THE FUNDING MAP / BY TYPE AND ORIGIN
Corporate venture arms in Sweden backing hardtech
6 corporate venture arms in Sweden with documented hardtech investments. Venture arms of industrial and technology groups. A corporate investor brings a pilot customer and distribution along with the cheque, and sometimes a later acquirer.
Ericsson Ventures is the corporate venture capital arm of Ericsson, deploying capital directly from Ericsson's balance sheet (not raising from external LPs) to back startups strategically relevant to its wireless/network infrastructure business, with operations spanning Stockholm/Kista, Sweden and Santa Clara/Palo Alto, California, New York, Beijing and Barcelona. It focuses on next-generation networking, IoT, AI/ML for network automation, edge/cloud-native infrastructure, cybersecurity for connected devices, and next-generation wireless hardware, investing mostly at Series A/B alongside occasional seed extensions.
Backed ChipAgents, Fabric8Labs, Einride, Nubis Communications, Pensando
JM is the largest residential developer in the Nordics, active in Sweden, Norway and Finland. Its corporate venture arm is a young, low profile initiative launched in late 2023, led by Johan Wiksell and Torbjörn Glad, making its first investments in 2024 with a focus on contech, proptech and industrialized, sustainable construction along JM's value chain.
Backed Made of Air, Cemvision
Saab Ventures is Saab's corporate venture arm, set up in 2001 to spin out technology from Saab's engineering base into independent companies and to spin in outside startups that complement Saab's core business. It runs from Sweden with a portfolio that currently spans ten active holdings, including Applied Actuators, ReVibe Energy, MicroDri and Wheelscanning, alongside spin-outs such as Minesto and Cold Cut Systems, and its parent Saab has also made direct strategic bets like the USD 10 million lead investment in rocket company Pythom Space.
Backed Applied Actuators, C-Leanship, Cind, ReVibe Energy, Cold Cut Systems, MicroDri
Scania Invest is Scania's in-house, global corporate venture capital arm, investing across all stages in energy and infrastructure, autonomous and supply chain, asset management and circularity, and deep tech. Scania also runs Scania Growth Capital, a fund managed by East Hill Equity that has backed nine companies since 2016 including sennder, Northvolt and H2 Green Steel, and a venture building arm that manages home-grown ventures such as Erinion and Scania Industrial Batteries.
Backed Erinion, Scania Industrial Batteries, Scania Autonomous Solutions, Nyobolt, Black Semiconductor, SiB Solutions
Volvo Cars Tech Fund is Volvo Cars' corporate venture arm, based in Sweden and active since 2018. It makes minority investments in early stage mobility and automotive technology companies, covering electrification, autonomous driving, digital mobility services and manufacturing or supply chain efficiency, giving Volvo Cars strategic access to the technology it backs.
Backed Riiico, Altris, Niron Magnetics, Forciot, NEURA Robotics, Breathe Battery Technologies
Corporate venture arm of Volvo Group, founded in 1997 and based in Gothenburg with a second office in Greensboro, US. Invests in startups across electrification, logistics services, site solutions and climate tech, with over 80 investments to date including direct startup stakes and commitments to sector-focused venture funds.
Backed CPAC Systems, Peloton Technology, Momentum Dynamics
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