Arcana receives 280.000 EUR SAFE funding from New Business Venture Fund & Angels

ArcanaBio has received 280.000 EUR (43MM ISK) in a SAFE funding round (Simple Agreement for Future Equity), led by the Icelandic State owned New Business Venture Fund.

The investment is part of the Icelandic State owned venture funds recent 1:1 investment matching scheme that was successfully completed with biotech angel investors participating.

This funding is Arcanas' first capital fund raising effort, as the company has mostly received non-delutive funds from various research grants of close to 900.000 EUR in total since 2020.