The respiratory device industry in the Nordics is a dynamic sector focused on developing technologies that aid breathing and improve patient care. Companies here create a range of products, from innovative inhalers specific for asthma to advanced oxygen therapies. With an emphasis on user-centric design and advanced technology, the industry is shifting towards smart health solutions, integrating software for better patient monitoring and management. The region is also notable for its collaboration between startups and established firms, signaling robust growth opportunities and a commitment to addressing respiratory health challenges on a global scale.

This list features a selection of 15 prominent investors engaged in the Nordic respiratory device sector. Among them, venture capital firms like Almi and corporate players like Getinge illustrate the breadth of investor types across areas from Stockholm to Hellerup. These investors range from smaller entities with fewer than 10 employees to larger firms with over 5,000, all established between 1978 and 2019. In 2024, they made a combined total of over 200 investments, underscoring their strong presence and active participation in the market.

Top 15 Respiratory Device 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 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 invested in Inogen, Inc., a leading manufacturer of innovative oxygen technology, with a $20 million equity financing round in 2012 and a $22 million investment in a Series D round in 2007. Additionally, they participated in funding rounds for Verona Pharma, which, while not exclusively a respiratory device company, operates within the life sciences sector that includes respiratory treatments. Their involvement in Preventice Solutions also indicates a broader interest in health technology, further supporting their relevance in the respiratory device industry.

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, that provides loans, risk capital, and business development support to small and medium-sized enterprises. Founded in 1994, Almi aims to enhance the growth and competitiveness of these businesses by offering tailored financial solutions and guidance. Among their notable investments, Almi has participated in funding rounds for companies like Monivent, which raised $229,042 in a seed round in 2015, and Asthmatuner, which secured $1,550,683 in a venture round in 2020. These investments highlight Almi's commitment to supporting innovations in the respiratory device sector, making them a significant player in this industry.

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 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 healthcare sector, including the acquisition of Atos Medical in 2011, a company focused on respiratory medical devices. This acquisition aimed to support Atos Medical's growth strategy in both existing and new markets, highlighting EQT's commitment to enhancing healthcare solutions. Additionally, EQT's investment in SHL Medical, which specializes in drug delivery systems, further emphasizes their engagement in the medical device industry, including potential respiratory applications. These transactions illustrate EQT's strategic focus on companies that contribute to advancements in healthcare and respiratory care.

4. 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 innovative companies that develop breakthrough therapies for diseases with high unmet medical needs. HealthCap has a strong track record of supporting companies in various stages of development. Among its notable transactions, HealthCap co-led a $32 million Series C funding round for Pulmonx, which focuses on respiratory devices for emphysema treatment. Additionally, HealthCap participated in funding rounds for Vicore Pharma, which is conducting trials for idiopathic pulmonary fibrosis (IPF), a serious respiratory condition. These investments highlight HealthCap's commitment to advancing therapies in the respiratory device space, alongside its broader life sciences focus.

5. 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 is a venture capital firm based in Copenhagen that specializes in providing seed funding and advisory services to technology startups in Denmark. Founded in 2004, the firm has a strong track record of successful investments, particularly in sectors such as SaaS and Fintech. However, SEED Capital has also invested in healthcare-related companies, including Pulmotrace, which focuses on respiratory monitoring, and Neurescue, which is involved in emergency medical solutions. These investments demonstrate SEED Capital's capability and willingness to support innovations in the healthcare sector, including respiratory devices. The firm supports its portfolio companies from seed stage to exit, helping founders navigate their growth journey and secure further funding.

6. Indutrade Life Science

• Website: indutrade.se
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1978
• Headcount: 1001-5000
• Number of deals in 2024: 14
• LinkedIn: indutrade-life-science

Indutrade Life Science is a corporate investor based in Stockholm, Sweden, founded in 1978. The company is part of an industrial group that specializes in developing and acquiring companies with high technical expertise across various sectors, including technology and industrial products. Indutrade emphasizes long-term relationships with its customers and operates through a decentralized structure, allowing its subsidiaries to maintain independence while benefiting from the group's resources. Notably, Indutrade has made several acquisitions relevant to the medical field, including UK Gas Technologies, which enhances their capabilities in high purity medical gases, essential for respiratory applications. Additionally, their acquisition of Oscar Medtec, a supplier of medical refrigerators, further demonstrates their involvement in the healthcare sector. These transactions indicate Indutrade's commitment to expanding its portfolio in areas that intersect with respiratory device technology.

7. 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 strong 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. Notably, Nordic Capital has been involved in significant transactions in the healthcare sector, including the acquisition of Atos Medical, a Swedish medical device company focused on ear, nose, and throat rehabilitation, which is relevant to respiratory health. Additionally, they have acquired a majority share in Corpuls, a German medical technology company specializing in emergency medical solutions, further demonstrating their commitment to the healthcare industry. Their investment in Equashield Medical, a company valued at $1.3 billion, also highlights their active role in the medical device market.

8. 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 firm specializes in investing in early-stage companies, particularly in the fields of Deep Tech, Life Science, and Transformative Tech. They provide financial support and strategic guidance to startups, helping them scale their innovative solutions. Notably, Industrifonden has participated in funding rounds for companies like NuvoAir, which raised significant capital to enhance its digital care platform for respiratory patients, indicating their active role in the respiratory device sector. Additionally, they have invested in Airsonett, a company focused on respiratory health solutions, further solidifying their involvement in this industry. Their focus on creating long-term value through partnerships with passionate founders aligns with their strategy of supporting transformative technologies in healthcare.

9. AddLife AB

• Website: add.life
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2016
• Headcount: 1001-5000
• Number of deals in 2024: 3
• LinkedIn: addlife-ab

AddLife AB is a Swedish corporate investor operating in the Life Science sector, with a focus on Labtech and Medtech. Founded in 2016 and based in Stockholm, the company provides high-quality medical technology products, assistive equipment, and laboratory solutions primarily to healthcare providers, hospitals, and research institutions across Europe. AddLife operates through a decentralized business model, allowing its subsidiaries to maintain flexibility while benefiting from the company's resources. Notable transactions include the acquisition of Wellspect HealthCare's business in surgery and respiration for EUR 18 million, which includes market-leading niche products in the respiratory field. Additionally, AddLife acquired Lab-Vent Controls, a company specializing in ventilation solutions for laboratories and cleanrooms, further enhancing their portfolio in the respiratory device market. These strategic acquisitions highlight AddLife's commitment to expanding its presence in the respiratory device industry.

10. Chalmers Ventures

• Website: chalmersventures.com
• Type: Venture Capital
• Headquarters: Sweden
• Founded year: 2015
• Headcount: 11-50
• Number of deals in 2024: 26
• LinkedIn: chalmers-ventures

Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. They focus on deep tech innovations and support researchers and entrepreneurs in commercializing their technology through various programs. Their model emphasizes active ownership and investment in startups, helping them scale and succeed in the market. Notably, Chalmers Ventures has been involved in several funding rounds for Monivent, a company specializing in respiratory devices, raising funds through seed rounds and post-IPO debt. This involvement highlights their commitment to the respiratory device sector, alongside their broader investment strategy in deep tech.

11. Innovestor

• Website: innovestorgroup.com
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2014
• Headcount: 11-50
• Number of deals in 2024: 12
• LinkedIn: innovestor

Innovestor is an investment management company based in Helsinki, Finland, specializing in venture capital, real estate, and energy storage. Founded in 2014, Innovestor provides funding and support to early-stage startups and corporations, with a strong emphasis on technology and life sciences. Their services include investment advice, corporate venturing, and participation in accelerator programs. Notably, Innovestor has been involved in several transactions within the medical device sector, including investments in Synoste, Monidor, and HVR Cardio. Monidor, a medtech startup, raised €1 million to bring its Monidrop device to market, while HVR Cardio secured €10.7 million in a Series B round, indicating Innovestor's active role in supporting innovative health technologies. Additionally, their investment in Ward 24/7, a medtech company, further demonstrates their commitment to the medical device industry.

12. 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, particularly in biotech and pharmaceutical investments, and supports a portfolio of over 30 companies by providing resources and expertise to navigate drug development challenges. Flerie operates primarily in Europe, Israel, and the US, aiming to create long-term value through strategic investments. Notably, Flerie has invested in EpiEndo Pharmaceuticals, which secured EUR 20 million in Series A funding for the clinical development of its lead compound EP395, targeting COPD. This investment highlights Flerie's commitment to addressing respiratory health issues. Additionally, they have participated in funding rounds for other biotech firms, showcasing their active role in the life sciences sector.

13. Butterfly Ventures

• Website: butterfly.vc
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2012
• Headcount: 1-10
• Number of deals in 2024: 5
• LinkedIn: butterfly-ventures

Butterfly Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2012. The firm specializes in seed stage investments in deep tech startups, providing both capital and strategic support to help early-stage companies navigate growth and market entry challenges. Butterfly Ventures emphasizes social and environmental impact in its investment strategy. Among their notable transactions, they invested in Asthmatuner, which raised $1,550,683 in a venture round in February 2020, focusing on asthma management solutions. This investment highlights their engagement in the respiratory device sector. Additionally, they have invested in other health-related startups such as Cerenion and Surgify, which, while not exclusively focused on respiratory devices, indicate a broader interest in health technology and innovation.

14. Voima Ventures

• Website: voimaventures.com
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2019
• Headcount: 11-50
• Number of deals in 2024: 11
• LinkedIn: voima-ventures

Voima Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2019. The firm specializes in funding early-stage science-based innovations and deep tech ventures, providing capital and expertise to help startups scale their solutions for global challenges. Voima Ventures operates primarily in the Nordic and Baltic regions and has a diverse investment portfolio that includes various sectors such as life sciences and advanced manufacturing. Notably, they have invested in Monidor Oy, a Finnish medtech startup that is developing the Monidrop device, which is relevant to health technology. They also invested in Nucu, a startup focused on improving sleep for babies and parents, which may have implications for respiratory health. Their involvement in these healthtech ventures positions them as a potential investor in the respiratory device sector.

15. Investor AB

• Website: investorab.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1916
• Headcount: 51-200
• Number of deals in 2024: 4
• LinkedIn: investor-ab

Investor AB is an investment holding company based in Stockholm, Sweden, founded in 1916. The firm manages a diverse portfolio of high-quality global companies, focusing on long-term investments and providing strategic support primarily in the pharmaceuticals, telecommunications, and industrial sectors. Notably, Investor AB has been involved in significant transactions such as the acquisition of Mölnlycke Health Care, a company that operates in the medical device space, which could include respiratory devices. Their recent acquisition activities, particularly the substantial investment in Mölnlycke Health Care Group AB, indicate a commitment to enhancing performance and sustainability in healthcare. However, their other transactions, such as the undefined funding for CareX and Nature's Toolbox, do not provide clear evidence of a focus on respiratory devices specifically.

Respiratory Device Insights: Key Investors in the Nordics

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