The online health products retailers industry in the Nordics has seen robust growth driven by increasing health consciousness among consumers. Companies in this sector include specialty online pharmacies, fitness nutrition brands, and holistic well-being platforms. They offer a wide range of products, from dietary supplements and fitness tools to wellness apps and organic food items. The industry is embracing digital transformation, with e-commerce becoming an essential channel for consumer outreach. With innovations like personalized health solutions gaining traction, this market is poised for further expansion, solidifying the Nordics' reputation as a hub for health innovation.


The list of investors in Nordic online health products retailers consists of a mix of private equity and venture capital firms. These investors are headquartered in prominent cities like Stockholm, Oslo, and Copenhagen. They range in size from small teams of 1-10 to larger firms with hundreds of employees. Founded in different eras, from the mid-1900s to the 2000s, they have varying investment focuses. Collectively, these investors executed significant transactions in 2024, demonstrating their active engagement in the health product market.


Top 16 Online Health Products Retailers 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 primarily 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 Halodoc, which raised $100 million in Series D funding in July 2023, and Doctor Anywhere, which raised $40.8 million in Series C funding in December 2023. These investments highlight Novo Holdings' commitment to advancing digital health solutions and online healthcare services, making it a relevant player in the online health products retailers space.


2. 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 provides capital and hands-on support to help businesses scale and enhance their market position. Among their notable transactions, Verdane invested in Farmasiet, an online pharmacy, which highlights their engagement in the health products sector. They have also participated in funding rounds for companies like MM Sports, Boozt, and MatHem, showcasing their diverse investment portfolio that includes e-commerce and online retail, which can be relevant to the online health products market.


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 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. The firm has made significant investments in the healthcare sector, including the acquisition of Karo Healthcare for approximately $685 million in 2019, which focuses on health products. Additionally, EQT's acquisition of BSN Medical, a leading supplier of medical supplies, for around EUR 1.8 billion, further highlights their commitment to the healthcare industry. Their investment in Gympass, which raised $85 million in a Series F funding round, also aligns with the health and wellness sector, showcasing EQT's strategic focus on companies that promote health and fitness. These transactions illustrate EQT Group's active role in the online health products retailers market.


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 participated in significant funding rounds for e-commerce platforms such as Konga Online Shopping and Linio, which focus on expanding their marketplace capabilities. While these transactions are primarily in the general e-commerce space, Kinnevik's commitment to healthcare investments indicates a broader interest that could encompass online health products retailers.


5. 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 reacquired Ellos Group AB, a leading Nordic e-commerce group, which could potentially include health products in its offerings. Additionally, their acquisition of GesundHeits GmbH Deutschland in 2014 highlights their direct involvement in the healthcare sector, reinforcing their relevance to online health products retailers. Nordic Capital's clients primarily consist of institutional investors seeking sustainable investment opportunities, further emphasizing their commitment to impactful investments.


6. 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 invested in Numan, a London-based health clinic for men, which raised $40 million in a Series B round in September 2021, and previously secured €11 million in a Series A round in October 2020. They also invested in Yoppie, a femtech start-up, which raised £3.4 million in seed funding in March 2021. These transactions highlight VNV Global's active role in the online health products sector, making them a relevant investor in this space.


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, with a strong emphasis on sectors such as SaaS and Fintech. However, they have also made significant investments in the health sector. Notably, they invested in Injurymap, a company that focuses on health-related solutions, and Embla, a Danish weight loss app that raised €10 million to expand its market presence. These transactions highlight Seed Capital's commitment to supporting innovative health products alongside their broader technology focus.


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 has a strong emphasis on building long-term relationships with entrepreneurs. Heartcore Capital has been actively involved in various funding rounds, including notable transactions in the online health products sector. For instance, they participated in multiple funding rounds for La Fourche, which raised significant capital in 2023 and 2024, focusing on organic and health-oriented products. Additionally, Heartcore was involved in the Series A funding for Front of the Pack, a startup that emphasizes health and wellness, showcasing their interest in the online health products retail space. With 17 investments in 2024 alone, Heartcore Capital demonstrates a robust commitment to supporting innovative companies in the health and wellness industry.


9. 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 startups across various sectors. Lifeline Ventures focuses on supporting resilient founders from the inception of their ventures. Notably, they have invested in several health-related companies, including Oura, which raised a total of $2.3 million in seed funding led by Lifeline Ventures for its innovative wellness ring and app. They also participated in the funding rounds for Ambronite, which raised $600,000 for its meal replacement products, and HumanCharger, which raised $9.7 million for its health tech solutions. These investments highlight Lifeline Ventures' active role in the online health products sector.


10. 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. They specialize 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, they have invested in FirstVet, a Swedish online vet clinic, through multiple funding rounds, raising significant capital to expand its services, including a $35 million Series C round in 2020. Additionally, they led a $10 million Series A funding round for 8fit, a health and fitness company that has helped millions achieve their fitness goals. These transactions highlight Creandum's active role in the online health products and services market.


11. 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 an investment management firm based in Helsinki, Finland, specializing in private equity, real estate, infrastructure, and natural capital investments. Founded in 1989, CapMan serves institutional investors by providing access to diverse investment strategies aimed at achieving sustainable returns. With a strong presence in the Nordic markets, CapMan leverages its expertise to manage funds and drive value creation for its clients. Notably, CapMan has made significant investments in the health and wellness sector, including the acquisition of MM Sports, a Swedish company focused on sports nutrition and equipment, which aligns with the online health products market. Additionally, their acquisition of Pharmia further emphasizes their commitment to health-related investments. These transactions highlight CapMan's strategic approach to supporting growth and international expansion in the health sector.


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 is a corporate investor based in Malmo, Skåne, Sweden, founded in 2000. The company specializes in pet health products, offering a range of dietary supplements aimed at improving the health of dogs, cats, and horses. Their product line addresses various health issues, including dental care and anxiety, and they operate an online store that allows consumers to purchase these products directly. In recent years, Swedencare has made significant acquisitions to expand its presence in the pet healthcare sector, including the acquisition of NaturVet for $447.5 million, which specializes in therapy supplements for pets. Other notable transactions include the acquisition of Nutravet, Animal Pharmaceuticals Inc., and Innovet, all of which enhance their portfolio in the animal healthcare market. These strategic moves indicate Swedencare's commitment to growing its online retail capabilities in the health products sector for pets.


13. 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, focusing on innovative companies that develop breakthrough therapies for diseases with high unmet medical needs. HealthCap has been involved in several significant transactions, particularly with HelloBetter, a digital health company that has raised substantial funding across multiple rounds, including a Series A round in May 2023 and additional funding in 2021. These investments highlight HealthCap's commitment to supporting companies that provide online health solutions, making them a relevant player in the online health products retailers industry.


14. Rite Ventures


Rite Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2007. The firm specializes in transforming early growth companies in the IT-services, Software as a Service, and e-commerce sectors into midmarket leaders. They provide capital and strategic support to entrepreneurs, helping them scale their businesses effectively. Notably, Rite Ventures has invested in companies like Puhdistamo, which focuses on health foods and supplements, and Skincity, a skincare retailer. These investments highlight their engagement in the online health products sector, alongside their broader focus on e-commerce and technology-driven businesses.


15. Cni


CNI Advisory AB is a venture capital firm based in Stockholm, Sweden, founded in 2012. The firm specializes in funding and supporting entrepreneurial businesses across various sectors, focusing on creating sustainable shareholder value through capital and strategic guidance. Notably, Cni has invested in several companies relevant to the online health products sector, including Meds.se, which raised approximately $5.6 million in a Series A round in January 2019, indicating a strong interest in online health retail. Additionally, they have invested in Firstvet, a telemedicine service for pets, and Babyland Online Nordic, which operates in the online retail space. These transactions highlight Cni's engagement in the health and e-commerce sectors, reinforcing their relevance as an investor in online health products.


16. 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 in the plant-based and foodtech sectors. 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 that aims to address health issues in dogs, and THE PACK, which focuses on nutritionally complete oven-baked dried dog food. Additionally, they have invested in Swedish Temptations, a producer of vegan and organic foods, further emphasizing their commitment to health-oriented products. These investments highlight Kale United's role in promoting health through sustainable food options.



Online Health Products Retailers Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Novo HoldingsHellerup, Denmark51-200199945
VerdaneOslo, Oslo, Norway51-20019857
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
KinnevikStockholm, Stockholm, Sweden11-50193610
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
VNV Global ABStockholm, Stockholm, Sweden1-1019961
Seed Capital DenmarkFrederiksberg, Frederiksberg, Denmark1-1020045
Heartcore CapitalCopenhagen, Denmark11-50200717
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
CreandumStockholm, Stockholm, Sweden11-50200317
CapManHelsinki, Uusimaa, Finland51-20019894
SwedencareMalmo, Skåne, Sweden11-5020001
HealthCapStockholm, Stockholm, Sweden11-5019965
Rite VenturesStockholm, Stockholm, Sweden1-1020070
CniStockholm, Stockholm, Sweden1-1020121
Kale UnitedStockholm, Stockholm, Sweden1-1020182


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