About MSD
MSD is a venture capital firm founded in 2010. It is primarily based out of Kenilworth, United Kingdom. As of Feb 2026, MSD is an active investor, having invested in 5 companies, with 1 new investment in the last 12 months. It primarily invests in Post IPO round in Denmark based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to Life Sciences and HealthTech. Most recently it participated in the $***** Series B round of Turbine Overall, MSD portfolio has seen 1 IPO, namely Evaxion Biotech. A lot of funds co-invest with MSD, with names like Merck Sharp & Dohme sharing a substantial percentage of its portfolio. MSD has team of 8 people including 5 partners.Key Metrics
MSD's List of All Investments
MSD has a portfolio of 5 companies. Their most notable investments are in Ekincare and Base Immune.Their portfolio spans across Denmark, Hungary, India and 2 more locations. They have invested in Enterprise Applications, Life Sciences, HealthTech and 1 other sectors, across stages such as Series B, Post IPO and 1 more. Here is the list of all investments by MSD:
1. Ekincare
Provider of employee health benefits platform offering health and wellness programs. The platform facilitates health checks, telemedicine, pharmacy delivery, and mental health support. It also provides access to fitness centers, medical rooms, and healthcare financing options. The platform offers customized engagement and data-driven insights through real-time dashboards.
Key facts about Ekincare
- Founded Year: 2015
- Location: Hyderabad (India)
- Annual Revenue: ₹50 - ₹100 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $28M
- Employee Count: 183 as on Aug 31, 2025
- Investors: Sabre Partners, Trifecta Capital and 43 Others
- Latest Funding Round: Series B, Jan 30, 2026, $*****
- Highlight: Editors' Pick
2. Turbine
Provider of an AI based cancer therapy management software for researchers and doctors. Turbine's Simulated Cell is made of a network, including proteins and their physical and conditional relations. It can be customized with multiple OMICS layers to simulate any cancer type. The model is further treated with all likely treatment combinations in silico with the help of AI algorithms to find the optimal drug combination.
Key facts about Turbine
- Founded Year: 2015
- Location: Budapest (Hungary)
- Stage: Series B
- Total Funding till date: $61.7M
- Employee Count: 115 as on May 31, 2026
- Investors: Accel, Merck Global Health Innovation Fund and 19 Others
- Latest Funding Round: Series B, Feb 24, 2026, $*****
- Highlight: Editors' Pick
3. PreciseDx
Provider of an AI-based medical image analysis software for healthcare professionals. The software has AI-enabled tools that assist professionals to diagnose pathological samples for diagnosis and treatment solutions. The tool uses AI technology to analyze pathological images of the patient and predict disease, it assists in the enhancement of the image and provides workflow management solutions.
Key facts about PreciseDx
- Founded Year: 2019
- Location: New York City (United States)
- Stage: Series B
- Total Funding till date: $32M
- Employee Count: 28 as on May 31, 2026
- Investors: Gershon Capital, Merck Global Health Innovation Fund and 6 Others
- Latest Funding Round: Series B, May 28, 2025, $*****
- Highlight: Editors' Pick
4. Base Immune
Developer of AI-based vaccines for treating infectious diseases. The company has developed the BSIvet-001, BSIvet-001, BSIvet-001 vaccines for the treatment of swine fever. It also provides the BSIhum-002 vaccine for the treatment of SARS-CoV-2, malaria, porcine repro and respiratory syndrome
Key facts about Base Immune
- Founded Year: 2019
- Location: London (United Kingdom)
- Stage: Series A
- Total Funding till date: $19.7M
- Employee Count: 29 as on May 31, 2026
- Investors: Cherry Ventures, Mainspring Fund Services and 13 Others
- Latest Funding Round: Series A, Feb 26, 2024, $*****
- Highlight: Editors' Pick
Developer of immunotherapies for the treatment of cancer and infectious diseases. The company's drug candidates include EVX-B1 against Staphylococcus aureus, EVX-02 for melanoma, EVX-03 for multiple cancer, and EVX-B2 against P. aeruginosa. The company has developed immuno-oncology platforms called Pioneer and Eden which uses algorithms to identify and select neoepitopes, tumor-specific mutations, and protein antigens to generate an anti-cancer immune response.
Key facts about Evaxion Biotech
MSD's Year-on-Year Investment Trends
MSD has invested in 5 companies over the last 3 years, with an average of 2 new investments annually in the last 3 years. In 2025, it made 2 investments, while as of Feb 2026, it has made 1 investment in this year. Its most recent first time investment was in Turbine.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 1 | 0 | 1 |
2025 | 2 | 0 | 2 |
2024 | 1 | 0 | 1 |
2023 | 1 | 0 | 1 |
MSD's Investments by Stage
MSD has made 3 investments in Series B stage with an average round size of $13.2M, 1 investment in Post IPO stage with an average round size of $5.3M and 1 investment in Series A stage with an average round size of $14M.Stage of entry | No. of Investments |
|---|---|
Series B | 3 |
Post IPO | 1 |
Series A | 1 |
Note: We have considered here, only first round of investments
MSD's Investments by Sector
MSD has a diverse portfolio, with companies operating in the Enterprise Applications, Life Sciences, HealthTech, Artificial Intelligence - Industry Applications and Sustainability Tech. Notably, it has invested in 5 Enterprise (B2B) companies, 5 Tech companies, 4 Software companies and at least 2 companies focusing on AI-Native.Sector | No. of Investments |
|---|---|
Enterprise Applications | 4 |
Life Sciences | 4 |
HealthTech | 3 |
Artificial Intelligence - Industry Applications | 2 |
Sustainability Tech | 2 |
Others | 2 |
Note: We have considered here, only first round of investments
MSD's Investments by Geography
MSD has made most investments in Denmark (1), followed by Hungary where it has made 1 investment.Country | No. of Investments |
|---|---|
Denmark | 1 |
Hungary | 1 |
India | 1 |
United Kingdom | 1 |
United States | 1 |
Note: We have considered here, only first round of investments
MSD's recent investments
MSD has made 1 investments in 2026 so far - Turbine.Here are the most recent investments by MSD:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Feb 24, 2026 | Hungary | Series B | 3229 | ||
May 28, 2025 | United States | Series B | 3484 | ||
Feb 25, 2025 | India | Series B | 2938 | [+3] | |
Feb 26, 2024 | United Kingdom | Series A | 8908 | [+4] | |
Dec 19, 2023 | Denmark | Post IPO | 3310 | - |
IPOs and Publicly Listed companies in MSD's Portfolio
1 of MSD's portfolio company became public - Evaxion Biotech. It got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ), in Feb 2021 at marketcap of $192MHere are MSD's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Feb 05, 2021 | Dec 19, 2023 | Post IPO | 3604 |
Team profile of MSD
MSD has a team of 8 members including 5 Partners and 3 Principals located in United States and United Kingdom. MSD's team does not sit on the board of any company as of now.Here is a list of all team members in MSD:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Basking Ridge | - | - | |
Partner | New Hope | - | - | |
Partner | New York City | - | - | |
Partner | Hatfield | - | - | |
Partner | New Hope | - | - | |
Principal | New York City | - | - | |
Principal | New York City | - | - | |
Principal | London | - | - |
Co-investors of MSD
Over the past 3 years, 57 investors have co-invested in MSD's portfolio companies. This includes funds and angels.
- Invested before MSD: Ventureast, Endiya Partners and 48 others have invested in rounds before MSD. There is 1 company where Ventureast has invested before MSD and 1 company where Endiya Partners has invested before MSD.
- Top Co-investors of MSD: 6 investors entered a company along with MSD. These include investors like Merck Sharp & Dohme (1 company).
- Invested after MSD: HealthQuad (1 company) is the only investor which has invested in MSD's portfolio after their investments.
Recent News related to MSD
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Hungary's Turbine Raises $25M Series B to Build Virtual ExperimentsEndpoints•Feb 24, 2026•Turbine, Interactive Venture Partners, Beiersdorf, MSD and 1 other
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Octave Bioscience Secures $35M Series C to Boost Commercial GrowthBusiness Wire•Sep 05, 2025•Octave Bioscience, Valhalla, Northpond Ventures, S32 and 8 others
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PreciseDx Secures $11M Funding, Appoints New Leadership for 2026 Launchintelligence360•Jun 27, 2025•PreciseDx, Eventide Asset Management, MSD, Philips and 2 others
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Evaxion announces closing of $10.8 million public offeringForexTV•Feb 01, 2025•Evaxion Biotech, Merck, Lake Street Capital Markets, JonesTrading and 2 others
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Baseimmune Closes £9M Series A FundingFinSMEs•Feb 29, 2024•Base Immune, MSD, IQ Capital, Hoxton Ventures and 3 others
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Evaxion Biotech Announces Pricing of $15 Million Public OfferingGlobeNewswire•Feb 01, 2024•Evaxion Biotech, H.C. Wainwright, MSD, Merck
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Evaxion Biotech announces private placement financingMedical Buyer•Dec 20, 2023•Evaxion Biotech, MSD, Merck
