The vision insurance industry in the Nordics has seen significant growth as awareness of eye health increases. Companies in this sector range from traditional insurers offering specialized policies to innovative startups leveraging technology for better service delivery. These entities provide various products that focus on eye examinations, corrective surgery coverage, and preventive care initiatives. As consumer demand shifts towards holistic health solutions, vision insurance is expanding beyond mere policy offerings, integrating aspects of wellness and routine care. With a strong push for digital transformation, the industry aims to enhance user experience while exploring new technological advances to better meet customer needs.

The Nordic region hosts a mix of investors in the vision insurance market, including private equity, venture capital, and corporate firms. Most are based in Sweden, with several in Denmark and Norway, reflecting the area's concentration of financial expertise. Founded between 1936 and 2015, these investors vary in size from small teams to large corporations, actively engaging in diverse sectors. In 2024, most investors had notable deal activity, signaling robust interest in the vision insurance landscape. Their strategic investments focus on health, technology, and innovative services, positioning them well to shape the future of this sector.

Top 13 Vision Insurance Investors in the Nordics

1. 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 their significant transactions, they acquired SpaMedica, an ophthalmology chain, for £300 million in March 2020, highlighting their commitment to the healthcare sector, particularly in vision care. Additionally, they have invested in Solid Forsakrings, a company that may have relevance in the insurance space, and the Helmsauer Group, a commercial insurance broker, further demonstrating their engagement in the insurance industry. Their diverse portfolio and strategic investments position them as a relevant player in the vision insurance market.

2. 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 private equity investment 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. Notably, EQT has made significant investments in the healthcare sector, including the acquisition of International Health Insurance Danmark in 2001 and Carl Zeiss Vision in 2005, which is directly related to vision care. Additionally, EQT Growth invested in Bought By Many, a leading pet insurance provider, showcasing their broad investment interests. Their acquisition of MHC Asia Group, which manages corporate healthcare benefits, further emphasizes their focus on healthcare-related investments.

3. 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. The firm provides both capital and operational support to help companies scale and create long-term value. Notably, Kinnevik has made significant investments in the insurance sector, including a $35 million Series B funding round for SafetyWing, which offers health insurance solutions tailored for remote workers. Additionally, Kinnevik has been a consistent investor in BIMA, a microinsurance provider, participating in multiple funding rounds from Series A to Series D, with the latest being a $107 million financing round in 2017. These transactions highlight Kinnevik's strategic focus on redefining industries and addressing global challenges through their investments in the insurance domain.

4. Söderberg & Partners

• Website: soderbergpartners.se
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2004
• Headcount: 1001-5000
• Number of deals in 2024: 4
• LinkedIn: soderberg-%26-partners

Söderberg & Partners is a financial advisory firm based in Stockholm, Sweden, founded in 2004. The firm provides a comprehensive range of services, including pension advisory, insurance brokerage, and wealth management, catering to both individual consumers and businesses. In 2024, Söderberg & Partners has made notable strides in the insurance sector, acquiring Frisia Verzekeringen, which enhances their portfolio in the insurance market. Additionally, their acquisition of a 74% stake in Grupo Galilea, one of Spain's largest independent insurance brokers, positions them to expand their influence in the insurance industry further. They have also invested in the UK financial services group Fidelius and several UK advice firms, indicating a strategic approach to enhancing their presence in the insurance and financial advisory markets. These transactions reflect Söderberg & Partners' commitment to growing their insurance capabilities, which may include vision insurance as part of their broader offerings.

5. 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. In 2023, Novo Holdings led a $100 million Series A financing round for Ray Therapeutics, a company focused on optogenetics and targeting blinding diseases of the eye, showcasing their commitment to advancing vision-related healthcare. Additionally, they participated in seed financing for Breye Therapeutics, which is also working on compounds relevant to eye health. These transactions highlight Novo Holdings' active role in the vision insurance context, as they support innovations that can lead to improved treatments and solutions in the vision care sector.

6. Verdane

• Website: verdane.com
• Type: Private Equity
• Headquarters: Oslo, Oslo, Norway
• Founded year: 1985
• Headcount: 51-200
• Number of deals in 2024: 7
• LinkedIn: verdane-capital

Verdane is a private equity investment firm based in Oslo, Norway, founded in 1985. The firm specializes in growth equity investments in technology-enabled companies, providing capital and hands-on support to help businesses scale. Verdane focuses on digitalization and decarbonization trends, primarily targeting technology companies seeking to enhance their market position and operational efficiency. Notably, Verdane acquired LensOn in 2006, a company that operates in the vision care sector, which highlights their involvement in the vision insurance industry. Additionally, they have made various investments in e-commerce and technology companies, demonstrating their broad investment strategy while still maintaining a foothold in sectors relevant to vision insurance.

7. Creandum

• Website: creandum.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2003
• Headcount: 11-50
• Number of deals in 2024: 17
• LinkedIn: creandum

Creandum is a venture capital firm based in Stockholm, Sweden, founded in 2003. The firm specializes in supporting early-stage entrepreneurs in building global, category-defining companies across various sectors, including fintech and health tech. Creandum provides venture capital investment, strategic support, and networking opportunities to startups, nurturing them from seed to IPO. Notably, Creandum has invested in SafetyWing, an insurance firm that raised significant funding to enhance its Remote Health offering, which is particularly relevant in the context of vision insurance as it addresses health-related needs for remote workers. Additionally, Creandum has invested in Laka, a bicycle insurance company, further demonstrating their engagement in the insurance sector. These transactions highlight Creandum's commitment to supporting innovative insurance solutions, making them a noteworthy investor in the vision insurance landscape.

8. 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 its notable transactions, Almi has invested in Profundus Imaging, which raised over $1 million in a seed round, indicating a focus on innovative health technologies. Additionally, Almi has participated in funding rounds for Migränhjälpen, a digital care provider that specializes in migraine treatment, which raised significant capital to develop its platform and services. These investments reflect Almi's engagement in the healthcare sector, particularly in digital health solutions, which could be relevant to the vision insurance industry.

9. 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 range of medical services, including medicine, surgery, and psychiatry, operating health centers, specialist clinics, and hospitals across Sweden, Norway, Denmark, Germany, and France. Notably, Capio has made strategic acquisitions in the vision care sector, including a 51% stake in Orbita Øyelegesenter AS, a Norwegian eye specialist clinic, in 2017, which enhances its healthcare offerings in Norway. Additionally, Capio acquired Globen Ögonklinik, further expanding its presence in the eye care market. These transactions demonstrate Capio's commitment to improving vision care services, making it a relevant player in the vision insurance industry.

10. 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. With a focus on technology, EQT Ventures connects startups with a global network of industry experts and resources to foster growth and innovation. Notably, EQT Ventures has invested in several companies within the insurtech sector, including Luko, a French insurtech startup that raised €50 million in Series B funding, and Cytora, a UK-based insurtech that raised £25 million in Series B funding. Their investment in Kota, which is transforming the employee benefits industry, further highlights their engagement in sectors that intersect with insurance, including vision insurance. Additionally, their involvement with Min Doktor, a health tech company, showcases their interest in health-related technologies, which can also relate to vision care and insurance.

11. Heartcore Capital

• Website: heartcore.com
• Type: Venture Capital
• Headquarters: Copenhagen, Denmark
• Founded year: 2007
• Headcount: 11-50
• Number of deals in 2024: 17
• LinkedIn: heartcorecapital

Heartcore Capital is a venture capital firm based in Copenhagen, Denmark, founded in 2007. The firm specializes in investing in early-stage technology companies and emphasizes building long-term relationships with entrepreneurs. Heartcore has been active in various sectors, including InsurTech, as evidenced by its investment in Lovys, which raised €17 million in a Series A funding round to enhance its international expansion and customer experience. This investment reflects Heartcore's interest in innovative insurance solutions. Additionally, Heartcore has participated in other funding rounds, such as those for Grandhood and FINN, although these are less relevant to the vision insurance context. Overall, Heartcore Capital is focused on supporting technology-driven companies, which may include those in the vision insurance space.

12. Nalka

• Website: nalka.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2015
• Headcount: 11-50
• Number of deals in 2024: 1
• LinkedIn: nalka

Nalka is a private equity investment firm based in Stockholm, Sweden, founded in 2015. The firm focuses on developing independent companies in the Nordic and DACH regions, providing investment management and strategic support to small- and medium-sized businesses. Nalka emphasizes sustainable growth and responsible ownership in its investment approach. Notably, Nalka acquired Synsam Nordic in 2007, a significant player in the optical retail market, which aligns with the vision insurance industry. This acquisition highlights Nalka's commitment to investing in companies that contribute to vision care. Additionally, Nalka has been involved in other transactions, such as Ryds Bilglas and Mechanum, although these are less relevant to the vision insurance context. Overall, Nalka's strategic focus on the vision sector through Synsam Nordic positions it as a relevant investor in the vision insurance landscape.

13. 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 actively involved in the insurtech sector, with notable investments in companies like Insurello, a Stockholm-based insurtech that raised €7.1 million for international expansion, and Lassie, a next-generation pet insurance startup that raised €23 million in Series B funding. These transactions highlight Inventure's engagement in the insurance industry, suggesting a potential interest in vision insurance as part of their broader investment strategy.

Vision Insurance Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
Nordic Capital	Stockholm, Stockholm, Sweden	201-500	1989	10
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Kinnevik	Stockholm, Stockholm, Sweden	11-50	1936	10
Söderberg & Partners	Stockholm, Stockholm, Sweden	1001-5000	2004	4
Novo Holdings	Hellerup, Denmark	51-200	1999	45
Verdane	Oslo, Oslo, Norway	51-200	1985	7
Creandum	Stockholm, Stockholm, Sweden	11-50	2003	17
Almi	Stockholm, Stockholm, Sweden	201-500	1994	7
Capio	Gothenburg, Västra Götaland, Sweden	10001+	1994	0
EQT Ventures	Stockholm, Stockholm, Sweden	11-50	2015	28
Heartcore Capital	Copenhagen, Denmark	11-50	2007	17
Nalka	Stockholm, Stockholm, Sweden	11-50	2015	1
Inventure	Helsinki, Uusimaa, Finland	11-50	2005	9

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