The mental health industry in the Nordics has blossomed into a dynamic landscape, featuring innovative companies dedicated to psychological well-being. Various entities operate in this sphere, from tech startups focused on digital therapy platforms to established healthcare providers integrating mental health support into their services. The rise of telehealth solutions and digital wellness applications signals a shift towards accessible and personalized care. With an increasing awareness of mental health issues—especially among younger generations—the industry is poised for further growth, aiming to break stigmas and foster mental well-being on a wider scale across the region.


The investors highlighted in this article showcase varied profiles, including venture capital firms, private equity groups, and corporate stakeholders, primarily located in Sweden and Finland. Founded between 1936 and 2018, these investors have demonstrated commitment by participating in numerous deals—tallying up to 30 in 2024 alone. Their sizes range from small firms with just a few team members to larger entities managing thousands. This mix reveals a serious investment focus on mental health innovation as these investors capitalize on expanding opportunities in the sector.


Top 13 Mental Health 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 focuses on investing in life science companies at various stages of development. The firm provides capital and strategic support to enhance healthcare solutions. In recent years, Novo Holdings has made notable investments in the mental health sector, including a $540 million investment in Noom, a psychology-based digital health platform aimed at behavior change. They also participated in a $52 million Series C funding round for Octave, which is expanding its mental health services across the U.S. Additionally, Novo Holdings invested in MDLIVE, a telehealth provider that offers mental health services, and co-led a $103 million Series A financing for Reunion Neuroscience, which is developing treatments for postpartum depression and other psychiatric conditions. These transactions underscore Novo Holdings' commitment to advancing mental health solutions.


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 provides loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden, aiming to enhance their growth and competitiveness through tailored financial solutions. Among their notable transactions, Almi has invested in several companies relevant to the mental health sector, including Mindmore, which raised $1,344,982 in a seed round in June 2021, focusing on mental health solutions. Additionally, they participated in funding Learning To Sleep, a venture that addresses sleep-related issues, which are closely linked to mental health. These investments highlight Almi's engagement in the mental health industry, alongside their broader focus on supporting SMEs.


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 private equity 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. In the healthcare sector, EQT has made significant investments that align with mental health initiatives. For instance, they acquired Terveystalo Healthcare in 2013 for over $862 million, a company that plays a crucial role in providing healthcare services, including mental health support. In 2023, EQT led a Series F funding round for Wellhub, raising $85 million, which focuses on mental health solutions. Additionally, their investment in Gympass, which promotes mental well-being through fitness and wellness programs, further highlights their commitment to the mental health industry. Overall, EQT Group's strategic investments in healthcare and mental health-related companies position them as a relevant investor in this field.


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 a Stockholm-based investment company founded in 1936, focusing on partnering with innovative entrepreneurs across various sectors, including healthcare, software, marketplaces, and climate tech. They provide both capital and operational support to help companies scale and create long-term value. Notably, Kinnevik has made significant investments in the mental health space, including a $100 million Series E investment in Spring Health in July 2024, which offers personalized mental health care solutions. Additionally, Kinnevik participated in multiple funding rounds for Cityblock Health, a company that integrates mental health services into its community-based healthcare model, raising substantial amounts in Series B and C rounds. These transactions highlight Kinnevik's active role in advancing mental health initiatives.


5. 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 has a strong track record of successful investments, particularly in sectors such as SaaS and Fintech. Among their notable transactions, they invested in Brain+, a company that develops mental health solutions, highlighting their engagement in the mental health sector. Additionally, they have supported other health-related startups like OpenTeleHealth, which focuses on telehealth solutions, further demonstrating their interest in health technology. With a focus on helping founders navigate their growth journey and secure further funding, Seed Capital supports its portfolio companies from seed stage to exit.


6. 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 firm based in Stockholm, Sweden, founded in 1996. The firm focuses on 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, with an emphasis on long-term profitability and strong market positions. Notably, VNV Global has been involved in several funding rounds for Vezeeta, an Egyptian healthtech startup that operates a digital healthcare platform. Vezeeta has raised significant capital over the years, including a Series D funding round of USD 40 million in February 2020, which aims to empower patients in the Middle East and Africa. This involvement in a healthcare platform that enhances patient access to services suggests VNV Global's interest in health-related investments, including potential mental health applications.


7. Add Health Media AB


Add Health Media AB is a corporate investor based in Stockholm, Sweden, founded in 1999. The company operates as a health media organization, providing a variety of services including health information platforms such as DOKTORN.com and Praktisk Medicin. These platforms aim to enhance knowledge about health and medicine for both the general public and healthcare professionals. In recent years, Add Health Media has made several investments in health-related startups, including Learning To Sleep, which focuses on digital sleep treatments, a critical aspect of mental health. They also invested in ScientificMed, Health Integrator, Geras Solutions, and Knodd, indicating a diverse portfolio in the health sector. Their focus on enhancing health knowledge and supporting innovative health solutions positions them as a relevant player in the mental health investment landscape.


8. EQT Ventures

  • Website: eqtventures.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2015
  • Headcount: 11-50
  • Number of deals in 2024: 28
  • LinkedIn: eqt-ventures

EQT Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2015. The firm specializes in investing in early-stage tech startups, providing not only financial support but also operational assistance to entrepreneurs. EQT Ventures connects startups with a global network of industry experts and resources to foster growth and innovation. Notably, they have made significant investments in the mental health sector, including a leading role in the $47 million Series B funding round for Unmind, a workplace mental health platform aimed at improving employee well-being. Additionally, they have invested in Min Doktor, a Swedish health tech company that enhances doctor-patient communication, which is crucial for mental health services. These transactions highlight EQT Ventures' commitment to supporting innovations that address mental health challenges.


9. 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, investing in and supporting innovative companies that develop breakthrough therapies for diseases with high unmet medical needs. In recent years, HealthCap has been involved in several funding rounds for HelloBetter, a company that focuses on digital mental health solutions. Notably, they participated in a Series A funding round for HelloBetter, raising approximately $7.7 million in May 2023, and have continued to support the company in subsequent funding rounds. This involvement highlights HealthCap's interest in advancing mental health solutions alongside their broader life sciences focus.


10. 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 involved in several notable transactions in the mental health context, including investments in Elsa, a mental health support platform that has raised multiple seed rounds totaling over $6 million since 2018. Additionally, Inventure invested in Medoma, a Swedish digital therapy startup that raised €6 million to develop virtual acute wards for patient care, which can include mental health services. Their investment in Yogaia, a platform that offers online yoga and wellness classes, further highlights their interest in health and wellness solutions. Overall, Inventure's portfolio reflects a commitment to supporting innovative solutions in the mental health and wellness sectors.


11. Lifeline Ventures


Lifeline Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2009. The firm specializes in early-stage investments in startups across various sectors, providing financial backing and advisory services to entrepreneurs. Lifeline Ventures has a notable focus on supporting resilient founders from the inception of their ventures. Among their investments, they have backed companies like Meru Health, which raised $4.2 million in a seed round in April 2019 and focuses on digital mental health solutions, and Sooma, which also operates in the mental health space. These transactions highlight Lifeline Ventures' engagement in the mental health industry, showcasing their interest in supporting innovative solutions that address mental health challenges.


12. 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. Among its various investments, Business Finland has been involved in several transactions relevant to the mental health sector. For instance, they provided a grant to Triumf Health, which focuses on mental health solutions, and participated in debt financing for Aris4Autism, a company dedicated to autism-related services. Additionally, they have invested in Popit, which develops health technology that can be applied in mental health contexts. These transactions highlight Business Finland's role in promoting mental health innovations alongside their broader mission of supporting Finnish businesses.


13. 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 focus on healthcare and technology. Nordic Capital partners with management teams to drive growth and operational improvements in its portfolio companies, emphasizing sustainable investment opportunities. Among its relevant transactions, Nordic Capital led a significant investment in Braeburn Pharmaceuticals, which is developing CAM2038, a treatment for opioid use disorder, highlighting its engagement in mental health-related healthcare. Additionally, the acquisition of Alloheim Senioren-Residenzen, a German care home operator, further demonstrates its commitment to healthcare services, which can include mental health care for residents. Overall, Nordic Capital's investment strategy reflects a strong focus on creating long-term value and sustainability in the healthcare sector.



Mental Health Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Novo HoldingsHellerup, Denmark51-200199945
AlmiStockholm, Stockholm, Sweden201-50019947
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
KinnevikStockholm, Stockholm, Sweden11-50193610
Seed Capital DenmarkFrederiksberg, Frederiksberg, Denmark1-1020045
VNV Global ABStockholm, Stockholm, Sweden1-1019961
Add Health Media ABStockholm, Stockholm, Sweden11-5019990
EQT VenturesStockholm, Stockholm, Sweden11-50201528
HealthCapStockholm, Stockholm, Sweden11-5019965
InventureHelsinki, Uusimaa, Finland11-5020059
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
Business FinlandHelsinki, Uusimaa, Finland501-1000201826
Nordic CapitalStockholm, Stockholm, Sweden201-500198910


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