The pharmaceutical clinical trials industry in the Nordics is a thriving hub for innovation and research. Companies here are focused on developing new therapies through rigorous testing protocols, with a strong emphasis on biotechnology and life sciences. This ecosystem includes biotech startups, established pharma companies, and research institutions collaborating to advance health outcomes. Recent advancements in personalized medicine and increased investment are projected to propel growth in this sector. With a reputation for high-quality research standards and regulatory compliance, the Nordics are attracting attention from global investors looking to capitalize on emerging clinical research opportunities.


The investors featured in this article represent a mix of venture capital and private equity firms primarily located in Denmark, Sweden, and Norway. Established between 1954 and 2014, these firms vary in size, ranging from small teams to large organizations, with many actively investing in the pharmaceutical clinical trials sector. In total, they made over 110 deals in 2024, showcasing their robust engagement in supporting innovative life science companies. Their focus spans early-stage ventures to later-stage growth, indicating a strong commitment to nurturing the pharmaceutical industry across the Nordics.


Top 13 Pharmaceutical Clinical Trials 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. Novo Holdings provides capital and strategic support to enhance healthcare solutions. Notably, they have invested in Evotec, a company that raised significant funds for expanding its services and pipeline, and Adaptimmune, which focuses on developing T-cell therapies. Their involvement in these transactions highlights their commitment to advancing pharmaceutical innovations and supporting clinical trials in the life sciences sector.


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. In the pharmaceutical sector, Almi has made several notable investments, including a seed round for LipUm, which focuses on drug development, and a significant investment in Strike Pharma, a company developing innovative cancer treatments. They also participated in funding rounds for Oblique Therapeutics and Pila Pharma, both of which are involved in pharmaceutical advancements. These transactions highlight Almi's active role in supporting the pharmaceutical industry, particularly in the context of clinical trials and drug development.


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 history of investing in companies that are actively engaged in pharmaceutical development and clinical trials. Notable transactions include participation in the Series A and B funding rounds for Ultragenyx Pharmaceutical, which is known for its focus on rare diseases and innovative therapies. Additionally, HealthCap has invested in PTC Therapeutics, a company that develops treatments for genetic disorders and has been involved in various clinical trials. These investments highlight HealthCap's commitment to supporting companies that are at the forefront of pharmaceutical innovation and clinical research.


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 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. The firm has made significant strides in the pharmaceutical and healthcare sectors, highlighted by its acquisition of PAREXEL in July 2021 for $8.5 billion, which is a key player in clinical research and biopharmaceutical services. Additionally, EQT's acquisition of Certara in July 2017 for $850 million underscores its commitment to supporting growth in the drug development sector. Furthermore, EQT's involvement with Galderma, a leading dermatology company, and its recent acquisition of CluePoints, a company focused on data analytics for clinical trials, further solidify its position as an active investor in the pharmaceutical clinical trials industry.


5. 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 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. Notably, Sunstone has participated in significant funding rounds for companies involved in clinical trials, such as IO Biotech, which raised EUR 127 million to fund clinical trials for its immuno-oncology programs. They also co-led a Series B financing round for Step Pharma, which is advancing its lead compound into clinical trials. These transactions highlight Sunstone's active role in supporting companies that are directly involved in pharmaceutical clinical trials.


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 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 Ventures, the investment arm of the foundation, has been involved in significant transactions in the pharmaceutical sector, including participation in funding rounds for Amplyx Pharmaceuticals and Enterome. For instance, they were part of a $67 million financing round for Amplyx Pharmaceuticals in 2017 and contributed to a €32 million Series D financing round for Enterome in 2018. These investments highlight their role in supporting the translation and commercialization of groundbreaking science in the pharmaceutical industry.


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 has been actively involved in the pharmaceutical clinical trials sector through various investments and acquisitions. Notably, they participated in a €20 million Series C funding round for Affimed Therapeutics AG, which focuses on clinical validation of therapeutic antibody technology and is advancing programs for Hodgkin's Lymphoma. They also invested in IO Biotech during its Series A funding, which is crucial for the development of innovative cancer therapies. Furthermore, their involvement in the Series B financing of Unum Therapeutics, aimed at advancing novel Antibody-Coupled T-cell Receptor (ACTR) technology, highlights their commitment to supporting clinical trials and the development of new treatments. These transactions demonstrate Novo Nordisk's active role in the pharmaceutical clinical trials landscape, making them a significant investor in this field.


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 significant transactions within the pharmaceutical sector, including investments in Oncopeptides, which is developing a treatment for multiple myeloma, and Minervax, which is advancing a vaccine candidate for Group B Streptococcus into phase 3 clinical trials. Their focus on creating long-term value through partnerships with passionate founders is evident in their commitment to supporting life sciences and pharmaceutical innovations.


9. 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 navigate the challenges of drug development. They operate primarily in Europe, Israel, and the US, aiming to create long-term value through strategic investments. Notably, Flerie has been involved in significant transactions such as Microbiotica's £50 million Series B financing round, which is intended to advance their oral Live Bacterial Therapeutics to Phase 1b clinical studies. Additionally, Flerie has participated in funding rounds for KAHR Medical, which is focused on the clinical development of its lead product candidate, DSP107. These transactions highlight Flerie's active role in supporting companies that are directly involved in pharmaceutical clinical trials.


10. 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, managing approximately EUR 230 million in assets. Hadean Ventures focuses on investing in healthcare startups that aim to develop innovative medical solutions to address unmet medical needs. Notable transactions include a Series B investment in Step Pharma, which raised $41.3 million to advance its lead compound into clinical trials, and a Series C investment in Pipeline Therapeutics, which raised $80 million to support its biopharmaceutical technology targeting sensorineural hearing loss and multiple sclerosis. These investments highlight Hadean Ventures' active role in the pharmaceutical clinical trials landscape, making them a significant player in the healthcare investment space.


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 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. In the pharmaceutical sector, 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, which is crucial for their clinical development. Additionally, they provided grants to TILT Biotherapeutics, which is working on cancer immunotherapies and has secured funding to advance its therapies into Phase 1 clinical trials. These transactions highlight Business Finland's role in facilitating pharmaceutical innovation and clinical research.


12. 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. Their model emphasizes active ownership and investment in startups, helping them scale and succeed in the market. Notably, they have invested in Alpha Therapy Solution, which raised funds in both pre-seed and seed rounds, indicating a commitment to early-stage healthcare innovations. Additionally, their investments in Mevia, which has raised significant amounts in venture rounds, further highlight their involvement in the healthcare sector. These transactions suggest that Chalmers Ventures is not only focused on technology but also on innovations that could impact the pharmaceutical industry, particularly in areas related to clinical trials and therapeutic solutions.


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. Their services encompass investment advice, corporate venturing, and participation in accelerator programs. Notably, Innovestor has been involved in several significant transactions in the life sciences sector, including a $20.7 million Series A investment in Neumirna Therapeutics and a $27.3 million Series B investment in Gesynta Pharma. Additionally, they participated in a €28 million Series A financing round for Teitur Trophics, a biotech company advancing a drug candidate into clinical development. These investments highlight Innovestor's commitment to supporting pharmaceutical companies and their clinical trial initiatives.



Pharmaceutical Clinical Trials 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
Sunstone Life Science VenturesCopenhagen, Denmark1-1020071
Lundbeckfonden / Lundbeck FoundationCopenhagen, Denmark11-5019541
Novo NordiskDenmark10001+19234
IndustrifondenStockholm, Stockholm, Sweden11-5019799
FlerieStockholm, Stockholm, Sweden1-1020112
Hadean VenturesOslo, Oslo, Norway11-5020141
Business FinlandHelsinki, Uusimaa, Finland501-1000201826
Chalmers VenturesSweden11-50201526
InnovestorHelsinki, Uusimaa, Finland11-50201412


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