Investors from the rest of Europe backing Nordic hardtech

Brunnur Ventures is a top venture capital firm in Iceland for startups with high-growth potential.

Backed Laki Power, ARK Technology, DT Equipment

EQT is a Stockholm-founded global investment organization managing the Scaleup Europe Fund, a €5bn public-private growth vehicle backed by the European Commission and institutions including Novo Holdings, EIFO and Wallenberg Investments, aimed at scaling Europe's most promising deep-tech companies from Series B to pre-IPO.

Backed ICEYE (Espoo-based SAR satellite constellation operator), EQT Ventures portfolio also includes The Exploration Company (aerospace/space)

Stockholm-headquartered global investment organisation managing the EU-backed Scaleup Europe Fund, which targets Series B-to-pre-IPO European tech companies including hardtech sectors such as space, robotics and advanced industrial systems.

Backed ICEYE (Espoo, Finland — SAR satellite constellation / sovereign space intelligence)

Eyrir Invest is an international investment company that focuses on investments in industrial companies that have the potential to become true global leaders.

Backed Marel (JBT Marel), Össur, Carbon Recycling International

Copenhagen-based pre-seed and seed venture capital firm investing in defence, space and cyber technology across the New Nordics and Ukraine. Merged with Myriad Defence in September 2026 and now runs Final Frontier Fund II, which targets EUR 100 million with a first close expected by the end of 2026.

Backed Stormborn, Farsight Vision, G-Next Intelligence, BlinkTroll, Dropla Tech

Stockholm based venture capital firm investing in early stage European defence and dual use technology companies, from pre seed to Series A.

Backed Monava (acoustic drone detection sensors), Kelluu, Acodyne

InnoEnergy is the EU-backed clean tech investor founded in 2010 by the European Institute of Innovation and Technology, headquartered in Eindhoven with a Swedish entity, KIC IE AB, in Stockholm. It holds equity stakes in 160+ active companies and has backed Nordic hardtech names including Minesto, CorPower Ocean and Northvolt, alongside battery, hydrogen and materials plays across Europe.

Backed Minesto, Hardt Hyperloop, Verkor, CorPower Ocean, GravitHy, Skeleton Technologies

Sandwater is an Oslo based venture capital firm investing in early stage companies developing novel solutions in climate, energy and healthcare.

Backed 1X Technologies (humanoid robotics), Nofence (virtual fencing hardware), Evyon (second life battery storage), Antec Biogas (plug flow reactors), Filics (warehouse robotics), CardioSignal (cardiac digital biomarker device)

Scaleup Europe Fund is a EUR 5 billion growth fund managed by EQT, targeting European technology scaleups from Series B through pre-IPO in sectors including AI, quantum, space, clean energy and biotech. It was founded by the European Commission alongside investors including Novo Holdings, Allianz, APG, EIFO, CriteriaCaixa and Santander/Mouro Capital, and made its first investment in August 2026, co-leading ICEYE's EUR 1 billion Series F round.

Backed ICEYE

Technology transfer office and venture arm of SINTEF, based in Trondheim, Norway. It manages seed and early-stage funds (SINTEF Venture IV, V and VI) that invest in spin-offs from SINTEF and NTNU research. SINTEF Venture VI was established in 2022 with NOK 517 million and has backers including the European Investment Fund, KLP and Investinor. Recent hardtech investments include Sonair, Cartesian, Hystar and sensiBel.

Backed Aidee Health, Cartesian, HYDROGEN Mem-tech, Hystar, Minuendo, Nomono

Iceland's national competitive fund for technology-driven innovation, administered by Rannís (the Icelandic Centre for Research). Issues grants twice a year across four company grant categories (Seed/Fræ, Sprout/Sproti, Growth/Vöxtur, Market/Markaður) plus patent and applied research grants for R&D projects aimed at commercialization in Icelandic industry.

Backed Navis (electric line-fishing boat design)