The mental health services industry in the Nordics is growing rapidly, fueled by increasing awareness and acceptance of mental health issues. This sector includes a range of companies offering services like therapy, telehealth consultations, and innovative digital solutions for mental wellness. Notable players in the market are expanding access to care, integrating technology to enhance patient experiences and outcomes. Governments and private entities are investing more in mental health initiatives, indicating a trend towards proactive engagement rather than reactive treatments. The industry aims to lower barriers to mental health support, ensuring comprehensive care reaches those who need it most.


This list features an array of investors active in the mental health sector, spanning venture capital firms, private equity firms, and corporate investors. Based primarily in Sweden and Denmark, these firms range from well-established entities, like Nordic Capital founded in 1989, to newer ventures such as Add Health Media, established in 1999. Each investor has varied commitments to mental health services in 2024, with notable deal counts like Novo Holdings reporting 45 investments. These firms collectively underscore the growing interest in supporting mental health solutions across the Nordics.


Top 15 Mental Health Services Investors in the Nordics


1. 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 provides loans, risk capital, and business development support to small and medium-sized enterprises in Sweden, aiming to enhance their growth and competitiveness through tailored financial solutions. Among their notable transactions, Almi has invested in several companies relevant to mental health services, including Mindmore, which raised $1,344,982 in a seed round in June 2021, focusing on mental health solutions. Additionally, they have invested in Learning To Sleep, which also aligns with mental health services. These investments demonstrate Almi's commitment to supporting innovative solutions in the mental health sector, alongside their broader investment strategy.


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. Novo Holdings provides capital and strategic support to enhance healthcare solutions. Notably, they have participated in several transactions relevant to mental health services, including a $103 million Series A financing for Reunion Neuroscience, which is conducting clinical trials for treatments in postpartum depression. They also invested in Octave, which raised $52 million to expand its mental health services across the U.S. Additionally, their involvement in MDLIVE, a telehealth platform, highlights their commitment to supporting mental health initiatives. Overall, Novo Holdings is actively contributing to the advancement of mental health services through their investments.


3. 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 private equity firm based in Stockholm, Sweden, founded in 1994. The firm specializes in a diverse range of investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing varied investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the healthcare sector, including the acquisition of Terveystalo Healthcare in 2013 for approximately $862 million, which is a major healthcare provider in Finland. Additionally, EQT's investment in Wellhub, which raised $85 million in Series F funding in 2023, highlights their commitment to healthcare innovation, potentially including mental health services. Furthermore, their acquisition of MHC Asia Group, which manages corporate healthcare benefits, indicates a broader interest in health-related services that could encompass mental health support.


4. 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 partners with innovative entrepreneurs across various sectors, including healthcare, software, marketplaces, and climate tech. Kinnevik provides both capital and operational support to help companies scale and create long-term value. Notably, Kinnevik has made significant investments in the mental health services sector, including a $100 million investment in Spring Health during its Series E funding round in July 2024, and participation in multiple funding rounds for Cityblock Health, which focuses on community-based healthcare, including mental health services. These strategic investments highlight Kinnevik's focus on redefining industries and addressing pressing global challenges, particularly in the healthcare domain.


5. 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 strong market positions. Notably, VNV Global has been involved in several funding rounds for Vezeeta, an Egyptian healthcare platform that has raised significant capital to expand its integrated digital healthcare services. This includes a Series D funding round of USD 40 million in February 2020, and earlier rounds totaling over $11 million in Series C and B. Vezeeta's mission to empower patients aligns with the broader goals of improving healthcare access, which can encompass mental health services.


6. Add Health Media AB


Add Health Media AB is a corporate investor based in Stockholm, Sweden, founded in 1999. The company operates in the health media sector, providing a variety of health information platforms such as DOKTORN.com and Praktisk Medicin, aimed at both the general public and healthcare professionals. Their mission is to enhance knowledge about health and medicine through digital and print media, as well as educational resources. In recent years, Add Health Media has made notable investments in the mental health services space, including a €1 million investment in Learning To Sleep, a startup focused on digital sleep treatments, and participation in funding rounds for Migränhjälpen, a digital care provider specializing in migraine management. These investments highlight their commitment to supporting innovative solutions in mental health and wellness.


7. Seed Capital Denmark

  • Website: seedcapital.dk
  • Type: Venture Capital
  • Headquarters: Frederiksberg, Frederiksberg, Denmark
  • Founded year: 2004
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: seed-capital-denmark

Seed Capital Denmark is a venture capital firm based in Frederiksberg, Denmark, founded in 2004. The firm specializes in providing seed funding and advisory services to technology startups, particularly in sectors such as SaaS and Fintech. However, their investment portfolio also includes companies in the health and wellness space. Notably, they invested in Brain+, a company focused on cognitive training and brain health, which directly relates to mental health services. Additionally, they supported OpenTeleHealth, a platform that facilitates telehealth services, potentially including mental health care. Their investment in Embla, a weight loss app, also indicates a broader interest in health-related technologies. With a strong track record of successful investments, Seed Capital supports its portfolio companies from seed stage to exit, demonstrating their commitment to fostering innovation in various sectors, including mental health.


8. 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 founded in 2015, based in Stockholm, Sweden, that specializes in investing in early-stage tech startups. They provide financial support and operational assistance to entrepreneurs, helping them navigate the challenges of building successful businesses. 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 led a $47 million Series B investment in Unmind, a workplace mental health platform, showcasing their commitment to mental health services. Additionally, they have invested in Min Doktor, a Swedish health tech company that enhances doctor-patient communication, indicating their broader interest in health-related technologies.


9. 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, investing in and supporting innovative companies that develop breakthrough therapies for diseases with high unmet medical needs. In recent years, HealthCap has been involved in several transactions that highlight its commitment to mental health services, particularly through its investments in HelloBetter. HelloBetter has raised multiple rounds of funding, including a Series A round in May 2023, where they secured approximately $7.7 million, and another Series A round in October 2021, raising around $6.9 million. These investments demonstrate HealthCap's active role in advancing digital mental health solutions, making it a relevant player in the mental health services industry.


10. 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 health tech space, with notable investments in companies like Medoma, a Swedish digital therapy startup that raised €6 million in seed funding to develop virtual acute wards for patient care at home, which is directly relevant to mental health services. Additionally, Inventure has invested in Elsa, which has raised significant funding across multiple rounds, indicating a commitment to innovative health solutions. Their investment in Yogaia, a platform that offers online yoga classes, also suggests an interest in wellness and mental health-related services.


11. 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 relevant transactions, they have invested in Braeburn Pharmaceuticals, which is developing CAM2038, a treatment for opioid use disorder, highlighting their engagement in mental health-related issues. Additionally, their acquisition of Alloheim Senioren-Residenzen, a care home operator, and GesundHeits GmbH Deutschland, further demonstrates their commitment to the healthcare sector, which includes mental health services. Their diverse investment strategy positions them as a significant player in the healthcare landscape, including mental health services.


12. Lifeline Ventures


Lifeline Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2009. The firm specializes in early-stage investments in startups across various sectors, providing financial backing and advisory services to entrepreneurs. Lifeline Ventures has a particular focus on supporting resilient founders from the inception of their ventures. Notably, they have invested in Meru Health, which raised $4.2 million in a seed round in April 2019 and $330,000 in a previous seed round in March 2016. Meru Health is dedicated to delivering digital mental health solutions, highlighting Lifeline Ventures' engagement in the mental health services sector. Additionally, they invested in Sooma, another company that operates in the mental health space, further demonstrating their interest in this industry. Their portfolio also includes investments in companies like HumanCharger, which, while not directly related to mental health, showcases their diverse investment strategy.


13. 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 wide range of services, including medicine, surgery, and psychiatry, operating 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. Notably, Capio has made several acquisitions to expand its service offerings, including the acquisition of Legevisitten, which aims to enhance services for elderly patients, and other clinics like Globen Ögonklinik and Movement Medical I Halmstad. While the specific details of these transactions do not exclusively highlight mental health services, Capio's involvement in psychiatry and its strategic acquisitions suggest a broader commitment to providing mental health care within its healthcare framework.


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. They provide venture capital investment, strategic support, and networking opportunities to startups across various sectors, including fintech and health tech. Notably, Creandum has been involved in several funding rounds for Kry, a digital healthcare company focused on providing mental health services. Their investments in Kry include a Series A round of approximately $22.8 million in 2017, a Series B round of $66 million in 2018, a Series C round of $155 million in 2020, and a Series D round of $160 million in 2022. This track record highlights Creandum's active role in the mental health services space, demonstrating their commitment to nurturing companies that address mental health needs.


15. 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 mental health services sector, notably participating in funding rounds for Likeminded, a Berlin-based mental health solutions company, where they contributed to two seed funding rounds in 2021 and 2023. They also invested in Kaia Health, a digital therapeutics company that focuses on mental health, participating in multiple funding rounds including Series A, B, and C. This involvement highlights Heartcore's commitment to supporting innovative solutions in the mental health space while maintaining a broader focus on technology-driven companies.



Mental Health Services Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
AlmiStockholm, Stockholm, Sweden201-50019947
Novo HoldingsHellerup, Denmark51-200199945
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
KinnevikStockholm, Stockholm, Sweden11-50193610
VNV Global ABStockholm, Stockholm, Sweden1-1019961
Add Health Media ABStockholm, Stockholm, Sweden11-5019990
Seed Capital DenmarkFrederiksberg, Frederiksberg, Denmark1-1020045
EQT VenturesStockholm, Stockholm, Sweden11-50201528
HealthCapStockholm, Stockholm, Sweden11-5019965
InventureHelsinki, Uusimaa, Finland11-5020059
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
CapioGothenburg, Västra Götaland, Sweden10001+19940
CreandumStockholm, Stockholm, Sweden11-50200317
Heartcore CapitalCopenhagen, Denmark11-50200717


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