Top 12 Pharmaceuticals Investors in the Nordics
Top 12 Pharmaceuticals Investors in the Nordics
The pharmaceuticals industry in the Nordics thrives on innovation, driven by a blend of established companies and startups. Firms specialize in areas like diabetes, oncology, and biotechnology, and are increasingly focused on rare diseases and personalized medicine. The region is renowned for its strong R&D capabilities and collaboration between academia and industry. As the demand for innovative treatments surges, Nordic companies are pivoting towards advanced therapies and digital health solutions. With a supportive framework for biotech startups, the Nordics are poised for significant growth, attracting attention from global investors and enhancing their impact on healthcare worldwide.
The investment scene in the Nordic pharmaceuticals sector showcases a mix of venture capital firms and corporate investors. Based primarily in Sweden and Denmark, these investors range from larger, well-established firms like EQT Group to emerging players such as Sound Bioventures. Founded from the mid-20th century onward, most of these entities are experienced, with 2024 investments reaching impressive numbers. While varying in size from small teams to significant corporations, all share a keen interest in advancing pharmaceutical innovations and improving healthcare outcomes.
Top 12 Pharmaceuticals 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 manages the assets of the Novo Nordisk Foundation and is dedicated to investing 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 several key transactions in the pharmaceuticals sector, including a $78 million funding round for Reata Pharmaceuticals aimed at financing a pivotal program for a new therapy for chronic kidney disease and Type 2 diabetes. Additionally, they participated in multiple funding rounds for PTC Therapeutics, including a $30 million financing round to support the late-stage clinical development of ataluren for Duchenne muscular dystrophy and cystic fibrosis. These transactions highlight Novo Holdings' commitment to advancing pharmaceutical innovations and their active role in the industry.
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 transactions within the pharmaceuticals sector, including investments in LipUm, which raised $297,874 in a Seed Round in 2016, and Oblique Therapeutics, which secured $2,500,000 in a Venture Round in 2015. Other relevant investments include Umecrine Cognition and Pila Pharma, showcasing Almi's active role in supporting pharmaceutical innovation and development. Additionally, their recent involvement with Dicot Pharma, which received a grant in 2023, further emphasizes their engagement in the pharmaceutical industry.
3. 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 track record of investing in pharmaceutical companies, as evidenced by their involvement in several significant transactions. Notably, they participated in multiple funding rounds for PTC Therapeutics, including a $40 million Series D round in 2001 and subsequent rounds totaling $66 million in 2004 and 2005. Additionally, they invested $65 million in Pharmion in a venture round in 2001. These transactions highlight HealthCap's active role in supporting the development of pharmaceutical innovations and their commitment to advancing research in this critical sector.
4. 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 private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in a diverse range of investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing varied investment portfolios across multiple sectors and geographies. In the pharmaceuticals context, EQT has made notable acquisitions such as Galderma, which became the largest independent global dermatology company after EQT led a consortium to acquire it from Nestlé for CHF 10.2 billion. Additionally, EQT acquired PAREXEL, a leading biopharmaceutical services provider, for $8.5 billion, further emphasizing their commitment to the healthcare sector. Their investment in Karo Healthcare and a minority stake in SHL Medical, a drug delivery provider, also highlights their active role in the pharmaceuticals industry.
5. 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 investments in early-stage 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 advancing treatments for idiopathic pulmonary fibrosis, and a $14.3 million Series B investment in Egalet, a company focused on developing pharmaceutical products. These investments highlight Sunstone's commitment to supporting the growth of companies within the pharmaceuticals sector.
6. 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 strong 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, it has participated in significant financing rounds for pharmaceutical companies, including a $67 million Series C round for Amplyx Pharmaceuticals in 2017 and a $30 million Series B round for Spero Therapeutics in 2016. These investments highlight Lundbeckfonden's commitment to advancing pharmaceutical research and development, particularly in areas that align with its mission to improve health outcomes.
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 a range of medications that include innovative products like semaglutide and various insulin formulations. Novo Nordisk's customer base includes healthcare providers and patients who depend on these advanced treatments for effective disease management. As an investor, Novo Nordisk has been involved in several notable transactions within the pharmaceuticals context. For instance, it acquired ZymoGenetics in 1988, enhancing its portfolio in the biotechnology space. More recently, in 2020, Novo Nordisk reached a definitive agreement to acquire Emisphere Technologies for $1.8 billion, which is expected to strengthen its position in the diabetes market. Additionally, in 2024, Novo Nordisk acquired Alkermes' manufacturing facility in Athlone, Ireland, for approximately $91 million, demonstrating its commitment to expanding its operational capabilities. These transactions highlight Novo Nordisk's active role in the pharmaceuticals industry, making it a significant player in the sector.
8. 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 several significant transactions in the pharmaceuticals sector, including a Series A financing round for Oncopeptides AB, which is developing a novel treatment for multiple myeloma. They also invested in Calliditas Therapeutics during its Series C and earlier funding rounds, supporting its growth in the pharmaceutical market. More recently, they have been involved with Gesynta Pharma, which is developing a drug for systemic sclerosis, indicating their ongoing commitment to the life sciences and pharmaceuticals industries.
9. Hadean Ventures
- Website: hadeanventures.com
- Type: Venture Capital
- Headquarters: Oslo, Oslo, Norway
- Founded year: 2014
- Headcount: 11-50
- Number of deals in 2024: 1
- LinkedIn: hadean-ventures
Hadean Ventures is a venture capital firm based in Oslo, Norway, founded in 2014. The firm specializes in the life sciences sector, focusing on healthcare startups that aim to develop innovative medical solutions. With approximately EUR 230 million in assets under management, Hadean Ventures has made notable investments in the pharmaceuticals space. For instance, they participated in a Series D funding round for Galecto, raising $64 million, and co-led a Series B round for Step Pharma, which raised €35 million to advance their lead compound into clinical trials. Additionally, they have invested in Pipeline Therapeutics, a biopharmaceutical company that focuses on sensorineural hearing loss and multiple sclerosis, contributing to both Series B and Series C funding rounds. Their active engagement in these transactions highlights their commitment to supporting advancements in the pharmaceuticals industry.
10. Flerie
- Website: flerie.com
- Type: Venture Capital
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 2011
- Headcount: 1-10
- Number of deals in 2024: 2
- LinkedIn: flerie
Flerie is a venture capital firm based in Stockholm, Sweden, founded in 2011. The firm specializes in life sciences, focusing on biotech and pharmaceutical investments. With a portfolio of over 30 companies, Flerie provides resources and expertise to help navigate the complexities of drug development. Notable transactions include a $3.5 million investment in LipUm through post-IPO equity, and significant funding rounds for Prokarium, which is developing microbial immunotherapy and vaccines for various diseases. Additionally, Flerie led a €20 million Series A funding for EpiEndo Pharmaceuticals, aimed at developing a compound for COPD. Flerie's operations span Europe, Israel, and the US, with a mission to create long-term value through strategic investments in the life sciences sector.
11. 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 established in 2018 that supports Finnish companies in their growth and internationalization efforts. It offers funding, consulting services, and market opportunities to help businesses innovate and succeed in global markets. The organization plays a crucial role in promoting trade, tourism, and foreign investment in Finland. In the pharmaceuticals context, Business Finland has been involved in several key transactions, including a €2,100,000 low-interest loan to Faron Pharmaceuticals for the manufacturing of interferon beta-1a, and grants to companies like ReBio Technologies and TILT Biotherapeutics. These transactions highlight Business Finland's commitment to fostering innovation and development within the pharmaceuticals sector, making it a significant player in this industry.
12. 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 startups, primarily in the technology sector, including SaaS and Fintech. However, Seed Capital has also demonstrated its interest in the pharmaceuticals industry through several key investments. Notably, they participated in a Series B funding round for Galecto, which raised over $6 million for its drug development initiatives. Additionally, they have invested in Oncology Venture, which focuses on drug development and has raised significant funds for its anticancer drug Irofulven. Other investments include Acesion Pharma and Minervax, both of which are involved in pharmaceutical development. These transactions highlight Seed Capital's engagement in the pharmaceuticals sector, alongside their primary focus on technology.
Pharmaceuticals 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 |
HealthCap | Stockholm, Stockholm, Sweden | 11-50 | 1996 | 5 |
EQT Group | Stockholm, Stockholm, Sweden | 1001-5000 | 1994 | 30 |
Sunstone Life Science Ventures | Copenhagen, Denmark | 1-10 | 2007 | 1 |
Lundbeckfonden / Lundbeck Foundation | Copenhagen, Denmark | 11-50 | 1954 | 1 |
Novo Nordisk | Denmark | 10001+ | 1923 | 4 |
Industrifonden | Stockholm, Stockholm, Sweden | 11-50 | 1979 | 9 |
Hadean Ventures | Oslo, Oslo, Norway | 11-50 | 2014 | 1 |
Flerie | Stockholm, Stockholm, Sweden | 1-10 | 2011 | 2 |
Business Finland | Helsinki, Uusimaa, Finland | 501-1000 | 2018 | 26 |
Seed Capital Denmark | Frederiksberg, Frederiksberg, Denmark | 1-10 | 2004 | 5 |
Want to find more investors focusing on the pharmaceuticals industry?
If you want to find more investors that are active in the pharmaceuticalsindustry, you can do that with Inven. We built this list and analysis throughInven's Investor Search, and there are a lot more private equity, venturecapital, and corporate investors like these globally.With Inven, you'll also get to know:
- Deal History: Number of deals and their sizes.
- Portfolio: Companies they've invested in.
- Contact data: Key dealmakers, including their emails and phonenumbers.
- ...and much more!
Trusted by 700+ companies

















