Cellink

Eric Gattonholm was already an accomplished biotech entrepreneur by his mid-20s. He'd started his first biotech company at 18, built it for seven years, and made his exit in 2014 by selling a 20% stake to other shareholders while retaining 31% equity—a sophisticated move that let him step back without entirely leaving the company. After his mentors convinced him that credibility would matter when selling to surgeons and key opinion leaders, Eric decided to pursue a master's degree in Sweden, despite his early success.

While pursuing his master's at Chalmers University in Sweden, Eric met Hector Martinez, a PhD graduate in tissue engineering. Together, they spotted an emerging market: 3D bioprinting. Eric's father had developed an innovative biomaterial, which they licensed under a monthly agreement with a buyout clause of "a few hundred thousand dollars." Rather than raising capital immediately, they started "almost like kind of as a hobby," building the technology using Chalmers' innovative resources. By late 2015, they began fundraising—targeting roughly $200,000 in a seed round (which Swedish investors classified as closer to a "round A"). They secured convertible note offers with 30% discount rates and roughly 6-7% interest rates, though the aggressive 12-month conversion timeline created more pressure than typical U.S. notes.

Cellink's go-to-market strategy had two legs: selling their hardware and providing services. They built the "incredible bio printer"—a 3D bioprinter designed to be affordable enough for broad adoption. At $5,000 per unit, they achieved remarkably high margins: 87% gross margin, translating to roughly $800 in production cost per printer. By the interview (conducted in 2016), they'd sold approximately 40 units. The real revenue driver, however, came from custom work: Cellink used their expertise to print human tissue for cosmetic and pharmaceutical companies conducting drug testing and product validation.

The hardware-plus-services model worked exceptionally well. While printer sales contributed meaningful revenue, the bulk came from high-margin tissue printing contracts with cosmetic and pharma companies. By keeping everything "hand screwed by the team" and manufactured entirely in Sweden, they maintained control and quality. The focus on democratizing the technology—making it available to researchers globally rather than gatekeeping it—positioned them as the accessible market leader in an emerging category.

In 2016, Cellink was on track to hit approximately $4 million in total revenue. With 40 bioprinters sold at $5,000 each (~$200k) representing just a small slice of revenue, the bulk came from tissue printing services for pharmaceutical and cosmetic testing. Eric's strategy of combining founder credibility (via his master's degree), tight margin management (85-87% gross), and a dual revenue model positioned Cellink as the leading democratized bioprinting solution. His long-term vision remained unchanged: one day, bioprint fully functional human organs for transplantation.