The health insurance industry in the Nordics is characterized by a blend of innovative solutions and a commitment to accessible care. Companies in this sector range from traditional insurers to tech-enabled health startups, offering services like comprehensive health insurance plans, wellness programs, and telemedicine. As the industry evolves, there's a growing emphasis on digital health solutions and personalized care, fueled by advancements in technology. Regulatory frameworks are tightening, pushing insurers to adapt quickly, while customer demand for transparency and personalized services reshapes the market dynamics. Insights indicate an increasing investment focus on health tech, indicating a promising future ahead.

The list of top health insurance investors in the Nordics includes a mix of venture capital and private equity firms, predominantly headquartered in Stockholm, with some notable players from Hellerup and Helsinki. Ranging in size from small teams to larger entities, these investors were established between 1989 and 2015. In 2024, these firms executed 10-45 investments each, positioning them as active contributors to the sector’s growth and innovation. Their strategic involvement underlines a shift towards sectors that leverage technology for enhanced health solutions, reflecting their significance within the health insurance field.

Top 15 Health Insurance 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 at various stages of development. The firm provides capital and strategic support to enhance healthcare solutions. Notably, Novo Holdings has participated in several significant transactions in the health insurance context, including a Series C funding round for Clever Care Health Plan Inc., a health care startup, and a Series D funding round for Halodoc, which focuses on health services and vaccine coordination. Additionally, they have invested in Doctor Anywhere, a digital health platform, through multiple funding rounds. These transactions highlight Novo Holdings' commitment to advancing healthcare solutions, making them a relevant player in the health insurance sector.

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. In the health insurance context, EQT has made several notable transactions, including the acquisition of International Health Insurance Danmark in 2001 and Terveystalo Healthcare in 2013, which highlight their commitment to the health insurance sector. Additionally, their investment in MHC Asia Group, which manages corporate healthcare benefits in Southeast Asia, and their involvement with Bought By Many, a pet insurance provider, further demonstrate their active engagement in health-related investments.

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 its notable transactions, Almi has invested in health-related companies such as 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, alongside other ventures like Eatit and Mindforce Game Lab, showcasing its diverse portfolio while maintaining a significant interest in health innovation.

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 its relevant transactions, Nordic Capital acquired Solid Forsakrings in July 2012, marking a significant entry into the health insurance market. Additionally, the firm invested in the Helmsauer Group in 2023, a commercial insurance broker serving a large customer base in the DACH region, further demonstrating its commitment to the insurance sector. The acquisition of Max Matthiessen, a financial advisory firm, also highlights Nordic Capital's strategy to enhance offerings in the insurance and financial services space. These transactions reflect Nordic Capital's active role in the health insurance industry and its dedication to creating long-term value and sustainability in its investments.

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 an investment company based in Stockholm, Sweden, founded in 1936. The firm focuses on partnering with innovative entrepreneurs across various sectors, including healthcare, software, marketplaces, and climate tech. Kinnevik provides both capital and operational support to help these companies scale and create long-term value. Notably, Kinnevik has been actively involved in the health insurance industry through its investments in BIMA, a microinsurance provider. They participated in several funding rounds for BIMA, including a Series D round in 2017 where BIMA raised $107 million, and earlier rounds in 2014, 2015, and 2013, demonstrating a consistent investment strategy in the health insurance sector. This focus on redefining industries and addressing global challenges through strategic investments further solidifies Kinnevik's relevance in the health insurance space.

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 founded in 2004, based in Stockholm, Sweden. 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 a significant presence across multiple countries, offering tailored solutions to enhance financial security and investment strategies. Notably, Söderberg & Partners has been active in the insurance sector, having acquired Ensure International Insurance Broker in 2016, which positions them within the health insurance landscape. More recently, they acquired Frisia Verzekeringen in June 2024, further expanding their insurance portfolio. Their acquisition of Grupo Galilea, a major independent insurance broker in Spain, also highlights their commitment to growing their insurance operations, which may include health insurance services. These transactions underscore their role as a significant player in the insurance market, including health insurance.

7. 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 involved in several notable transactions in the health insurance and health technology sectors. For instance, they invested in Lovys, a France-based InsurTech that raised €17 million in its Series A funding round, aimed at expanding internationally and enhancing customer experience. Additionally, Heartcore participated in funding rounds for Kaia Health, a digital therapeutics company, which raised significant amounts across multiple rounds, including $75 million in Series C and $26 million in Series B. These investments reflect Heartcore's commitment to supporting innovative solutions in the health insurance space, making them a relevant player in this industry.

8. 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 invested in TPL Insurance, which raised $3 million in a venture round, directly linking them to the health insurance industry. Additionally, they have supported Kasha, a Rwandan startup that raised $21 million in a Series B round to expand access to health products for women, as well as a $1 million investment in Kasha to further their growth across Africa. These investments demonstrate Finnfund's commitment to enhancing health access and services, aligning with their mission to support sustainable development.

9. 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 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 with Babylon, a digital health company that has raised substantial funding across multiple rounds, including $230 million in Post-IPO equity. These investments highlight VNV Global's active role in the health insurance and digital health sectors.

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 investments, EQT Ventures has led funding rounds for companies like Min Doktor, which raised €22.6 million in Series B funding to enhance doctor-patient communications and prescription services, and Kota, which is transforming the employee benefits industry with a platform that simplifies the process for companies. These investments reflect EQT Ventures' active role in the health tech and insurance sectors, showcasing their commitment to supporting innovations that improve health services and insurance offerings.

11. 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 investor based in Stockholm, Sweden, founded in 1995. The company operates a network of medical clinics, hospitals, and laboratories primarily in Central and Eastern Europe and India, focusing on diagnostic and healthcare services. Medicover serves both individual consumers and corporate clients, offering a comprehensive range of health services to improve and maintain well-being. Notable transactions include the acquisition of Academica Medical Center in Romania, which strengthens their presence in the private medical services sector, and the acquisition of a 22% stake in Sahrudaya Healthcare Pvt. Ltd. in India, expanding their footprint in the Indian healthcare market. Additionally, their acquisition of CDT Medicus Group in Poland and Pelican Hospital in Romania further illustrates their strategy to enhance healthcare service delivery in key regions. These transactions highlight Medicover's active role in the healthcare industry, making them a relevant investor in the health insurance context.

12. 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 health insurance companies such as SafetyWing, which raised $35 million in a Series B round to scale its Remote Health offering, and YuLife, a tech-driven insurance company that raised $120 million in a Series C round to expand its market reach and product range. These transactions highlight Creandum's active role in the health insurance industry, reinforcing their relevance in this sector.

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 specializes in backing ambitious Nordic and Baltic founders, providing venture capital investment and portfolio management services to early-stage tech startups. Inventure has been involved in several notable transactions in the insurance sector, particularly in health-related contexts. They participated in funding rounds for Lassie, a next-generation pet insurance startup, which raised significant amounts in Series A and B funding, totaling over €36 million. Additionally, Inventure led a funding round for Insurello, a Stockholm-based insurtech company, which raised €7.1 million for international expansion. These investments highlight Inventure's engagement in the insurance industry, particularly in innovative health-related solutions.

14. 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 has made several investments in the health-related sector, including the acquisition of Apoteka, a pharmacy company, in July 2022, and the investment in Farmasiet, which raised funds in May 2019. These transactions highlight Verdane's engagement in the healthcare space, particularly in areas that intersect with health insurance.

15. 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 surgery and psychiatry, through its network of 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. Notable transactions include the acquisition of Legevisitten, aimed at improving services for elderly patients, and other acquisitions such as Movement Medical I Halmstad, Globen Ögonklinik, Medocular, and Mathilden-Hospital zu Büdingen. These acquisitions reflect Capio's strategy to expand its healthcare services and patient offerings, reinforcing its position in the health insurance landscape.

Health Insurance 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
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
Heartcore Capital	Copenhagen, Denmark	11-50	2007	17
Finnfund	Helsinki, Uusimaa, Finland	51-200	1980	7
VNV Global AB	Stockholm, Stockholm, Sweden	1-10	1996	1
EQT Ventures	Stockholm, Stockholm, Sweden	11-50	2015	28
Medicover	Stockholm, Stockholm, Sweden	10001+	1995	2
Creandum	Stockholm, Stockholm, Sweden	11-50	2003	17
Inventure	Helsinki, Uusimaa, Finland	11-50	2005	9
Verdane	Oslo, Oslo, Norway	51-200	1985	7
Capio	Gothenburg, Västra Götaland, Sweden	10001+	1994	0

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