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About Borealis Ventures
Borealis Ventures is a venture capital firm founded in 2002. It is primarily based out of Hanover, United States. As of Jul 2025, Borealis Ventures is an active investor, having invested in 54 companies, with 1 new investment in the last 12 months. It primarily invests in Series A round in United States based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to Life Sciences and High Tech. Most recently it participated in the $***** Seed round of Astra Overall, Borealis Ventures portfolio has seen 1 IPO and 28 acquisitions including key companies like Covetrus, Compass Therapeutics and coUrbanize. A lot of funds co-invest with Borealis Ventures, with names like Polaris Partners sharing a substantial percentage of its portfolio. Borealis Ventures has team of 6 people including 3 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Series B & 4 more
Portfolio IPOs
Portfolio Acquisitions
Portfolio Soonicorns
Borealis Ventures' List of Top Investments
Borealis Ventures has a portfolio of 54 companies. Their most notable investments are in Adored and Avitide.Their portfolio spans across United States, United Kingdom, China and 4 more locations. They have invested in Enterprise Applications, Life Sciences, High Tech and 18 other sectors, across stages such as Series A, Series B and 4 more. Here is the list of top investments by Borealis Ventures:
1. Covetrus
Provider of practice and prescription management software for veterinary professionals. The company offers veterinary software systems including RxWorks and VisionVPM to optimize practice revenue and streamline processes and workflows. Also, offers integrated software and hardware solutions.
Key facts about Covetrus
- Founded Year: 2010
- Location: Portland (United States)
- Annual Revenue: $1B+ as on Dec 31, 2021
- Stage: Acquired
- Total Funding till date: $292M
- Employee Count: 2,498 as on May 31, 2026
- Investors: Valspring Capital, CD&R and 16 Others
- Latest Funding Round: Post IPO, Apr 30, 2020, $*****
- Highlight: Acquired
2. Ovation
Ovation.io a cloud-based laboratory information and data management platform for researchers and clinicians. It offers products for knowledge capture and collaboration for scientists to manage data, analyses, notes, protocols, insights, and the relationships between each of these items. It offers LIMS+ - a lab information management system for document management, workflow management, sample tracking, and training and record management. It also offers data management systems and visualization solutions for experimental and analytical activities. It offers a platform for data exchange between all the participants in research which also allows users to manage teams, provide varying levels of access, and track data ownership; tools to record metadata, custom tags, and records for experiment sources; and data visualization tools.
Key facts about Ovation
- Founded Year: 2009
- Location: Cambridge (United States)
- Stage: Series B
- Total Funding till date: $33.3M
- Employee Count: 46 as on May 31, 2026
- Investors: Leavitt Equity Partners, SignalFire and 8 Others
- Latest Funding Round: Series B, Oct 09, 2020, $*****
- Highlight: Editors' Pick
Compass Therapeutics develops and discovers therapeutic antibodies for cancer treatment. The company focused on comprehensively drugging the tumor-immune synapse with combinations of human monoclonal antibodies, multiclonal, and engineered protein constructs.
Key facts about Compass Therapeutics
- Founded Year: 2013
- Location: Cambridge (United States)
- Annual Revenue: $0 - $1M as on Dec 31, 2024
- Stage: Public
- Total Funding till date: $239M
- Employee Count: 55 as on May 31, 2026
- Investors: Foresite Capital, Cowen and 17 Others
- Latest Funding Round: Series A, Jun 23, 2020, $*****
- Highlight: Public
4. Adimab
Antibody discovery and optimization platform for autoimmune and infectious diseases. The company’s platform also delivers and optimizes diverse panels of therapeutically relevant antibodies that meet the most standards for affinity, epitope coverage, species cross-reactivity, and developability.
Key facts about Adimab
- Founded Year: 2007
- Location: Lebanon (United States)
- Stage: Series F
- Total Funding till date: $35.4M
- Employee Count: 136 as on May 31, 2026
- Investors: Mithril, Premji Invest and 10 Others
- Latest Funding Round: Series F, Apr 02, 2012, $*****
- Highlight: Editors' Pick
Dandelion Energy is a geothermal energy solutions provider, offering high-performance, earth-powered heating and cooling systems for residential customers. The company's innovative technology enables cost-effective and sustainable energy solutions. With a focus on environmental sustainability, Dandelion Energy aims to transform the heating and cooling industry.
Key facts about Dandelion Energy
- Founded Year: 2017
- Location: Somerville (United States)
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $175M
- Employee Count: 113 as on May 31, 2026
- Investors: Lennar, Trinity Capital and 28 Others
- Latest Funding Round: Series C, Oct 18, 2024, $*****
- Highlight: Editors' Pick
Borealis Ventures' Year-on-Year Investment Trends
Borealis Ventures has invested in 54 companies over the last 23 years, with an average of 2 new investments annually in the last 10 years. In 2025, it made 1 investment. Its most recent first time investment was in Astra and most recent follow-on round was in Orbit Discovery.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 1 | 0 | 1 |
2024 | 0 | 0 | 0 |
2023 | 0 | 0 | 0 |
2022 | 0 | 0 | 0 |
2021 | 1 | 1 | 2 |
2020 | 2 | 2 | 4 |
2019 | 2 | 0 | 2 |
2018 | 3 | 2 | 5 |
2017 | 4 | 1 | 5 |
Borealis Ventures' Investments by Stage
Borealis Ventures is primarily an Early Stage Investor investor majorly investing in Series A (24) rounds where average round size is $198M, Series B (5) rounds where average round size is $128M and Seed (4) rounds where average round size is $16.6M.Stage of entry | No. of Investments |
|---|---|
Series A | 24 |
Series B | 5 |
Seed | 4 |
Series C | 4 |
PE | 1 |
Others | 1 |
Note: We have considered here, only first round of investments
Borealis Ventures' Investments by Sector
Borealis Ventures has a diverse portfolio, with companies operating in the Enterprise Applications, Life Sciences, Vertical SaaS, HealthTech and Real Estate and Construction Tech. Notably, it has invested in 47 Tech companies, 46 Enterprise (B2B) companies, 29 Software companies and at least 17 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 21 |
Life Sciences | 11 |
Vertical SaaS | 8 |
HealthTech | 7 |
Real Estate and Construction Tech | 7 |
Others | 37 |
Note: We have considered here, only first round of investments
Borealis Ventures' Investments by Geography
Borealis Ventures has made most investments in United States (30), followed by United Kingdom where it has made 4 investments.Country | No. of Investments |
|---|---|
United States | 30 |
United Kingdom | 4 |
China | 1 |
Finland | 1 |
France | 1 |
Others | 2 |
Note: We have considered here, only first round of investments
Borealis Ventures' recent investments
Borealis Ventures has not made any investment in 2026 so far.Here are the most recent investments by Borealis Ventures:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jul 24, 2025 | Switzerland | Seed | 7555 | [+3] | |
Nov 12, 2021 | United States | Series B | 6551 | [+5] | |
Jul 20, 2021 | United Kingdom | Series A | 9120 | ||
Oct 29, 2020 | United States | Series A | 1025 | [+4] | |
Oct 29, 2020 | United States | Series A | 1081 | [+4] |
IPOs and Publicly Listed companies in Borealis Ventures' Portfolio
1 of Borealis Ventures' portfolio company became public - Compass Therapeutics. It got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ), in Apr 2021.Here are Borealis Ventures' portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Apr 05, 2021 | Sep 21, 2016 | Series A | 9029 |
Acquired companies in Borealis Ventures' Portfolio
28 companies from Borealis Ventures' portfolio have been acquired. The most recent acquisition was coUrbanize in Sep 2025 by Gravity for $*****.Here are Borealis Ventures' portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Sep 02, 2025 | - | - | 8753 | |
Apr 03, 2023 | May 05, 2004 | Series A | 8185 | |
Dec 16, 2022 | Jul 14, 2017 | Series A | 4985 | |
May 25, 2022 | May 06, 2012 | Series A | 5263 | |
Sep 16, 2021 | Mar 15, 2013 | Series A | 3615 |
Team profile of Borealis Ventures
Borealis Ventures has a team of 6 members including 3 Partners, 1 Venture Partner and 1 Principal located in United States. Borealis Ventures' team does not sit on the board of any company as of now.Here is a list of all team members in Borealis Ventures:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Hanover | - | ||
Partner | Portland | - | ||
Partner | United States | - | - | |
Venture Partner | Lebanon | - | ||
Principal | Hanover | - |
Co-investors of Borealis Ventures
Over the past 23 years, 206 investors have co-invested in Borealis Ventures's portfolio companies. This includes funds and angels.
- Invested before Borealis Ventures: Oxford Science Enterprises, StageDotO and 30 others have invested in rounds before Borealis Ventures. There are 2 companies where Oxford Science Enterprises has invested before Borealis Ventures and 1 company where StageDotO has invested before Borealis Ventures.
- Top Co-investors of Borealis Ventures: 81 investors entered a company along with Borealis Ventures. These include investors like Polaris Partners (6 companies).
- Invested after Borealis Ventures: A total of 93 investors have invested in Borealis Ventures's portfolio after their investments. Top Investors include Building Ventures (4 companies), Google Ventures (2 companies) and Orbimed (2 companies).
Recent News related to Borealis Ventures
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Swiss BioTech ASTRA Therapeutics Secures €8.3M Seed Round for Precision ParasiticidesEU-Startups•Jul 24, 2025•Astra, MIG Capital, Digitalis Ventures, Borealis Ventures and 2 others
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MIG Capital Leads CHF 7.75 Million Seed Financing for ASTRA TherapeuticsBenzinga•Jul 24, 2025•Astra, MIG Capital, Digitalis Ventures, Borealis Ventures and 2 others
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Orbit Discovery raises $7.6m to boost peptide drug discovery servicesPharmaTimes•Jul 21, 2021•Orbit Discovery, Oxford Science Enterprises, Borealis Ventures, Perivoli Innovations and 1 other
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Circularise And Porsche Collaborate With Borealis, Covestro And Domo Chemicals To Enable The Traceability Of Plastics In The Automotive SectorTextile Industries Media Group•Nov 03, 2020•Circularise, Porsche, Borealis, Covestro and 2 others
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Austria’s OMV completes deal to buy $4.68bn Borealis stake from MubadalaThe National•Oct 29, 2020•Mubadala, Borealis Ventures, OMV Group, Borealis
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Borealis sees net profit slide 25% in first quarter 2020Sustainableplastics•May 06, 2020•Borealis Ventures, Borealis
