In the Nordics, the health and wellness product stores industry is thriving and increasingly focused on holistic health solutions. Companies within this sector range from retailers of natural supplements to innovative health tech startups. As consumer interest in personal well-being continues to rise, these businesses are adapting, offering everything from organic foods to sustainable fitness products. The trend toward sustainable living is driving exciting developments, with more brands highlighting their ethical sourcing and production practices. Moreover, the incorporation of digital health products is anticipated to revolutionize the market, engaging customers in a more interactive way.

The list showcases a variety of investors shaping the Nordic health and wellness landscape. Investors include venture capital firms and private equity players, with some established as far back as 1985. Headquartered primarily in major cities like Stockholm and Oslo, many of these investors are medium-sized companies, averaging between 50 and 200 employees. In 2024, these investors completed a total of 182 deals, underscoring their commitment to fostering innovation in health and wellness products. Their strategic investments reflect growth opportunities within this dynamic sector, positioning them as vital players in the market.

Top 14 Health and Wellness Product Stores 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 invests in life science companies at various stages of development. The firm provides capital and strategic support to enhance healthcare solutions. Notably, Novo Holdings has participated in significant funding rounds for companies like Kate Farms, which raised $75 million in Series C funding to support its plant-based nutrition products, and Doctor Anywhere, which raised $40.8 million in Series C funding to expand its digital healthcare services. These transactions highlight Novo Holdings' commitment to investing in innovative health and wellness solutions.

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 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. Among their notable transactions, EQT acquired Karo Healthcare in January 2019 for approximately $685 million, marking a significant investment in the healthcare sector. In October 2020, they participated in a venture round for LIVEKINDLY, raising $135 million, which focuses on plant-based food products, aligning with health and wellness trends. More recently, in August 2023, EQT led a Series F funding round for Gympass, a platform that promotes fitness and wellness, raising $85 million. They also invested in Wellhub, which raised $85 million in August 2023, further emphasizing their focus on health and wellness products and services. These transactions highlight EQT's active role in the health and wellness industry, making them a relevant investor in this space.

3. 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, particularly in technology-enabled companies, and focuses on trends such as digitalization and decarbonization. Verdane has been involved in several transactions that touch upon the health and wellness sector, including investments in MM Sports, a company that likely operates in the sports and wellness space, and Farmasiet, which is related to pharmacy and health products. Additionally, Verdane's acquisition of Eversports in 2024 further emphasizes their interest in the wellness and fitness industry, as Eversports operates in the sports and wellness domain. Their diverse portfolio and hands-on support approach make them a significant player in the investment landscape, particularly for companies looking to scale in the health and wellness sector.

4. 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 for institutional investors. Among their relevant transactions, they acquired GesundHeits GmbH Deutschland in 2014, which directly relates to health and wellness products. This acquisition showcases their commitment to the healthcare sector. Additionally, their involvement in other sectors, such as retail with Europris AS and Tokmanni, highlights their diverse investment strategy, but their healthcare focus remains a key aspect of their portfolio.

5. Katapult

• Website: katapult.vc
• Type: Venture Capital
• Headquarters: Oslo, Oslo, Norway
• Founded year: 2017
• Headcount: 11-50
• Number of deals in 2024: 8
• LinkedIn: katapult-accelerator

Katapult is an impact investment firm based in Oslo, Norway, founded in 2017. They focus on tech startups that address global challenges, providing investment, accelerator programs, and mentorship to early-stage companies. In 2020, Katapult invested in Saathi, a company that manufactures 100% biodegradable and compostable all-natural sanitary pads from banana fiber, highlighting their interest in health and wellness products. Additionally, they have been involved in various other sectors, including climate-tech and ocean-tech, but their investment in Saathi demonstrates their potential relevance to the health and wellness product stores industry.

6. 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 focuses on building long-term relationships with entrepreneurs by providing both capital and guidance throughout their business journey. In 2024 alone, Heartcore has made 17 investments, showcasing their active role in the venture capital landscape. Among their notable transactions, Heartcore has invested in La Fourche, a company that raised significant funding in 2023 and 2024, indicating a focus on health-related products. Additionally, they participated in funding rounds for Front of the Pack, a startup in the pet health sector, further emphasizing their engagement in health and wellness. These investments reflect Heartcore's commitment to supporting innovative companies within the health and wellness space, alongside their broader technology investment strategy.

7. Kale United

• Website: kaleunited.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2018
• Headcount: 1-10
• Number of deals in 2024: 2
• LinkedIn: kaleunited

Kale United is a corporate investment firm based in Stockholm, Sweden, founded in 2018. The firm specializes in impact investments aimed at sustainable food production, particularly focusing on plant-based and foodtech companies. Kale United serves both individual and institutional investors who are interested in supporting the transition to a plant-based lifestyle while achieving financial returns. Notable transactions include investments in OMNI, a plant-based dog food startup, and Swedish Temptations, a producer of vegan and organic foods. These investments highlight Kale United's commitment to promoting health and wellness through sustainable food options, making them a relevant player in the health and wellness product stores sector.

8. 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, emphasizing long-term profitability and the creation of strong market positions. Notably, VNV Global has invested in Yoppie, a femtech start-up that raised £3.4MM in seed funding to support international expansion and technology development. Additionally, they have invested in Numan, a London-based health clinic for men, which raised $40 million in Series B funding to enhance technology and expand operations. These transactions highlight VNV Global's active role in the health and wellness sector, particularly in supporting innovative health solutions.

9. eEquity

• Website: eequity.se
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2010
• Headcount: 11-50
• LinkedIn: eequity

eEquity is a Stockholm-based venture capital firm founded in 2010, specializing in growth equity investments. The firm focuses on digitally enabled business models primarily in the Nordics, partnering with entrepreneurs in the technology and retail sectors to provide capital and strategic support for scaling businesses. Notable transactions include investments in Swiss Clinic, which raised over $2.3 million in a venture round, and Preglife, which also received venture funding. Additionally, eEquity led a significant seed round for Go North, a company aiming to become a major player in the market, showcasing their commitment to supporting innovative businesses. Their portfolio reflects a blend of technology and health-related ventures, reinforcing their relevance in the health and wellness product stores industry.

10. Orkla ASA

• Website: orkla.com
• Type: Corporate
• Headquarters: Oslo, Oslo, Norway
• Founded year: 2017
• Headcount: 10001+
• Number of deals in 2024: 1
• LinkedIn: orkla-asa

Orkla ASA is a leading industrial investment company based in Oslo, Norway, founded in 2017. The company operates across various sectors, including branded consumer goods, aluminium solutions, and financial investments. Orkla offers a diverse range of products, particularly in food, snacks, health, and personal care. In recent years, Orkla has made significant acquisitions in the health and wellness sector, including the purchase of Health and Sports Nutrition Group HSNG AB, which operates major e-commerce portals for health and sports nutrition. They also acquired NutraQ, encompassing health and beauty brands such as VitaePro and Oslo Skin Lab, further solidifying their presence in the health and wellness market. Additionally, their acquisition of Vesterålen Marine Oil supports their health initiatives, particularly for their Möller’s Tran cod liver oil brand. These strategic moves highlight Orkla's focus on enhancing its portfolio in the health and wellness domain.

11. Lifeline Ventures

• Website: lifelineventures.com
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2009
• Headcount: 1-10
• Number of deals in 2024: 14
• LinkedIn: lifeline-ventures

Lifeline Ventures is a venture capital firm based in Helsinki, Finland, founded in 2009. The firm specializes in early-stage investments, providing financial backing and advisory services to entrepreneurs across various sectors. Lifeline Ventures has a notable track record in the health and wellness industry, having led the seed funding round for Oura, a wearable health tech company known for its wellness ring and app. They also invested in Ambronite, a company that offers meal replacement products, and HumanCharger, which focuses on light therapy for improving well-being. With 14 investments in 2024 alone, Lifeline Ventures demonstrates a proactive approach to supporting resilient founders and innovative health solutions.

12. Swedencare

• Website: swedencare.com
• Type: Corporate
• Headquarters: Malmo, Skåne, Sweden
• Founded year: 2000
• Headcount: 11-50
• Number of deals in 2024: 1
• LinkedIn: swedencare

Swedencare, founded in 2000 and based in Malmo, Skåne, Sweden, is a corporate investor specializing in pet health products. The company offers a range of dietary supplements designed to improve the health of pets, addressing various issues such as dental care and anxiety. Swedencare operates an online store for direct consumer sales. In recent years, Swedencare has made several strategic acquisitions to expand its footprint in the pet healthcare market. Notable transactions include the acquisition of NaturVet for $447.5 million, which specializes in therapy supplements for pets, and Nutravet for 375 million SEK, a producer of animal healthcare products. Additionally, they acquired Animal Pharmaceuticals Inc. and Innovet, further enhancing their portfolio in the veterinary sector. These acquisitions reflect Swedencare's commitment to advancing health and wellness in the pet industry.

13. CapMan

• Website: capman.com
• Type: Private Equity
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 1989
• Headcount: 51-200
• Number of deals in 2024: 4
• LinkedIn: capman

CapMan Oyj is a private equity investment management firm based in Helsinki, Finland, founded in 1989. The firm specializes in various investment strategies, including private equity, real estate, infrastructure, and natural capital investments, primarily serving institutional investors. CapMan has a strong presence in the Nordic markets and focuses on driving value creation for its clients. Among their notable transactions, CapMan acquired MM Sports, a company specializing in sports nutrition and equipment, which highlights their engagement in the health and wellness sector. Additionally, their acquisition of Pharmia further emphasizes their interest in health-related investments. These transactions demonstrate CapMan's capability and willingness to invest in companies that contribute to health and wellness, aligning with their broader investment strategy aimed at achieving sustainable returns.

14. 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 health and wellness companies such as 8fit, which raised $10 million in a Series A round to help over 10 million people achieve their fitness goals through customized plans. Additionally, they participated in funding rounds for Virta Health, a company focused on combating Type 2 Diabetes, contributing to their Series B and Series C funding rounds, which raised significant amounts of capital to support their mission. These transactions highlight Creandum's active role in the health and wellness sector, reinforcing their commitment to investing in impactful health tech solutions.

Health and Wellness Product Stores Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
Novo Holdings	Hellerup, Denmark	51-200	1999	45
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Verdane	Oslo, Oslo, Norway	51-200	1985	7
Nordic Capital	Stockholm, Stockholm, Sweden	201-500	1989	10
Katapult	Oslo, Oslo, Norway	11-50	2017	8
Heartcore Capital	Copenhagen, Denmark	11-50	2007	17
Kale United	Stockholm, Stockholm, Sweden	1-10	2018	2
VNV Global AB	Stockholm, Stockholm, Sweden	1-10	1996	1
eEquity	Stockholm, Stockholm, Sweden	11-50	2010	0
Orkla ASA	Oslo, Oslo, Norway	10001+	2017	1
Lifeline Ventures	Helsinki, Uusimaa, Finland	1-10	2009	14
Swedencare	Malmo, Skåne, Sweden	11-50	2000	1
CapMan	Helsinki, Uusimaa, Finland	51-200	1989	4
Creandum	Stockholm, Stockholm, Sweden	11-50	2003	17

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