The bio-compostable device then passes through the gastrointestinal tract.
The aim is to turn drugs that today require injection into oral capsules. That market includes many biologics and peptides, which are usually broken down in the digestive system before they can be absorbed if taken as a conventional pill.
What the money is for
The company plans to use the capital for activities ahead of Phase 1 clinical testing of BIONDD, including non-clinical GLP studies and establishing a GMP manufacturing process. These milestones are planned before a larger financing in 2027, EU-Startups reported. Startup Researcher also noted that non-dilutive funding from partnerships will support the same work.
"Excellent to see such strong support from existing internal investors and involve the HTGF Opportunity growth fund in the round," chief executive Karsten Lindhardt said, according to EU-Startups. He added that the funding, combined with non-diluting funding from partnerships, will enable Biograil to continue moving BIONDD towards Phase 1 clinical studies.
Anke Cassing, principal at HTGF, said the investor first backed Biograil in 2019 because it saw the potential of its approach to oral drug delivery, and that its participation through the HTGF Opportunity fund reflects continued conviction as the company prepares for clinical development.
Pharma names on the cap table
Biograil's investor syndicate includes Megatrend Invest, Verve Ventures, High-Tech Gründerfonds, Eli Lilly and Co., Sanner Ventures, Evonik Venture Capital, Anobis and Roquette Ventures. In July 2025 the company announced the first close of an EUR 8.5 million round led by Verve Ventures.
The team includes R&D executives behind what EU-Startups described as the world's first injection-moulded oral tablet approved by the FDA. Biograil has also announced a collaboration with CSL in 2024 to develop certain CSL compounds using BIONDD, according to its news page.
Why oral delivery is a hot field
The timing is notable. Earlier today, Novo Nordisk said its oral version of Wegovy is driving growth, showing how much value large pharma places on replacing injections with pills. We covered the results in Novo Nordisk raises 2026 outlook. Device-based approaches like BIONDD target a wider set of molecules that cannot easily be reformulated chemically.
Denmark's life sciences cluster
Copenhagen and the wider Medicon Valley region have become one of Europe's densest life sciences hubs, anchored by companies such as Novo Nordisk and Lundbeck and supported by specialist investors. Biograil fits a pattern of platform companies that partner with big pharma while raising venture funding in staged rounds.
What it means for European founders and investors
For deep tech and medtech founders, Biograil's path is instructive: a strategic syndicate including a major drugmaker and chemical companies, a long seed relationship with HTGF, and a clear milestone plan before a bigger round. Combining equity with non-dilutive partnership funding is a way to stretch capital through expensive preclinical work.
For investors, the round shows that capital is available for drug delivery platforms that can plug into pharma pipelines, particularly where obesity and other high-volume injectable treatments are concerned. Explore more deals on our funding page, such as Allox's seed round.
What happens next
Biograil will focus on GLP studies and GMP manufacturing over the coming months, with a larger financing round planned in 2027 to take BIONDD into Phase 1 trials.
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