Top 14 Individual Health Insurance Investors in the Nordics
Top 14 Individual Health Insurance Investors in the Nordics
The individual health insurance industry in the Nordics is characterized by a robust mix of innovative companies providing personalized health insurance solutions. This sector is evolving rapidly, driven by advancements in technology and increasing consumer demand for tailored health coverage. InsurTech firms focus on incorporating digital tools to streamline service delivery and enhance customer experience. Traditional insurance providers are also investing in tech to remain competitive in this dynamic market. As the industry embraces digital health solutions, including telemedicine and personalized care, it is well-positioned for further growth and integration with broader healthcare services.
The roster of investors includes a range of venture capital firms, corporate investors, and private equity players, primarily based in Stockholm and Copenhagen. Often operating with team sizes of 11 to 50, these firms were established from as early as 1936 to 2017 and collectively engaged in over 200 deals in 2024. Their participation in health insurance spans various investment types, addressing not only coverage options but also technology enhancements that can reshape consumer experiences in the industry.
Top 14 Individual Health Insurance Investors in the Nordics
1. 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 founded in 1994, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Based in Stockholm, Sweden, EQT serves institutional investors by managing diverse investment portfolios across various sectors and geographies. Notably, EQT has made significant investments in the health insurance sector, including the acquisition of International Health Insurance Danmark in 2001 and Terveystalo Healthcare in 2013 for approximately $862 million. In 2019, they acquired MHC Asia Group, which focuses on corporate healthcare benefits in Southeast Asia. These transactions highlight EQT's strategic interest in the health insurance industry, alongside their broader investment activities.
2. 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. The firm provides capital and strategic support to enhance healthcare solutions. Notably, Novo Holdings has participated in significant funding rounds for health care startups, including Clever Care Health Plan Inc., which raised $41 million in a Series C funding round, and Doctor Anywhere, which raised $40.8 million in a Series C round in December 2023. Their investments in Halodoc, which raised $100 million in Series D funding, further demonstrate their commitment to expanding health care services, including individual health insurance solutions.
3. 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 their notable transactions, Almi has invested in Grace Health, which raised $400,000 in a seed round in 2019, and Nordic Health Innovation, which secured $2,000,000 in a venture round in 2015. These investments highlight Almi's engagement in the health sector, particularly in companies that may contribute to individual health insurance solutions.
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, aiming to create long-term value and sustainability. Among its relevant transactions, Nordic Capital acquired Solid Forsakrings in 2012, a company that operates in the insurance sector, indicating its commitment to health insurance. In 2023, they invested in the Helmsauer Group, a commercial insurance broker serving a large customer base in the DACH region, further showcasing their engagement in the insurance market. Additionally, their acquisition of Max Matthiessen, a financial advisory firm, and Ascot Lloyd, an independent financial advice firm, highlights their strategy to enhance customer offerings in the financial services sector, which often intersects with health insurance needs.
5. 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 venture capital investment company founded in 1936. The firm partners with innovative entrepreneurs across various sectors, including healthcare, software, marketplaces, and climate tech, providing both capital and operational support to help these companies scale and create long-term value. Kinnevik has made significant investments in the health insurance sector, notably leading a $35 million Series B funding round for SafetyWing, an insurance firm that offers health coverage for remote workers. This investment highlights Kinnevik's focus on addressing the evolving needs of individuals in the health insurance market. Additionally, Kinnevik has participated in multiple funding rounds for BIMA, a microinsurance provider, contributing to their growth and expansion in the health insurance space. These transactions underscore Kinnevik's strategic interest in redefining the health insurance industry and supporting innovative solutions that cater to individual health needs.
6. 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. They have been actively expanding their operations through strategic acquisitions in the insurance sector. Notably, they acquired Ensure International Insurance Broker in 2016, which enhances their capabilities in the insurance market. In 2024, they further expanded their reach by acquiring Frisia Verzekeringen and stakes in several UK advice firms, indicating a robust strategy to enhance their presence in the insurance and financial advisory landscape. Their acquisition of Grupo Galilea, a significant independent insurance broker in Spain, further solidifies their commitment to the insurance industry, including health insurance services.
7. Finnfund
- Website: finnfund.fi
- Type: Corporate
- Headquarters: Helsinki, Uusimaa, Finland
- Founded year: 1980
- Headcount: 51-200
- Number of deals in 2024: 7
- LinkedIn: finnfund
Finnfund is a not-for-profit development financier and impact investor based in Helsinki, Finland, founded in 1980. The organization focuses on creating sustainable futures by investing in companies that address global development challenges, particularly in developing countries. Finnfund provides investment and advisory services to promote economic growth and sustainability across various sectors. Among their notable transactions, Finnfund has invested in Penda Health, which aims to improve healthcare access, and Kasha, a Rwandan startup that provides last-mile access to health products for women. These investments highlight Finnfund's commitment to enhancing health services and products, making them a relevant player in the health insurance landscape.
8. 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 actively involved in the health insurance and health technology sectors, with notable investments including Lovys, a France-based InsurTech that raised €17 million in Series A funding to enhance its international expansion and customer experience. They also invested in Kaia Health, a digital therapeutics company that raised $75 million in Series C funding, which aims to drive growth and expand its technological capabilities. These transactions highlight Heartcore's commitment to supporting innovative solutions in the health insurance landscape.
9. 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 participated in funding rounds for companies like SafetyWing, which focuses on remote health insurance solutions, and YuLife, a tech-driven insurance company. These investments highlight Creandum's active role in the health insurance sector, particularly in innovative and modern insurance offerings that cater to individual needs.
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. Among their notable transactions, EQT Ventures led a €22.6 million Series B investment in Min Doktor, a health tech company that enhances doctor-patient communication and prescription services, which is crucial for individual health insurance. They also invested in Luko, a French insurtech startup, which indicates their engagement in the insurance sector. Their recent investment in Kota, which modernizes employee benefits, further demonstrates their interest in health-related services. These transactions highlight EQT Ventures' commitment to supporting innovations that can impact the individual health insurance landscape.
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 Stockholm-based venture capital firm founded in 1996, focusing on providing capital and expertise to innovative companies across various sectors, including Mobility and Digital Health. They aim to support mission-driven entrepreneurs in developing scalable and sustainable business models, emphasizing long-term profitability and strong market positions. Notably, VNV Global has participated in significant transactions within the health insurance context, such as their investment in BestDoctor, a Russian InsurTech that raised $26 million, and their involvement in multiple funding rounds for Babylon, a leading digital health service provider. These transactions highlight VNV Global's commitment to advancing health technology and insurance solutions.
12. 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 active in the insurtech space, notably investing in Insurello, a Stockholm-based insurtech that raised $17.4 million for international expansion in July 2021, and €7.1 million in a previous round in June 2020. They also participated in funding rounds for Lassie, a next-generation pet insurance startup, which raised €23 million in Series B funding in November 2023, and earlier rounds totaling over $11 million. These transactions highlight Inventure's engagement in the insurance sector, particularly in innovative insurance solutions, making them a relevant player in the individual health insurance landscape.
13. 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, based 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. Notable transactions include the acquisition of Academica Medical Center in Romania, which enhances their private medical services, and the acquisition of CDT Medicus Group in Poland, which operates hospitals and outpatient clinics. Additionally, their investment in Sahrudaya Healthcare Pvt. Ltd. in India signifies their commitment to expanding healthcare access in emerging markets. These transactions reflect Medicover's strategy to strengthen its position in the healthcare sector, which is closely linked to individual health insurance services.
14. Luminar Ventures
- Website: luminarventures.com
- Type: Venture Capital
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 2017
- Headcount: 1-10
- Number of deals in 2024: 7
- LinkedIn: luminar-ventures
Luminar Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2017. They specialize in pre-seed and seed-stage investments, providing funding and strategic guidance to innovative startups across various industries, particularly in technology. Notably, Luminar Ventures has been involved in several transactions within the health insurance sector, including a seed round investment in Health Integrator, which raised $815,368 in June 2020. They also participated in multiple funding rounds for Insurello, an insurtech company focused on simplifying insurance claims, with investments totaling €7.1 million for international expansion in June 2020, and earlier rounds in 2018 and 2019. These transactions highlight Luminar Ventures' commitment to supporting companies that are innovating in the health insurance space.
Individual Health Insurance Insights: Key Investors in the Nordics
| Investor | Headquarter | Size | Founded | Deals 2024 |
|---|---|---|---|---|
| EQT Group | Stockholm, Stockholm, Sweden | 1001-5000 | 1994 | 30 |
| Novo Holdings | Hellerup, Denmark | 51-200 | 1999 | 45 |
| Almi | Stockholm, Stockholm, Sweden | 201-500 | 1994 | 7 |
| Nordic Capital | Stockholm, Stockholm, Sweden | 201-500 | 1989 | 10 |
| Kinnevik | Stockholm, Stockholm, Sweden | 11-50 | 1936 | 10 |
| Söderberg & Partners | Stockholm, Stockholm, Sweden | 1001-5000 | 2004 | 4 |
| Finnfund | Helsinki, Uusimaa, Finland | 51-200 | 1980 | 7 |
| Heartcore Capital | Copenhagen, Denmark | 11-50 | 2007 | 17 |
| Creandum | Stockholm, Stockholm, Sweden | 11-50 | 2003 | 17 |
| EQT Ventures | Stockholm, Stockholm, Sweden | 11-50 | 2015 | 28 |
| VNV Global AB | Stockholm, Stockholm, Sweden | 1-10 | 1996 | 1 |
| Inventure | Helsinki, Uusimaa, Finland | 11-50 | 2005 | 9 |
| Medicover | Stockholm, Stockholm, Sweden | 10001+ | 1995 | 2 |
| Luminar Ventures | Stockholm, Stockholm, Sweden | 1-10 | 2017 | 7 |
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