Top 19 Surgical Device Investors in the Nordics
Top 19 Surgical Device Investors in the Nordics
The surgical device industry in the Nordics thrives on innovation, delivering cutting-edge solutions for healthcare providers. Companies range from startups to established firms, manufacturing devices like implants, surgical tools, and diagnostic equipment. Notably, the region emphasizes collaboration, with partnerships between universities and firms driving research and development. Increasing investments in advanced technologies, such as robotics and AI, signal an exciting trajectory for industry growth. In recent years, Nordic surgical device firms have gained global recognition for their quality and effectiveness, impacting surgical outcomes and enhancing patient care.
The list features a mix of investors, including venture capital firms, private equity, and corporate investors headquartered across the Nordics. With varying sizes and investment focuses, these firms collectively made over 140 deals in 2024 alone, illustrating their commitment to the surgical device market. From established players like Almi in Stockholm to new entrants like Investinor in Trondheim, they represent a blend of experience and fresh perspectives. Founded between 1923 and 2016, these investors strive to support innovative medical technologies for a healthier future.
Top 19 Surgical 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 made significant investments in the surgical device sector, including a $33 million growth capital round for SI-BONE, Inc., which focuses on expanding its U.S. sales organization and ongoing clinical studies. They also participated in funding rounds for Minerva Surgical, which has raised substantial capital for its surgical innovations. Furthermore, their acquisition of a 19.95% stake in ConvaTec Group Plc, a global medical products company, highlights their strategic interest in the medical device industry. These transactions underscore Novo Holdings' active role in supporting surgical device companies and advancing healthcare technologies.
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 through tailored financial solutions and guidance. Notably, Almi has been involved in several transactions within the surgical device context, including investments in OssDsign AB, which focuses on craniofacial implants, and Developeration, a healthcare manufacturer of surgical methods and devices. Additionally, they have invested in BONESUPPORT and Suturion, further showcasing their engagement in the medtech sector. These transactions highlight Almi's commitment to supporting innovation and development in the surgical device 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 private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in a diverse range of investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing varied investment portfolios across multiple sectors and geographies. Among its notable transactions in the surgical device sector, EQT acquired Lima Corporate, an Italian manufacturer of orthopedic devices, in 2016, and a 20% stake in Otto Bock, a leading prosthetics manufacturer, in 2017. Additionally, EQT has invested in Atos Medical, a Swedish healthcare company focused on surgical solutions, further solidifying its presence in the surgical device market. These strategic investments highlight EQT's active role in the surgical device industry.
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 and supporting innovative companies that develop breakthrough therapies for diseases with high unmet medical needs. HealthCap's portfolio includes significant investments in surgical device companies, notably SpineVision, which raised $5 million to accelerate the market penetration of its next-generation spinal treatment devices, and BONESUPPORT, a Swedish startup that has raised multiple rounds of funding to support the development and commercialization of its injectable bone substitutes. BONESUPPORT's products, such as CERAMENT, are designed for surgical applications, highlighting HealthCap's active role in the surgical device market. Overall, HealthCap combines expertise in life sciences with a clear focus on surgical innovations, making them a valuable investor in this field.
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 focuses on sectors such as SaaS and Fintech, but has also made significant investments in the medical technology space. Notably, SEED Capital has invested in Reapplix, a Denmark-based developer of device technology for tissue regeneration, which raised funds in multiple rounds, including a significant venture round in 2019. Additionally, they have supported Reapplix in earlier funding rounds, indicating a strong commitment to the development of surgical device technologies. Their portfolio also includes other medical-related investments, such as Observe Medical, further showcasing their engagement in the healthcare sector.
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, aiming to create long-term value and sustainability. Among its relevant transactions in the surgical device industry, Nordic Capital acquired Atos Medical, a Swedish medical device company, to support its growth in the ear, nose, and throat rehabilitation market. Additionally, the firm acquired a majority stake in Orchid Orthopedic Solutions, a design and manufacturing outsourcer in the orthopedic medical device sector. These investments highlight Nordic Capital's active role in the surgical device market, making it a significant player in this field.
7. 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, operating in the Life Science sector with a strong focus on Labtech and Medtech. Founded in 2016, 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. Notably, AddLife has made significant acquisitions in the surgical device context, including Mediplast AB, acquired for approximately $57.7 million, which specializes in medical products. Additionally, the acquisition of Edge Medical in 2025 further emphasizes their commitment to expanding their presence in the surgical device market. Other acquisitions, such as V-Tech and Ossano Scandinavia, also contribute to their portfolio in the healthcare sector, reinforcing their relevance in the surgical device industry.
8. 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, and is part of the larger Indutrade group, which focuses on developing and acquiring companies with high technical expertise across various industrial sectors. Founded in 1978, Indutrade emphasizes long-term relationships with its customers and operates through a decentralized structure that allows its subsidiaries to maintain independence while benefiting from the group's resources. In recent years, Indutrade Life Science has made significant acquisitions in the medical device sector, including the acquisition of MeHow Medical, an Irish medical device and engineering company, in January 2024. This acquisition highlights their commitment to expanding their portfolio in the surgical device industry. Additionally, their acquisition of Oscar Medtec in June 2022, a leading supplier of medical refrigerators and examination furniture, further underscores their focus on medical solutions. These strategic investments reflect Indutrade's intent to strengthen its presence in the medical and surgical device markets.
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 participated in significant funding rounds for companies like BONESUPPORT, a developer of injectable bone substitutes, which raised substantial amounts to support its product development and market expansion. Their investment in BONESUPPORT highlights their engagement in the surgical device sector, as the company focuses on products that are used in surgical applications. Additionally, Industrifonden's recent investment in Texray AB, which aims to enhance occupational safety for healthcare professionals, further demonstrates their interest in healthcare-related technologies. Overall, Industrifonden's portfolio reflects a commitment to creating long-term value through partnerships with passionate founders in the Life Science domain.
10. 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, particularly in technology and life sciences. They participate in accelerator programs and offer investment advice. Notably, Innovestor has made significant investments in the surgical device sector, including a €1.4 million investment in Surgify Medical, which is developing a safer surgical drill, and a €10.7 million financing round for HVR Cardio, a company focused on cardiovascular devices. These transactions highlight Innovestor's active role in the surgical device industry, alongside their broader investment strategy.
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 manages state interests in seed and venture funds and collaborates with entrepreneurs and other investors. Among their notable transactions, Investinor participated in the Series A financing of CardioMech, which raised $18.5 million to fund its first-in-human feasibility trial for a catheter-based mitral valve repair technology. They also invested in Cimon Medical, a startup focused on ultrasound technology, which raised 60MNOK in a seed round. These investments highlight Investinor's active role in the surgical device industry, alongside their broader investment strategy.
12. Covidien Finland Oy
- Website: covidien.com
- Type: Corporate
- Headquarters: Helsinki, Uusimaa, Finland
- Founded year: 2007
- Headcount: 51-200
- LinkedIn: covidien-finland-oy
Covidien Finland Oy, founded in 2007 and based in Helsinki, Uusimaa, Finland, is a corporate investor and a subsidiary of Medtronic, a leading healthcare technology provider. The company specializes in innovative medical devices and therapies, focusing on enhancing treatment outcomes and improving patient care. Covidien has been actively involved in the surgical device sector through several significant acquisitions. Notable transactions include the acquisition of Reverse Medical Corporation, which focuses on vascular disease management, and BARRX Medical, known for its surgical devices. Other acquisitions, such as Bacchus Vascular and Aspect Medical Systems, further demonstrate Covidien's commitment to expanding its portfolio in the surgical device market. These strategic investments highlight Covidien's role as a key player in the healthcare technology landscape, particularly in the surgical device industry.
13. 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 specialize in deep tech innovations and provide comprehensive support to researchers and entrepreneurs in commercializing their technologies. Their investment model emphasizes active ownership, business guidance, financing, and community networking to help startups scale successfully. Notably, Chalmers Ventures has been involved in several transactions relevant to the surgical device industry, including investments in Monivent, a company that has raised funds through multiple seed rounds and a post-IPO debt round. These transactions highlight their commitment to supporting medical technology innovations, making them a significant player in the surgical device investment landscape.
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, specializing in the life sciences sector. Founded in 2014, the firm manages approximately EUR 230 million in assets and focuses on supporting healthcare startups that aim to develop innovative medical solutions. Among their notable transactions, Hadean Ventures led a Series A financing round for CardioMech, which raised US$18.5 million to fund its first-in-human feasibility trial for a catheter-based mitral valve repair technology. This investment highlights their commitment to advancing surgical device technologies. Additionally, Hadean Ventures has participated in various funding rounds for other healthcare companies, further establishing their presence in the life sciences sector.
15. 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. 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 addition to its pharmaceutical focus, Novo Nordisk has shown interest in the surgical device industry through its transactions. Notably, they initiated exclusive negotiations to acquire Biocorp, a French diabetes device maker, for approximately €154 million. This acquisition aims to secure a controlling stake in Biocorp, which is significant as it highlights Novo Nordisk's commitment to integrating device technology into its diabetes management solutions. Furthermore, they have invested in Beta Bionics, which focuses on innovative diabetes devices, further emphasizing their interest in this sector.
16. Getinge
- Website: getinge.com
- Type: Corporate
- Headquarters: Gothenburg, Västra Götaland, Sweden
- Founded year: 1990
- Headcount: 10001+
- Number of deals in 2024: 1
- LinkedIn: getinge
Getinge is a prominent medical technology company based in Gothenburg, Sweden, specializing in advanced equipment and systems for healthcare and life sciences. Founded in 1990, Getinge has established itself as a leader in providing solutions that improve patient care, particularly in intensive care and surgical procedures. The company has made significant investments in the surgical device sector, including the acquisition of Fluoptics SAS, a French company known for its fluorescence imaging technology used in surgery, for approximately EUR 26 million in 2022. This acquisition aims to enhance clinical decision support in surgical settings. Additionally, Getinge's acquisition of Paragonix Technologies, completed in August 2024 for around USD 477 million, focuses on the organ transport market, which is crucial for surgical procedures involving organ transplants. These transactions reflect Getinge's strategic commitment to advancing surgical technologies and improving patient outcomes, solidifying its position as a key player in the surgical device industry.
17. Össur
- Website: ossur.com
- Type: Corporate
- Headquarters: Reykjavík, Reykjavíkurborg, Iceland
- Founded year: 1971
- Headcount: 1001-5000
- Number of deals in 2024: 1
- LinkedIn: ossur
Össur is a prominent corporate investor based in Reykjavík, Iceland, founded in 1971. The company specializes in the development and manufacturing of medical devices, particularly focusing on prosthetics and orthotic solutions designed to improve mobility for individuals with limb differences and orthopedic conditions. Össur has made significant strides in the surgical device sector through various strategic acquisitions. Notably, they acquired Touch Bionics in 2016 for GBP 27.5 million, which allowed them to enter the upper limb prosthetic market. In 2020, they completed the acquisition of College Park Industries, a global provider of prosthetic devices, further enhancing their product portfolio. Additionally, Össur's acquisition of Innovative Medical Products Holdings Ltd. in 2005 and Orthoway in 2021 reflects their ongoing commitment to expanding their capabilities in the orthopaedic and surgical device markets. These transactions underscore Össur's strategic focus on innovation and quality of life improvement through advanced medical technology.
18. 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. It 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 made significant investments in the surgical device industry, particularly through its multiple acquisitions of Mölnlycke Health Care, a leading provider of surgical and wound care products. The first acquisition occurred on January 26, 2007, and was followed by a collaborative acquisition with Morgan Stanley Principal Investments in August 2024, further solidifying their stake in the surgical device market. These transactions highlight Investor AB's commitment to enhancing performance and sustainability within the surgical device sector, making it a relevant player in this industry.
19. 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, Finland, established in 2000, that provides financial services aimed at supporting the growth and internationalization of Finnish businesses. They offer a range of financial products including loans, guarantees, equity investments, and export guarantees, primarily targeting small and medium-sized enterprises. Finnvera plays a crucial role in enhancing the competitiveness of its clients by facilitating access to necessary financing. Notably, Finnvera has been involved in several transactions within the surgical device sector, including investments in Synoste Oy, a company focused on limb-lengthening implants, where they participated in both a Series A funding round in 2015 and a seed round in 2013. Additionally, they have engaged with other medical device companies, indicating a broader interest in the surgical device market.
Surgical Device Insights: Key Investors in the Nordics
| Investor | Headquarter | Size | Founded | Deals 2024 |
|---|---|---|---|---|
| Novo Holdings | Hellerup, Denmark | 51-200 | 1999 | 45 |
| Almi | Stockholm, Stockholm, Sweden | 201-500 | 1994 | 7 |
| EQT Group | Stockholm, Stockholm, Sweden | 1001-5000 | 1994 | 30 |
| HealthCap | Stockholm, Stockholm, Sweden | 11-50 | 1996 | 5 |
| Seed Capital Denmark | Frederiksberg, Frederiksberg, Denmark | 1-10 | 2004 | 5 |
| Nordic Capital | Stockholm, Stockholm, Sweden | 201-500 | 1989 | 10 |
| AddLife AB | Stockholm, Stockholm, Sweden | 1001-5000 | 2016 | 3 |
| Indutrade Life Science | Stockholm, Stockholm, Sweden | 1001-5000 | 1978 | 14 |
| Industrifonden | Stockholm, Stockholm, Sweden | 11-50 | 1979 | 9 |
| Innovestor | Helsinki, Uusimaa, Finland | 11-50 | 2014 | 12 |
| Investinor | Trondheim, Trøndelag, Norway | 11-50 | 2008 | 4 |
| Covidien Finland Oy | Helsinki, Uusimaa, Finland | 51-200 | 2007 | 0 |
| Chalmers Ventures | Sweden | 11-50 | 2015 | 26 |
| Hadean Ventures | Oslo, Oslo, Norway | 11-50 | 2014 | 1 |
| Novo Nordisk | Denmark | 10001+ | 1923 | 4 |
| Getinge | Gothenburg, Västra Götaland, Sweden | 10001+ | 1990 | 1 |
| Össur | Reykjavík, Reykjavíkurborg, Iceland | 1001-5000 | 1971 | 1 |
| Investor AB | Stockholm, Stockholm, Sweden | 51-200 | 1916 | 4 |
| Finnvera | Helsinki, Uusimaa, Finland | 201-500 | 2000 | 3 |
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