The medical devices industry in the Nordics plays a pivotal role in enhancing healthcare through technology. Companies operate across various areas, including diagnostic tools, surgical instruments, and rehabilitation devices, focusing on innovation and quality. Notable firms like Elekta and Getinge are in the mix, pushing boundaries with new technologies and therapies. The industry is increasingly leaning towards digital health solutions, driven by an aging population and rising demand for efficient healthcare services. Furthermore, Nordic countries boast strong research institutions and investments, positioning them as centers for medical device development and innovation.


The list of investors includes a mix of venture capital firms and private equity groups, primarily based in Sweden, Denmark, and Norway. Including established players like EQT Group and emerging firms like Innovestor, these investors typically range from small teams to larger operations with hundreds of employees. Founded between 1954 and 2016, they have collectively participated in numerous medical devices deals, with total investments counting into the hundreds as of 2024, indicating a robust belief in this sector’s growth potential.


Top 17 Medical Devices 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. Novo Holdings provides capital and strategic support to enhance healthcare solutions. Notably, they have invested in several medical technology companies, including CorWave, which raised $17.1 million in a Series B financing round, and Preventice Solutions, which secured $137 million in a Series B financing round with participation from Novo Holdings. Additionally, they invested in SI-BONE, Inc., which focuses on expanding its medical device operations. These transactions highlight Novo Holdings' commitment to advancing medical technology and innovation in the healthcare sector.


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, 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. Notably, Almi has been involved in several transactions within the medical devices sector, including investments in OssDsign, a medtech company focused on craniofacial implants, and BONESUPPORT, which specializes in innovative bone regeneration products. These investments highlight Almi's engagement in the medical devices industry, alongside their broader focus on supporting SMEs across various sectors.


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 leading 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. Among their notable transactions in the medical devices sector, EQT acquired a 20% stake in Otto Bock, a renowned manufacturer of prosthetics, for approximately €630 million, valuing the company at €3.15 billion. This investment is significant as it underscores EQT's strategic interest in the medical devices market. Additionally, EQT's acquisition of Gambro, a company focused on dialysis products, and their involvement with SHL Medical, which specializes in drug delivery devices, further solidify their presence in the medical devices industry. These transactions reflect EQT's commitment to investing in innovative healthcare solutions and technologies.


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, focusing on innovative companies that develop breakthrough therapies for diseases with high unmet medical needs. HealthCap has a strong portfolio in the medical devices space, having invested in companies such as SpineVision, which develops next-generation devices for spinal treatment, and Pulmonx, which focuses on devices for the treatment of emphysema. Additionally, HealthCap has supported Nexstim, a medical technology company, in its efforts to enhance international sales and marketing. Their investment in BoneSupport, which develops products for bone regeneration, further underscores their commitment to advancing medical technologies. Overall, HealthCap provides not only funding but also expertise to help these companies bring new products to market.


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 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 focus on sectors such as SaaS and Fintech. However, they have also made significant investments in the medical devices sector. Notable transactions include their investment in Reapplix, a company developing device technology for tissue regeneration, which raised €2.7 million in funding to support its pre-revenue value creation and commercial launch. Additionally, they have invested in Nordic Neurostim, which raised $927,055 in a seed round, indicating their engagement in the medical devices space. With a strong track record of supporting portfolio companies from seed stage to exit, Seed Capital Denmark demonstrates a commitment to fostering innovation across various sectors, including medical devices.


6. 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. Among its relevant transactions in the medical devices sector, Nordic Capital acquired a majority stake in Orchid Orthopedic Solutions, a key player in the orthopedic medical device sector, and signed an agreement to acquire Atos Medical, a company specializing in ear, nose, and throat rehabilitation. Additionally, Nordic Capital agreed to acquire a majority share in Corpuls, a German medical technology company focused on emergency medical solutions. These investments highlight Nordic Capital's strategic commitment to enhancing the medical devices industry and creating long-term value in its portfolio.


7. Lundbeckfonden / Lundbeck Foundation

  • Website: lundbeckfonden.com
  • Type: Venture Capital
  • Headquarters: Copenhagen, Denmark
  • Founded year: 1954
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: lundbeckfonden

Lundbeckfonden / Lundbeck Foundation is a not-for-profit organization based in Copenhagen, Denmark, founded in 1954. It is dedicated to funding health science research, particularly in brain-related studies, and provides various grants and scholarships to researchers and academic institutions in Denmark. The foundation plays a crucial role in supporting the translation and commercialization of groundbreaking science. Notably, Lundbeckfonden has participated in several significant transactions in the medical devices sector, including investments in BONESUPPORT, a Swedish startup that develops injectable bone substitutes, and scPharmaceuticals, which focuses on drug delivery technologies. These investments highlight Lundbeckfonden's commitment to advancing healthcare innovations beyond its primary focus on brain health.


8. Novo Nordisk

  • Website: novonordisk.com
  • Type: Corporate
  • Headquarters: Denmark
  • Founded year: 1923
  • Headcount: 10001+
  • Number of deals in 2024: 4
  • LinkedIn: novo-nordisk

Novo Nordisk A/S is a leading multinational pharmaceutical company based in Denmark, founded in 1923. The company specializes in diabetes care and treatments for other chronic diseases, developing and manufacturing a range of medications, including semaglutide and various insulin products. In recent years, Novo Nordisk has expanded its investment portfolio to include medical device companies that align with its focus on diabetes management. Notably, they have initiated exclusive negotiations to acquire Biocorp, a French diabetes device maker, for approximately €154 million, which highlights their commitment to integrating medical devices into their product offerings. Additionally, Novo Nordisk has invested in Beta Bionics, participating in both Series A and Series C funding rounds, which focus on innovative insulin delivery systems. These transactions underscore Novo Nordisk's strategic interest in the medical devices sector, particularly those that enhance diabetes care and management.


9. 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 been involved in several transactions relevant to the medical devices sector, including significant investments in BONESUPPORT, a developer of injectable bone substitutes, which raised multiple funding rounds with their participation. They also invested in Airsonett, which focuses on medical technology solutions, and Texray AB, which aims to enhance occupational safety for healthcare professionals. These transactions highlight Industrifonden's active role in the medical devices industry and their commitment to fostering innovation in healthcare.


10. Investinor

  • Website: investinor.no
  • Type: Venture Capital
  • Headquarters: Trondheim, Trøndelag, Norway
  • Founded year: 2008
  • Headcount: 11-50
  • Number of deals in 2024: 4
  • LinkedIn: investinor

Investinor AS is a venture capital investment company based in Trondheim, Trøndelag, Norway, founded in 2008. It specializes in providing funding to promising startups and companies, helping them grow and achieve market leadership. Investinor collaborates with entrepreneurs and other investors, managing state interests in seed and venture funds. Notably, Investinor has made significant investments in the medical devices sector, including a Series A financing round for CardioMech, which raised $18.5M to fund its first-in-human feasibility trial for a catheter-based mitral valve repair technology. Additionally, they participated in a seed round for Cimon Medical, an ultrasound technology startup, raising 60MNOK. These transactions highlight Investinor's commitment to supporting innovation in the medical devices industry.


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, Uusimaa, Finland, specializing in venture capital, real estate, and energy storage. Founded in 2014, Innovestor focuses on providing funding and support to early-stage startups and corporations, particularly in the technology and life sciences sectors. They offer services such as investment advice, corporate venturing, and participation in accelerator programs. Innovestor has been actively involved in the medical devices industry, with notable investments including Synoste Oy, a company focused on clinical applications in medical devices; HVR Cardio, a cardiovascular device company that raised €10.7M in a Series B round; Surgify, which is developing a safer surgical drill; and Monidor, a medtech startup working on the Monidrop device. These transactions highlight Innovestor's commitment to advancing medical technology and their role as a significant player in the medical devices investment landscape.


12. 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 based in Stockholm, founded in 2016. The company operates primarily in the Life Science sector, with a strong emphasis on Labtech and Medtech. It provides high-quality medical technology products, assistive equipment, and laboratory solutions to healthcare providers, hospitals, and research institutions across Europe. AddLife's decentralized business model allows its subsidiaries to maintain flexibility while leveraging the company's resources. Notable transactions include the acquisition of Biomedica Medizinprodukte GmbH, which enhances its presence in the European medical devices market, and Mediplast AB, further solidifying its commitment to the Medtech sector. Additionally, the acquisition of Healthcare21 Group indicates a strategy to broaden its healthcare offerings, reinforcing its role in the medical devices industry.


13. 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 the Indutrade group, which focuses on developing and acquiring companies with high technical expertise across various technology and industrial sectors. 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. In recent years, Indutrade has made significant strides in the medical devices sector, acquiring companies such as MeHow Medical, an Irish medical device and engineering firm, and Oscar Medtec, a supplier of medical refrigerators and examination furniture. Additionally, their acquisition of Primed Fysio och Rehab AB, a supplier of professional physiotherapy equipment, further solidifies their commitment to the medical devices industry. These strategic acquisitions highlight Indutrade's focus on enhancing its portfolio in the medical technology space, making it a relevant player in this sector.


14. Hadean Ventures

  • Website: hadeanventures.com
  • Type: Venture Capital
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 2014
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: hadean-ventures

Hadean Ventures is a venture capital firm based in Oslo, Norway, founded in 2014. The firm specializes in the life sciences sector, investing in healthcare startups to support the development of innovative medical solutions. With approximately EUR 230 million in assets under management, Hadean Ventures focuses primarily on European markets. Notable transactions include their investment in CardioMech, which raised US$18.5M for its catheter-based mitral valve repair technology, and Neuro Event Labs, which secured €3.9m for its epilepsy diagnostics product. These investments highlight Hadean Ventures' commitment to advancing medical technology and addressing unmet medical needs in the healthcare industry.


15. Sunstone Life Science Ventures


Sunstone Life Science Ventures is a venture capital firm based in Copenhagen, Denmark, founded in 2007. The firm specializes in investments in early-stage life science companies, focusing on innovations in therapeutics, medical technology, and diagnostics. Sunstone provides funding and business development support to help its portfolio companies navigate the path from research to market. Notably, Sunstone has been involved in significant transactions in the medical devices sector, including multiple funding rounds for JenaValve Technology, which raised substantial capital to support clinical trials and regulatory approvals for its TAVI product. Additionally, they participated in the seed round for Acarix, a company developing diagnostic solutions for heart disease. These transactions highlight Sunstone's commitment to advancing medical technology and its relevance in the medical devices industry.


16. 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. Chalmers Ventures provides business guidance, financing, and community networking, emphasizing active ownership and investment in startups. Notably, they have invested in Monivent, a company that has raised funds through multiple rounds, including seed and post-IPO debt, indicating their involvement in the medical devices sector. Monivent's focus on medical technology highlights Chalmers Ventures' engagement in this industry, making them a relevant player in the medical devices investment landscape.


17. Covidien Finland Oy


Covidien Finland Oy, a corporate investor based in Helsinki, Uusimaa, Finland, is a subsidiary of Medtronic, a leading healthcare technology provider. Founded in 2007, the company specializes in innovative medical devices and therapies aimed at enhancing treatment outcomes and improving patient care. Covidien has been actively involved in the medical devices sector through several significant acquisitions, including Given Imaging, which expanded its gastrointestinal solutions business, Bacchus Vascular, Aspect Medical Systems, BARRX Medical, and SuperDimension, known for its i-Logic pulmonology device. These strategic acquisitions reflect Covidien's commitment to advancing healthcare technology and its role as a key player in the medical devices industry.



Medical Devices Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Novo HoldingsHellerup, Denmark51-200199945
AlmiStockholm, Stockholm, Sweden201-50019947
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
HealthCapStockholm, Stockholm, Sweden11-5019965
Seed Capital DenmarkFrederiksberg, Frederiksberg, Denmark1-1020045
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
Lundbeckfonden / Lundbeck FoundationCopenhagen, Denmark11-5019541
Novo NordiskDenmark10001+19234
IndustrifondenStockholm, Stockholm, Sweden11-5019799
InvestinorTrondheim, Trøndelag, Norway11-5020084
InnovestorHelsinki, Uusimaa, Finland11-50201412
AddLife ABStockholm, Stockholm, Sweden1001-500020163
Indutrade Life ScienceStockholm, Stockholm, Sweden1001-5000197814
Hadean VenturesOslo, Oslo, Norway11-5020141
Sunstone Life Science VenturesCopenhagen, Denmark1-1020071
Chalmers VenturesSweden11-50201526
Covidien Finland OyHelsinki, Uusimaa, Finland51-20020070


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