Hardtech investors in Sweden

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

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

Almi is Sweden's state-owned organization that provides loans, business development advice, and equity financing to Swedish SMEs, with its venture-capital arm Almi Invest (including the national Almi Invest GreenTech fund) making direct investments in early-stage tech, life-science, industrial and sustainability startups.

Backed Caplyzer AB, Radar Reticence, Digiclean Solutions AB

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

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)

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

The startup incubator and investment arm of Chalmers University, supporting deep tech ventures from research to market.

Backed Atlantic Quantum, Modvion, Parakey

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

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

Connect Sverige is a Swedish non-profit that connects entrepreneurs with capital, expertise, and networks through five regional organisations, running growth programs like Språngbrädan and operating what it describes as Sweden's largest active network of business angels.

Backed Anatomic Studios

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

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.

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

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

The Swedish Energy Agency (Energimyndigheten) is Sweden's public authority for energy research, innovation and preparedness, providing grants and R&D funding to companies, academia and public bodies working on the transition to a fossil-free energy system.

Backed Northvolt, Azelio, Minesto, Climeon

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)

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

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

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)

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

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

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

University of Gothenburg’s venture firm supporting research-based startups in life science, tech, and impact.

Backed Mimbly, Enarion, Luxbright

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

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

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

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

Backed Kisab, Adamant, Echandia

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

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

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

Kick Capital is a Swedish business angel investment vehicle backed by 35 regional business angels and the state venture capital firm Saminvest, run jointly by Blekinge Business Incubator, Kalmar Science Park and Företagsfabriken i Kronoberg. It invests 300,000 to 500,000 SEK via convertible loans exclusively in startups admitted to these three incubator programs in southeastern Sweden.

Backed Carbo Gaia, Neurawave, Upmanure, Fernandi Innovation, TXG ECOBogie, Guldhov EquiTech

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

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

Investment company affiliated with KTH Royal Institute of Technology, supporting commercialization of research and innovation. Formerly KTH Holding. Formerly KTH Ventures.

Backed Simulair, Dappler Labs, Novatron

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

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

Backed Njord Medtech, Oxlantic, Resitu, Bioservo

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

A seed fund co-founded by Uppsala Innovation Centre, investing in early-stage tech and life science startups.

Backed Altris, Percyroc, Deversify

LiU Invest is the investment company within LiU Holding, owned by Linköping University. It backs early-stage companies commercializing research and student projects from the university, typically investing up to 500,000 SEK per round, and works alongside sister companies LEAD (incubator) and Unitalent.

Backed Agricam AB, ArgusEye, Cellfion, Dazoq, Epishine, Fluolink

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

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)

LU Ventures is Lund University's venture builder and corporate investment arm, founded in 1999, that co-invests equity and builds spinouts with researchers across deep tech and life science. Its portfolio spans semiconductors, robotics, connectivity, medtech and pharma, and includes exits such as SAGA Diagnostics, acquired by Roche.

Backed Alixlabs, NordAmps, Xenergic, Cognibotics, BeammWave, MxWaves

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

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

Backed SweGaN, Ligna Energy, TeraSi

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

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

Backed Vaja, Tobii, Volumental

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 Angels is an invite-only network and digital platform connecting over 2,500 Nordic angel investors with founders, offering deal flow, syndication tools, and events like the annual Angel Prize rather than making investments as a fund itself.

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

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

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

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

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

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

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

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

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

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

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

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

Regional VC initiative boosting startup capital access across southern Sweden.

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

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

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

Tillväxtverket is the Swedish Agency for Economic and Regional Growth, a government body that distributes EU structural funds, national grants and regional investment support to strengthen competitiveness and regional development across Sweden. It runs broad instruments such as regional investment aid, business-development checks and innovation support, open to companies in any sector, not a hardtech-specific fund with a public portfolio.

Trio Impact Invest is a Swedish deep-tech venture capital fund established by the holding companies of KTH, Karolinska Institutet, and Stockholm University, combining private and public capital, including EU regional development funding, to back early-stage, research-intensive companies in Sweden. As a newly formed vehicle it does not yet have a disclosed standalone portfolio; its track record so far sits with the founding university holding companies.

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

UU Invest is Uppsala University's investment company, founded in 1995 to fund research-based startups from the university's humanities, medicine and pharmacy, and technology and science faculties. It has backed more than 115 companies to date and runs the annual VentureChallenge, offering researchers up to SEK 500,000 in project funding.

Backed SampleFacts, VOC Diagnostics, RX Dynamics, Drupps, Ascilion, Disruptive Materials

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

Vasa Angels is a Gothenburg-based business angel investment vehicle connected to GU Ventures, co-investing with the state-owned Saminvest and around 22-24 business angels in pre-seed and seed rounds sourced from GU Ventures' incubator.

Backed NSS Water, Nanolyze

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

Vinnova is Sweden's government innovation agency, funding research and innovation projects that strengthen sustainable growth and competitiveness. It runs continuous, sector-agnostic calls for proposals, including a recurring deeptech acceleration programme, but does not publish a company-level portfolio list.

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

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

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