The dermatology practice industry in the Nordics is a vital segment of healthcare, focusing on skin health, disorders, and aesthetic treatments. Companies range from specialized clinics providing care for skin diseases to startups developing innovative skincare technologies and telemedicine solutions. The industry is rapidly evolving to incorporate digital health tools, personalized medicine, and telehealth services, aligning with global trends toward convenience and patient-centered care. With an increasing awareness of skin health and aesthetic concerns, the Nordics are seeing a surge in demand for dermatological services, leading to growth opportunities for investors and creating a dynamic market environment.

The list includes twelve noteworthy investors, primarily venture capitalists and private equity firms, predominantly based in Stockholm, Sweden. Founded between 1916 and 2015, these firms vary in size, with investments in 2024 showcasing ambitious strategies across the healthcare space. From EQT Group's prominent presence to newer entrants like Seed Capital Denmark, each investor contributes uniquely to the landscape. Their cumulative investments point to a collective vision for fostering innovation in dermatology practices, clearly indicating their focus on future growth in this essential sector of health care.

Top 12 Dermatology Practice Investors in the Nordics

1. EQT Group

• Website: eqtgroup.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 1001-5000
• Number of deals in 2024: 30
• LinkedIn: eqt-partners

EQT Group is a private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in various investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT led a consortium in the acquisition of Galderma, a prominent player in the dermatology sector, for CHF 10.2 billion ($10.1 billion) in 2019, marking it as the largest independent global dermatology company. This strategic acquisition highlights EQT's commitment to the dermatology industry. Additionally, EQT has made other healthcare-related investments, such as acquiring Terveystalo Healthcare and Icon Group, further demonstrating their focus on expanding their footprint in the healthcare sector.

2. Nordic Capital

• Website: nordiccapital.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1989
• Headcount: 201-500
• Number of deals in 2024: 10
• LinkedIn: nordic-capital

Nordic Capital is a private equity firm based in Stockholm, Sweden, founded in 1989. The firm specializes in investments across various sectors, with a strong emphasis on healthcare and technology. Nordic Capital partners with management teams to drive growth and operational improvements in its portfolio companies, focusing on creating long-term value and sustainability. Notably, Nordic Capital has been active in the healthcare sector, acquiring companies such as Adent Dental Clinic Group SA and Dental Clinics Nederland BV, which indicates their commitment to healthcare services. Although they have not directly invested in dermatology practices, their experience in related fields like dental clinics suggests a capability and potential interest in expanding into dermatology.

3. Seed Capital Denmark

• Website: seedcapital.dk
• Type: Venture Capital
• Headquarters: Frederiksberg, Frederiksberg, Denmark
• Founded year: 2004
• Headcount: 1-10
• Number of deals in 2024: 5
• LinkedIn: seed-capital-denmark

Seed Capital Denmark is a venture capital firm based in Frederiksberg, Denmark, founded in 2004. The firm specializes in providing seed funding and advisory services to technology startups, particularly in sectors such as SaaS and Fintech. However, they have also invested in health-related technology companies, such as TeleSkin, which raised funds in both 2014 and 2015 to develop solutions for skin health. Additionally, they have invested in other biotech firms like Minervax and Mesh Bio, indicating a broader interest in health technology. Their strong track record of supporting portfolio companies from seed stage to exit showcases their commitment to nurturing innovative startups, including those in the dermatology space.

4. Kinnevik

• Website: kinnevik.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1936
• Headcount: 11-50
• Number of deals in 2024: 10
• LinkedIn: investment-ab-kinnevik

Kinnevik is an investment company based in Stockholm, Sweden, founded in 1936. They partner with innovative entrepreneurs across various sectors, including healthcare, software, marketplaces, and climate tech. Kinnevik provides both capital and operational support to help companies scale and create long-term value. Notably, Kinnevik has made significant investments in Babylon, a health technology company that raised substantial funding through multiple rounds, including Series A, B, and C, as well as Post-IPO equity. These investments highlight Kinnevik's commitment to redefining healthcare through technology, which is particularly relevant for dermatology practices that are increasingly adopting digital solutions for patient engagement and care management.

5. VNV Global AB

• Website: vnv.global
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1996
• Headcount: 1-10
• Number of deals in 2024: 1
• LinkedIn: vostok-new-ventures-ltd

VNV Global AB is a venture capital investment firm based in Stockholm, Sweden, founded in 1996. The firm specializes in providing capital and expertise to innovative companies across various sectors, including Mobility and Digital Health. VNV Global aims to support mission-driven entrepreneurs in developing scalable and sustainable business models, emphasizing long-term profitability and strong market positions. Notably, VNV Global has invested in Numan, a health clinic for men that raised $40 million in a Series B funding round, which may include dermatological services. Additionally, they participated in a Series C funding round for Booksy, a beauty services marketplace that raised $70 million, indicating their interest in the beauty and health sectors, which often overlap with dermatology practices. Furthermore, their investment in Bokadirekt, which raised approximately $21.99 million, further demonstrates their commitment to the beauty and health industries.

6. Heartcore Capital

• Website: heartcore.com
• Type: Venture Capital
• Headquarters: Copenhagen, Denmark
• Founded year: 2007
• Headcount: 11-50
• Number of deals in 2024: 17
• LinkedIn: heartcorecapital

Heartcore Capital is a venture capital firm based in Copenhagen, Denmark, founded in 2007. The firm specializes in investing in early-stage technology companies and emphasizes building long-term relationships with entrepreneurs. In recent years, Heartcore has been involved in several notable transactions, particularly in the health and wellness sector. One significant investment is in FORMEL Skin, a Berlin-based startup that raised €30M in a Series A funding round to develop its digital platform for long-term remote skin care. This investment, along with earlier funding rounds for FORMEL Skin, highlights Heartcore's commitment to supporting innovative solutions in dermatology. Additionally, they have invested in other health-related companies, such as Kaia Health, which further demonstrates their interest in the health tech space.

7. Inventure

• Website: inventure.vc
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2005
• Headcount: 11-50
• Number of deals in 2024: 9
• LinkedIn: inventure

Inventure is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2005. The firm focuses on backing ambitious Nordic and Baltic founders, providing venture capital investment and portfolio management services to early-stage tech startups. Inventure has been active in various sectors, including health tech, as evidenced by their investments in companies like Medoma, a Swedish digital therapy startup that raised €6 million in seed funding for developing virtual acute wards for patient care at home. Additionally, they have invested in Elsa, which has raised multiple rounds of seed funding, indicating a commitment to innovative health solutions. These transactions highlight Inventure's interest in the health tech space, which could intersect with dermatology practices, making them a noteworthy investor in this context.

8. Investor AB

• Website: investorab.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1916
• Headcount: 51-200
• Number of deals in 2024: 4
• LinkedIn: investor-ab

Investor AB is an investment holding company based in Stockholm, Sweden, founded in 1916. It manages a diverse portfolio of high-quality global companies, focusing on long-term investments and providing strategic support primarily in the pharmaceuticals, telecommunications, and industrial sectors. Notably, Investor AB has been involved in significant transactions relevant to the dermatology practice context, such as their investment in Dermasensor, which raised $50 million in funding aimed at advancing dermatological technology. Furthermore, their acquisition of Mölnlycke Health Care, a company engaged in healthcare products, underscores their commitment to the healthcare sector, which includes dermatology. These strategic investments highlight Investor AB's role in enhancing performance and sustainability within the healthcare landscape.

9. Nextmune

• Website: nextmune.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2015
• Headcount: 51-200
• Number of deals in 2024: 1
• LinkedIn: artuvet-animal-health-b.v.

Nextmune is a corporate investor based in Stockholm, Sweden, founded in 2015. The company is dedicated to improving the health of dogs, cats, and horses through a range of veterinary pharmaceutical products, with a strong emphasis on allergy management and dermatology. Nextmune serves veterinarians and pet owners across more than 70 countries, providing high-quality solutions for pet health issues. Notably, Nextmune has made significant strides in the dermatology sector through strategic acquisitions. In September 2021, they acquired Laboratoire de Dermo-Cosmétique Animale, a French pet dermatology specialist known for its Dermoscent® brand, which generated approximately EUR 5 million in revenue. In January 2024, they further expanded their dermatology portfolio by acquiring Vetbiotek. These transactions highlight Nextmune's commitment to enhancing its dermatology product offerings and strengthening its market position in the veterinary dermatology space.

10. Creandum

• Website: creandum.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2003
• Headcount: 11-50
• Number of deals in 2024: 17
• LinkedIn: creandum

Creandum is a venture capital firm based in Stockholm, Sweden, founded in 2003. The firm specializes in supporting early-stage entrepreneurs in building global, category-defining companies across various sectors, including fintech and health tech. Creandum provides venture capital investment, strategic support, and networking opportunities to startups, nurturing them from seed to IPO. Notably, Creandum has been involved in several funding rounds for Kry, a digital healthcare company that offers telemedicine services. They participated in Kry's Series A, B, C, and D funding rounds, contributing to a total of over $400 million raised by the company. This involvement highlights Creandum's focus on health tech and their potential interest in supporting innovations that could benefit dermatology practices, even if Kry itself is not solely focused on dermatology.

11. SEB Kort

• Website: seb.se
• Type: Corporate
• Headquarters: Solna, Stockholm, Sweden
• Founded year: 1855
• Headcount: 501-1000
• Number of deals in 2024: 1
• LinkedIn: seb-kort

SEB Kort, a corporate investor based in Solna, Stockholm, Sweden, is part of Skandinaviska Enskilda Banken AB (SEB), a financial institution founded in 1855. SEB offers a wide range of banking and financial services, including personal and corporate loans, investment management, and insurance products. In recent years, SEB Kort has engaged in several notable transactions in the healthcare sector, including a seed round investment of $2,308,523 in SciBase on April 2, 2013, a company focused on skin cancer diagnostics. Additionally, SEB Kort participated in funding rounds for Airsonett, which raised $1,971,414 in July 2022 and $7,753,349 in March 2014, indicating a commitment to supporting innovative healthcare solutions. These transactions highlight SEB Kort's interest in companies that could have implications for dermatology practices, making them a relevant investor in this field.

12. Karo Pharma

• Website: karopharma.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1987
• Headcount: 201-500
• LinkedIn: karo-pharma-ab

Karo Pharma, founded in 1987 and based in Stockholm, Sweden, is a corporate investor specializing in healthcare. The company focuses on providing a range of branded over-the-counter products and prescription medicines, aiming to empower consumers in managing their everyday health issues. Karo Pharma has made significant acquisitions in the healthcare sector, including the purchase of Sylphar for approximately $326 million, a company recognized for its dermatological products. This acquisition, along with others like Hygis SA and Reckitt, showcases Karo Pharma's strategy to enhance its portfolio in health and wellness, particularly in areas that may include dermatology. Their operations primarily target the European and Nordic markets, emphasizing their commitment to improving health and wellbeing in society.

Dermatology Practice Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Nordic Capital	Stockholm, Stockholm, Sweden	201-500	1989	10
Seed Capital Denmark	Frederiksberg, Frederiksberg, Denmark	1-10	2004	5
Kinnevik	Stockholm, Stockholm, Sweden	11-50	1936	10
VNV Global AB	Stockholm, Stockholm, Sweden	1-10	1996	1
Heartcore Capital	Copenhagen, Denmark	11-50	2007	17
Inventure	Helsinki, Uusimaa, Finland	11-50	2005	9
Investor AB	Stockholm, Stockholm, Sweden	51-200	1916	4
Nextmune	Stockholm, Stockholm, Sweden	51-200	2015	1
Creandum	Stockholm, Stockholm, Sweden	11-50	2003	17
SEB Kort	Solna, Stockholm, Sweden	501-1000	1855	1
Karo Pharma	Stockholm, Stockholm, Sweden	201-500	1987	0

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