Base case: NOVAKERN financial model
2032 revenue €118.6M · break-even 2029
Scenario
Funding & milestones
Rounds, use of funds, grant history and the capex each milestone unlocks
Funding rounds
staged to milestones
Round A2026
€5.5M
€0.5M approved + €5.0M aimed (pre-seed / seed).
Round B2028
€15.0M
Series A, staged to regulatory + scale-up milestones.
Round C2030
€30.0M
Series B, staged to commercial scale-up.
Round A: use of funds
€5.5M by bucket
| Bucket | Share | Amount |
|---|---|---|
| Operations & Team Runway | 36% | €1.98M |
| Bioreactor & Process Scale-Up | 18% | €0.99M |
| Food-Grade Facility & GMP | 15% | €0.82M |
| Cell Lines & Specialty R&D | 15% | €0.82M |
| Strategic Customer Programs | 9% | €0.49M |
| Regulatory & IP | 7% | €0.39M |
Grant history
cash grants received · €2,385,700 total
| Grant | Year | Amount |
|---|---|---|
| Regional innovation voucher | 2023 | €21,000 |
| Early-stage startup award | 2023 | €12,000 |
| Biomanufacturing innovation prize | 2024 | €19,000 |
| IP support scheme (SME) | 2024 | €5,500 |
| Regional internationalisation grant | 2024 | €1,700 |
| Patent commercialisation programme | 2025 | €5,500 |
| National R&D reimbursement #1R&D reimbursement; payout 2026-2029. | 2026 | €384,000 |
| National R&D reimbursement #2R&D reimbursement; payout 2026-2029. | 2026 | €212,000 |
| National R&D reimbursement #3R&D reimbursement incl. capex; payout 2026-2029. | 2026 | €1,550,000 |
| Collaborative research call50% of a joint project budget; 2025-2027. | 2025 | €175,000 |
Milestones → capex
cumulative capital each scale-up stage unlocks
| Milestone | Timeline | Key capex | Cumulative capex |
|---|---|---|---|
| Pilot Facility | 2026–2028 | Pilot facility & upgrades, bioreactors | €2.17M |
| 20× Scale (Specialty) | 2029–2030 | Industrial facility, bioreactors, spray drier | €10.35M |
| 20× Scale (Commodity) | 2031–2032 | Industrial facility expansion, bioreactors | €20.60M |
Source: NOVAKERN financial model, 05_Funding and Milestones, and the Series A deck (use of funds).