For everyone building hard things in the Nordics.

Horizon Europe is the EU's flagship research and innovation funding programme (2021-2027, ~€93.5B budget), whose EIC Accelerator and EIC Fund provide blended grant/equity financing to deep-tech and hardtech startups and SMEs across the EU and associated countries, including recurring Nordic recipients (e.g., Swedish and Danish EIC Accelerator winners) and EIC info-day activity in the Nordics (e.g. Copenhagen). Because it funds via competitive, rolling calls with only partial per-round public disclosure, no single exhaustive portfolio list exists; qualifies as a Public Funding instrument rather than a conventional VC.

Turbine Capital is a Stockholm-based early-stage venture capital fund initiated by the Sting incubator, investing in Nordic deeptech companies from pre-seed to Series A. The fund is anchored by Saminvest and backed by industrial partners including Saab, Volvo Cars and Scania, plus the European Investment Fund.

Kongsberg Innovation is a Norwegian, Kongsberg-based business incubator and early-stage investor backed by Kongsberg Gruppen, Kongsberg Automotive, Equinor, TechnipFMC, Siemens Energy and other industrial owners. It runs the Kongsberg Pre-Seed Fund, typically investing 1 to 2 million NOK in first equity rounds in Norwegian B2B deep tech startups across maritime, ocean tech, energy transition, advanced manufacturing and industrial digitalisation.

Pale Blue Dot is a Malmö based seed stage climate tech venture capital firm founded in 2020 by Hampus Jakobsson, Heidi Lindvall and Joel Larsson. It writes EUR 0.5 million to EUR 2 million tickets in pre-seed and seed software and hardware companies across Europe and the US, from Fund I of EUR 87 million and Fund II of EUR 93 million closed in 2023. Hardtech holdings include Staer, Paebbl, Brineworks, Cosmic Aerospace and Care Weather.

Investment company affiliated with KTH Royal Institute of Technology, supporting commercialization of research and innovation. Formerly KTH Holding. Formerly KTH Ventures.

EQT Ventures is the early-stage venture capital arm of Swedish investment manager EQT AB, domiciled in Luxembourg with investment advisors in Stockholm, Paris, London, New York, Berlin and Amsterdam, backing over 140 European and US founding teams from Seed to Growth with investment sizes ranging roughly €1-75M. It invests across sectors including deep tech, climate, fintech, consumer and AI, and in 2025 merged with EQT Growth into one unified early-stage tech platform.

Trio Impact Invest is a Swedish deep-tech venture capital fund established by the holding companies of KTH, Karolinska Institutet, and Stockholm University, combining private and public capital, including EU regional development funding, to back early-stage, research-intensive companies in Sweden. As a newly formed vehicle it does not yet have a disclosed standalone portfolio; its track record so far sits with the founding university holding companies.

Prota Ventures is a venture-building and early-stage investment firm headquartered in Chicago, founded in 2016, that invests financial and non-financial capital in technology startups from concept to launch. No Nordic office, partner, or portfolio company has been identified, so its inclusion on a Nordic map is questionable.

Nordic Alpha Partners is a Copenhagen based industrial greentech growth fund investing across two funds worth roughly 400 million EUR since 2017. It uses an operational value creation toolkit to scale portfolio companies in energy transition, agriculture, building and construction, industrial process innovation, circular economy and waste, and water and wastewater.

NordicNinja VC is a Helsinki-based, Japan-backed venture capital firm founded in 2019 that invests in Series A stage climate tech, deep tech and digital society companies across Northern Europe, backed by Japanese corporates including Honda, Panasonic and Omron.

Bure is a long-term principal owner of operating companies, supporting portfolio companies through active ownership and value-driving initiatives.

Verdane is a European growth equity investor founded in 2003 and headquartered in Oslo, with offices in Stockholm, Copenhagen, Helsinki, London, Berlin and Munich. It backs tech-enabled and sustainable businesses across digitalisation and decarbonisation, with majority or minority positions in single companies or portfolios. It has made more than 200 investments and runs dedicated decarbonisation funds (Edda III at EUR 1.1 billion, Idun II at EUR 700 million). Hardtech exposure is a minority of the portfolio and is concentrated in energy technology and industrial technology (for example Muegge, r2p-Group, The Packaging Group, Dansk Gummi Industri, Factbird, Aptomar, Resman and Smartmotor), alongside a large software, marketplace and consumer book.

Rosenqvist Rail designs and manufactures advanced machinery for efficient and safe railway maintenance worldwide, including fastening machines, sleeper changers and rail equipment.

ProvideU AB, founded in 2008, is an industrial company that provides custom-made components and complete systems for B2B customers, many of which are active in growth areas such as tomorrow’s energy storage, industrial robotics, IoT, and vehicle electronics.

MEQU produces portable blood warming devices for trauma patients, making it possible to warm up blood from cold to body temperature within seconds.

A pan-European research infrastructure under construction outside Lund, Sweden, hosting the world's brightest neutron source for materials and fundamental science.

Summa Semiconductor offers fast, flexible and scalable manufacturing services for microelectronics and photonics, focused on small-to-medium volume production and R&D-to-production transfer.

Isar Aerospace develops and builds launch vehicles for transporting small and medium-sized satellites as well as satellite constellations into Earth's orbit.

Develops electric utility terrain vehicles (UTVs) focusing on innovation and sustainability.

Swedrive develops electromechanical cylinders, screw jacks and worm gears for applications with high demands on quality and environment.

Provides an AI-powered app to track and reduce corporate CO2 emissions from commuting and business travel.

A Space Office for Iceland — voice for Iceland's space aspirations, pushing debate, policy development and servicing the industry.

DREV provides advanced contamination control technology for demanding manufacturing environments, with its patented Vault systems enabling safer workplaces, improved operational efficiency, and recovery of valuable materials for a circular battery value chain.

Develops high-speed, energy-efficient transistors based on III-V nanowire technology for next-generation electronics.