The healthcare analytics industry in the Nordics focuses on using data to improve patient care and enhance healthcare systems. Companies range from startups offering innovative digital health solutions to established firms providing advanced data analytics for hospitals and clinics. These entities leverage technology like artificial intelligence and machine learning to derive actionable insights from vast datasets, improving outcomes and operational efficiency. As healthcare systems increasingly prioritize data-driven decisions, the industry is set for significant growth, with a rising emphasis on predictive analytics and personalized medicine. The Nordic countries' strong emphasis on research and innovation further propels this dynamic field.

The Nordic region witnesses a blend of investor types focusing on healthcare analytics, including venture capital firms and private equity houses. With headquarters in Denmark, Norway, and Sweden, these firms vary in size, from boutique players to large institutions, founded between the late 20th century to more recently. In 2024, these investors collectively executed a notable number of deals, showcasing their active involvement and financial commitment to supporting healthcare innovation. This involvement underlines the region's potential as a hub for artificial intelligence in healthcare and transformational tech solutions.

Top 19 Healthcare Analytics 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 invests in life science companies at various stages of development, providing both capital and strategic support to enhance healthcare solutions. Notably, Novo Holdings has participated in significant funding rounds for companies like Tempus, which raised substantial amounts in Series G and debt financing to expand its operations in healthcare analytics. Additionally, they led a $150 million Series E funding round for Verana Health, a company focused on delivering insights and data assets in healthcare analytics. These transactions highlight Novo Holdings' active role in the healthcare analytics sector, aligning with their mission to support innovation in life sciences.

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. 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 healthcare sector, including investments in Nordic Health Innovation, which raised $2,000,000 in 2015, and Mevia, which secured $635,104 in 2019. Other relevant investments include MedUniverse, Curoflow, and Ally, which collectively indicate Almi's commitment to fostering innovation in healthcare analytics and related fields.

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. In the healthcare analytics context, EQT has made significant strides with notable acquisitions such as Press Ganey, a leader in healthcare performance improvement, and GeBBS Healthcare Solutions, which focuses on healthcare technology and analytics. Additionally, their acquisition of Sagility, a company that provides healthcare services, and their recent investment in CluePoints, which specializes in data analytics for clinical trials, further highlight their strategic focus on healthcare analytics. These transactions underscore EQT's commitment to enhancing healthcare outcomes through data-driven solutions.

4. 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 emphasis on healthcare and technology. Nordic Capital partners with management teams to drive growth and operational improvements in its portfolio companies, focusing on creating long-term value and sustainability. In recent years, Nordic Capital has made significant investments in the healthcare analytics space, including the acquisition of Inovalon, a leader in healthcare data analytics, for approximately $7.3 billion. They also invested in RLDatix, a company providing healthcare governance, risk, and compliance solutions, and acquired ERT Clinical, which specializes in patient data collection for clinical drug development. These transactions highlight Nordic Capital's commitment to advancing healthcare analytics and technology, positioning them as a key player in the industry.

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 strong emphasis on sectors such as SaaS and Fintech. However, they have also ventured into the healthcare sector, as evidenced by their investments in companies like OpenTeleHealth, which raised $1,522,078 in a venture round in 2015, focusing on telehealth solutions. Additionally, their recent investment in Mesh Bio, which raised $3,500,000 in a Series A round in October 2023, highlights their commitment to supporting innovative healthcare solutions. Other investments, such as Cercare Medical, further illustrate their engagement in the healthcare analytics domain, making them a notable player in this industry.

6. 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 fund specializes in investing in early-stage companies, particularly in the fields of Deep Tech, Life Science, and Transformative Tech. Industrifonden provides financial support and strategic guidance to startups, helping them scale their innovative solutions. Notably, they have invested in several healthcare analytics-related companies, including Combinostics, which raised €3.9 million to develop a platform for early-stage Alzheimer’s diagnosis, and TrialBee, which focuses on patient matching and engagement in clinical trials, raising a total of €25 million across multiple funding rounds. Additionally, they participated in funding for Amra, a digital health company aiming to expand its international presence. These transactions highlight Industrifonden's active role in the healthcare analytics sector, emphasizing their focus on creating long-term value through partnerships with passionate founders.

7. 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 founded in 1996, based in Stockholm, Sweden, specializing in the life sciences sector. The firm invests in and supports innovative companies developing breakthrough therapies for diseases with high unmet medical needs. HealthCap's portfolio includes notable investments in healthcare technology companies, such as Doctrin, a medtech startup that has raised multiple funding rounds (Series A, B, and C) to enhance its healthcare solutions, including the integration of artificial intelligence. This focus on technology-driven healthcare solutions highlights HealthCap's commitment to advancing healthcare analytics and innovation. Additionally, their investment in Elsa, a company that raised funds to develop healthcare solutions, further emphasizes their engagement in the healthcare analytics space. Overall, HealthCap's strategic investments reflect a strong alignment with the goals of healthcare analytics.

8. 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, providing business guidance, financing, and community networking. Their model emphasizes active ownership and investment in startups, helping them scale and succeed in the market. Notably, Chalmers Ventures has been involved in multiple funding rounds for Mevia, a company that has raised significant amounts of capital over the years, including $287,490 in March 2023 and over $1.1 million in November 2021. These transactions highlight their engagement in the healthcare sector, particularly in areas that may intersect with healthcare analytics.

9. 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 healthcare sector, with notable investments including Noona Healthcare, a digital health startup that raised €1.5 million in a seed round led by Inventure. This investment aims to enhance Noona's platform through marketing and strategic partnerships, particularly in artificial intelligence and predictive analytics. Additionally, Inventure invested in Algorithmiq, which raised $15 million in a Series A round to develop quantum algorithms for life sciences, further emphasizing their commitment to innovative healthcare solutions. Other investments include Livv Health and Elsa, showcasing their diverse portfolio in the tech and healthcare sectors.

10. 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 based in Stockholm, Sweden, founded in 2015. The firm specializes in investing in early-stage tech startups, providing not only financial support but also operational assistance to entrepreneurs. EQT Ventures connects startups with a global network of industry experts and resources to foster growth and innovation. Among their notable transactions, they invested in Siilo, a secure collaboration app for healthcare professionals, which raised approximately €9.5 million in a Series A funding round. This investment highlights their commitment to healthcare technology. Additionally, EQT Ventures has been involved with Peakon, a people analytics company, which showcases their interest in analytics solutions that can be applied across various sectors, including healthcare. Overall, EQT Ventures demonstrates a capacity to support innovative solutions in the healthcare analytics domain.

11. 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. The firm 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. Among their notable transactions, Investinor has invested in Dignio, a Norwegian health technology company that raised NOK 85 million in a Series A funding round, with Investinor contributing NOK 20 million. They have also invested in SpinChip Diagnostics, which raised over $2 million, and Dele Health Tech, which secured $1.4 million in a seed round. These investments highlight Investinor's active role in the healthcare analytics industry, supporting innovative solutions in health technology.

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, Uusimaa, 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 focus on technology and life sciences. They participate in accelerator programs and offer investment advice. Notably, Innovestor has made significant investments in the healthcare sector, including a €3.4M investment in the medtech company Ward 24/7 and a €1 million investment in Monidor Oy, a Finnish medtech startup. These transactions highlight Innovestor's active role in supporting healthcare innovations, particularly in the medtech space, which is closely related to healthcare analytics.

13. Icebreaker.vc

• Website: icebreaker.vc
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2016
• Headcount: 11-50
• Number of deals in 2024: 7
• LinkedIn: icebreaker-vc

Icebreaker.vc is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2016. The firm specializes in providing funding and support to idea-stage technology startups, primarily in Finland, Estonia, and Sweden. With a team size of 11-50, Icebreaker.vc has been actively investing in various sectors, including healthcare analytics. Notably, they participated in a pre-seed funding round for Leyr, a Stockholm-based API platform for healthtech startups, raising €635,000. They also invested in MVision AI, which raised $1,650,000 in a pre-seed round, indicating their commitment to supporting innovative solutions in healthcare analytics. Their portfolio includes other technology-focused companies, but their specific investments in healthtech highlight their relevance in the healthcare analytics domain.

14. Lifeline Ventures

• Website: lifelineventures.com
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2009
• Headcount: 1-10
• Number of deals in 2024: 14
• LinkedIn: lifeline-ventures

Lifeline Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2009. The firm specializes in early-stage investments, providing financial backing and advisory services to resilient entrepreneurs across various sectors. Notably, Lifeline Ventures has made significant investments in the healthcare analytics space, including leading the seed funding round for Oura, a wearable health tech company known for its wellness ring and app. This investment highlights their focus on innovative health technology. Additionally, they participated in the funding of Veri, a Finnish health tech company aiming to expand its presence in the United States and Europe. These transactions reflect Lifeline Ventures' commitment to supporting startups that contribute to the healthcare analytics landscape.

15. 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 challenges. Butterfly Ventures emphasizes social and environmental impact in its investment strategy. Among their notable transactions, they have invested in Cerenion, which raised $618,314 in a seed round in 2018, focusing on healthcare technology. They also supported Popit, a Finnish startup that raised over €1.2M to bring the Popit Sense device to market, aimed at improving medication adherence. These investments reflect Butterfly Ventures' engagement in the healthcare sector, particularly in areas that intersect with healthcare analytics.

16. Finnvera

• Website: finnvera.fi
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2000
• Headcount: 201-500
• Number of deals in 2024: 3
• LinkedIn: finnvera

Finnvera Oyj is a public entity based in Helsinki, Uusimaa, Finland, founded in 2000. It provides financial services to support the growth and internationalization of Finnish businesses, primarily targeting small and medium-sized enterprises. Finnvera offers loans, guarantees, equity investments, and export guarantees, enhancing the competitiveness of its clients by facilitating access to necessary financing. Among their notable transactions, they invested in Nightingale Health, which raised $3,867,403 in a Series A round in 2016, focusing on health data analytics. They also participated in the seed funding for BCB Medical and Sooma, both of which are involved in healthcare solutions. These investments highlight Finnvera's engagement in the healthcare analytics space, making them a relevant investor in this category.

17. 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 recent years, Novo Nordisk has expanded its investment portfolio to include healthcare analytics and digital health solutions. Notably, they participated in a Series D financing round for Glooko, a US-based remote patient monitoring company, which focuses on advanced digital health solutions. Additionally, they invested in Amalgam Rx, a digital health startup that created a digital insulin app for type 2 diabetes patients, highlighting their interest in leveraging technology to enhance diabetes management. These strategic investments reflect Novo Nordisk's commitment to integrating healthcare analytics into their operations and supporting innovations that improve patient care.

18. 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. They partner with innovative entrepreneurs across various sectors, including healthcare, software, marketplaces, and climate tech. Kinnevik provides both capital and operational support to help these companies scale and create long-term value. Notably, Kinnevik has made significant investments in the healthcare analytics space, including a Series C investment of $77 million in Cedar, a company focused on improving patient billing and payment experiences through data analytics. They also participated in a Series D round for Transcarent, raising $126 million, which aims to simplify healthcare navigation and improve patient outcomes through data-driven solutions. Additionally, Kinnevik invested $100 million in Spring Health, a company that utilizes data analytics to provide personalized mental health care solutions. These transactions highlight Kinnevik's commitment to redefining healthcare through strategic investments in analytics-driven companies.

19. Visma

• Website: visma.com
• Type: Corporate
• Headquarters: Oslo, Oslo, Norway
• Founded year: 1996
• Headcount: 10001+
• Number of deals in 2024: 16
• LinkedIn: visma

Visma is a corporate investor based in Oslo, Norway, founded in 1996. It is a leading software company specializing in cloud-based accounting, payroll, invoicing, and HR solutions, primarily serving small and medium businesses as well as public sector organizations. In recent years, Visma has expanded its footprint in the healthcare sector through strategic acquisitions. Notably, in 2021, Visma acquired Ecare, a specialist in healthcare IT, to strengthen its position in the Dutch healthcare market, aiming to enhance efficiency and quality in healthcare services. Additionally, the acquisition of Medinet, a provider of scheduling solutions in the healthcare sector, further solidified Visma's commitment to improving workforce management for healthcare organizations. In 2022, Visma acquired ZilliZ, a service provider focused on electronic client files for small-scale care providers, marking its third healthtech acquisition in the Netherlands. These transactions highlight Visma's strategic focus on integrating healthcare analytics and IT solutions into its portfolio, making it a relevant player in the healthcare analytics space.

Healthcare Analytics Insights: Key Investors in the Nordics

Want to find more investors focusing on the healthcare analytics industry?

With Inven, you'll also get to know:

• Deal History: Number of deals and their sizes.
• Portfolio: Companies they've invested in.
• Contact data: Key dealmakers, including their emails and phonenumbers.
• ...and much more!