Corporate Equity
Participation
Impact
| Financing threshold: | €2,500,300 |
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| Maximum issue size: | €4,804,250 |
| Invested so far: | €1,769,350 |
The Neokidney™ system is a small, lightweight hemodialysis machine designed for use at home or on the move. With no infrastructure needed and only a small fluid volume, it enables patients to dialyse on their own schedule, reducing the impact on work, family life and daily routines. In-clinic it will lower infrastructure investment and increase flexibility for hybrid, satellite and mobile use.
Learn moreNextkidney has completed its initial in-clinic safety study and performed several hundreds of treatments across multiple European clinics. The company is now working to complete its clinical programme and will then seek CE marking (European regulatory approval) and FDA clearance (US regulatory approval) for in-centre use, followed by a home-use extension and staged commercial launch.
Learn moreStrategic and financial investors, including health insurance companies such as Menzis, CZ, Achmea and MACSF, back the company's industrialization and go-to-market strategy.
Invesdor investors first backed Nextkidney in a successful €4.2 million round in 2022. Now you have the opportunity to invest again alongside these professionals.
Nextkidney has received a European Innovation Council (EIC) Accelerator grant, a highly competitive EU programme that provides non-dilutive funding to innovative technology companies. Within the Dutch infrastructure the company is supported by national innovation programs.
Learn moreThe business model combines device sales or leases with recurring consumable sales used in every treatment, creating a long-term, recurring revenue stream once devices are placed. Nextkidney targets a large and growing dialysis market that is gradually shifting toward home and portable treatment solutions. It has a strong IP position with over 175 patents granted.
Learn moreWorldwide, 2.8 million patients depend on dialysis, one of the most expensive treatments in healthcare at around €90,000 per patient per year in the Netherlands. The global market is growing by 7% annually. Nephrologists estimate that around 50% of haemodialysis patients could treat at home, and governments and insurers are keen to support that shift: home dialysis can save up to 40% compared with in-centre care. Neokidney is designed to make this possible.
Through this campaign, investors can acquire certificates of shares in Nextkidney as part of the third tranche of a larger funding round that also involves professional and strategic investors. The capital in this round will fund the completion of clinical studies, regulatory approvals, manufacturing scale-up and the first commercial roll-out of the Neokidney device.
Your investment is made under the Regulation (EU) 2020/1503 and is not protected by the deposit guarantee schemes established under Directive 2014/49/EU (Deposit Guarantee Schemes Directive). Your investment is also not protected by the investor compensation schemes established under Directive 97/9/EC (Investor Compensation Schemes Directive).
“Every week I meet people whose lives are organised around dialysis, not around their families, work or dreams. With Neokidney we aim to bring treatment to where patients live, so they can regain time, freedom and dignity. This funding round will help us complete our clinical studies and regulatory approvals, and prepare our first commercial launches. I invite you to join us in making this next step possible.”
Jérôme Augustin, CEO
You already know this company, but want to see what has changed since you last invested? Here you can follow how Nextkidney has progressed operationally and financially since the previous crowdfunding campaign. Read the latest developments ➜
Millions of people live with end-stage kidney disease, meaning their kidneys have permanently failed and they depend on regular treatment to survive. That treatment is hemodialysis, a process that filters waste from the blood that the kidneys can no longer remove. For most patients, this means travelling to a hospital or clinic around 3 times a week for sessions up to 4 hours, followed by recovery time. The physical toll is significant. Many patients experience fatigue, headache and nausea after each session, commonly called a "dialysis hangover", which leaves little room for work, family life or social participation. Clinic-based dialysis is also expensive and resource-intensive, requiring large machines, high water volumes and specialised staff. Practical home solutions exist but are not patient-centered and therefore remain rare and underused.
Nextkidney is developing the Neokidney™ system. A compact, lightweight hemodialysis device designed for frequent use at home and on the move. Unlike conventional dialysis machines, it uses sorbent technology, a method that cleans and reuses a small volume of fluid during treatment, so each session requires very little water and no complex installation. It simply plugs into a standard power socket and is designed to be straightforward to use for patients who are medically suitable for home treatment. The company's motto: “If you can charge your phone, you can perform treatment with Neokidney.”
The goal is to give patients more freedom and flexibility, allowing treatment to fit around daily life rather than the other way around. For health systems, placing treatment at home or in hybrid locations (elderly homes, community centers, small satellite clinics etc.) also reduces the pressure on clinics and makes dialysis care more efficient to deliver.
Nextkidney plans to place Neokidney devices with hospitals, dialysis clinics, hybrid solutions and home-dialysis programmes, which are organised care pathways that support patients in treating themselves at home. Devices will be sold directly or leased, depending on the market and care setting. Each device generates recurring revenue through the consumables used in every treatment session, particularly the sorbent cartridges that clean the fluid and the disposable sets used during each session. These recurring sales form the main long-term revenue stream.
Pricing is designed to fit within the reimbursement frameworks of key markets, meaning the cost of treatment is covered by health insurers or national health systems rather than paid out of pocket by patients. Some clinics are also moving toward all-inclusive contracts where device use and consumables are bundled into a single fixed fee, which Nextkidney's model is well suited to support.
The dialysis market is dominated by large, established companies such as Fresenius Medical Care, Vantive, B. Braun and Nipro. Specialised (home) hemodialysis providers, including NxStage (now part of Fresenius), Quanta, Dialysis Technologies, Physidia and Outset Medical, have made progress in bringing treatment closer to patients. However, most of these systems are just smaller versions of clinical devices, still heavy, require large volumes of treatment fluid or additional water supply equipment, and are difficult to use outside the home. True portability, meaning a device a patient can take to work, on holiday or to a family gathering, remains largely out of reach with current solutions.
The patient-centered design of the Neokidney system will fill this gap. Its compact size, low weight (approximately 10 kg), 5 times lower water requirement and non-dependency on infrastructure make it better suited for frequent use at home and on the move, with a far simpler setup than existing alternatives.
Neokidney is designed to put patients first. By making it possible to dialyse at home or outside the clinic, the device aims to give more people access to stable, frequent treatment without having to organise their lives around clinic visits. This can mean more time for work, family and everyday activities, improved physical wellbeing, and a better overall quality of life.
SDG 3
Good health and well-being
There is also a broader benefit for health systems. The sorbent technology used in Neokidney requires significantly less treatment fluid per session than conventional dialysis machines. As the number of people needing dialysis continues to grow worldwide, more resource-efficient treatment options will become increasingly important.
Nextkidney's approach is aligned with the United Nations Sustainable Development Goal 3 (SDG 3), which focuses on good health and well-being for all.
Nextkidney (63 FTE) is led by an experienced management team that combines direct experience in dialysis, medical device development and financial management. The leadership has previously brought dialysis technologies from early development all the way through to market launch, and has worked with hospitals, health insurers and regulatory bodies across Europe. The company is overseen by a supervisory board that includes representatives from the Dutch Kidney Foundation, health insurers and med tech and e-health companies. An international advisory board of kidney disease specialists provides additional clinical and scientific guidance.
Jérôme Augustin
CEO (Chief Executive Officer)
Medical doctor and experienced medical technology executive, previously co-founder and CEO of home hemodialysis company Physidia. He has direct experience taking dialysis devices from concept through clinical trials to market launch in Europe, and leads Nextkidney's overall strategy, partnerships and commercial launch preparation.
Jan Pieter Stooker
COO/CFO (Chief Operational and Financial Officer)
Chartered accountant and business economist with more than two decades of experience in financial and executive management. Through his firm Square Circle Partners, a financial advisory practice, he has supported companies through growth, restructuring and fundraising. He is responsible for Nextkidney's operations, financial strategy and investor relations.
Prof. Dieter Bach
CMO (Chief Medical Officer)
Internationally recognized nephrologist and home hemodialysis expert with over 30 years of experience in kidney care and dialysis innovation. Previously served as Chairman of KfH, Germany’s largest kidney care and dialysis organization.
As CMO of Nextkidney, he leads the clinical and medical strategy behind the Neokidney, helping ensure the device delivers safe, effective, and patient-centered treatment while supporting its adoption in clinical practice.
Karel Stolper
Chair of the board
As representative of NeoKidney Holding B.V., which bundles the interests of the Dutch Kidney Foundation and major Dutch health insurers Achmea, CZ and Menzis, he adds the payer and health economics view. He helps align Nextkidney’s roadmap with reimbursement frameworks, cost-effectiveness expectations and the practical integration of Neokidney into dialysis care in everyday clinical practice.
Tom Oostrom
Member of the Board
Director of the Dutch Kidney Foundation and initiator of the Neokidney project. He brings a patient-centred perspective, a deep understanding of kidney disease care and a broad international network in nephrology and patient organisations. His role is to ensure that medical impact and quality of life remain central to Nextkidney's strategy.
Frederic Neftel
Member of the board
Frederic Neftel, a senior representative of Debiotech SA, the Swiss medtech company that co-developed the core dialysis technologies behind Neokidney, serves on the board. With extensive experience in designing, industrialising and certifying complex medical devices, including earlier dialysis systems brought to market with global partners, he strengthens oversight of technology, product quality and regulatory pathways.
Investors in this campaign acquire an interest in Nextkidney B.V., a Dutch private limited company based in Bussum, the Netherlands. It is the parent company of the group and owns all the main subsidiaries that develop and bring the Neokidney device to international markets.
Investment entity and group parent
Nextkidney B.V. (Netherlands)
The issuing entity in this funding round. It is the group's parent company and holds ownership of all operating subsidiaries.
Nextkidney SA (Switzerland)
Based in Lausanne, this subsidiary is the group's main hub for research, development and scaling the Neokidney device and its consumables from prototype to production. Fully owned by Nextkidney B.V.
Nextkidney SG PTE Ltd (Singapore)
The group's regional base for sorbent technology development, regulatory work and future commercial partnerships across Asia and the Pacific.
Nextkidney Arabia LLC (Saudi Arabia)
Based in Riyadh, this subsidiary focuses on regulatory approvals, clinical collaborations and a planned partnership for the Middle Eastern market.
The capital raised in this round will fund the final steps needed before Nextkidney can bring the Neokidney system to market. This includes completing clinical studies, obtaining regulatory approvals in Europe and the United States, scaling up manufacturing, building initial stock and preparing the first commercial launches.
This campaign targets between €2.5 million and €4.8 million and forms part of the third tranche of Nextkidney's larger Series C funding round, a growth-stage financing round up to €28.5 million that also involves professional and strategic investors. Of the target amount for this third tranche, €1.5 million has already been secured from existing shareholders and other investors and is included in the campaign as an anchor investment. The scenarios below illustrate how the funds raised at different levels would be allocated.
Minimum scenario
Scenario I: approx. €26,200,300
Minimum crowd participation, with the third tranche reaching its planned minimum size together with existing and new professional investors.
| Invesdor crowd This campaign | €1,000,175 |
| Shareholders & other investors in this C round Anchor investment | €1,500,125 |
| Existing shareholders & other investors in the previous C rounds1 | €23,700,000 |
| Total funding | €26,200,300 |
Indicative use of funds
Maximum scenario
Scenario II: approx. €28,504,250
Maximum planned Invesdor participation, together with substantial commitments from professional investors, bringing the tranche to its full target size.
| Invesdor crowd This campaign | €3,304,125 |
| Shareholders & other investors in this C round Anchor investment | €1,500,125 |
| Existing shareholders & other investors in the previous C rounds1 | €23,700,000 |
| Total funding | €28,504,250 |
Indicative use of funds
1 Includes current shareholders and strategic investors.
Nextkidney's progress has been backed by patients' organisations, strategic partners and private investors alike. In 2022, Invesdor investors were among the early backers with a successful €4.2 million round. Since then, the company has reached milestone after milestone on its way to commercial launch.
500 home trials: Nextkidney is preparing for 500 treatments in patients’ homes to further validate the Neokidney system in real-world settings, gather valuable experience from patients using the device at home and subsequently extend CE/FDA clearance into the home market.
CE & FDA marking: The company is working towards the required CE and FDA regulatory approvals, an important step towards broader market access in Europe and the United States.
Commercialization & distribution: Commercialization and distributor selection are ongoing across Europe and international markets, with launch preparations already underway in the Netherlands through close collaboration with insurers, clinics and patient groups.
International expansion: In the Middle East, Nextkidney is establishing a joint venture with local hospital chains to support distribution and manufacturing for the Gulf market, while its Singapore office is building a strong presence in Southeast Asia through ongoing partnerships with local distributors and healthcare providers.
Strong international demand: Nextkidney is receiving significant interest from markets where patients in rural and remote areas face long journeys for dialysis, including the US and Canada, while governmental organizations are also exploring the potential of Neokidney for remote healthcare and disaster relief.
More than €16 million in offtake guarantees: These commercial developments have already resulted in more than €16 million in current offtake guarantees.
Scaling production: With commercialization progressing, Nextkidney is preparing to further scale production to meet anticipated demand, improve margins and support the rollout of Neokidney across multiple markets.
Company valuation
The current valuation of Nextkidney for this funding round is €119,290,050 on a pre-money, fully diluted basis. Pre-money means this is the company's value before the new investment is added. Fully diluted means the calculation includes all shares that could exist in the future, such as employee options, not just those currently issued. This valuation applies at the same share price as the first and second closes of the Series C round.
Since its founding, investors have committed close to €90 million in equity to Nextkidney, excluding more than €5 million in non-dilutive funding such as grants. This accumulated investment provides important context for the current valuation and reflects the confidence that professional and strategic investors have placed in the company over time.
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Current pre-money valuation (fully diluted, Series C third tranche) €119 million |
Reference valuation (pre-money, first Series C close) €95 million |
Nextkidney has not yet generated commercial sales revenue. The valuation reflects the progress made to date, including completed clinical safety work, several hundred in-centre treatments, Dutch reimbursement approval and preparation of manufacturing lines in line with EU Medical Device Regulation (MDR) requirements.
Since the previous Invesdor crowdfunding round in 2022, the company's valuation has grown from around €50 million to €95 million at the start of the Series C round, to €113.9 million at the second tranche and to €119.3 million for the current tranche. During this period, approximately €45 million has been invested by professional and strategic investors.
Invesdor investors in this campaign invest at the same share price as the professional investors in the earlier Series C tranches.
Since its founding, Nextkidney has raised close to €90 million in equity and convertible financing from founding technology partners, healthcare investors, professional co-investment vehicles and crowd investors. Convertible financing refers to loans or instruments that can be converted into shares at a later date. Earlier rounds funded the development of the Neokidney device and sorbent technology. More recent rounds have supported clinical studies under EU Medical Device Regulation (MDR), Dutch reimbursement approval, manufacturing scale-up and preparation for market launch. In addition, Nextkidney has received non-dilutive grant funding, meaning funding that does not reduce existing shareholders' ownership, including a European Innovation Council (EIC) Accelerator grant.
Nextkidney's mission is to make effective dialysis accessible to as many patients as possible, wherever they are. This is not just a commercial ambition. The company's larger stakeholders, including health insurers and patient organisations, share this mission and have made formal agreements designed to prevent the technology from being shelved and to support broad distribution among patients worldwide.
Nextkidney has not yet generated commercial revenue and is still working towards regulatory approval. Any potential exit is therefore uncertain and long-term. When considering future ownership or partnership scenarios, the accessibility and continued availability of Neokidney for patients will remain a guiding principle alongside commercial considerations.
Management considers the most realistic route to be a sale to a larger dialysis or medical device company, once Neokidney has received key approvals, placed devices with patients and clinics, and started generating recurring revenue from consumables. Other routes may become relevant as the company grows, including a sale to a broader healthcare group, a financial investor or a stock market listing. No exit, timing or outcome can be guaranteed.
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Most likely route Sale to a dialysis or medical device company One potential exit is a sale to an international dialysis or medical device company that already supplies in-centre or home dialysis systems, including established kidney care groups and device manufacturers. For such a buyer, acquiring a compact, portable hemodialysis system with regulatory approvals and an established base of patients and clinics using the device could strengthen its product range, open up new home and outpatient segments and accelerate innovation in its dialysis offering. Timeline: medium term, after launch and proof of clinical use |
Alternative route Sale to a healthcare or healthcare software company Another option is a transaction with a broader healthcare group or a company investing in home care, chronic disease management and digital health monitoring, or a global manufacturer of medical supplies. These buyers may be looking for devices that support treatment outside the hospital and help reduce costs for health systems. A home-ready dialysis solution with demonstrated cost savings for health systems could fit well into strategies aimed at shifting suitable treatments out of the clinic, reducing costs per patient and improving quality of life for people with kidney failure. Timeline: medium to long term, after broader market adoption |
Further alternatives Sale to a financial investor or stock market listing Depending on its size and revenue at the time, Nextkidney could also consider a sale to a financial investor looking to build a portfolio of healthcare companies, or a stock market listing. A stock market listing, also called an IPO (Initial Public Offering), means the company's shares would be made available for the public to buy and sell on a stock exchange. Both options would normally require operations across multiple countries, a significant number of devices placed with patients and clinics, and a track record of recurring revenue from consumables. Timeline: dependent on scale, revenue and market conditions |
What could drive exit value
The most attractive exit opportunities are likely to emerge once Nextkidney has received CE marking and FDA clearance for Neokidney, launched in its first markets and built a meaningful base of devices actively in use. At that point, potential buyers would look at the clinical validation of the device, reimbursement status in key markets, proven manufacturing capabilities and the number of patients and clinics using Neokidney.
Ultimately, the strongest foundation for any exit is the same as the company's mission: Neokidney reaching as many patients as possible. Broad patient adoption, supported by health insurers and patient organisations who are actively committed to keeping this technology accessible, is both the measure of success and the basis for long-term value.
“No one wants to have to keep going to the hospital for dialysis. With the Neokidney, this will soon be possible at home. We believe it’s important for people to move forward and do the things that make life worth living. That’s why the Neokidney is such a wonderful development, and we’re eager to support this initiative.”
Joep de Groot, chair of the CZ board of directors
“After more than 35 years in nephrology, I have seen many developments come and go. What appeals to me about Neokidney is that it is not just a technically innovative solution. Above all, it can help give patients more freedom and independence. At the same time, it has the potential to transform the way we organise dialysis care and, in doing so, help alleviate the growing pressure on dialysis services. It is precisely that combination of greater freedom for patients and a new way of organising care that makes Neokidney so interesting to me. I often refer to it, and I believe rightly so, as ‘The Future of Dialysis.’”
Giel Heijnis, former dialysis nurse and application specialist, Nextkidney
Investing in early-stage companies through an equity investment is very high risk. You may lose part of your investment or the entire amount invested.
The following text is a short and strongly simplified overview of selected risks of an investment in NextKidney B.V. (NextKidney).
It is not complete and does not replace the detailed description of risks in the Key Investment Information Sheet (KIIS).
Before you invest, you must read the KIIS in full and with care and check whether you can understand and bear all of the risks described there.
If there are any differences between this summary and the KIIS, only the KIIS is legally binding.
Business, development and management risk. NextKidney's clinical studies and regulatory approvals for Neokidney have not yet been completed. Technical, safety-related or regulatory problems could delay or prevent approval and commercial launch. NextKidney also depends on suppliers, qualified staff and its own ability to compete.
Market, reimbursement and funding risk. NextKidney still needs to demonstrate that clinics and patients will adopt the product. Reimbursement, pricing, distribution and payment arrangements in other countries remain uncertain. NextKidney will need additional funding. If it cannot obtain this in time or on acceptable terms, the company may restrict or cease its operations.
Loss, return, platform and sale risk. If NextKidney becomes insolvent, investors could lose their entire investment. Returns may be lower, delayed or not paid at all, and forecasts and valuations could prove wrong. The platform may become unavailable or cease operations, which may delay subscriptions or payments. The depositary receipts are not traded on an organised market and may be difficult to sell, or may only be sellable at a loss.
STAK structure and investor rights. You receive depositary receipts, not direct shares. You have no direct voting rights; the STAK exercises the voting rights. Future funding rounds may dilute your economic interest. A later sale or stock market listing is not guaranteed. Tag-along, drag-along or buy-out arrangements may affect when and on what terms you can sell.
A complete and detailed description of all risk factors can be found only in the KIIS in the documents section of this funding round.
This section will be regularly updated with new, project-relevant information as the financing progresses. To be informed about new updates in a timely manner, subscribe to our newsletter.
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