For everyone building hard things in the Nordics.

Early-stage venture capital firm founded in 2008 and based in Helsinki, with a London presence. It invests at seed and Series A, typically leading or co-leading rounds with initial tickets up to EUR 5 million. Its portfolio is mostly data and B2B software, with a growing hardtech share in quantum computing and semiconductors.

imec.xpand is an independent venture capital fund founded in 2017 and closely tied to the imec research hub. It has offices in Leuven, Belgium and Amsterdam. It invests globally in early-stage semiconductor, nanotechnology and deep-tech hardware companies, plus health tech built on chips and sensors. Its second fund closed at EUR 300 million in 2024. The portfolio covers photonics, quantum, AI chips, robotics, space and medtech. It has no dedicated Nordic office, and the portfolio list shows no Nordic companies, so the Nordic presence criterion needs a review flag.

Butterfly Ventures is a seed-entry deep tech VC founded in 2012 in Oulu, Finland, with offices in Oulu, Helsinki, Stockholm, Tallinn and Copenhagen. It invests in Nordic and Baltic science-based startups across hardware and hardware-interfacing software, from Butterfly Venture Fund IV, and has backed around 100 companies.

Investment firm with a long-term perspective focused on Swedish entrepreneurial companies.

Finnish government-owned investment company supporting sustainable economic growth through equity investments in Finnish companies.

Publicly listed Swedish investment firm, majority owner of Defensor Group, an industrial group built to become a leading player in the Nordic defense and security industry, with holdings including ArmaTech, SAFE4U, Zulu Marine, Novator Solutions and Crepitans. Also holds a stake in SpaceX.

Navigo Invest is a Gothenburg-based investment company listed on Nasdaq First North Premier. It was founded in 2007 as Pegroco Invest and buys mostly Swedish B2B small and medium-sized companies. Its hub companies are CalorMet (industrial furnaces and heat treatment), Geogruppen (geotechnics), Chemgroup (chemicals handling) and Vinga (finance). It also holds strategic stakes in Nordisk Bergteknik and Alelion (lithium-ion battery systems) and a minority stake in UPerformance.

Private equity firm investing in small and mid-sized businesses with long-term growth potential across the Nordics.

Nordic Secondary Fund, founded in 2018 and based in Copenhagen, is the first fund in the Nordics to invest exclusively in secondary stakes. It buys minority positions in Nordic and Baltic companies that have already raised a Series A round and shown a proven, scalable business model, aiming for a return between 2x and 5x within five years.

InnoEnergy is a clean tech investor and innovation engine initiated in 2010 by the European Institute of Innovation and Technology. It reports 160+ active portfolio companies and 540+ companies supported since 2010, and runs a Scandinavian investment team in Sweden. Its Nordic hardtech holdings include CorPower Ocean, Minesto, Novatron Fusion, Altris and Northvolt, alongside battery, hydrogen, solar and materials companies across Europe.

EUDIS BAMM (Business Accelerator) is a public, non-dilutive funding and coaching instrument of the EU Defence Innovation Scheme, run by the European Commission's Directorate-General for Defence Industry and Space together with a Starburst-led consortium. Each 8-month cohort takes 20 defence and dual-use start-ups and scale-ups from EU Member States and Norway, and gives each a EUR 120,000 seed-financing voucher, bootcamps, coaching and matchmaking with end-users and investors. 3 cohorts have been selected so far.

GOKAP Invest is a Gothenburg-based investment company founded in 2018 by GU Ventures, Göteborg Corporate Finance and entrepreneur Claes Holmberg. It makes seed and growth investments in unlisted companies, mainly in Western Sweden, and reports 22 holdings and over 300 shareholders. The portfolio is mostly life science and digital services, with a few hardtech holdings such as Luxbright, Nanolyze and Monivent (exited).

Rutronik Nordic AB distributes electronic components, including semiconductors and passive components, to various industries.

Kvaser supplies advanced CAN solutions to engineers designing and deploying systems in areas as wide ranging as trucks and buses, petrol-driven and electric cars, industrial automation, avionics, construction equipment, building automation, domestic appliances, marine, medical, military, railway, telecoms, textiles and more.

SOAL Marine Group develops cutting-edge maritime products and services, including the Kraka electric jet-driven inflatable board and unmanned systems, plus Spectre specialist training for governments, military and SAR teams.

ADVACAM works in radiation detector production and development of new radiation imaging solutions, designing and producing cameras for material analysis, non-destructive testing, color radiography, and radiation safety.

NuvoAir combines hardware, software and data to monitor and improve care for people with respiratory conditions.

Specializes in refurbishing and reselling IT equipment to promote sustainable IT usage.

TracInnovations is a Danish company established in 2015 focusing on innovative solutions for image-based diagnosis. TracInnovations has developed the Tracoline system, an MRI Markerless Motion Tracker and Monitoring System that unnoticed records patient's head movements during brain scans.

The Volvo Group is headquartered in Gothenburg, Sweden and develops trucks, buses, construction equipment, and drive systems for marine and industrial applications.

Sacpro AB sells tools and systems for the renovation of building drainage systems using flexible liners.

Skellefteå Science Park supports innovation and entrepreneurship in northern Sweden, focusing on sustainable technologies.

Trondheim-based hydrogen separation company, established in 2017. It designs and manufactures palladium membrane plates, membrane stacks and complete separators that extract pure hydrogen from gas streams such as biogas, natural gas, methanol syngas and cracked ammonia.

Develops autonomous robotic solutions for wildlife management and agriculture. Formerly FLOX Robotics.