Top 12 Healthcare Investors in the Nordics
Top 12 Healthcare Investors in the Nordics
The healthcare industry in the Nordics is thriving, characterized by a focus on innovation, quality, and accessibility. This sector comprises a mix of pharmaceuticals, biotechnology, medical devices, and health services companies that strive to improve patient outcomes and streamline healthcare delivery. Nordic countries invest heavily in research and development, fostering startups and established firms alike to explore digital health solutions, telemedicine, and personalized medicine. With advancements in technology and a commitment to sustainability, the industry is poised for continued growth, aiming to address challenges such as aging populations and increasing healthcare demands.
This list features twelve impactful healthcare investors operating in the Nordics, from venture capital firms to corporate giants. Based in cities like Stockholm and Copenhagen, these investors vary in size, engagement, and strategic interests. Founded between 1923 and 2018, these firms have collectively completed a significant number of transactions in 2024 alone, ranging from seed funding to more sizable private equity deals. Noteworthy players include Novo Nordisk and Nordic Capital, showcasing a range of investment styles and approaches to healthcare innovation.
Top 12 Healthcare Investors in the Nordics
1. Novo Holdings
- Website: novoholdings.dk
- Type: Venture Capital
- Headquarters: Hellerup, Denmark
- Founded year: 1999
- Headcount: 51-200
- Number of deals in 2024: 45
- LinkedIn: novo-a-s
Novo Holdings A/S is a not-for-profit investment firm based in Hellerup, Denmark, founded in 1999. It is dedicated to managing the assets of the Novo Nordisk Foundation and primarily invests in life science companies at various stages of development. The firm provides both capital and strategic support to enhance healthcare solutions. Notably, Novo Holdings has been involved in significant transactions within the healthcare sector, including a recent investment in Manipal Hospitals, which raised an undisclosed amount in the secondary market in February 2024. They also participated in the Series C funding round for Clever Care Health Plan Inc., a healthcare startup that raised $41 million in March 2023. Additionally, Novo Holdings invested in Halodoc, contributing to both a Series C funding round in 2021 and a Series D round in 2023, with the latter raising $100 million to expand operations and focus on vaccine coordination. These transactions highlight Novo Holdings' active role in supporting healthcare innovation and development.
2. Almi
- Website: almi.se
- Type: Venture Capital
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 1994
- Headcount: 201-500
- Number of deals in 2024: 7
- LinkedIn: almi-ab
Almi AB is a financial services company based in Stockholm, Sweden, founded in 1994. It specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden. Almi aims to enhance the growth and competitiveness of these businesses by offering tailored financial solutions and guidance. Notably, Almi has been involved in several healthcare-related transactions, including investments in Nordic Health Innovation, which raised $2,000,000 in 2015, and Xintela AB, which secured $939,788 in 2013. Additionally, they invested in Grace Health, raising $400,000 in 2019, and PainDrainer, which raised $902,014 in 2025. These investments highlight Almi's active role in supporting healthcare innovation and development.
3. 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 prominent investment firm based in Stockholm, Sweden, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Founded in 1994, EQT serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. In the healthcare sector, EQT has made significant strides with key acquisitions such as Terveystalo Healthcare, a major player in the Finnish healthcare market, and Icon Group, Australia's largest cancer care service provider. Additionally, EQT acquired MHC Asia Group, which manages corporate healthcare benefits in Southeast Asia, and International Health Insurance Danmark, further solidifying its presence in the healthcare industry. One of their most notable transactions was the acquisition of Galderma, a leading global dermatology company, from Nestlé for CHF 10.2 billion, showcasing EQT's capability to handle large-scale investments in healthcare.
4. HealthCap
- Website: healthcap.eu
- Type: Venture Capital
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 1996
- Headcount: 11-50
- Number of deals in 2024: 5
- LinkedIn: healthcap
HealthCap is a venture capital firm based in Stockholm, Sweden, founded in 1996. The firm specializes in the life sciences sector, focusing on innovative companies that are developing breakthrough therapies for diseases with high unmet medical needs. HealthCap has a strong track record of investments in healthcare-related companies, including notable transactions such as: 1) Pharmion, which raised $65 million in a venture round in 2001; 2) Wilson Therapeutics, which secured $40 million in Series B financing to advance a treatment for Wilson's disease; 3) Modus Therapeutics, which raised SEK 140 million in a Series A financing round for the clinical development of sevuparin for sickle cell disease; and 4) Ultragenyx Pharmaceutical, where HealthCap participated in both Series A and Series B funding rounds to support the development of treatments in the pharmaceutical space. These investments highlight HealthCap's commitment to advancing healthcare solutions and its relevance in the healthcare investment landscape.
5. 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 notable emphasis on healthcare and technology. Nordic Capital partners with management teams to drive growth and operational improvements in its portfolio companies. In recent years, the firm has been involved in several significant healthcare transactions, including the acquisition of Inovalon Holdings, a leading healthcare data analytics company, for approximately $7.3 billion. They also invested in Advanz Pharma, a global pharmaceutical company, to support its development and growth potential, and acquired SpaMedica, an ophthalmology chain, for £300 million. These transactions highlight Nordic Capital's active role in the healthcare industry, making it a key player in the sector.
6. 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 Copenhagen, specializing in providing seed funding and advisory services to technology startups in Denmark. Founded in 2004, the firm focuses on sectors such as SaaS and Fintech, but it also has a notable track record in the healthcare industry. Among their relevant transactions, they invested in OpenTeleHealth, which raised over $1.5 million in a venture round in 2015, and Curasight A/S, which received seed funding in both 2013 and 2017. Additionally, they participated in the Series B funding for Galecto, which raised over $6.2 million in 2013, and the Series A funding for Mesh Bio, which raised $3.5 million in 2023. These investments highlight Seed Capital Denmark's engagement in the healthcare sector, supporting innovative solutions in telehealth and drug development.
7. Novo Nordisk
- Website: novonordisk.com
- Type: Corporate
- Headquarters: Denmark
- Founded year: 1923
- Headcount: 10001+
- Number of deals in 2024: 4
- LinkedIn: novo-nordisk
Novo Nordisk A/S is a leading multinational pharmaceutical company based in Denmark, founded in 1923. The company specializes in diabetes care and treatments for other chronic diseases, developing and manufacturing a range of medications, including semaglutide and various insulin products. Novo Nordisk's customers include healthcare providers and patients who rely on their innovative treatments for effective disease management. In recent years, Novo Nordisk has actively engaged in strategic investments and acquisitions within the healthcare sector. Notably, they participated in a Series D financing round for Glooko, a remote patient monitoring company, and acquired Emisphere Technologies for $1.8 billion to strengthen their diabetes market position. Additionally, they invested in Amalgam Rx, a digital health startup focused on diabetes management, showcasing their commitment to integrating digital health solutions into their offerings. These transactions highlight Novo Nordisk's proactive approach to enhancing patient care and advancing healthcare technology.
8. Lundbeckfonden / Lundbeck Foundation
- Website: lundbeckfonden.com
- Type: Venture Capital
- Headquarters: Copenhagen, Denmark
- Founded year: 1954
- Headcount: 11-50
- Number of deals in 2024: 1
- LinkedIn: lundbeckfonden
Lundbeckfonden / Lundbeck Foundation is a not-for-profit organization based in Copenhagen, Denmark, founded in 1954. It is dedicated to funding health science research, with a particular emphasis on brain-related studies. The foundation provides various grants and scholarships to researchers and academic institutions in Denmark, aiming to advance scientific knowledge and innovation in healthcare. Lundbeckfonden plays a crucial role in supporting the translation and commercialization of groundbreaking science. Notably, they have participated in significant funding rounds for healthcare companies, including a Series C investment in Amplyx Pharmaceuticals, which focuses on developing treatments for serious infections, and a Series A investment in scPharmaceuticals, which is working on innovative drug delivery technologies. Their involvement in these transactions highlights their commitment to advancing healthcare solutions and supporting the development of transformative pharmaceutical products.
9. Business Finland
- Website: businessfinland.fi
- Type: Corporate
- Headquarters: Helsinki, Uusimaa, Finland
- Founded year: 2018
- Headcount: 501-1000
- Number of deals in 2024: 26
- LinkedIn: business-finland
Business Finland is a public entity that supports Finnish companies in their growth and internationalization efforts. Founded in 2018, it offers funding, consulting services, and market opportunities to help businesses innovate and succeed in global markets. Business Finland plays a crucial role in promoting trade, tourism, and foreign investment in Finland. Notably, it has been involved in several healthcare-related transactions, including a Series A investment in Nightingale Health, which raised over $3.8 million to advance health technology. Additionally, it supported Aurealis Pharma in two funding rounds, including a $8 million raise for a diabetic foot ulcer program and a CHF 5.6 million Series A financing for chronic wound and oncology products. Furthermore, Business Finland contributed to Valo Therapeutics, which is developing oncolytic adenoviruses for cancer treatment, showcasing its active role in the healthcare sector.
10. Industrifonden
- Website: industrifonden.com
- Type: Venture Capital
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 1979
- Headcount: 11-50
- Number of deals in 2024: 9
- LinkedIn: industrifonden
Industrifonden is a venture capital fund based in Stockholm, Sweden, founded in 1979. The fund specializes in investing in early-stage companies, particularly in the fields of Deep Tech, Life Science, and Transformative Tech. Industrifonden provides financial support and strategic guidance to startups, helping them scale their innovative solutions. Notably, they have participated in significant healthcare-related transactions, such as NuvoAir, which raised funds to expand its digital care platform and support decentralized clinical trials, and Oncopeptides, which is focused on developing a novel treatment for multiple myeloma. Their recent investments also include Minervax, which raised substantial funding for its healthcare initiatives. Through these investments, Industrifonden aims to create long-term value by partnering with passionate founders in the healthcare sector.
11. Sunstone Life Science Ventures
- Website: sunstone.eu
- Type: Venture Capital
- Headquarters: Copenhagen, Denmark
- Founded year: 2007
- Headcount: 1-10
- Number of deals in 2024: 1
- LinkedIn: sunstone-capital-life-science-ventures
Sunstone Life Science Ventures is a venture capital firm based in Copenhagen, Denmark, founded in 2007. The firm specializes in early-stage investments in life science companies, focusing on innovations in therapeutics, medical technology, and diagnostics. Sunstone provides not only funding but also business development support to help its portfolio companies navigate the path from research to market. Notable transactions include a $64 million Series D investment in Galecto, which is working on treatments for idiopathic pulmonary fibrosis, and a significant investment in Minervax, a biotech company developing a vaccine candidate for Group B Streptococcus (GBS), which has received PRIME status from the European Medicines Agency. These investments highlight Sunstone's commitment to advancing healthcare solutions and its active participation in the life sciences sector.
12. 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 these companies scale and create long-term value. Notably, Kinnevik has made significant investments in the healthcare sector, including a $75 million contribution to VillageMD's Series B funding round aimed at expanding primary care services. Additionally, they participated in multiple funding rounds for Cityblock Health, including a $192 million Series C round, which focuses on delivering community-based healthcare to underserved populations in the United States. These transactions highlight Kinnevik's active role in the healthcare industry and their commitment to addressing pressing global health challenges.
Healthcare Insights: Key Investors in the Nordics
| Investor | Headquarter | Size | Founded | Deals 2024 |
|---|---|---|---|---|
| Novo Holdings | Hellerup, Denmark | 51-200 | 1999 | 45 |
| Almi | Stockholm, Stockholm, Sweden | 201-500 | 1994 | 7 |
| EQT Group | Stockholm, Stockholm, Sweden | 1001-5000 | 1994 | 30 |
| HealthCap | Stockholm, Stockholm, Sweden | 11-50 | 1996 | 5 |
| Nordic Capital | Stockholm, Stockholm, Sweden | 201-500 | 1989 | 10 |
| Seed Capital Denmark | Frederiksberg, Frederiksberg, Denmark | 1-10 | 2004 | 5 |
| Novo Nordisk | Denmark | 10001+ | 1923 | 4 |
| Lundbeckfonden / Lundbeck Foundation | Copenhagen, Denmark | 11-50 | 1954 | 1 |
| Business Finland | Helsinki, Uusimaa, Finland | 501-1000 | 2018 | 26 |
| Industrifonden | Stockholm, Stockholm, Sweden | 11-50 | 1979 | 9 |
| Sunstone Life Science Ventures | Copenhagen, Denmark | 1-10 | 2007 | 1 |
| Kinnevik | Stockholm, Stockholm, Sweden | 11-50 | 1936 | 10 |
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