The physical therapy and rehabilitation industry in the Nordics is a vital sector focused on restoring functional abilities and improving patients' quality of life. Companies range from hospitals and clinics to medical technology firms, providing services such as physical therapy, occupational therapy, and rehabilitation devices. This industry emphasizes preventive care and patient-centered solutions. With advancements in technology and growing awareness of mental health, the sector is evolving to integrate digital health solutions and personalized treatments. The emphasis on aging populations and chronic conditions further drives innovation and investment, ensuring this industry continues to thrive and adapt.

This list features a range of investors from the Nordics, including venture capital firms like Innovestor and corporate giants like Medicover. Based mainly in Sweden, Denmark, and Finland, the investors vary in size; some manage massive portfolios, while others support emerging startups. Founded between 1936 and 2014, these firms collectively engaged in 110 transactions in 2024, demonstrating their commitment to advancing the physical therapy and rehabilitation landscape.

Top 13 Physical Therapy and Rehabilitation 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. Novo Holdings provides capital and strategic support to enhance healthcare solutions. Notably, they have been involved in several transactions relevant to the physical therapy and rehabilitation context. For example, they led a $65 million funding round for Nalu Medical, a company dedicated to addressing chronic neuropathic pain, which is crucial for rehabilitation. They also participated in a funding round for SI-BONE, Inc., which focuses on orthopedic solutions that can significantly impact physical therapy practices. Furthermore, their investment in Octave, which aims to expand its technology products, may also contribute to rehabilitation solutions. These transactions highlight Novo Holdings' active role in supporting innovations that align with physical therapy and rehabilitation.

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, with the goal of enhancing their growth and competitiveness. Almi has been involved in several notable transactions in the health and rehabilitation sector, including investments in PainDrainer, which raised funds in both seed and venture rounds for its innovative pain management solutions, and Bioservo Technologies, which focuses on rehabilitation technologies. These investments highlight Almi's commitment to supporting advancements in physical therapy and rehabilitation, alongside their broader investment strategy.

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 leading 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 managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the healthcare sector, including a 20% stake in Ottobock, a renowned prosthetics manufacturer, which underscores their commitment to the rehabilitation industry. Additionally, their acquisition of Terveystalo Healthcare, a major player in the healthcare services market, further highlights their focus on sectors that include physical therapy and rehabilitation. EQT's strategic investments reflect their expertise in identifying and nurturing companies that contribute to health and recovery solutions.

4. 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 invested in companies relevant to the physical therapy and rehabilitation industry. Notable transactions include Injurymap, which raised funds for injury rehabilitation solutions, and Reapplix, a developer of device technology for tissue regeneration, which is crucial for rehabilitation processes. These investments demonstrate Seed Capital's engagement in the healthcare technology space, particularly in areas that support physical therapy and rehabilitation.

5. Medicover

• Website: medicover.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1995
• Headcount: 10001+
• Number of deals in 2024: 2
• LinkedIn: medicover

Medicover is a corporate healthcare provider founded in 1995, headquartered in Stockholm, Sweden. The company specializes in diagnostic and healthcare services, operating a network of medical clinics, hospitals, and laboratories primarily in Central and Eastern Europe and India. Medicover serves both individual consumers and corporate clients, offering a comprehensive range of health services aimed at improving and maintaining well-being. Notably, Medicover has made strategic acquisitions in the healthcare sector, including Polaris Medical, a major recovery hospital in Romania, which they acquired in January 2022. This facility is significant for rehabilitation services, as it focuses on acute patient care. Additionally, Medicover acquired CDT Medicus Group in Poland, which operates multiple hospitals and outpatient clinics, further expanding their healthcare footprint. Their acquisition of Pelican Hospital and Phoenix Medical Center also enhances their service offerings in the region. These transactions highlight Medicover's commitment to providing a wide range of healthcare services, including those related to physical therapy and rehabilitation.

6. 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, aiming to create long-term value and sustainability. Among its significant transactions, Nordic Capital acquired Atos Medical, a Swedish medical device company, which is involved in the rehabilitation market for ear, nose, and throat conditions. This acquisition highlights Nordic Capital's commitment to the healthcare sector, particularly in areas related to rehabilitation. Other notable transactions include the acquisition of AniCura, a veterinary care provider, and Alloheim Senioren-Residenzen, a German care home operator, further demonstrating their active role in the healthcare landscape.

7. 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, Finland, specializing in venture capital, real estate, and energy storage. Founded in 2014, Innovestor provides 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 transactions relevant to the medical and therapeutic fields, including Synoste, a medical device company, and Maculaser, a startup focused on medical technology that raised €1.2 million to accelerate product commercialization and clinical trials. These investments highlight Innovestor's engagement in sectors that could significantly impact physical therapy and rehabilitation.

8. 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, specializing in 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 invested in Joint Academy, a Swedish digital health firm that focuses on musculoskeletal disorders, raising $23 million in Series B funding to enhance its digital physical therapy offerings. This investment highlights Kinnevik's commitment to redefining healthcare through technology. Additionally, Kinnevik has participated in funding rounds for VillageMD and Cityblock Health, both of which aim to improve healthcare delivery and access, further demonstrating their active role in the healthcare sector.

9. 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 firm specializes in investing in early-stage companies, particularly in the fields of Deep Tech, Life Science, and Transformative Tech. With a focus on creating long-term value through partnerships with passionate founders, Industrifonden provides both financial support and strategic guidance to startups. Notably, they have invested in NuvoAir, which raised funds to expand its digital care platform aimed at improving decentralized clinical trials, a significant aspect of modern rehabilitation practices. Additionally, their investments in BONESUPPORT, a company that develops injectable bone substitutes, highlight their commitment to supporting innovations that facilitate recovery in orthopedic rehabilitation. These transactions underscore Industrifonden's active role in the life sciences sector, which encompasses physical therapy and rehabilitation solutions.

10. Capio

• Website: capio.com
• Type: Corporate
• Headquarters: Gothenburg, Västra Götaland, Sweden
• Founded year: 1994
• Headcount: 10001+
• LinkedIn: capio

Capio is a corporate investor based in Gothenburg, Västra Götaland, Sweden, founded in 1994. As a private healthcare provider, Capio offers a wide array of services in medicine, surgery, and psychiatry, operating health centers, specialist clinics, and hospitals across Sweden, Norway, Denmark, Germany, and France. Capio is part of Ramsay Générale de Santé, which enhances its capacity to deliver comprehensive healthcare services in Europe. Notably, Capio has made several strategic acquisitions that align with its healthcare offerings. For instance, the acquisition of Movement Medical I Halmstad in December 2011 indicates a direct involvement in rehabilitation services. Additionally, Capio's acquisition of Legevisitten in 2018 aimed to enhance services for elderly patients, which may include rehabilitation needs. These transactions reflect Capio's commitment to expanding its healthcare services, including those related to physical therapy and rehabilitation.

11. 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 investment 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, emphasizing long-term profitability and the creation of strong market positions. Notably, VNV Global has been involved in significant transactions within the healthcare sector, particularly with Vezeeta, an Egyptian healthcare platform. Vezeeta has raised substantial funding over the years, including a Series D round of $40 million in 2020 and a Series C round of approximately $11.99 million in 2018. These investments highlight VNV Global's commitment to supporting healthcare innovations that could potentially intersect with physical therapy and rehabilitation services.

12. AddLife AB

• Website: add.life
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2016
• Headcount: 1001-5000
• Number of deals in 2024: 3
• LinkedIn: addlife-ab

AddLife AB is a corporate investor based in Stockholm, Sweden, founded in 2016. The company operates in the Life Science sector, focusing on Labtech and Medtech, and provides high-quality medical technology products, assistive equipment, and laboratory solutions primarily to healthcare providers, hospitals, and research institutions across Europe. AddLife's decentralized business model allows its subsidiaries to maintain flexibility while benefiting from the company's resources. Notable transactions include the acquisition of Hepro, a company that specializes in assistive devices, which supports physical therapy and rehabilitation efforts. Additionally, the acquisition of Väinö Korpinen Oy, a supplier of accessible bathroom solutions, further demonstrates AddLife's commitment to enhancing home care and rehabilitation services. These strategic acquisitions highlight AddLife's role in the physical therapy and rehabilitation sector.

13. Össur

• Website: ossur.com
• Type: Corporate
• Headquarters: Reykjavík, Reykjavíkurborg, Iceland
• Founded year: 1971
• Headcount: 1001-5000
• Number of deals in 2024: 1
• LinkedIn: ossur

Össur is a corporate investor based in Reykjavík, Iceland, specializing in medical devices, particularly prosthetics and orthotic solutions. Founded in 1971, the company aims to enhance mobility and improve the quality of life for individuals with limb differences and orthopedic conditions. Össur has made significant strides in the physical therapy and rehabilitation sector through strategic acquisitions. Notable transactions include the acquisition of Touch Bionics, which allowed Össur to enter the upper limb prosthetic market, and Fior & Gentz, a German maker of lower limb neuro orthotic components, which aligns with their focus on innovative mobility solutions. Additionally, Össur's acquisition of Naked Prosthetics enhances their offerings for finger and partial hand amputees, while the acquisition of College Park Industries further solidifies their position in the global prosthetic device market. These investments reflect Össur's commitment to advancing technology and support services in the rehabilitation field.

Physical Therapy and Rehabilitation 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
Seed Capital Denmark	Frederiksberg, Frederiksberg, Denmark	1-10	2004	5
Medicover	Stockholm, Stockholm, Sweden	10001+	1995	2
Nordic Capital	Stockholm, Stockholm, Sweden	201-500	1989	10
Innovestor	Helsinki, Uusimaa, Finland	11-50	2014	12
Kinnevik	Stockholm, Stockholm, Sweden	11-50	1936	10
Industrifonden	Stockholm, Stockholm, Sweden	11-50	1979	9
Capio	Gothenburg, Västra Götaland, Sweden	10001+	1994	0
VNV Global AB	Stockholm, Stockholm, Sweden	1-10	1996	1
AddLife AB	Stockholm, Stockholm, Sweden	1001-5000	2016	3
Össur	Reykjavík, Reykjavíkurborg, Iceland	1001-5000	1971	1

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