Venture capital firms investing in Nordic hardtech

Accelerace is a Copenhagen-based pre-seed investor and startup accelerator active across the Nordics and Baltics, having accelerated 1,000+ startups and made 120+ pre-seed investments (primarily first-time founders) since 2008; in October 2025 it merged with BioInnovation Institute.

Backed Elby, Weedbot

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)

Early-stage venture capital firm investing in B2B tech startups, mainly in SaaS, enterprise software, and cybersecurity.

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

Backed Laki Power, ARK Technology, DT Equipment

Early-stage deep tech VC investing in science-based Nordic startups across hardware and software.

Backed 10 Lines, Cooliblade, Geyser 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

Energetik Ventures is a London-based early-stage venture capital fund backing founders building the next generation of energy technologies, with a portfolio spanning computing hardware, battery materials, storage systems, vertical farming and grid/EV software across Europe.

Backed Vaire Computing, Intelligent Growth Solutions, Puraffinity, Lunar Energy, Moixa, Echion Technologies

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

Expansion Ventures is a pan-European VC firm (Paris and Stockholm) launched in 2022, targeting a €300M fund dedicated to Aerospace & Defence startups from pre-seed to Series B, with a Stockholm-based General Partner (Ulf Palmnäs) giving it genuine Nordic roots alongside its French base.

Backed Aldoria, Alta Ares, Arkadia, Ascendance Flight Technologies, Atmos, Dcubed

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)

Danish VC investing in growth-stage companies in lifestyle, software, and hardware across Europe and the U.S. Formerly Nordic Eye.

Backed Blue Ocean Robotics, MATE.Bike, Bellabeat

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

Heartcore Capital (formerly Sunstone Capital, founded 2007) is an early-stage venture capital firm headquartered in Copenhagen with additional offices in Stockholm, Berlin and Paris, investing from pre-seed to Series A across Europe. While historically known as a consumer-tech investor, it has recently expanded into deep tech, defence, quantum computing, space and synthetic biology alongside its core AI, fintech, travel and web3 bets.

Backed EGIDE, Isentroniq, Qualia, Skynopy, Ionlace, Numi

Icebreaker.vc is a Helsinki-based early-stage venture capital firm founded in 2017 that invests in idea-stage and pre-seed teams in Finland, Sweden and Estonia, with first tickets up to €1.5M. The firm has supported over 100 teams since inception and its second fund is backed by the European Union's InnovFin Equity programme under Horizon 2020 and EFSI.

Backed ReOrbit, Roadcloud, Zymego, Finnadvance, Logmore

imec.xpand is a Belgium-based (Leuven, with an Amsterdam office) venture capital fund, founded in 2017 as a spin-out of imec, that invests globally in early-stage semiconductor, nanotechnology and deep-tech hardware startups. It has no dedicated Nordic office, but invests across Europe and beyond and closed a EUR 300M second fund in 2024 to keep backing chip, photonics, quantum and hardware-enabled life-sciences ventures.

Backed Diraq, NEURA Robotics, Invisix, Density AI, Mojo Vision, Aerospacelab

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

Backed Kisab, Adamant, Echandia

Inflection is an early-stage venture fund investing 500K to 2M dollars at idea, pre-seed and seed stage in engineering moonshots across computation, cryptography, physical AI, robotics, manufacturing, energy, resilience and aerospace, with a geographic preference for Europe. It has led Nordic rounds including the 2025 pre-seed extension for Stockholm-based drone defence startup Nordic Air Defence and backed Malmö robotics company Levtek.

Backed Levtek, Stealth, Ark, Nordic Air Defence, Deep Earth, Lodestar

Innovestor is a Helsinki based venture capital firm founded in 2014, investing in early-stage technology and life science startups across the Nordic and Baltic regions through its Technology Fund, Life Science Fund and Angel CoFund, alongside a corporate venturing arm and a commercial real estate business.

Backed Granarium Technologies, Bioretec, ZenRobotics, Amertate, Sooma Medical, Brinter

Norway’s largest venture investor, providing growth capital to tech companies with international potential.

Backed Onio, Numascale, poLight

Investo Capital is a Danish venture capital firm based in Aalborg, founded in 2018 and backed by NOVI Innovation and Heartland. It invests in early growth Danish tech companies across medtech, industry 4.0 and water tech, and takes an active board role in each company it backs.

Backed TracInnovations, Tentoma, Create it REAL, VentriJect, Dryp, Nilroy

Katapult is an Oslo-based impact investment platform founded in 2015 by Tharald Nustad, now spanning venture funds, accelerators and a foundation. Its dedicated ocean arm, Katapult Ocean, has made 90 investments in blue economy startups working on transportation, circularity, ocean data, energy and food and water.

Backed Zeabuz, Bound4Blue, Evoy, Flocean, Desolenator, Sand to Green

Copenhagen-based early-stage venture capital firm that has, since its founding in 2021, backed founders building enabling technologies for physical industries such as manufacturing, the built environment, and energy. In 2026 the firm closed a 160 million euro Fund II, backed by LPs including VKR Holding and new entrant Realdania, to keep investing at the intersection of the physical world and modern technology.

Backed United Manufacturing Hub (UMH), Array Labs, Epoch Biodesign, General Biotechnologies, Found Industries, Tynt Technologies

Early-stage venture capital firm investing in hardware, software and service companies for the industrial value chain, with focus on industrial automation, sustainability and supply chain resilience.

Backed QMill, Resoniks, Fractory, Unbound Potential, Euler3D

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

Backed Njord Medtech, Oxlantic, Resitu, Bioservo

Lifeline Ventures is a Helsinki-based, sector-agnostic early-stage venture capital firm founded in 2009. It invests from pre-seed through growth stages across deeptech, climate, health and consumer sectors, and closed a 400 million euro sixth fund in 2025 to keep backing founders from first check through scale.

Backed Akkurate, Altum Technologies, Arctic Instruments, Calectra, Carbo Culture, CurifyLabs

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)

Helsinki-based venture capital firm investing at pre-seed and seed stage in deep tech and brand-driven startups, managing €260 million across three funds with initial tickets from €300,000 to €3 million.

Backed IQM, Spinnova, QMill, Distance Technologies, CardioSignal, Onego Bio

Marvelous is a Berlin based pre-seed and seed investor backing European deeptech founders in physics, chemistry and biology, with a focus on advanced materials, waste valorisation and robotics across food and agriculture, the built environment and heavy industry. The firm runs two vehicles, Marvelous Ventures Fund I for direct investments and the Marvelous Scito Fund, an evergreen fund of funds anchored by a 20 million euro commitment from the Joachim Herz Stiftung, alongside its Catalyst industry partnership network.

Backed NANOPLUME, ABSORA, SEAL Robotics

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

Copenhagen-based early-stage venture capital fund founded in late 2020, investing in deeptech and hardtech companies tackling climate and environmental challenges, with a concentrated portfolio of five companies where partners take an active, hands-on role with each founding team.

Backed Lotus Microsystems, Spectro Inlets

Early-stage venture capital firm investing in deep foodtech across the Nordics and Baltics, backing startups building new technologies for food and agriculture.

Backed NPHarvest, Kuva Space

Nordic Makers is an angel led, Nordic early stage investor founded in 2016 by serial entrepreneurs behind exits like Zendesk, Just Eat and Sitecore. Based in Stockholm and Copenhagen, it now writes 500k to 1m euro checks into pre-seed and seed B2B software startups across the Nordics, with a handful of earlier bets touching nuclear, wearables and IoT hardware.

Backed Minut, Seaborg Technologies, NextMind, Atech, Donkey Republic

NordicNinja VC is a Helsinki-based, Japan-backed venture capital firm founded in 2019 that invests in Series A stage climate tech, deep tech and digital society companies across Northern Europe, backed by Japanese corporates including Honda, Panasonic and Omron.

Backed CorPower Ocean, Einride, Logmore, Mavenoid, Onego, Photoncycle

Nordic Secondary Fund, founded in 2018 and based in Copenhagen, is the first fund in the Nordics to invest exclusively in secondary stakes. It buys minority positions in Nordic and Baltic companies that have already raised a Series A round and shown a proven, scalable business model, aiming for a return between 2x and 5x within five years.

Backed Cleveron, Pixieray, Varjo, CathVision, Norlase, Click & Grow

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

North Ventures is a Copenhagen-based venture capital firm investing in technology-driven companies from seed to Series A in Denmark and across the Nordics. Founded in 2019 as an evolution of North Finance, it has backed dozens of Danish growth companies and raised a dedicated venture fund targeting DKK 300 million to keep scaling that activity.

Backed Sparrow Quantum, Quadsat, Reblade, Advalight, a:gain, Dryp

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

Partners in Clime is a Weinstadt, Germany based climate tech investor founded in 2022, backing pre-seed and seed hardtech and greentech founders across the DACH region with capital and founder-to-founder mentoring. It runs an angel syndicate model and co-invests with firms like b2venture, Point Nine, 468 Capital and Climate Founders.

Backed Hula Earth, Cotierra, Senara, Nautica Technologies, New Path Bio, Arkeon

People Ventures is an operational venture capital firm based in Copenhagen that invests its own people and capital alongside money into founders, backing pre-seed and seed stage tech companies across the Nordics, with a recent focus on digital health and enterprise software.

Backed Understory, Onomondo, sani nudge, Cortrium, Spiio

Plug and Play Gothenburg is the Nordic mobility hub of the global Plug and Play Tech Center network, based at The Yard in Lindholmen Science Park with Volvo Cars as founding partner. It runs corporate innovation and accelerator programs connecting startups with mobility and automotive corporates, but no Gothenburg-specific portfolio company list is publicly documented.

PSV (formerly PreSeed Ventures) is a Copenhagen based venture house rooted at DTU, running three units, the evergreen PSV Foundry, the pre-seed software fund PSV Tech, and PSV Hafnium, a dedicated Nordic deep tech fund backed by EIF and EIFO that has already invested in nine plus deep tech startups across clean energy, semiconductors, photonics and industrial technology.

Backed Solinide Photonics, Acodyne, Spaceline Labs, SisuSemi, Enerin, Thiax

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

Prota Ventures is a venture-building and early-stage investment firm headquartered in Chicago, founded in 2016, that invests financial and non-financial capital in technology startups from concept to launch. No Nordic office, partner, or portfolio company has been identified, so its inclusion on a Nordic map is questionable.

Backed Bird Buddy, CarlsMed, Glidance

Berlin-based venture capital firm that runs North Karelia Growth Fund (and now Fund II) through its Redstone Nordics arm, backing early-stage deeptech and hardtech companies in the Joensuu region of Finland.

Backed Chipmetrics, SeeTrue Technologies

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

Early-stage VC fund, tech hub and industry software alliance based in Fornebu (Lysaker), Norway, investing $100k to $3m at pre-seed and seed into data-centric industrial technology that makes heavy industry more efficient, resilient and sustainable.

Backed Sonair (patented 3D ultrasonic sensor hardware for robot autonomy)

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

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)

Investing in the critical technologies that Europe and the world will depend on. Seed and Series A. Deeply rooted in the Nordics.

Backed Blykalla, Sparrow Quantum

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.

SNÖ Ventures is an Oslo-based early-stage VC investing in Nordic founders across software, gaming and consumer tech, with Peter Thiel as a strategic partner in its USD 100 million fund. Its one hardtech position is Nordic Air Defence, a drone interceptor maker it backed in 2024.

Backed Nordic Air Defence

Spark Capital is a US venture capital firm headquartered in Boston, San Francisco and New York, founded in 2005. It invests across stages from seed to growth in consumer, enterprise, fintech, AI and frontier tech, with holdings spanning software platforms as well as hardware, robotics and aerospace companies.

Backed Oculus, Cruise, Sesame, CTRL-labs, MatX, Lightmatter

Norway's leading incubator, accelerator and early-stage investor for tech startups, based in Oslo and Bergen, investing through its Founders Fund vehicle.

Backed Photoncycle (solid hydrogen seasonal energy storage hardware), Huddly (AI camera hardware), reMarkable (e-paper tablet hardware), Sensibel (MEMS sensor hardware)

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

Tallinn-based early-stage investor and company builder backing bold tech founders in the Baltics and Nordics.

Backed Starship, Coalescent, Lightcode

Helsinki-based early-stage VC investing in bold founders from Finland and the Baltics, especially in SaaS and deep tech.

Backed Flow, The Storage, Doublepoint

Finnish government-owned investment company supporting sustainable economic growth through equity investments in Finnish companies.

Backed Sisu Auto, Haltian, Oura

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

Voima Ventures is a venture capital firm founded in 2019 with offices in Helsinki and Stockholm. It invests in science-based deep tech startups across the Nordics and Baltics, from pre-seed to Series A and B, and closed a EUR 100 million Fund III backed by the European Investment Fund, Tesi, VTT and Saminvest.

Backed Solar Foods, Dispelix, Paptic, Betolar, Infinited Fiber Company, Adamant Health

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