Kasvu Therapeutics raises EUR 30 million for depression treatment development

Kasvu Therapeutics has raised EUR 30 million in the largest-ever funding round by an unlisted Finnish drug development company. The financing round was led by Norwegian health & life science investor Hadean Ventures, with participation from Tesi and Innovestor Life Science Fund alongside other new and existing investors.

Founded in 2023 based on research conducted at the University of Helsinki, Kasvu Therapeutics develops treatments for depression and other brain disorders. The company’s development programme is based on breakthrough scientific research into the molecular mechanisms driving the therapeutic effects of psychedelics in depression and other neurological disorders. The company’s goal is to develop medicines that provide similar therapeutic benefits without the hallucinogenic effects associated with psychedelic compounds.

The new funds will support the advancement of the company’s lead drug candidate into clinical development and through the completion of its first clinical trial in depression. The clinical trial is expected to begin in the second half of 2027.

“Kasvu Therapeutics is developing novel medicines targeting the treatment of diseases representing a significant unmet medical need. The company is an excellent example of a research-driven Finnish company with both a significant market opportunity and the potential to create meaningful international impact,” says Miia Kaye, Investment Director in Tesi’s Venture Capital and Growth Investments team.

Tesi’s investment is its first in the company. Tesi focuses on strategic sectors for Finland, such as health and life science. The aim is to grow expertise clusters that attract further research, talent and investment, and in turn create jobs and tax revenue.

Read more:

–          Press release by Kasvu Therapeutics, 24 Sept 2026

Additional information:

Miia Kaye, Investment Director, Venture & Growth Investments
miia.kaye@tesi.fi
+358 50 388 3005

Tesi (officially Finnish Industry Investment Ltd) is a state-owned, market-driven investment company that invests in venture capital and private equity funds and directly in Finnish startups and growth companies, and to new industrial scale businesses. tesi.fi | X (Twitter) | LinkedIn | Instagram | Bluesky | Threads | Newsletter