Venture capital firms in Sweden backing hardtech

Aligned VC is an early-stage and growth-stage venture capital firm based in Stockholm, founded in 2019 by Eric Carlson Rydman and Christian af Jochnick, investing across a broad range of industries from consumer and fintech to health and mobility.

Backed Brineworks, Dance

Alliance VC (Alliance Venture) is a Nordic early-stage venture capital firm founded in 2001, with partners on the ground in Oslo, Stockholm, Copenhagen and Helsinki, backing Nordic founders with global ambitions. While its current thesis centers on applied AI and software, its portfolio includes verified hardtech bets such as 1X Technologies (humanoid robotics) and Aquabyte (computer-vision hardware for fish farming), and it is actively deploying its newly closed Alliance Nordic III fund.

Backed 1X Technologies (Halodi Robotics), Aquabyte

Global early-stage venture capital firm with a dedicated always-on residency model in the Nordics, investing from day zero through Series C.

Backed Evyon (battery storage from repurposed EV batteries)

European climate-focused VC investing in startups with measurable CO₂ reduction potential.

Backed Jolt, Kärnfull, Qvantum

Investment company focused on real estate, entrepreneurship, and sustainable business models in the Nordics.

Backed Dirac, Volumental, Instabee

Course Corrected VC (cc.vc) is a Stockholm-based, women-founded early-stage venture capital firm founded in 2021 that invests in climate-positive technology companies with a commercial approach to fighting climate change, and recently announced a first close of its Fund II exceeding EUR 65 million.

Backed Renasens, Hyperion Robotic, Longbow Motors, Cosmic Aerospace, Artyc, Echandia

Curitas Ventures is a Stockholm-based venture capital firm founded in 2020 by Mikael Ahlström and Gerda Larsson that invests in early-stage Nordic entrepreneurs across Disruptive Technology, Life Science and Sustainability; in 2025 its venture portfolio was acquired by Nordic Asia Investment Group 1987 AB, which now operates under the name Collaxio for its unlisted-investments strategy.

Backed Qoitech, Volta Trucks (Truck HoldCo), C-Green Technology

DigitalWell Ventures is a Nordic accelerator and incubator, founded in 2020 and headquartered in Karlstad, Sweden, that supports early-stage digital health, welfare and cybersecurity startups across the Nordic and Baltic region rather than operating as a traditional direct-investment fund.

Backed Oculaudio

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.

Backed The Exploration Company, Nothing, Heart Aerospace, Einride, Candela, Verkor

Fairpoint Capital is a Stockholm-based early-stage venture capital firm, spun out of SEB Venture Capital's technology team, that makes minority investments (late seed to Series B) in Nordic B2B technology companies; it closed its second fund at $60M in 2024 and remains backed primarily by SEB.

Backed Cognibotics, KISAB, Celerway, Software-defined camera portfolio company (name unconfirmed - flag for review)

Fåhraeus Startup and Growth (FSG) is a Lund, Sweden-based venture capital fund focused on early-growth and expansion-stage life science and tech companies across the Nordics, with investments spanning MedTech, diagnostics, pharma, and deep tech.

Backed Airsonett, Beamonics, SAGA Diagnostics, Promimic, Moroxite F, OssDsign

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

One of Sweden’s largest VC funds, investing in transformative Nordic tech and life science startups.

Backed Kisab, Adamant, Echandia

Investing in Nordic life science and medtech companies. Pre-seed-early serie A.

Backed Njord Medtech, Oxlantic, Resitu, Bioservo

Longswan Ventures is a Stockholm-based early-stage investor that invests in Nordic pre-seed/seed companies in the hardtech, defence and security domain.

Backed Freya Industries (Freya)

Invests in early-stage life science companies, focusing on diagnostics, medtech, and biotech.

Backed SweGaN, Ligna Energy, TeraSi

Early-stage venture fund investing in Nordic B2B software and platform startups.

Backed Vaja, Tobii, Volumental

A non-profit foundation and impact VC investing in startups that address global challenges through entrepreneurship and technology.

Impact venture capital fund investing in startups solving the world's greatest challenges.

Backed Heart Aerospace, Northvolt, Einride

Northzone is a multi-stage venture capital firm founded in 1996 in Oslo, now headquartered in London with offices across the Nordics, Amsterdam and New York, investing from seed through growth stage across Europe and the US. Its portfolio includes Spotify, Klarna, Einride and Black Forest Labs, and it has backed companies through more than 250 investments to date.

Backed AirForestry, Asetek, Einride, Silex Microsystems, MicroAGI, Monumental

Novax is the growth investment arm of the Axel Johnson Group, backing small and mid-sized companies across food, health, security and energy. It builds sector platforms such as Ingå (food ingredients), Bond Health Group (wellness) and, since 2024, AxSol, which invests in and scales renewable energy companies.

Backed RCO Group, Nimly, RCO Security, Swedlock, NitroCapt

Pale Blue Dot is a Malmö based seed stage venture capital firm founded in 2020 by Hampus Jakobsson, Heidi Lindvall and Joel Larsson. It backs pre-seed and seed climate tech startups across Europe and the US, having closed its debut fund at 87 million euros in 2021 and a second fund at 100 million dollars in 2023.

Backed Pionix, Brineworks, Solarock, TANGIBLE, Staer, Pollen

Propel Capital is the pre-seed investment arm of Stockholm accelerator Sting, investing exclusively in Sting-associated startups since 2014 through a series of angel-syndicated funds. It has made over 230 investments across seven fund generations, backed by 120+ business angels and the state-owned Saminvest.

Backed Reorbit, Curve, Yubico, Surfcleaner, Midsummer, Mendi

Revalence Ventures is a Stockholm based venture firm investing in founder operated technology companies from seed to Series A. Its confirmed backing spans fintech, retail tech and defence tech, including Klarna, Apprl and the Norwegian defence simulation and training startup Levato.

Backed Nordic Air Defence

Rymdkapital is a Stockholm-based venture capital firm founded in 2020, investing in early-stage European spacetech companies from angel to Series A rounds. It also runs the pan-European Expansion Ventures fund together with Audacia and Starburst.

Backed DcubeD (Deployables Cubed), Osmos X, The Exploration Company, ReOrbit, Forsway, Pythom Space

SEB Greentech Venture Capital is the Swedish bank's corporate VC unit investing directly from SEB's balance sheet into green technology companies, mainly in the Nordic and Baltic region with a broader European reach. It writes initial tickets of SEK 10-40 million from a SEK 1 billion mandate, taking active minority stakes with board seats in hardware, software and platform companies working on renewable energy, energy storage, water and agricultural technology, circular business models and waste management.

Backed AirForestry, C-Green Technology, Embedl, Echandia, CorPower Ocean, Qvantum

Regional VC initiative boosting startup capital access across southern Sweden.

STOAF is an angel network from Stockholm of almost 50 business angels acting as an early stage investment company backing deep technology ventures focused on B2B and deep technology companies in Life Science, Industrial Technology and Software. Originally known as Stockholms Affärsänglar, it was founded in mid-2008 and now manages its third fund, STOAF III SciTech, registered as an Alternative Investment Fund under the EuVECA framework, investing in early-stage research-based spinouts across the Nordics, often alongside co-investors such as Almi Invest.

Backed EmbeDL, VOC Diagnostics, Developeration, Uman Sense, Aligned Bio, Stockholm Water Technology

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.

Backed Tribonex

Unconventional Ventures is a Copenhagen-based venture capital firm founded in 2018 that invests in pre-seed and seed stage startups led by underrepresented founders across the Nordics and Europe. The firm targets companies delivering measurable social and environmental impact and is closing an EUR 80 million Fund II.

Backed Cellugy, Ocean Oasis, Drev, Visibuilt, Digiclean Solutions, AIRMO

Verdane is an independent European growth equity investor that partners with tech-enabled and sustainable businesses to accelerate international growth, with offices in Oslo, Stockholm, Copenhagen, Helsinki, London, Berlin and Munich. Founded in 2003, the firm has made more than 200 investments across digitalisation and decarbonization themes, spanning growth to buyout stages.

Backed Factbird, Resman, SmartMotor, Åkerströms, Smartbox Group

Zenith VC (Zenith Group AB) is a Stockholm based venture capital firm founded in 2015/2016 by Tommy Jacobson and Caroline Cronstedt. It backs early stage, post revenue Nordic B2B software companies with capital, network access and hands on operational support.

Backed Minut