Investment companies investing in Nordic hardtech

Active Invest Sweden AB is a family-owned Swedish investment group founded by Johan Enocson that combines a wood-industry division, Surewood Industries, with an investment arm holding around 30 companies across various sectors.

Backed Quantal RF, Sequana Medical, WTS Positioning Solution

AGV (All Generation Ventures) is a Stockholm-based PropTech-focused investment firm investing in early-stage Nordic real estate technology ventures, with a focus on sustainability and decarbonization solutions for the real estate industry.

Backed Wayoo

Alsteron is a Stockholm-based, family-owned investment company founded in 2019 that focuses on the Scandinavian market, primarily investing in biotech, digital and technological innovation companies.

Backed Echandia, CorPower Ocean, Wayout, Dirac Research

Arctic Ventures is the angel-investment vehicle managed by Arctic Business Incubator (ABI), investing exclusively in startups admitted to ABI's incubator across northern Sweden, from Skellefteå to Kiruna. It is backed by a network of dozens of business angels together with the state-owned fund Saminvest, and provides seed-stage convertible-loan capital to companies spanning space, industry, gaming and IT.

Backed Nordic Quick Systems

Aventry Equity is a Jönköping, Sweden-based investment firm backing Nordic growth companies across industrial equipment, additive manufacturing, retail/design products and fintech, emphasizing long-term partnerships and sustainable value creation alongside capital.

Backed Wheelsystem, Rewired Industries, Rapid Dimension

A VC firm investing in overlooked markets and underrepresented founders, aiming to expand access to capital.

Backed Cemvision, NitroVolt

Swedish investment company focusing on long-term ownership in industry, real estate, and environmental technology.

Backed Epishine, Polarium, Envigas

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

Backed Mycronic, Cavotec, Silex Microsystems, Ovzon

Nordic early-stage investor backing mission-driven founders building global companies.

Backed Hemla

Invests in early-stage climate tech startups that aim to accelerate decarbonization through scalable innovation.

Backed Occlutech, Einride, Voi

Concejo AB (publ) is a Nasdaq Stockholm-listed Swedish investment company headquartered in Nacka, structured around two business areas: Concejo Industrier, which holds majority stakes in operating industrial companies mainly in fire/gas safety, and SBF Fonder, an asset manager for Swedish residential real estate funds; it also holds minority stakes in Nordic listed and unlisted technology/growth companies via associate holdings.

Backed SAL Navigation, BeammWave, Xenergic, Firenor International, ACAF Systems, Optronics Technology

Dacke Industri is a Swedish industrial holding group, owned by Nordstjernan since January 2016, that acquires and grows Nordic and international engineering companies with proprietary hardware products across four divisions: Air & Mechatronics, Power & Motion, Measurement & Control, and Precision & Protection.

E14 Invest is a Swedish co-investment company based in Åre, founded in 2017, that pools capital from roughly 30 private shareholders to back scalable growth companies primarily along the European route E14 corridor (Sundsvall–Trondheim) and the wider Norrland region, though it also invests opportunistically outside the area. It has made around 20-27 investments to date across sectors including healthtech, materials/energy, and software, typically at seed to Series A stage alongside co-investors like Almi Invest, Chalmers Ventures and Industrifonden.

Backed Granode Materials, 2D fab, Standard Bio, Aplex Bio, Tapster, Flox Robotics

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

First Gate Invest is a Västerås-based Swedish investment network of business angels, entrepreneurs and investors, founded in 2020, that invests jointly and broadly across industries and stages without geographic or sector restrictions. Its roughly 20-company portfolio skews toward early-stage Swedish deep-tech and industrial startups, including marine EV charging, forestry drones, vertical-farmed saffron, sawmill AI/automation, EV fast-charging infrastructure and medtech AR.

Backed SimulAir, Marine Charging Point, Sindri Production AB, Delta Cygni Labs, Navari, Deep Forestry

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.

Backed Defensor Group, Crepitans, ArmaTech, SAFE4U, Zulu Marine, Novator Solutions

Formica Capital is a Gothenburg-based Swedish family office and investment company founded in 2018 by the Olsson Eriksson family, investing with a long-term, active-ownership approach in mid-sized Nordic companies across health, environment, education, cyber security and cleantech that combine commercial performance with positive societal impact.

Backed CR Group Nordic (C-Resiliens), Fox Crypto, Rototec, ChargeNode, Mer Sweden, Swedish Algae Factory

Early-stage investment firm supporting impact-driven startups solving global challenges.

Backed Terasi, Radtonics

GOKAP Invest is a Gothenburg-based investment company, co-founded in 2018 by GU Ventures' CEO Klementina Österberg, that invests in innovative unlisted growth companies primarily in Västra Götaland/Western Sweden, having built a portfolio of around 19-22 holdings spanning life science, digital services and a small number of physical hardtech companies.

Backed Luxbright AB, Nanolyze AB

Granitor is a Swedish family-owned corporate group active in real estate, contracting/installation services (electro, environmental technology) and, through Granitor Growth Management, long-horizon growth investments in cleantech and life-science companies developing patented, breakthrough technologies with global potential.

Backed CorPower Ocean, Minesto, Reliefed, Novatron Fusion Group, Kärnfull Next (Kärnfull Future), Captimise

Grenspecialisten is a Malmö-based investment company owned by Martin Gren, co-founder of Axis Communications, that primarily takes long-term ownership stakes (typically 10%+) in small and mid-cap listed Swedish companies, complemented by a handful of private holdings and fund commitments, including a 2025 role in the Swedish consortium that reacquired MEMS foundry Silex Microsystems.

Backed Lumen Radio, Generic, Cellavision, MSAB, Boule Diagnostics, JLT Mobile Computers

Gullspång Invest is a Stockholm-based family office founded by Swedish angel investor Christer Brandberg (an early Axis Communications investor) together with his three sons, Gustaf, Magnus, and Erik Brandberg, that makes long-term, evergreen investments in entrepreneurial teams tackling systemic challenges in food, energy, and water. It runs a food-focused sister vehicle, Gullspång Re:food, and its portfolio spans hardware-driven climate and energy plays (geothermal, heat pumps, water purification, recycling) alongside food, edtech, and other software ventures.

Backed Baseload Capital, Climeon, Qvantum, Vilokan, Wayout, Axis Communications

Direct investment firm based in Kungsbacka, Sweden, taking active co-ownership stakes in growth companies including recent participation in a defense-tech funding round.

Backed Monava (AI-powered passive acoustic drone detection sensors)

Herenco is a fourth-generation family-owned holding company based in Jönköping, Sweden, founded in 1865, structured around wholly owned business areas in packaging (Emballator), indoor climate/ventilation, sun protection and flooring, alongside minority stakes in listed companies such as Nolato, Balco, Lyko, Profoto and Fractal Design.

Backed Nolato, Profoto

I Love Lund is a publicly listed (Spotlight Stock Market, ticker LOVE B) local investment company founded in 2017 and headquartered in Lund, investing broadly across sectors with a focus on pre-seed, seed and Series A rounds in early-stage, mostly unlisted companies with a strong Lund connection. Its portfolio today comprises roughly 50 holdings spanning fintech, medtech, femtech, IoT sensors, defense/dual-use, materials and life science, alongside shareholder network and mentoring activities.

Backed LifeFinder, Sensative, Stirlingversal, TrackPaw Scientific, Uman Sense, Valkyr Defense Systems

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

Jinderman & Partners is a Stockholm-based capital and knowledge hub for fast-growing companies in the Nordic market, guiding them through meetings with business angels, investor networks, venture capital firms and stock exchange listings. Most of its more than 50 portfolio companies are consumer, fintech and software plays, but the book also includes a handful of medtech hardware companies such as Chordate Medical, GPX Medical and Fluicell.

Backed Chordate Medical, GPX Medical, Fluicell

Stockholm-listed venture developer founded in 2016 that puts knowledge, hands-on support and capital into early-stage owner-led companies, often through its Venture Targeter turnaround framework, in exchange for equity and warrants. Core holdings span bioanalytics, diagnostics, event tech and digital asset compliance, with a wider portfolio of roughly 20 smaller stakes across the Nordics, DACH and beyond.

Backed QuTEM, S4DX, iReality, Manico, Skawen, ConexBird

Kichi Invest is a Stockholm private investment firm founded in 2016 by Oscar Ingdahl and Paradox Interactive founder Fredrik Wester, backing Nordic growth stage companies with a broad mandate spanning SaaS, consumer brands and fintech. Its clearest hardtech bet is electric motorcycle maker Stark Future, alongside stakes in Epidemic Sound, Marshall Group, Estrid and Lunar.

Backed Stark Future

Kinnevik is a Swedish listed growth investment company, founded in Stockholm in 1936 by the Stenbeck, Klingspor and von Horn families. It backs technology-enabled companies from early to growth stage across healthcare, software and climate tech, holding a portfolio of 20+ larger companies including recent bets on green steel, heat pumps and battery technology.

Backed Aira, Solugen, Stegra, Vay, Charm Industrial, Breathe Battery Technologies

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.

Backed Applied Autonomy, Kitemill, Kongsberg Ferrotech, N2 Applied, Distributed Ship Surveillance, ProfMOF

Kost Capital is a Copenhagen-based venture capital fund investing in early-stage European companies across the food and bioeconomy sector, backed by Denmark's export and investment fund EIFO as sole limited partner. It writes pre-seed and seed checks of 250k to 1M euros into ingredients, nutrition platforms and enabling process technologies, working alongside its sister venture studio Kost Studio.

Backed Orbisk

Technology group investing in and developing B2B companies in electronics and communication.

Linbo Invest is a Stockholm-based, family-owned investment company run by Johan and Lars Wiklund. It backs early and growth-stage private and public companies, mostly software and health, with an occasional hardtech bet.

Backed Epishine

Longrun Capital is a Stockholm venture capital firm that backs early-stage Nordic companies building hardware for the green transition, with a portfolio focused on advanced materials, energy and water technology for the built environment.

Backed Drupps, GreenIron, NSS Water, Ekolution, 3eflow, Hybridized

Monen Invest is an investment company based in Umeå that backs early and growth stage innovation companies across northern Sweden. It provides capital, hands on experience and long term ownership, co-investing through networks such as Northern Light Capital and Arctic Ventures, and also holds a stake in engcon through its group structure.

Backed Enduce, Phygrid, Dirac, Cropcision, engcon

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

Backed Cibes, Open Air

Navigo Invest is a listed Swedish investment company based in Gothenburg, building a cluster of independent hub companies through acquisitions in sectors like industrial heat treatment, geotechnics, chemicals handling and finance, plus strategic stakes in listed and unlisted Nordic companies.

Backed CalorMet, Alelion Energy Systems

Growth equity investor supporting mature tech companies in the Nordics with active ownership.

Backed Qvantum, Hammerglass, VisionSense

Neptunia Invest is a Swedish, family owned investment company that takes active, board level ownership in its core holdings across real estate, finance, and defence and security. Since 2019 it has also built a minority stake portfolio in digitally driven companies, mostly in PropTech and real estate.

Backed SIBS, Ingrid Capacity, Ekolution

Nordfas Invest AB is a Gullspång, Sweden based family investment company owned by the Lööf family. Its core holding is Partex Marking Systems, a global manufacturer of industrial wire, cable and component marking systems, and it has more recently backed the youth wellness app SoulBuddy.

Backed Partex Marking Systems

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.

Backed Additive Drives, STABL, Sunroof, Green Hydrogen Systems, Agrointelli, Airwatergreen

Norrsken Launcher is a Stockholm based early stage deeptech impact fund inside the Norrsken ecosystem. It runs a concentrated portfolio, investing 1 to 3 million euros in 2 to 3 companies per year and working hands on with founders for 3 to 9 months on team building, commercialization and fundraising.

Backed Blykalla, Cellcolabs, Grale (formerly PlasticFri), Agteria, Renasens, SeaPattern

Prima Materia is a Stockholm based investment company founded in 2020 by Daniel Ek and Shakil Khan. It builds and backs a small number of long term technology companies in Europe, with investments including Helsing and Neko Health.

Backed Helsing, Neko Health

Provider Investment is a 100% family owned evergreen investment company founded by Johan Hernmarck, investing opportunistically in Swedish entrepreneurs with a preference for ideas scaled through software and digital technology. The portfolio spans B2B software plus a handful of industrial hardtech positions such as Flasheye and Mobilaris.

Backed Flasheye, Mobilaris, Yubico

Qarlbo is the Stockholm-based family office of EQT founder Conni Jonsson, active in entertainment, hospitality, financial holdings, property, biodiversity and energy. Its energy arm, Qarlbo Energy, is jointly owned with FAM and invests in green hydrogen infrastructure through its subsidiary Hydri, which builds and operates hydrogen refuelling stations for heavy transport across Sweden.

Backed Qarlbo Energy, Hydri, Braathens Renavia

RadCap Ventures is a Stockholm based angel network of 80+ female investors. It backs pre-seed and seed startups with at least 50 percent female or non-binary founders, writing tickets of 250 to 500 kSEK alongside mentorship and advisory support.

Backed Enkei

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

Seven District is a Swedish evergreen investment company that backs entrepreneurs from early stage up to roughly SEK 500 million in turnover, combining capital with hands-on operational support. Its portfolio spans industrial hardware, sensors, connectivity and aerospace alongside software, e-commerce and consumer platforms.

Backed Kvaser, Qamcom, Airolit, Incipientus, Viospatia, IRRIOT

Norwegian venture and growth investor focused on sustainable tech and cleantech innovation.

Backed Trysil RMM, Optoscale, Stimline

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

Backed Sura Magnets, Carbomax

Starbright Invest is a Jönköping-based venture capital firm founded in 2015 that invests primarily in Swedish seed and Series A rounds, typically SEK 5-15 million per company, with a focus on technology and sustainability. Its hardtech-relevant bets include Einride, the autonomous electric truck maker, and Zigrid, which turns industrial waste heat into power.

Backed Einride, Zigrid

Sätila Impact Investment is a Gothenburg, Sweden based impact investment firm founded in 2008 as a subsidiary of Sätila Holding, investing in early-stage companies that address social and environmental challenges across areas like renewable energy, food security, animal welfare and water and sanitation.

Backed Sistema.bio, PulPac, Build up Nepal, Ljusgårda, EMPE Diagnostics, Nordic SeaFarm

Vargas is a Stockholm-based impact company builder that identifies, validates, finances and scales industrial companies in hard-to-abate sectors. Founded in 2014, it has built or co-founded Northvolt, Polarium, Stegra (formerly H2 Green Steel), Aira, Syre and the Arctial aluminium project, spanning batteries, energy storage, green steel and hydrogen, heat pumps and textile recycling.

Backed Polarium, Northvolt, Stegra, Aira, Syre, Arctial

Family-backed investor supporting early-stage deep tech startups focused on sustainability and innovation.

Backed Midsummer, Volumental, Satcube

Wicked Angel is a Stockholm-based angel network founded in 2020, investing member capital and operating experience into early-stage Nordic startups, with recent activity concentrated in life science and health tech deals sourced through Stockholm and Gothenburg pitch events.

Backed BrainZell, Atonemo