Kerecis Acquisition, Valuation, Funding & Investors

Kerecis was acquired by Coloplast for $1.3B in July 2023, a 11.9x multiple on $109M of revenue.

Kerecis acquisition price

$1.3B

Acquired by Coloplast · Jul 2023

Kerecis revenue at acquisition

$109M

Last twelve months · Jul 2023

Kerecis revenue multiple at acquisition

11.9x

EV/Revenue · Jul 2023

Cumulative funding Kerecis raised

$91M

across 7 funding rounds

Kerecis Overview

About Kerecis

Kerecis is an Iceland-headquartered medical technology company that produces MariGen and SurgiBind fish-skin grafts for wound healing and tissue regeneration. Sourced from Atlantic cod raised in pristine Icelandic waters, the acellular fish skin matches human skin's lipid profile, minimizing disease transmission risks. Over 50 clinical studies, including two double-blind randomized controlled trials, demonstrate superior efficacy over porcine and bovine alternatives in treating chronic wounds, burns, and surgical sites. The company expanded into oral surgery and neurosurgery products.


Founded

2009

HQ

IcelandÍsafjörður

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$74M (Jul 2022)

Valuation

$620M (Jul 2022)

Kerecis Acquisition

Kerecis was acquired by Coloplast for $1.3B on 7 July 2023.

The acquisition price implies a 11.9x revenue multiple on $109M of revenue.

Before the acquisition Kerecis had raised $91M across 7 funding rounds.

Kerecis acquisition details
AcquirerDateTypePriceEV/Revenue
7 Jul 2023Strategic M&A$1.3B11.9x

Kerecis Valuation

Kerecis is currently valued at $620M, based on its Series D in July 2022.

The $60M round was led by KIRKBI, with participation from Emerson Collective, LSV and Brú Pension Fund.

Kerecis' valuation has moved from $620M at its Series A in August 2020 to $620M in July 2022, across 2 priced rounds.

Kerecis valuation by funding round

Revenue multiple
Kerecis valuation by funding round
DateStageValuationRevenue Multiple
Jul 2022Series D$620M8.4x
Aug 2020Series A$620M8.4x

Kerecis Revenue

Kerecis' latest recorded revenue is $74M, as of its Series D in July 2022. At a $620M valuation, that implies a 8.4x revenue multiple.

Revenue moved from $74M in August 2020 to $74M in July 2022, while the revenue multiple moved from 8.4x to 8.4x.

Kerecis revenue by funding round

Kerecis revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jul 2022$74M$620M8.4xSeries D
Aug 2020$74M$620M8.4xSeries A

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Kerecis Funding History

Kerecis has raised a total of $91M across 7 funding rounds.

Kerecis' first fundraising round was a $1M Series A in April 2013. The most recent completed round was a $60M Series D in July 2022.

Kerecis funding rounds

Kerecis funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2022Series DKIRKBI (lead); Emerson Collective; LSV; Brú Pension Fund$60M$620MKerecis is a medical technology company pioneering the use of sustainably sourced fish skin and fatty acids from fishing grounds near the Arctic Circle for cellular therapy, tissue regeneration, and protection, targeting wounds like diabetic ulcers. On July 21, 2022, it completed a $100 million Series D financing round led by KIRKBI, the investment arm of the LEGO Group family, which invested $40 million in cash for new shares. Existing shareholders Emerson Collective, Brú Pension Fund (BRU), and LSV also participated with $20 million in cash for new shares, plus $10 million conversion of convertible debt to equity and a $30 million extension of revolving credit from Silicon Valley Bank. The round explicitly valued Kerecis at a post-money valuation of US$620 million, accelerating growth and development of next-generation patented fish-skin products. KIRKBI marked its first investment in the company, motivated by Kerecis's innovative approach and mission to lead in tissue regeneration using nature's remedies. By 2022, Kerecis had grown to over 300 staff members. The company was later acquired on July 7, 2023.
Aug 2020Series A-$6M$620MKerecis is a regenerative-medicine biologics company that develops, manufactures, and distributes patented fish-skin medical devices for tissue regeneration, sourced from sustainable fishing grounds near the Arctic Circle, targeting wounds, burns, and surgical applications. The company's products are used in private offices, wound centers, burn centers, and hospital operating rooms, with regulatory approvals in the United States, Europe, and beyond. In July 2022, Kerecis completed a Series D funding round raising $100 million, led by KIRKBI with $40 million, alongside co-investors contributing $20 million in cash, $10 million conversion of convertible promissory notes, and a $30 million extension of Silicon Valley Bank's revolving credit facility. The round established a post-money valuation of $620 million. Funds will accelerate growth and development of next-generation fish-skin products. Kerecis demonstrated strong traction with revenues doubling annually in recent years prior to the round. Revenue reached $35 million in calendar year 2021, with expectations of more than doubling in 2022. Investors included KIRKBI, Bru Investments, Emerson Collective, and LSV Capital.
Jun 2019Series CEmerson Collective; Alvogen; CuraeLab; Novator$16M-Kerecis Limited, a company pioneering fish skin for tissue regeneration, completed a $16 million Series C funding round on June 12-13, 2019. The round included $10 million in new shares sold to investors such as Emerson Collective, Alvogen, CuraeLab, and Novator, plus $6 million in promissory notes converted to equity. Founders and related parties retained about one-third ownership post-round. Proceeds funded sales and marketing in the US and Switzerland. Kerecis develops patented Omega3-rich fish skin products for wounds like burns and diabetic ulcers, oral surgery, plastic surgery, and neurological uses, with over 50 studies supporting the technology.
Jan 2018Seed-$3M--
Jul 2016Series B-$3M-Kerecis secured $3 million in Series B funding on July 13, 2016. The company develops fish-skin medical devices for tissue regeneration, focusing on chronic wounds, hernias, and other tissue defects.
Feb 2014Series ANew Business Venture Fund (lead)$2M--
Apr 2013Series A-$1M--

Who has invested in Kerecis?

8 investors have backed Kerecis across its funding rounds, including Emerson Collective, Novator, New Business Venture Fund, KIRKBI, Alvogen and Brú Pension Fund.

Lead investors include KIRKBI and New Business Venture Fund.


Kerecis Investors

Investors in Kerecis by funding rounds participated
InvestorHQRoundsRoleFirst check
Emerson CollectiveUnited StatesSan Francisco, CA2ParticipantJun 2019
AlvogenUnited StatesMorristown, NJ1ParticipantJun 2019
KIRKBIDenmarkBillund1LeadJul 2022
New Business Venture FundIcelandReykjavík1LeadFeb 2014
LSVIcelandIceland1ParticipantJul 2022
CuraeLabFranceParis1ParticipantJun 2019

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Kerecis Competitors

Kerecis competitors include listed companies like Maze Therapeutics and Arcs Co, and private ones like FibroGen, BenevolentAI, Rakuten Medical and ArsenalBio.

Public and private companies comparable to Kerecis
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
FibroGenUnited StatesSan Francisco, CAPrivate$108M-$1.2B11.3x
BenevolentAIUnited KingdomLondonPrivate$10M-$1B100.0x
Rakuten MedicalUnited StatesSan Diego, CAPrivate--$1.7B-
ArsenalBioUnited StatesUnited StatesPrivate--$1.9B-
Maze TherapeuticsUnited StatesUnited StatesPublicly listed-($140M)$1.3B66.5x
Arcs CoJapanJapanPublicly listed$4B$185M$1.3B0.2x

Kerecis Public Comps

Kerecis is no longer listed, but its public comps include Maze Therapeutics, Arcs Co, Vor Biopharma, Sinocare, Medartis, Aktis Oncology, Vitrolife, GNI Group, HBM Holdings and ORIC Pharmaceuticals.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Maze Therapeutics-($140M)-66.5x(6.8x)(5.6x)
Arcs Co$4B$185M0.2x0.2x4.8x4.9x
Vor Biopharma-($699M)--(1.2x)(3.6x)
Sinocare$695M$43M1.9x1.8x31.0x15.3x
Medartis$328M$54M4.7x4.0x28.4x22.3x
Aktis Oncology$6M($72M)117.6x61.0x(10.6x)-
Vitrolife$351M($449M)3.8x3.7x(3.0x)11.9x
GNI Group$173M($15M)7.6x5.6x(87.9x)644.2x

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Common questions about Kerecis

When was Kerecis founded?Kerecis was founded in 2009.
Where is Kerecis headquartered?Kerecis is headquartered in Ísafjörður, Iceland.
Is Kerecis publicly listed?No, Kerecis was acquired by Coloplast in July 2023.
Who acquired Kerecis?Kerecis was acquired by Coloplast in July 2023.
How much was Kerecis acquired for?Kerecis was acquired for $1.3B in July 2023, a 11.9x revenue multiple.
What is Kerecis' valuation?Kerecis was last valued at $620M in its Series D in July 2022.
How much funding has Kerecis raised?Kerecis has raised $91M across 7 funding rounds.
What was Kerecis' last funding round?Kerecis' last funding round was a $60M Series D in July 2022, led by KIRKBI.
Who are Kerecis' investors?Kerecis' investors include Emerson Collective, Alvogen, KIRKBI, New Business Venture Fund, LSV, CuraeLab, Novator and Brú Pension Fund.
What is Kerecis' revenue?Kerecis' latest recorded revenue is $74M (July 2022).
What is Kerecis' revenue multiple?Kerecis' latest valuation implies a 8.4x revenue multiple ($620M valuation on $74M of revenue).
Which companies are comparable to Kerecis?Companies comparable to Kerecis include FibroGen, BenevolentAI, Rakuten Medical, ArsenalBio, Maze Therapeutics and Arcs Co.

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