The biotechnology industry in the Nordics is a vibrant sector that focuses on developing innovative solutions in healthcare, agriculture, and environmental sustainability. Companies range from startups experimenting with novel therapeutics to established giants delivering advanced medical devices. The region's strong emphasis on research and its collaborative culture among universities and industry play pivotal roles in driving breakthroughs. As the global demand for personalized medicine and biopharmaceuticals grows, Nordic firms are well-poised to excel, leveraging their cutting-edge technology and efficient regulatory frameworks. This growth is evident in the increasing venture funds being funneled into biotechnological innovations, showcasing a robust future ahead.


Our featured investors represent a mix of venture capital firms and corporate entities headquartered in Denmark, Sweden, and Norway. Founded between 1923 and 2020, these investors vary in size, with teams ranging from small groups to large organizations managing thousands of employees. In the past year, these investors engaged in multiple deals, collectively reinforcing their presence in the biotechnology sector. With funding directed towards early-stage companies as well as established firms, these investors are key players in pushing the envelope of biotechnology advancements in the Nordics.


Top 14 Biotechnology 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 across various stages of development. The firm provides both capital and strategic support to enhance healthcare solutions. Notably, Novo Holdings has made significant investments in the biotechnology sector, including a €90.3 million investment in Evotec, which focuses on drug discovery and development. They also participated in a Series C funding round for Checkmate Pharmaceuticals, which raised $85 million to support the clinical development of innovative therapies for cancer. Additionally, Novo Holdings invested in Galecto, contributing to their Series D funding, which is aimed at advancing clinical studies for treatments in idiopathic pulmonary fibrosis. These transactions highlight Novo Holdings' commitment to fostering innovation in the biotechnology field.


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) across various sectors. Almi aims to enhance the growth and competitiveness of these businesses through tailored financial solutions and guidance. Notably, Almi has made several investments in the biotechnology sector, including funding rounds for companies such as Oblique Therapeutics, which raised $2.5 million in 2015, and Amniotics, which secured $2.1 million in 2019. Additionally, Almi has supported Fluicell in its seed round and has been involved in significant funding for Strike Pharma, a company focused on developing innovative cancer treatments. Their investment in Abarceo Pharma further highlights their active role in the biotech industry, demonstrating a commitment to supporting the development of new medical technologies and treatments.


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 strong track record of investments in biotechnology, as demonstrated by their involvement with PTC Therapeutics, where they participated in multiple funding rounds, including significant investments of $40 million in Series D (2001), $35 million in Series E (2004), and $15 million in Series E (2004). Additionally, they invested $34.8 million in Dynavax Technologies in a Series D round (2002). These transactions highlight HealthCap's commitment to advancing biotechnology and supporting companies that are at the forefront of medical innovation.


4. Sunstone Life Science Ventures


Sunstone Life Science Ventures is a Copenhagen-based venture capital firm founded in 2007, specializing in early-stage investments in life science companies. The firm focuses on fostering innovations in therapeutics, medical technology, and diagnostics, providing not only funding but also business development support to help portfolio companies transition from research to market. Notable transactions include a $64 million Series D investment in Galecto, which is advancing treatments for idiopathic pulmonary fibrosis, and a $60 million funding round for F2G, a company developing novel anti-fungal compounds. These investments highlight Sunstone's active role in the biotechnology sector, particularly in supporting companies that are working on critical health solutions.


5. 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 strong 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 plays a crucial role in supporting the translation and commercialization of groundbreaking science. Notably, the foundation has been involved in several significant transactions in the biotechnology sector, including investments in Spero Therapeutics, which raised $51.7 million in Series C funding and $30 million in Series B funding to develop its antibiotic improvement platform. Additionally, Lundbeckfonden participated in funding rounds for PsiOxus Therapeutics, which is focused on oncolytic therapies for cancer. These investments highlight Lundbeckfonden's active role in the biotechnology industry, particularly in supporting innovative health solutions.


6. 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 biotechnology sector, including a Series A financing round for Oncopeptides, which focuses on a novel treatment for multiple myeloma, and Seed Financing for Asgard Therapeutics, which is involved in developing innovative therapeutic solutions. Their investment in Calliditas Therapeutics further highlights their active role in the biotechnology landscape. By partnering with passionate founders, Industrifonden aims to create long-term value and foster innovation in the Life Science sector.


7. 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. Flerie supports its portfolio of over 30 companies by providing resources and expertise to navigate drug development challenges. 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 within the biotechnology sector, including leading funding rounds for Prokarium, a company developing microbial immunotherapy and vaccines, and Microbiotica, which is advancing oral Live Bacterial Therapeutics. Their investments in these companies underscore their commitment to fostering innovation in biotechnology and addressing critical health challenges.


8. 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, focusing on healthcare startups that aim to develop innovative medical solutions. With approximately EUR 230 million in assets under management, Hadean Ventures actively supports businesses in the healthcare industry seeking funding and expertise to address unmet medical needs. Notable transactions include a $64 million investment in Galecto, a company focused on developing treatments for fibrotic diseases, and a $68 million investment in SciRhom, which is involved in drug discovery for various diseases. Additionally, Hadean Ventures participated in funding rounds for Pipeline Therapeutics, which raised $80 million for advancing treatments for sensorineural hearing loss and multiple sclerosis, and for Complement Therapeutics, which raised €72 million for gene therapy targeting geographic atrophy. These investments highlight Hadean Ventures' commitment to advancing biotechnology and healthcare solutions.


9. 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 a strong commitment to improving patient health through innovative treatments. In addition to its core business, Novo Nordisk has made significant investments in the biotechnology sector. Notable transactions include its participation in Affimed Therapeutics' €20 million Series C funding round, aimed at advancing therapeutic antibody technology for Hodgkin's Lymphoma, and its involvement in ElevateBio's $401 million Series D funding round, which supports the development of advanced biotechnology platforms. These investments reflect Novo Nordisk's strategic interest in biotechnology and its commitment to fostering innovation in the healthcare space.


10. 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 biotechnology sector, Business Finland has been involved in several significant transactions, including a grant of over $1.9 million to TILT Biotherapeutics for cancer immunotherapy development and a low-interest loan of €2.1 million to Faron Pharmaceuticals for the manufacturing of interferon (IFN) beta-1a. These investments highlight Business Finland's role in promoting biotechnology innovation and supporting companies as they advance their clinical trials and product development.


11. 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. In the biotechnology context, EQT has made significant investments, including the acquisition of Aldevron, a leading supplier of plasmid DNA for gene therapies, which underscores their focus on innovative biotechnological solutions. Additionally, their acquisition of Certara, valued at USD 850 million, aims to support growth in the drug development sector. EQT has also participated in funding rounds for companies like Xilis and HyTest, further solidifying their presence in the biotechnology landscape.


12. Eir Ventures

  • Website: eirventures.eu
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2020
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: eir-ventures

Eir Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2020. The firm specializes in the life sciences sector, providing funding and support to innovative companies focused on developing new medical therapies. Eir Ventures aims to address unmet medical needs and enhance patient care through strategic investments in the life sciences industry. Notable transactions include a $64 million Series D investment in Galecto, a company focused on developing treatments for fibrotic diseases, and a $31 million Series A funding round for Scenic Biotech, which is advancing its pipeline of drug candidates. Additionally, Eir Ventures participated in a €127 million Series B financing round for IO Biotech, which is working on immuno-oncology therapies, and invested in Synklino, a biotech company developing drugs for chronic viral infections. These investments highlight Eir Ventures' commitment to supporting biotechnology innovation.


13. Karolinska Development


Karolinska Development is a venture capital firm based in Solna, Stockholm, Sweden, founded in 2003. The firm specializes in the life sciences sector, focusing on investing in innovative pharmaceutical and medtech companies. They provide portfolio management and research support to their investments. Notably, Karolinska Development has been involved in several significant transactions in the biotechnology context, particularly with Modus Therapeutics. They have participated in multiple rounds of post-IPO debt financing for Modus Therapeutics, including amounts raised in 2022 and 2024, as well as bridge financing to support the clinical development of Modus' lead asset, sevuparin. These activities demonstrate their commitment to advancing biotechnology innovations and supporting companies in the healthcare industry.


14. Chalmers Ventures


Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. They specialize in supporting deep tech innovations by assisting researchers and entrepreneurs in commercializing their technologies. Their approach includes providing business guidance, financing, and community networking, emphasizing active ownership and investment in startups to help them scale and succeed in the market. Notably, Chalmers Ventures has invested in biotechnology-related companies such as LanteRNA, which raised significant funding in seed and pre-seed rounds, focusing on RNA therapeutics. Additionally, they have supported Nyctea Technologies, indicating their engagement in innovative sectors that may include biotechnological advancements. This blend of investments showcases their commitment to fostering growth in the biotechnology landscape.



Biotechnology Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Novo HoldingsHellerup, Denmark51-200199945
AlmiStockholm, Stockholm, Sweden201-50019947
HealthCapStockholm, Stockholm, Sweden11-5019965
Sunstone Life Science VenturesCopenhagen, Denmark1-1020071
Lundbeckfonden / Lundbeck FoundationCopenhagen, Denmark11-5019541
IndustrifondenStockholm, Stockholm, Sweden11-5019799
FlerieStockholm, Stockholm, Sweden1-1020112
Hadean VenturesOslo, Oslo, Norway11-5020141
Novo NordiskDenmark10001+19234
Business FinlandHelsinki, Uusimaa, Finland501-1000201826
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Eir VenturesStockholm, Stockholm, Sweden1-1020202
Karolinska DevelopmentSolna, Stockholm, Sweden1-1020033
Chalmers VenturesSweden11-50201526


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