The science and technology non-profit industry in the Nordics plays a vital role in fostering innovation and addressing societal challenges. In this sector, various organizations drive advancements in fields like healthcare, renewable energy, and biotechnology, often collaborating with startups and researchers. Not only do these companies support cutting-edge technologies, but they also prioritize sustainable solutions that benefit the community and environment. With a focus on impact-driven missions, many of these entities are positioned to shape the future landscape, especially as global challenges like climate change and public health continue to evolve. This industry thrives on collaboration and creative problem-solving.


The list of top investors includes a range of venture capital firms and corporate investors headquartered in cities like Oslo, Stockholm, and Copenhagen. These entities, established between 1994 and 2019, vary in size, often having teams of 11 to over 10,000. In 2024, they collectively made 169 investments, reflecting a growing interest in science and technology initiatives. Notable investors such as Katapult and Novo Holdings emphasize not just financial backing, but strategic support, showcasing their commitment to fostering innovation in crucial sectors of the economy.


Top 17 Science and Technology Non Profit 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, focusing on innovative technologies that can significantly impact health outcomes. Notable transactions include leading a $73M Series A funding round for Muna Therapeutics, which is developing therapies for neurodegenerative diseases, and participating in a €8M Series A investment in Deep Branch Biotechnology, which is working on sustainable feed ingredients. These investments reflect Novo Holdings' commitment to advancing scientific research and technology in the life sciences sector, making it a key player in the science and technology non-profit landscape.


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 science and technology sectors, including investments in AddBIO AB, which raised approximately $1.4 million in a venture round, and Nanolyze, which secured around $1.3 million in a seed round. Additionally, Almi has supported companies like Strawbees and SARomics Biostructures, further demonstrating its engagement in fostering innovation in science and technology. These investments highlight Almi's role in promoting advancements in these fields, aligning with the objectives of science and technology non-profits.


3. Katapult

  • Website: katapult.vc
  • Type: Venture Capital
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 2017
  • Headcount: 11-50
  • Number of deals in 2024: 8
  • LinkedIn: katapult-accelerator

Katapult is an impact investment firm based in Oslo, Norway, founded in 2017. With a team size of 11-50, they focus on tech startups that tackle global challenges, providing investment, accelerator programs, and mentorship to early-stage companies. Their portfolio includes notable transactions such as Praxilabs, which raised $150,000 in a pre-seed round, and Ichthion, which secured over $1.3 million in a seed round. Katapult also participated in the funding of Coral Vita, which received a grant in 2023, highlighting their commitment to supporting initiatives that align with science and technology non-profit goals. Their investments in food tech, such as Umami Bioworks, further demonstrate their focus on innovative solutions that can have a positive impact on society and the environment.


4. 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. With a team size of 11-50, Industrifonden provides not only financial support but also strategic guidance to startups, helping them scale their innovative solutions. In recent transactions, Industrifonden has participated in significant funding rounds for companies such as Novatron, a fusion energy company that raised EUR5M in Seed funding to develop pre-commercial prototypes, and Pixelgen Technologies, which closed a Series A financing round of approximately $7.3 million to support the commercial expansion of its spatial proteomics tool. These investments highlight Industrifonden's commitment to fostering innovation in science and technology, making it a notable player in the sector.


5. Chalmers Ventures


Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. The firm focuses on deep tech innovations and supports researchers and entrepreneurs in commercializing their technology through various programs. They provide business guidance, financing, and community networking, emphasizing active ownership and investment in startups to help them scale and succeed in the market. In 2024 alone, Chalmers Ventures has been involved in 26 investments, including notable transactions such as LanteRNA, which raised funds in multiple rounds, indicating a sustained interest in supporting scientific advancements. Other investments, like those in Vitroprobe Analytics AB, further highlight their commitment to fostering innovation in the science and technology sectors, making them a significant player in this space.


6. 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 multinational pharmaceutical company based in Denmark, founded in 1923, specializing in diabetes care and treatments for other chronic diseases. The company develops and manufactures a range of medications, including semaglutide and various insulin products, aimed at improving patient health. In addition to its commercial activities, Novo Nordisk is involved in significant philanthropic efforts through the Novo Nordisk Foundation. Notably, the foundation has provided funding to the International Centre for Antimicrobial Resistance Solutions (ICARS) for a project aimed at sustainable antibiotic management in low- and middle-income countries. This initiative reflects Novo Nordisk's commitment to addressing critical health issues through scientific research and innovation. Furthermore, the company has made strategic investments in biotechnology firms such as Neotope Neuroscience and Affimed Therapeutics, which focus on developing advanced therapeutic solutions, further emphasizing its engagement in the science and technology sector.


7. Equinor

  • Website: equinor.com
  • Type: Corporate
  • Headquarters: Stavanger, Rogaland, Norway
  • Founded year: 1972
  • Headcount: 10001+
  • Number of deals in 2024: 6
  • LinkedIn: equinor

Equinor ASA is a public entity based in Stavanger, Norway, operating primarily in the energy sector with a focus on oil, gas, and renewable energy. Founded in 1972, the company has over 10,000 employees and is committed to sustainability, aiming to achieve net-zero emissions by 2050. In recent years, Equinor has made significant investments in science and technology, particularly in areas that promote sustainable energy solutions. Notable transactions include a substantial investment in Commonwealth Fusion, which raised $1.8 billion in Series B funding to develop high-temperature superconducting magnets and the world's first net-energy-gain fusion system. Additionally, Equinor has supported Captura, a carbon removal firm, in its Series A funding rounds, highlighting its focus on innovative technologies that contribute to environmental sustainability. These investments reflect Equinor's strategy to not only enhance its energy portfolio but also to support scientific advancements that align with global climate goals.


8. Innovation Norway


Innovation Norway is a public entity established in 2004, based in Oslo, Norway, that aims to support Norwegian businesses through a variety of services including financing, advisory services, and networking opportunities. The organization focuses on fostering innovation and sustainable growth, particularly for startups and companies looking to expand internationally. In 2024, Innovation Norway has been involved in 8 investments, demonstrating its active role in the investment landscape. Notable transactions include a seed round investment of $496,415 in Lace Lithography, which is likely involved in advanced manufacturing technologies, and a grant of $946,145 to Circio, which may focus on innovative solutions in the technology sector. These transactions highlight Innovation Norway's commitment to supporting science and technology initiatives, making it a significant player in this field.


9. 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. The foundation is dedicated to funding health science research, with a particular emphasis on brain-related studies. It provides various grants and scholarships to researchers and academic institutions in Denmark, aiming to advance scientific knowledge and innovation in healthcare. Lundbeckfonden plays a crucial role in supporting the translation and commercialization of groundbreaking science. Notably, they have been involved in significant transactions such as a grant to Women in Life Science Denmark, which raised $68,838 in June 2023, and co-leading a $50 million Series A financing in SNIPR Biome, a CRISPR and microbiome biotech company, in March 2019. Their investments in IO Biotech, including a Series A round in 2016 and subsequent debt financing in 2020, further illustrate their commitment to supporting innovative health science initiatives.


10. 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 resilient founders across various sectors. Notably, Lifeline Ventures has been involved in several significant transactions within the science and technology space. For instance, they participated in the funding rounds for HelixNano, which raised $1 million in a convertible note to advance its biotechnology solutions. Additionally, they invested in Solar Foods, a company focused on producing sustainable food through innovative air protein technology, contributing to both a €18.5 million Series A round and an $8.8 million Series B round. These investments highlight Lifeline Ventures' commitment to supporting startups that are pushing the boundaries of science and technology, particularly in sustainability and health-related fields.


11. Navigare Ventures


Navigare Ventures is a Stockholm-based venture capital firm founded in 2021, specializing in early-stage science-driven companies. The firm provides capital, expertise, and networking opportunities to startups in advanced computing, synthetic biology, and data-driven life sciences. Their mission is to transform promising scientific innovations into successful businesses while addressing the financial and resource challenges faced by entrepreneurs. Notable transactions include their participation in Pixelgen Technologies' Series A and Seed rounds, which focus on spatial proteomics tools, and their involvement in the funding of Retein, a biotech company aimed at increasing production volume. Additionally, Navigare Ventures has invested in EnginZyme and Elypta, both of which are engaged in significant scientific advancements in biotechnology and molecular diagnostics, respectively. These investments highlight Navigare Ventures' commitment to fostering innovation in the science and technology sectors.


12. 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, the firm focuses on providing funding and support to early-stage startups and corporations, particularly in the technology and life sciences sectors. Innovestor's services include investment advice, corporate venturing, and participation in accelerator programs. Notable transactions include a Series A investment of over $20 million in Neumirna Therapeutics, which is focused on therapeutic advancements, and a significant investment in Teitur Trophics, a biotech company progressing drug candidates into clinical development. Their involvement in these sectors highlights their commitment to fostering innovation in science and technology, making them a relevant investor in the non-profit context.


13. 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, Finland, founded in 2019. The firm specializes in funding early-stage science-based innovations and deep tech ventures, providing both capital and expertise to help startups scale their solutions for global challenges. Voima Ventures has been active in various sectors, including life sciences and advanced manufacturing, and primarily operates in the Nordic and Baltic regions. Notable transactions include their investments in Kuva Space, which raised significant funding to advance its patented hyperspectral camera and space technology, as well as their support for StemSight, a company focused on stem cell technology. These investments highlight Voima Ventures' commitment to fostering innovation in the science and technology sectors.


14. Novo Nordisk Foundation


The Novo Nordisk Foundation is a not-for-profit foundation based in Hellerup, Denmark, founded in 1924. It is dedicated to supporting scientific, humanitarian, and social initiatives, with a strong focus on health, sustainability, and life sciences. The foundation provides grants to various projects that address critical global challenges, primarily benefiting organizations and researchers in these fields. Notably, the foundation has been involved in several significant transactions, including a grant to North Carolina State University and funding for VenomAid Diagnostics, both of which are relevant to the science and technology sector. Additionally, their support for TechBBQ, Scandinavia's largest startup conference, highlights their commitment to fostering innovation and collaboration within the scientific community.


15. KTH Holding AB

  • Website: kthholding.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 1-10
  • LinkedIn: kth-holding

KTH Holding AB is a corporate investor based in Stockholm, Sweden, founded in 1994. As a public entity, it plays a crucial role in supporting the commercialization of research and innovation stemming from KTH (Royal Institute of Technology). The organization provides investment in early-stage companies, advisory services, and access to a network of investors, primarily catering to researchers and students aiming to transform their ideas into viable businesses. Notably, KTH Holding has participated in significant transactions within the science and technology sector, including a recent investment in Novatron, a fusion energy company that raised EUR5M in Seed funding in 2023. This investment, along with earlier funding rounds for companies like Atlas Antibodies and SweTree Technologies, highlights KTH Holding's active engagement in fostering scientific advancements and technological innovations.


16. Pale blue dot

  • Website: paleblue.vc
  • Type: Venture Capital
  • Headquarters: Malmo, Skåne, Sweden
  • Founded year: 2020
  • Headcount: 1-10
  • Number of deals in 2024: 9
  • LinkedIn: palebluedot-vc

Pale Blue Dot is a venture capital firm based in Malmo, Skåne, Sweden, founded in 2020. The firm specializes in investing in early-stage startups that focus on climate change solutions, providing both funding and support to visionary founders. Their portfolio includes a diverse range of companies emphasizing sustainability and innovation. Notable transactions include a €5M seed investment in Phytoform Labs, which is developing gene-edited crops with AI tools, and a significant investment in Pivotal Future Ltd., a UK-based company that has created a biodiversity measurement platform. These investments highlight Pale Blue Dot's commitment to advancing scientific and technological solutions that address pressing environmental challenges.


17. Nordic Makers

  • Website: nordicmakers.vc
  • Type: Venture Capital
  • Headquarters: Copenhagen, Denmark
  • Founded year: 2016
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: nordic-makers-vc

Nordic Makers is a venture capital firm based in Copenhagen, Denmark, founded in 2016. The firm specializes in investing in early-stage technology companies, providing both funding and advisory services to help startups navigate challenges and achieve growth. Their portfolio reflects a commitment to fostering entrepreneurship in the Nordic region, with a focus on innovative companies across various sectors. Notable transactions include a $21 million Series B investment in Labster, which develops virtual lab simulations for educational purposes, and a $215,000 convertible note for HelixNano, a company working in the biotechnology space. Additionally, they invested in BioLib during its pre-seed round and supported ClimateView in a seed round, both of which are relevant to the science and technology sectors. These investments highlight Nordic Makers' engagement with companies that are not only technology-driven but also contribute to advancements in science and education.



Science and Technology Non Profit Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Novo HoldingsHellerup, Denmark51-200199945
AlmiStockholm, Stockholm, Sweden201-50019947
KatapultOslo, Oslo, Norway11-5020178
IndustrifondenStockholm, Stockholm, Sweden11-5019799
Chalmers VenturesSweden11-50201526
Novo NordiskDenmark10001+19234
EquinorStavanger, Rogaland, Norway10001+19726
Innovation NorwayOslo, Oslo, Norway501-100020048
Lundbeckfonden / Lundbeck FoundationCopenhagen, Denmark11-5019541
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
Navigare VenturesStockholm, Stockholm, Sweden1-1020213
InnovestorHelsinki, Uusimaa, Finland11-50201412
Voima VenturesHelsinki, Uusimaa, Finland11-50201911
Novo Nordisk FoundationHellerup, Denmark51-20019240
KTH Holding ABStockholm, Stockholm, Sweden1-1019940
Pale blue dotMalmo, Skåne, Sweden1-1020209
Nordic MakersCopenhagen, Denmark1-1020162


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