The biomedical engineering industry in the Nordics is rapidly evolving, characterized by a mix of innovative startups and established companies. This sector focuses on developing advanced medical devices, biotechnology solutions, and digital health technologies that aim to improve patient outcomes. Notable trends include a strong push for personalized medicine and the integration of artificial intelligence in diagnostics. Countries like Sweden, Denmark, Finland, and Norway are home to a wealth of talent and research institutions, positioning the Nordics as an attractive hub for both investment and collaboration in healthcare innovation.


This list features thirteen notable investors actively funding biomedical engineering in the Nordics. These investors include venture capital firms and corporate investment arms, based primarily in Stockholm, Hellerup, and Helsinki. They range in size from small firms to large entities with thousands of employees. Founded from 1923 to 2018, they collectively engaged in a robust number of investments in 2024, showcasing a strong commitment to supporting the biomedical sector's growth. Each investor brings unique expertise and capital, aiding the development of groundbreaking medical technologies.


Top 13 Biomedical Engineering 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 invests in life science companies at various stages of development, providing both capital and strategic support to enhance healthcare solutions. Notably, Novo Holdings has been involved in several significant transactions within the biomedical engineering space. For instance, they participated in a $33 million growth capital round for SI-BONE, Inc., which focuses on innovative solutions for spinal surgery. Additionally, they led a $65 million funding round for Nalu Medical, a company dedicated to chronic neuropathic pain management, showcasing their commitment to advancing medical technology. Their investments in CorWave, which specializes in medical devices, further highlight their active role in the biomedical engineering sector. Overall, Novo Holdings is a key player in the life sciences investment landscape, particularly in areas that intersect with biomedical engineering.


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. Among their notable transactions, Almi has invested in several companies within the biomedical engineering sector, including BONESUPPORT, which raised funds in a venture round in 2007, and Fluicell, which received seed funding in 2013. Additionally, they have been involved with OssDsign, a medtech company focused on craniofacial implants, indicating their active role in supporting innovative medical technologies. These investments highlight Almi's engagement in the biomedical engineering field, making them a relevant player in this 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 founded in 1996, based in Stockholm, Sweden, specializing in the life sciences sector. The firm invests in and supports innovative companies that are developing breakthrough therapies for diseases with high unmet medical needs. HealthCap's investment strategy includes a focus on companies that are advancing research and bringing new products to market. Notably, HealthCap has been involved in several significant transactions in the biomedical engineering space, including investments in BONESUPPORT, a Swedish developer of injectable bone substitutes, which has raised multiple rounds of funding to support its product development and market expansion. Additionally, HealthCap participated in funding for SpineVision, a company that develops next-generation devices for spinal treatment. These transactions highlight HealthCap's commitment to supporting advancements in biomedical engineering and life sciences.


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 investment firm founded in 1994, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Based in Stockholm, Sweden, EQT serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. Among their notable transactions in the biomedical engineering sector, EQT acquired Lima Corporate, an Italian manufacturer of orthopedic devices, in 2016, and Gambro, a company focused on renal care, in 2006. Additionally, they acquired a 20% stake in Otto Bock, a leading prosthetics manufacturer, in 2017, further solidifying their presence in the biomedical engineering industry. These investments reflect EQT's strategic focus on companies that contribute to advancements in medical technology and healthcare solutions.


5. 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 to support 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 transactions relevant to the biomedical engineering sector, including a seed round investment in Aiforia, which raised approximately $1.7 million, and a grant to Linio Biotech Ltd for $1 million. Additionally, it has provided debt financing to companies like Mobidiag, which raised over $1.6 million. These transactions highlight Business Finland's active role in supporting the growth of biomedical engineering companies.


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 Frederiksberg, Denmark, founded in 2004. The firm specializes in providing seed funding and advisory services to technology startups, with a focus on sectors such as SaaS and Fintech. However, they have also made significant investments in the biomedical engineering space. Notably, they have invested in Curasight A/S, which raised funds in seed rounds in 2013 and 2017, focusing on medical imaging and diagnostics. Additionally, they have supported Reapplix, a company that develops device technology for tissue regeneration, through multiple funding rounds, including a seed round in 2010 and a venture round in 2016. These transactions highlight Seed Capital's engagement in the biomedical sector, showcasing their capability to support innovative companies in this field.


7. 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 key transactions in the biomedical engineering space, including investments in BONESUPPORT, a developer of injectable bone substitutes, and Oncopeptides, which focuses on treatments for multiple myeloma. Their recent investment in Cellevate, aimed at accelerating global commercial launch, further underscores their active role in the biomedical sector. Through these partnerships, Industrifonden aims to create long-term value and support passionate founders in the life sciences.


8. 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 other chronic disease treatments, developing and manufacturing a range of medications, including semaglutide and various insulin products. Novo Nordisk's commitment to improving patient health is evident in its investments in innovative medical technologies. Notably, they have initiated exclusive negotiations to acquire Biocorp, a French diabetes device maker, for approximately €154 million, which highlights their strategic interest in biomedical engineering. Additionally, they participated in a Series C funding round for Beta Bionics, raising $57 million to advance their medical devices. Their investment in Aspect Biosystems, which raised $115 million in Series B funding, further demonstrates their active role in supporting the development of next-generation medical treatments. These transactions underscore Novo Nordisk's dedication to enhancing healthcare through biomedical engineering innovations.


9. Sunstone 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 developing and expanding innovations in therapeutics, medical technology, and diagnostics. Sunstone provides funding and business development support to help its portfolio companies navigate the path from research to market, primarily targeting businesses in the life sciences sector. Notably, Sunstone has been involved in significant transactions such as JenaValve Technology, which raised multiple rounds of funding (including $62.5 million in 2013 and $10 million in 2014) to support its TAVI product development, and Galecto, which raised €79 million in 2018 and $64 million in 2020 to advance its clinical studies in pulmonary diseases. These investments highlight Sunstone's active role in the biomedical engineering field.


10. 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 made significant investments in the biomedical engineering sector, including the acquisition of Orchid Orthopedic Solutions, a key player in the orthopedic medical device sector, and Atos Medical, which specializes in ear, nose, and throat rehabilitation. Additionally, their recent acquisition of Corpuls, a German medical technology company focused on emergency medical solutions, further underscores their commitment to the biomedical engineering field. These transactions highlight Nordic Capital's strategic approach to supporting growth in companies that are integral to the advancement of medical technology and healthcare solutions.


11. Chalmers Ventures


Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. They focus on deep tech innovations and support researchers and entrepreneurs in commercializing their technology through various programs that provide business guidance, financing, and community networking. Chalmers Ventures emphasizes active ownership and investment in startups, helping them scale and succeed in the market. Notably, they have been involved in significant transactions in the biomedical engineering sector, such as their investments in Promimic, which raised over $3 million across multiple funding rounds to develop advanced biomaterials for medical applications. They also invested in Navari, a company that is likely to be involved in health-related technologies, further showcasing their engagement in the biomedical engineering space.


12. Investinor

  • Website: investinor.no
  • Type: Venture Capital
  • Headquarters: Trondheim, Trøndelag, Norway
  • Founded year: 2008
  • Headcount: 11-50
  • Number of deals in 2024: 4
  • LinkedIn: investinor

Investinor AS is a venture capital investment company based in Trondheim, Trøndelag, Norway, founded in 2008. It specializes in providing funding to promising startups and companies, helping them grow and achieve market leadership. Investinor manages state interests in seed and venture funds and collaborates with entrepreneurs and other investors. Among their notable transactions, they have invested in biomedical engineering companies such as CardioMech, which raised US$18.5M for its first-in-human feasibility trial for a catheter-based mitral valve repair technology, and Cimon Medical, which focuses on ultrasound technology. Additionally, they have been involved in funding rounds for other companies like EXACT THERAPEUTICS AS and SpinChip Diagnostics, further showcasing their engagement in the biomedical sector.


13. Innovestor

  • Website: innovestorgroup.com
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2014
  • Headcount: 11-50
  • Number of deals in 2024: 12
  • LinkedIn: innovestor

Innovestor is an investment management company based in Helsinki, Uusimaa, Finland, specializing in venture capital, real estate, and energy storage. Founded in 2014, Innovestor focuses on providing funding and support to early-stage startups and corporations, particularly in technology and life sciences. They offer services such as investment advice, corporate venturing, and participation in accelerator programs. Notably, Innovestor has made significant investments in the biomedical engineering field, including Synoste Oy, a medical device company; Brinter, a bioprinting startup; Surgify, which develops safer surgical drills; and HVR Cardio, a cardiovascular device company. These transactions highlight Innovestor's active role in advancing innovations within the biomedical engineering sector.



Biomedical Engineering Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Novo HoldingsHellerup, Denmark51-200199945
AlmiStockholm, Stockholm, Sweden201-50019947
HealthCapStockholm, Stockholm, Sweden11-5019965
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Business FinlandHelsinki, Uusimaa, Finland501-1000201826
Seed Capital DenmarkFrederiksberg, Frederiksberg, Denmark1-1020045
IndustrifondenStockholm, Stockholm, Sweden11-5019799
Novo NordiskDenmark10001+19234
Sunstone Life Science VenturesCopenhagen, Denmark1-1020071
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
Chalmers VenturesSweden11-50201526
InvestinorTrondheim, Trøndelag, Norway11-5020084
InnovestorHelsinki, Uusimaa, Finland11-50201412


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