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Top 50 Biotechnology VC Funds & Investors in Norway (September 2026)

The most active venture capital funds investing in Norway Biotechnology startups. This investor list is updated monthly from the Shizune investor database, ranked by number of investments in Norway Biotechnology startup companies. Find investors to raise a Seed, Series A or Series B round with Shizune.
Investor Relevant Deals Geography Stage Focus Round Size
Investinor
VC Fund
12 Norway, United States, Sweden Venture - Series Unknown, Series A Software, Biotechnology, Manufacturing $1.6M–$25M
Birk Venture
VC Fund
5 Norway, United Kingdom Seed, Series A Biotechnology, Medical, Health Care $1.2M–$20M
Hadean Ventures
VC Fund
4 Sweden, Norway, Austria Series A, Series B, Venture - Series Unknown Biotechnology, Health Care, Medical $2M–$79M
Forbion Capital Partners
VC Fund
3 United States, United Kingdom, The Netherlands Series B, Series A, Series C Biotechnology, Health Care, Medical $16M–$180M
SINTEF Venture AS
VC Fund
3 Norway, United States, United Kingdom Seed, Venture - Series Unknown Manufacturing, Information Technology, Software $160k–$17M
Canica
VC Fund
2 Norway, Denmark, Singapore Series A, Private Equity, Venture - Series Unknown Biotechnology, Beauty, Retail $2.1M–$29M
M Ventures
VC Fund
2 United States, United Kingdom, Switzerland Series A, Series B, Seed Biotechnology, Health Care, Therapeutics $2.4M–$100M
BIF Partners
VC Fund
2 Germany, Israel, Norway Seed, Convertible Note, Pre-Seed Health Care, Biotechnology, Therapeutics $1.3M–$2M
Sarsia Seed Management
VC Fund
2 Norway Venture - Series Unknown, Seed Biotechnology, Software, Pharmaceutical $1.5M–$3.9M
Meneldor
VC Fund
2 Norway, Germany, United Kingdom Series A, Seed, Debt Financing Biotechnology, Health Care, Pharmaceutical $2.2M–$65M
Sandwater
VC Fund
2 Norway, Germany, France Series A, Seed AgTech, Medical, Agriculture $8.5M–$24M
EISMEA
VC Fund
2 Spain, Italy, United Kingdom Grant, Venture - Series Unknown, Seed Manufacturing, Biotechnology, Software $53k–$2.6M
Farvatn Venture
VC Fund
2 Norway, United States, United Kingdom Seed, Pre-Seed Software, Artificial Intelligence, Health Care $120k–$8M
Sarsia
VC Fund
2 Norway, Sweden, Finland Seed, Pre-Seed, Venture - Series Unknown Software, SaaS, Sensor $625k–$8.8M
Innovations Kapital
VC Fund
1 Sweden, Denmark, United States Series B, Series C Biotechnology, Health Care, Software $5.5M–$30M
Coalition for Epidemic Preparedness Innovations
VC Fund
1 United States, India, United Kingdom Grant, Post-IPO Equity, Seed Biotechnology, Health Care, Pharmaceutical $2.5M–$145M
Teknoinvest
VC Fund
1 Sweden, Norway, United States Series B, Series A Health Care, Biotechnology, Medical $1.2M–$31M
4BIO Capital
VC Fund
1 United States, United Kingdom, France Series A, Seed, Series B Biotechnology, Health Care, Therapeutics $5M–$125M
World Wildlife Fund
VC Fund
1 Canada, Norway, Faroe Islands Seed, Series A Seafood, Aquaculture, Food Processing $1.5M–$6.2M
p53
VC Fund
1 Norway, Denmark Series A Biotechnology, Medical, Life Science $30M–$81M
DNB
VC Fund
1 Norway, Sweden, United Kingdom Post-IPO Debt, Debt Financing, Venture - Series Unknown Renewable Energy, Energy, Oil and Gas $240k–$790M
SR One
VC Fund
1 United States, United Kingdom, Canada Series A, Series B, Series C Biotechnology, Health Care, Therapeutics $6M–$175M
Skyfall Ventures
VC Fund
1 Norway, Denmark, United States Seed, Pre-Seed, Venture - Series Unknown Software, Artificial Intelligence, Information Technology $350k–$6.1M
Gezina
VC Fund
1 Norway Health Care, Biotechnology, Clinical Trials
ProVenture
VC Fund
1 Norway, United States, India Seed, Venture - Series Unknown Software, Oil and Gas, Information Technology $754k–$4M
Bakken & Baeck
VC Fund
1 Norway Seed, Angel Chemical, Software, Life Science
Advent Venture Partners
VC Fund
1 United Kingdom, United States, Switzerland Series B, Series A Biotechnology, Health Care, Software $6.6M–$50M
Sofinnova Partners
VC Fund
1 France, United States, United Kingdom Series A, Series B, Series C Biotechnology, Health Care, Medical $7M–$105M
Glastad Invest
VC Fund
1 Norway Health Care, Biotechnology, Clinical Trials
Faber
VC Fund
1 Portugal, United States, United Kingdom Seed, Pre-Seed, Series A Artificial Intelligence, Software, SaaS $29k–$25M
TD Veen
VC Fund
1 Norway, United Kingdom, Germany Seed, Venture - Series Unknown Internet, Software, Information Technology $913k–$5.8M
Lekh Corp AS
VC Fund
1 Norway Pre-Seed Software, Health Care, Life Science
Norwegian Research Council
VC Fund
1 Norway, Sweden Grant, Seed, Venture - Series Unknown Health Care, Biotechnology, Information Technology $90k–$25M
HealthCap
VC Fund
1 United States, Sweden, France Series B, Series A Biotechnology, Health Care, Medical $6M–$92M
Advent Life Sciences
VC Fund
1 United States, United Kingdom, France Series A, Series B, Venture - Series Unknown Biotechnology, Health Care, Medical $5.5M–$104M
ERM Invest
VC Fund
1 Norway Pre-Seed Software, Health Care, Life Science
Protonic Partners
VC Fund
1 Norway Seed SaaS, Biometrics, Information Services
H2O Holding AS
VC Fund
1 Norway Pre-Seed Software, Health Care, Life Science
Wa’ed Ventures
VC Fund
1 Saudi Arabia, United Arab Emirates, United States Seed, Series A, Venture - Series Unknown Software, Artificial Intelligence, Information Technology $25k–$30M
PAACS Invest AS
VC Fund
1 Norway Seed Consulting, Health Care, Biotechnology
Qomel
VC Fund
1 Norway Seed Life Science, Biotechnology
Silverline Capital
VC Fund
1 Bulgaria, Norway, United States Venture - Series Unknown, Series A Machine Learning, Artificial Intelligence, Retail $2.8M–$27M
Dynamk Capital
VC Fund
1 United States, Canada, Norway Series A, Seed, Series B Biotechnology, Medical, Health Care
Nordic Impact
VC Fund
1 Norway Seed Chemical, Life Science, Visual Search
NantBio
VC Fund
1 Norway Seed Life Science, Biotechnology
Arkin Bio Ventures
VC Fund
1 United States, Israel, Canada Series A, Series B, Series C Biotechnology, Health Care, Therapeutics $11M–$182M
Surveyor Capital
VC Fund
1 United States, China, Canada Series B, Post-IPO Equity, Series C Biotechnology, Health Care, Therapeutics $41M–$280M
Project Sandwater
VC Fund
1 Norway, The Netherlands Series A Medical, Consulting, Life Science $12M–$20M
The Index Project
VC Fund
1 United States, Denmark, Chile Seed, Series A, Series B Chemical, Artificial Intelligence, SaaS $1.1M–$3M
Innovestor
VC Fund
1 Finland, Sweden, Denmark Seed, Pre-Seed Software, Health Care, Information Technology $204k–$4.5M
Access all 127 VC funds in Norway Biotechnology startups.

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822 industries, 177 countries. Updated daily. Emails and phones included.

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Investor list

Investinor
VC Fund · Trondheim, Sor-Trondelag, Norway · 12 investments in Norway Biotechnology startups

Investinor invests in Norwegian based, high potential companies that are internationally oriented and in the phases ranging from early growth to expansion. The company has BNOK 4.2 ($500 m) under management and focus on companies within the internet, software, semiconductors, energy, cleantech, marine and life sciences sectors.

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Investment focus

  • Industry: Software, Biotechnology, Manufacturing
  • Stage:Venture - Series Unknown, Series A
  • Geography: Norway, United States, Sweden

Investor stats

  • Total investments: 128
  • Round size: Series A $2.3M–$25M; Venture - Series Unknown $1.6M–$8.2M
  • Lead/follow: 50% lead, 50% follow
  • Last fund: May invest from a new fund soon — raised $274M in 2011

Portfolio highlights

  • Sonair — Make your robot safe, affordable, and efficient with the Sonair 3D ultrasonic sensor.
  • Two — Buy Now, Pay Later for your business customers. Two makes it easy and safe to offer invoice as a payment method on your e-commerce site.
  • Muybridge — Reimagining cameras with weightless software-based viewpoint
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Birk Venture
VC Fund · Oslo, Oslo, Norway · 5 investments in Norway Biotechnology startups

Birk Venture is a Scandinavian venture company exclusively focusing on the life science industry.

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Investment focus

  • Industry: Biotechnology, Medical, Health Care
  • Stage:Seed, Series A
  • Geography: Norway, United Kingdom

Investor stats

  • Total investments: 9
  • Round size: Seed $1.3M–$15M; Series A $1.2M–$20M
  • Lead/follow: 22% lead, 78% follow

Portfolio highlights

  • APIM Therapeutics — APIM Therapeutics is based on an original discovery by Prof. Marit Otterlei and co-inventors at the Department of Cancer Research and Molecular Medicine at NTNU (Trondheim, Norway). The company is currently developing proprietary peptide drugs targeting PCNA (Proliferating Cell Nuclear Antigen), a key DNA repair protein regulating cellularresponses to DNA damage and stress.
  • Zelluna Immunotherapy — Zelluna Immunotherapy AS is a privately owned biopharmaceutical company focused on the development of TCR based immunotherapies.
  • Accession Therapeutics — Accession Therapeutics is developing novel immuno-oncology therapeutics – combining high specificity and potency to counter tumor diversity. It is the first company to have engineered a viral point of entry to cancer cells while bypassing healthy cells - so it’s ‘gloves off’ in the fight against cancer." It was founded in 2020 and is locatedin Oxford, Oxfordshire, United Kingdom.
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Hadean Ventures
VC Fund · Oslo, Oslo, Norway · 4 investments in Norway Biotechnology startups

Hadean Ventures is a life science fund manager that invests in life science companies across europe with a particular focus on the nordic region. The funds are backed by leading private and institutional investors. Hadean Ventures has offices in oslo and stockholm and collaborates with world-class academic institutions and start-up hubs across theregion

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Investment focus

  • Industry: Biotechnology, Health Care, Medical
  • Stage:Series A, Series B, Venture - Series Unknown
  • Geography: Sweden, Norway, Austria

Investor stats

  • Total investments: 34
  • Round size: Series A $4.2M–$79M; Series B $4.5M–$75M; Venture - Series Unknown $2M–$29M
  • Lead/follow: 47% lead, 53% follow
  • Last fund: Likely still investing — raised $168M in 2021

Portfolio highlights

  • Step Pharma — Step Pharma is a spin-off of Imagine Institute stemming from Pr. Alain Fischer’s research on genetic immunodeficiencies. Step Pharma is a joint venture between Imagine, a research and innovative healthcare institute, Sygnature Discovery, a leading provider of integrated drug discovery resource and expertise, and Kurma Partners, a major player inthe funding of healthcare and biotechnology in Europe.
  • ARTHEx Biotech — ARTHEx Biotech S.L. is a spin-off company of the University of Valencia that is developing advanced RNA treatments against genetic diseases.
  • TargED Biopharmaceuticals — TargED Biopharmaceuticals is a biotechnology company that develops first-in-class biological drugs to improve treatment of thrombosis.TargED stands for Targeted Enzyme Delivery. Their biological drugs are unique by using small antibodies (“VhH”) to deliver enzymes to sites of thrombosis, enabling ‘targeted’ thrombolysis.
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Forbion Capital Partners
VC Fund · Naarden, Noord-Holland, The Netherlands · 3 investments in Norway Biotechnology startups

Impacting the future of medicine.

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Investment focus

  • Industry: Biotechnology, Health Care, Medical
  • Stage:Series B, Series A, Series C
  • Geography: United States, United Kingdom, The Netherlands

Investor stats

  • Total investments: 222
  • Round size: Series A $19M–$180M; Series B $16M–$155M; Series C $19M–$111M
  • Lead/follow: 51% lead, 49% follow
  • Last fund: Likely actively investing — fresh fund, raised $606M in 2026

Portfolio highlights

  • Azafaros — Azafaros aims at developing therapeutic agents for the treatment of rare metabolic disorders such as lysosomal storage disorders through oral administration of azasugar compounds. These novel, very promising agents were discovered by Professor Hans Aerts at Leiden University and Amsterdam UMC and are exclusively licensed to Azafaros.
  • Solstice Oncology — Solstice Oncology is a clinical stage immuno-oncology company developing a therapeutic that meets cancer at its most vulnerable moment, before surgery, to drive deep pathological response and return patients to lasting health. The company's lead program is targeting colon cancer.
  • Beacon Therapeutics — Beacon aids in restoring and improving the vision of patients with ophthalmic gene therapy. Find out more.
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SINTEF Venture AS
VC Fund · Trondheim, Sor-Trondelag, Norway · 3 investments in Norway Biotechnology startups

We commercialize technology created by SINTEF's research environments

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Investment focus

  • Industry: Manufacturing, Information Technology, Software
  • Stage:Seed, Venture - Series Unknown
  • Geography: Norway, United States, United Kingdom

Investor stats

  • Total investments: 34
  • Round size: Seed $160k–$6.2M; Venture - Series Unknown $1.5M–$17M
  • Lead/follow: 32% lead, 68% follow
  • Last fund: May invest from a new fund soon — raised $62M in 2018

Portfolio highlights

  • Sonair — Make your robot safe, affordable, and efficient with the Sonair 3D ultrasonic sensor.
  • Hystar — Hystar develops polymer electrolyte membrane electrolyzers designed for large-scale green hydrogen production. Founded in 2020, Hystar's technology uses a unique cell design and process architecture that provides the ability to reduce electricity consumption and increase hydrogen output, enabling professionals to tackle various criticalenergy challenges and having the potential to reduce greenhouse gas emissions.
  • Hydrogen Mem-Tech — Hydrogen Mem-Tech aim is to make the green shift happen through our state-of-the-art hydrogen separation technology with carbon capture.
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Canica
VC Fund · Oslo, Oslo, Norway · 2 investments in Norway Biotechnology startups

Canica is one of the largest privately owned investment companies in Norway. Our operations are focused on active, long-term ownership, primarily within sectors covering retail, fast moving consumer goods and real estate. Canica can offer core expertise within the fields of business development and finance, as well as capital and network in orderto create value and employment in a long-term perspective.

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Investment focus

  • Industry: Biotechnology, Beauty, Retail
  • Stage:Series A, Private Equity, Venture - Series Unknown
  • Geography: Norway, Denmark, Singapore

Investor stats

  • Total investments: 16
  • Round size: Series A $2.1M–$25M; Venture - Series Unknown $20M–$29M
  • Lead/follow: 19% lead, 81% follow

Portfolio highlights

  • Healthily — The path to perfect health starts with self-care and Healthily is here to guide you step by step.
  • Cytovation — Cytovation AS is a privately-held biotech company, specialising in dermatological diseases, based in Bergen, Norway.
  • Oncoinvent — Oncoinvent AS designs and develops cancer treatments by applying known physical and chemical principles of selected novel materials in new ways in order to maximize their medical benefit while minimizing potential safety concerns.
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M Ventures
VC Fund · Amsterdam, Noord-Holland, The Netherlands · 2 investments in Norway Biotechnology startups

Merck Ventures is the strategic, corporate venture capital arm of Merck. Its mandate is to invest in innovative technologies and products with the potential to significantly impact Merck‘s core business areas. From its headquarters in Amsterdam and offices in the US and Israel we invest globally in transformational ideas driven by greatentrepreneurs. Merck Ventures takes an active role in its portfolio companies and teams up with entrepreneurs and co-investors to translate innovation towards commercial success. Merck Ventures has a significant focus on early-stage investing and company creation including the creation of spin-offs to leverage Merck‘s science and technology base.

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Investment focus

  • Industry: Biotechnology, Health Care, Therapeutics
  • Stage:Series A, Series B, Seed
  • Geography: United States, United Kingdom, Switzerland

Investor stats

  • Total investments: 187
  • Round size: Seed $2.4M–$24M; Series A $5.8M–$50M; Series B $13M–$100M
  • Lead/follow: 38% lead, 62% follow

Portfolio highlights

  • iOnctura — Our mission is to develop high impact, low disruption therapies that extend healthspan. We do this by disrupting the dynamic interplay at the heart of the
  • Quintessent — Quintessent is developing optical connectivity solutions to scale computing and Artificial Intelligence (A.I.).
  • TwoStep Therapeutics — TwoStep Therapeutics is developing novel tumor-targeting therapeutics for solid tumors.
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BIF Partners
VC Fund · Hamburg, Hamburg, Germany · 2 investments in Norway Biotechnology startups

Angel Investors focusing on Seed Investments

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Investment focus

  • Industry: Health Care, Biotechnology, Therapeutics
  • Stage:Seed, Convertible Note, Pre-Seed
  • Geography: Germany, Israel, Norway

Investor stats

  • Total investments: 14
  • Round size: Seed $1.3M–$2M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Hemispherian — Hemispherian is an innovative preclinical pharmaceutical company focused on developing a novel class of small molecule drugs. These drugs target the TET2 enzyme as an epigenetic therapy for particularly aggressive cancers.
  • ECO Group — Eco is a supplier of consumer products. They create structures for increased growth and profitability within the group companies.
  • Lucid Genomics — Lucid Genomics is an AI-powered platform that focuses on diagnostics and biomarker detection. It offer comprehensive DNA analysis, that includes coding and non-coding mutation prioritization and interpretation.
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Sarsia Seed Management
VC Fund · North Bergen, New Jersey, United States · 2 investments in Norway Biotechnology startups

Sarsia Seed AS is a Norwegian Seed Capital Fund which invests in Norwegian early phase technology companies within the energy/cleantech and biotechnology/life science sectors.The fund has a total capital of 333.5 million NOK (approx, 40 mEUR/50 mUSD) and is managed by Sarsia Seed Management AS. The management company advises theFund board regarding investment decisions. The Fundâ€:tm:s duration is expected to be 12 (+3) years.The Management Teamâ€:tm:s strength lay in its competence, experience and extensive national and international network of industrial players and co-investors. The Teamâ€:tm:s collective experience comprises an optimal balance between operations, business and specialised technology know-how, applied research, and entrepreneurship; elements which are actively used both in the vetting and follow-up of investments.

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Investment focus

  • Industry: Biotechnology, Software, Pharmaceutical
  • Stage:Venture - Series Unknown, Seed
  • Geography: Norway

Investor stats

  • Total investments: 11
  • Round size: Venture - Series Unknown $1.5M–$3.9M
  • Lead/follow: 36% lead, 64% follow

Portfolio highlights

  • BerGenBio — BerGenBio is a clinical stage oncology biotech company, which is engaged in developing therapeutics against novel drug targets that drive aggressive cancers. Its drug candidate bemcentinib (BGB324) is in clinical development as a novel treatment for a variety of cancers.
  • Sonoclear — At SonoClear, we are dedicated to improving the diagnostic accuracy of ultrasound to give neurosurgeons the clarity needed to make critical decisions in the resection of tumours.
  • Heimdall Power — Heimdall Power helps utilities optimize the power grid with state-of-the-art sensors and software, enabling real-time capacity management and situational awareness for a more efficient and reliable energy system.
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Meneldor
VC Fund · Druten, Gelderland, The Netherlands · 2 investments in Norway Biotechnology startups

Meneldor is a Dutch life-sciences investment firm backing exceptional science with disciplined VC capital to build and scale European biopharma with real impact.

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Investment focus

  • Industry: Biotechnology, Health Care, Pharmaceutical
  • Stage:Series A, Seed, Debt Financing
  • Geography: Norway, Germany, United Kingdom

Investor stats

  • Total investments: 8
  • Round size: Series A $2.2M–$65M; Debt Financing $10M–$10M
  • Lead/follow: 88% lead, 12% follow

Portfolio highlights

  • Hemispherian — Hemispherian is an innovative preclinical pharmaceutical company focused on developing a novel class of small molecule drugs. These drugs target the TET2 enzyme as an epigenetic therapy for particularly aggressive cancers.
  • Atriva Therapeutics — Therapies against viral infections. First-in-class host-targeting therapies to treat respiratory viral infections, including COVID-19 and influenza.
  • Tagworks Pharmaceuticals — As pioneers of Click-to-Release technology, we are revolutionizing cancer treatment using in vivo click chemistry to increase the therapeutic window of powerful cancer therapies.
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Access 48,091 investors

822 industries, 177 countries. Updated daily. Emails and phones included.

Browse database — It's Free!
Sandwater
VC Fund · Oslo, Oslo, Norway · 2 investments in Norway Biotechnology startups

We are Sandwater. Regeneration of our resources. Vitalizing healthcare & education. Improving life through technology.

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Investment focus

  • Industry: AgTech, Medical, Agriculture
  • Stage:Series A, Seed
  • Geography: Norway, Germany, France

Investor stats

  • Total investments: 24
  • Round size: Series A $8.5M–$24M
  • Lead/follow: 50% lead, 50% follow

Portfolio highlights

  • Mantle8 — Using bottom-up exploration and decades of geology experience, we are on a mission to deliver natural hydrogen to the world.
  • CurifyLabs — CurifyLabs enables 3D printed personalized medicines in pharmacies and hospitals. Always close to the patient.
  • Alva Industries — Serving industries from aerospace to marine, we deliver high-performance, sustainable motors to drive a cleaner, more efficient future.
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EISMEA
VC Fund · 2 investments in Norway Biotechnology startups

Investment focus

  • Industry: Manufacturing, Biotechnology, Software
  • Stage:Grant, Venture - Series Unknown, Seed
  • Geography: Spain, Italy, United Kingdom

Investor stats

  • Total investments: 3112
  • Round size: Seed $53k–$914k; Grant $54k–$2M; Venture - Series Unknown $60k–$2.6M
  • Lead/follow: 28% lead, 72% follow

Portfolio highlights

  • AGADE — Esoscheletri Agade | Il primo esoscheletro intelligente per lavoratori progettato per ridurre il rischio di disturbi muscolari delle spalle nella movimentazione manuale dei carichi.
  • BroadBit Batteries — BroadBit is a technology company developing revolutionary new batteries using novel sodium-based chemistries to power the future green economy.
  • Aenitis Technologies — We develop innovative devices for cells therapy processing using Acoustic Radiation Forces.
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Farvatn Venture
VC Fund · 2 investments in Norway Biotechnology startups, 6 in the past 12 months

Planet 9 Venture supports startups and work with venture funds to make a positive imprint on the world.

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Investment focus

  • Industry: Software, Artificial Intelligence, Health Care
  • Stage:Seed, Pre-Seed
  • Geography: Norway, United States, United Kingdom

Investor stats

  • Total investments: 84
  • Round size: Seed $1M–$8M; Pre-Seed $120k–$1M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Visoid — Render your 3D models with ease! Quick and easy rendering software for architects, powered by AI. Try Visoid for free!
  • BioSort — Biometrics provides lice, biomass, extraction, and data analysis. They offer feed, fish health, welfare, optimized harvest aquaculture, and fisheries. They provide sensor technologies, machine vision, AI, software, mechatronics.
  • Birdsview — We offer non-destructive AI-powered concrete assessment. Get precise structural insights with our 3D point cloud, optimize maintenance, and save costs.
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Sarsia
VC Fund · Bergen, Hordaland, Norway · 2 investments in Norway Biotechnology startups

Sarsia is an early-stage venture capital investor that invest in science-based technology companies. It was founded in 2006 and is located in Bergen, Hordaland.

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Investment focus

  • Industry: Software, SaaS, Sensor
  • Stage:Seed, Pre-Seed, Venture - Series Unknown
  • Geography: Norway, Sweden, Finland

Investor stats

  • Total investments: 10
  • Round size: Seed $2.1M–$2.7M; Pre-Seed $625k–$4.3M; Venture - Series Unknown $3.8M–$8.8M
  • Lead/follow: 50% lead, 50% follow

Portfolio highlights

  • Cetasol — Cetasol provides maritime monitoring and analytics software for commercial vessel fleets. Reduce fuel costs, optimize performance, and support regulatory compliance and emissions reporting.
  • Birdsview — We offer non-destructive AI-powered concrete assessment. Get precise structural insights with our 3D point cloud, optimize maintenance, and save costs.
  • Mitigrate — Mitigrate is building a SaaS platform to predict how physical climate risk will impact property assets in the future. The system provides businesses and asset owners with a cost-effective strategy to mitigate risk. The user gets connected to certified, local adaptation specialists who refine and implement the solution.
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Innovations Kapital
VC Fund · Göteborg, Vastra Gotaland, Sweden · 1 investments in Norway Biotechnology startups

InnovationsKapital was founded in 1994 and is a leading independent venture capital firm for innovative growth companies in the Nordic region. The business, carried out from offices in and Stockholm, Gothenburg and New York, is focused on investments within ICT and Healthcare & Life Sciences, dynamic sectors that are rapidly expanding and whereNordic research plays an important role. The capital is provided by highly reputable Swedish and international institutional investors.

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Investment focus

  • Industry: Biotechnology, Health Care, Software
  • Stage:Series B, Series C
  • Geography: Sweden, Denmark, United States

Investor stats

  • Total investments: 19
  • Round size: Series B $5.6M–$30M; Series C $5.5M–$15M
  • Lead/follow: 11% lead, 89% follow

Portfolio highlights

  • Silecs — PiBond manufactures materials used in electronic devices, including patterning materials for semiconductors and optical materials. We also develop complete solutions that allow our clients to focus on creating innovative products.
  • SantoSolve — SantoSolve is developing topical analgesic products based on non-radioactive strontium as the active substance. The Development program was initiated based on experimental clinical use of strontium-based products showing evidence of strong local analgesic effects on several localized pain conditions of both nociceptive and neuropatic origin. Nosignificant adverse effects associated with the treatment was reported.The company’s lead product, 2PX, is topically administered, utilizing dermal penetration enhancers for delivery of the active agent to its subdermal site of action. Phase I safety and pharmacology studies showed the active agent to have low systemic bioavailability, and only few and minor adverse effects were observed at the site of administration. In open label Phase II clinical trials, the product has shown strong analgesic effect in both nociceptive and neuropatic pain conditions. In follow up, placebo controlled trials, the analgesic effect of the product has been further documented. In the company’s most advanced pain indication under study, osteoarthritis, the company has recently completed the Phase II program.These trials supports the open label results and document statistically that the analgesic effect in patients treated with 2PX is superior to that observed with placebo treatment.
  • Action Pharma — Action Pharma A/S operates as a research and development focused biotechnology company. It discovers and develops new drugs and treatment concepts to treat cardiovascular disease and inflammatory diseases, as well as metabolic diseases, such as type-II diabetes and obesity. The company's product pipeline includes AP214, a modifiedÐMSH-peptide analogue for the treatment of post-surgical kidney injury associated with cardiac surgery; and AP1030 and AP11 series, oral anti-diabetic (OAD) for the treatment of type-II diabetes associated with overweight/obesity. Its product pipeline also comprise AP1189, an oral anti-inflammatory compound for the treatment of inflammatory diseases, such as inflammatory bowel disease and rheumatoid arthritis; and AP405, a modified MSH peptide analogue for the treatment of inflammatory skin diseases, such as atopic dermatitis. The company was founded in 2000 and is based in Holte, Denmark.
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Coalition for Epidemic Preparedness Innovations
VC Fund · Washington, District of Columbia, United States · 1 investments in Norway Biotechnology startups

CEPI is a global partnership working to accelerate the development of vaccines and other biologic countermeasures against epidemic and pandemic threats so they can be accessible to all people in need.

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Investment focus

  • Industry: Biotechnology, Health Care, Pharmaceutical
  • Stage:Grant, Post-IPO Equity, Seed
  • Geography: United States, India, United Kingdom

Investor stats

  • Total investments: 42
  • Round size: Grant $3.2M–$42M; Post-IPO Equity $2.5M–$145M
  • Lead/follow: 95% lead, 5% follow

Portfolio highlights

  • Hilleman Laboratories — Hilleman Laboratories is a non-profit and global welfare organization proprietor of a research and vaccine organization created to fill gaps in reduced environments. By utilizing advanced biotechnology with a focus on thermo-stability, ease of administration decreased footprint and economy, the firm aims to develop an innovative vaccinationplatform and offer affordable vaccines for unusual diseases to the general public.
  • Minapharm Pharmaceuticals — MINAPHARM is constantly striving to provide innovative quality medicines and services to patients in developing countries so they, too, can get a timely benefit from the latest advances in pharmaceutical and biopharmaceutical research technologies. To achieve its mission and strategic goals, MINAPHARM exploits a robust research and developmentplatform combined with strategic multi-alliances involving industry players at the forefront of the latest pharmaceutical technologies, marketing and management techniques. This way has further enabled the establishment of specialized lines, embracing innovative and affordable products and services in the fields of Gastroenterology, Cardiology, Ophthalmology, Orthopedics, and Uro-gynaecology.
  • Serum Institute of India Pvt. Ltd. — Serum Institute of India Pvt. Ltd. is the vaccine manufacturer by number of doses produced and sold globally (more than 1.3 billion doses) which includes Polio vaccine as well as Diphtheria, Tetanus, Pertussis, Hib, BCG, r-Hepatitis B, Measles, Mumps and Rubella vaccines. It is estimated that about 65% of the children in the world receive at leastone vaccine manufactured by Serum Institute. Vaccines manufactured by the Serum Institute are accredited by the World Health Organization, Geneva and are being used in around 140 countries across the globe in their national immunization programs, saving millions of lives throughout the world.
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Teknoinvest
VC Fund · Oslo, Oslo, Norway · 1 investments in Norway Biotechnology startups

Teknoinvest is a premier Scandinavian venture capital company. They invest in areas of emerging technologies within the ITC and Life Sciences sectors. Their main geographical scope is Scandinavia and the USA. Teknoinvest was established as the first venture capital investment company. Teknoinvest is one of the most successful VC´s in Scandinaviaaccording to track record of value created for their investors.

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Investment focus

  • Industry: Health Care, Biotechnology, Medical
  • Stage:Series B, Series A
  • Geography: Sweden, Norway, United States

Investor stats

  • Total investments: 25
  • Round size: Series A $1.2M–$12M; Series B $6M–$31M
  • Lead/follow: 8% lead, 92% follow
  • Last fund: May invest from a new fund soon — raised $53M in 2002

Portfolio highlights

  • GLO — glō is a venture-backed company focused on the development and commercialization of advanced LED display products using nanotechnology. The unique nanotechnology is based on 11 years of research at Lund University’s Nanometer Structure Consortium. Headed by Professor Lars Samuelson, one of the world’s leading scientists in this field, who haspublished more than 500 papers related to this technology.glō's first office is in Lund, Sweden, where basic material research continues for the next generation nanotechnology. glō's research and product development along with pilot fabrication operation is carried out at glō-USA in Sunnyvale, California. In 2016, glō established an Asia office in Taipei, Taiwan, one of the largest and fastest-growing regions for LED lighting and display applications.glō's technology sidesteps the technical limitations of current planar LED technology. It allows for the creation of highly efficient, stable and ultimately unique red, green, blue (RGB) emitters out of one material system. It aims to achieve the industry’s best color stability and ultimately enables the growth of red, green and blue emitters on the same wafer. Highly-efficient white LEDs with high color rendering will be possible without the need for phosphor conversion. It is the next enabling technology for advanced display, illumination and automotive applications.glō nanowire light-emitting diodes (nLEDs) are based on its proprietary hetero-structured semiconductor nanowire epitaxial growth and process technologies for which standard manufacturing equipment and materials can be utilized.glō currently holds over 175 patents across US, Europe and Asia. These patents are not subject to any cross-licensing with the LED oligopoly. The glō team is constantly strengthening its intellectual property position in this technology and related applications.
  • SantoSolve — SantoSolve is developing topical analgesic products based on non-radioactive strontium as the active substance. The Development program was initiated based on experimental clinical use of strontium-based products showing evidence of strong local analgesic effects on several localized pain conditions of both nociceptive and neuropatic origin. Nosignificant adverse effects associated with the treatment was reported.The company’s lead product, 2PX, is topically administered, utilizing dermal penetration enhancers for delivery of the active agent to its subdermal site of action. Phase I safety and pharmacology studies showed the active agent to have low systemic bioavailability, and only few and minor adverse effects were observed at the site of administration. In open label Phase II clinical trials, the product has shown strong analgesic effect in both nociceptive and neuropatic pain conditions. In follow up, placebo controlled trials, the analgesic effect of the product has been further documented. In the company’s most advanced pain indication under study, osteoarthritis, the company has recently completed the Phase II program.These trials supports the open label results and document statistically that the analgesic effect in patients treated with 2PX is superior to that observed with placebo treatment.
  • Sol Voltaics — Founded in 2007, Sol Voltaics AB is a venture-backed, development-stage nanotechnology company focused on development and commercialization of highly efficient, third-generation photovoltaic concentrator solar cells based on its proprietary heterostructured nanowire epitaxial growth and process technologies.
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4BIO Capital
VC Fund · London, England, United Kingdom · 1 investments in Norway Biotechnology startups

4BIO Ventures is a London-based firm investing in venture capital and public equities in life sciences. They are focused on advanced therapies addressing high unmet medical and social needs.4BIO Capital Partners is an emerging asset manager focusing on private equity and venture capital in high growth and high return segments of biotech -biologics, gene and cell therapy and bioinformatics.

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Investment focus

  • Industry: Biotechnology, Health Care, Therapeutics
  • Stage:Series A, Seed, Series B
  • Geography: United States, United Kingdom, France

Investor stats

  • Total investments: 35
  • Round size: Seed $5M–$33M; Series A $24M–$94M; Series B $12M–$125M
  • Lead/follow: 43% lead, 57% follow
  • Last fund: Likely actively investing — fresh fund, raised $10M in 2026

Portfolio highlights

  • ViaNautis — Precision Solutions
  • Cloverleaf Bio — Cloverleaf Bio | Developing a new class of RNA therapeutics to revolutionize cancer therapy.
  • March Biosciences — Transforming Patient Care by Unlocking New Target Spaces march.biosciences is a clinical-stage company in the cell therapy field focused on developing CAR-T cell strategies to address the most challenging hematological cancers Pipeline MB-105 https://march.bio/wp-content/uploads/2023/05/shutterstock_1008023995-HD-30.mp4 Focused on Excellence Target Space Our approach combines biological and engineering insights to enable target-unlock without the risk and complexity of
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World Wildlife Fund
VC Fund · Washington, District of Columbia, United States · 1 investments in Norway Biotechnology startups

World Wildlife Fund - The leading organization in wildlife conservation and endangered species. Learn how you can help WWF make a difference.

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Investment focus

  • Industry: Seafood, Aquaculture, Food Processing
  • Stage:Seed, Series A
  • Geography: Canada, Norway, Faroe Islands

Investor stats

  • Total investments: 11
  • Round size: Seed $1.5M–$4.7M; Series A $2.9M–$6.2M
  • Lead/follow: 45% lead, 55% follow

Portfolio highlights

  • SeaForester — Restoring the forgotten forests in our ocean.
  • Cascadia Seaweed — Powered by the Sea. Proven on the Farm. Explore Cascadia Seaweed's portfolio of regenerative solutions, from kelp-based agricultural biostimulants to AI-powered biodiversity monitoring with OceanNexus. Through Cascadia Seaweed and Cascadia Nature-based Solutions, we're helping build healthier farms
  • Ocean Rainforest — Ocean Rainforest offer a collection of premium fully-traceable seaweed products, mostly for food and cosmetic producers.The company has developed a structural system for macroalgae cultivation in open oceans and related on-shore processes for bringing the seaweed into a storage stable condition.
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p53
VC Fund · Stavanger, Rogaland, Norway · 1 investments in Norway Biotechnology startups

p53 identifies and invests in innovative healthcare companies, particularly in the fields of biotechnology and medical devices.

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Investment focus

  • Industry: Biotechnology, Medical, Life Science
  • Stage:Series A
  • Geography: Norway, Denmark

Investor stats

  • Total investments: 2
  • Round size: Series A $30M–$81M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Calluna Pharma — Join Calluna Pharma to transform therapeutics for inflammatory and fibrotic diseases. With a robust pipeline, seasoned leadership, and strategic alliances, we can revolutionize patient care.
  • Teitur Trophics — Teitur Trophics is a biotech company developing circular peptides for neurodegenerative diseases. The company was founded in 2020 and is headquartered in Aarhus, Denmark.
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DNB
VC Fund · Oslo, Oslo, Norway · 1 investments in Norway Biotechnology startups, 15 in the past 12 months

DNB is a financial services group that offers financial services through mobile, online banking, bank offices, and international offices. The Group provides a full range of financial services, including loans, savings, advisory services, insurance, and pension products for retail and corporate customers. The company’s personal banking products andservices include savings and investment products.DNB offers its products and services to various sectors, including financial institutions, energy, manufacturing, healthcare, packaging, and forest products, shipping, offshore, and logistics, seafood, and telecom, media, and technology. They also distribute its products and services through its branches, in-store postal and banking outlets, and post office counters.DNB was founded in 1822 and is headquartered in Oslo, Norway.

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Investment focus

  • Industry: Renewable Energy, Energy, Oil and Gas
  • Stage:Post-IPO Debt, Debt Financing, Venture - Series Unknown
  • Geography: Norway, Sweden, United Kingdom

Investor stats

  • Total investments: 54
  • Round size: Post-IPO Debt $8.8M–$786M; Debt Financing $94M–$790M; Venture - Series Unknown $240k–$100M
  • Lead/follow: 26% lead, 74% follow

Portfolio highlights

  • Cadeler — Cadeler is an offshore services company that provides offshore wind installation and maintenance services. The company operates specialized vessels for transporting, installing, and servicing wind turbines and foundations in offshore environments, supporting the development of renewable energy infrastructure.
  • Scandi Standard — Welcome to Scandi Standard. We want to inspire you to choose chicken: a good, healthy choice, which is ideal for today’s consumers. We sell the finest Swedish, Danish, Norwegian and Finnish chicken under the Kronfågel, Danpo, Den stolte Hane and Naapurin Maalaiskana brands. We are the leading chicken producer in the Nordic region, serving thedomestic and export markets.In June 2013, we created the Nordic region's market-leading chickenbased product group when Scandi Standard was established. The Company was created by gathering the largest poultry operations in the region into one collective group. At present, the Group has an annual turnover of approximately SEK 5.2 billion and almost 1,700 employees.
  • Ventura Offshore — Ventura Offshore is an oil and gas services company that specialises in drilling, project management, offshore services, and asset management within the oil and gas industry. The company ensures efficient and safe operations in challenging offshore environments. By delivering innovative solutions and maintaining the highest standards of quality andsafety, Ventura Offshore supports the energy sector in maximising productivity and resource management.
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SR One
VC Fund · Cambridge, Massachusetts, United States · 1 investments in Norway Biotechnology startups

SR One Capital Management is a leading trans-Atlantic biotech venture capital firm that partners with top entrepreneurs, scientists and investment partners to seek to build elite biotechnology companies. Our mission is to translate ground-breaking technologies into next generation medicines to benef

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Investment focus

  • Industry: Biotechnology, Health Care, Therapeutics
  • Stage:Series A, Series B, Series C
  • Geography: United States, United Kingdom, Canada

Investor stats

  • Total investments: 201
  • Round size: Series A $6M–$100M; Series B $15M–$114M; Series C $22M–$175M
  • Lead/follow: 33% lead, 67% follow
  • Last fund: Likely actively investing — fresh fund, raised $237M in 2025

Portfolio highlights

  • CalciMedica — CalciMedica was founded in December 2006 by Gonul Velicelebi, Ph.D., Kenneth Stauderman, Ph.D. and Jack Roos, Ph.D., all previously with TorreyPines Therapeutics, where they discovered the role of STIM1 in the Icrac pathway in 2003. Other co-founders, all from the CBR Institute, include Anjana Rao, Ph.D., Patrick Hogan, Ph.D. and Stefan Feske, M.D,who identified Orai1 as the CRAC channel subunit in 2006.
  • Windward Bio — Windward Bio is a clinical-stage, drug development company committed to improving outcomes for people living with serious immunological diseases.
  • CHARM Therapeutics — CHARM Therapeutics uses deep learning on 3D molecular configurations to develop molecule therapeutics to target pathogenic proteins.
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Skyfall Ventures
VC Fund · Oslo, Oslo, Norway · 1 investments in Norway Biotechnology startups

We are an early stage venture capital firm based in Oslo, Norway.

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Investment focus

  • Industry: Software, Artificial Intelligence, Information Technology
  • Stage:Seed, Pre-Seed, Venture - Series Unknown
  • Geography: Norway, Denmark, United States

Investor stats

  • Total investments: 65
  • Round size: Seed $1.2M–$6.1M; Pre-Seed $350k–$3.3M; Venture - Series Unknown $1.1M–$1.6M
  • Lead/follow: 40% lead, 60% follow
  • Last fund: Likely still investing — raised $29M in 2022

Portfolio highlights

  • Visoid — Render your 3D models with ease! Quick and easy rendering software for architects, powered by AI. Try Visoid for free!
  • CYBRET AI — The New Era of Autonomous Cybersecurity
  • Volve — Volve turns tender and contract documents into a structured baseline, helping construction teams catch risk, run compliance checks, and win better bids with AI.
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Gezina
VC Fund · Oslo, Oslo, Norway · 1 investments in Norway Biotechnology startups

Gezina

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Investment focus

  • Industry: Health Care, Biotechnology, Clinical Trials
  • Geography: Norway

Investor stats

  • Total investments: 1
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • SantoSolve — SantoSolve is developing topical analgesic products based on non-radioactive strontium as the active substance. The Development program was initiated based on experimental clinical use of strontium-based products showing evidence of strong local analgesic effects on several localized pain conditions of both nociceptive and neuropatic origin. Nosignificant adverse effects associated with the treatment was reported.The company’s lead product, 2PX, is topically administered, utilizing dermal penetration enhancers for delivery of the active agent to its subdermal site of action. Phase I safety and pharmacology studies showed the active agent to have low systemic bioavailability, and only few and minor adverse effects were observed at the site of administration. In open label Phase II clinical trials, the product has shown strong analgesic effect in both nociceptive and neuropatic pain conditions. In follow up, placebo controlled trials, the analgesic effect of the product has been further documented. In the company’s most advanced pain indication under study, osteoarthritis, the company has recently completed the Phase II program.These trials supports the open label results and document statistically that the analgesic effect in patients treated with 2PX is superior to that observed with placebo treatment.
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ProVenture
VC Fund · Trondheim, Sor-Trondelag, Norway · 1 investments in Norway Biotechnology startups

ProVenture invest in young digital technology startups in Norway. ProVenture have three seed funds and more than a billion NOK under management. ProVenture is a member of Norwegian Venture Association (NVCA).

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Investment focus

  • Industry: Software, Oil and Gas, Information Technology
  • Stage:Seed, Venture - Series Unknown
  • Geography: Norway, United States, India

Investor stats

  • Total investments: 41
  • Round size: Seed $754k–$4M; Venture - Series Unknown $1.6M–$3M
  • Lead/follow: 63% lead, 37% follow
  • Last fund: May invest from a new fund soon — last raise in 2019

Portfolio highlights

  • Sonair — Make your robot safe, affordable, and efficient with the Sonair 3D ultrasonic sensor.
  • InfoTiles — InfoTiles provides real-time analytics solutions for Digital Water that span the water value chain, from supply & consumption to wastewater treatment and surveillance of waterways. InfoTiles unlocks data-driven planning, operations and maintenance.InfoTiles simplifies and automates the tedious steps of consolidating data, applying real-timeanalytics and machine learning so water utilities can turn insights into actions and benefit from more efficient, sustainable operations.
  • The Human Touch Robotics — Introducing robotics with the lightness of the human touch in realms once thought impossible.
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Bakken & Baeck
VC Fund · Oslo, Oslo, Norway · 1 investments in Norway Biotechnology startups

Since 2011, we have built products with some of the most ambitious companies out there. From defining the future of conversational AI with Sierra to building decentralised platforms with Coinbase.

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Investment focus

  • Industry: Chemical, Software, Life Science
  • Stage:Seed, Angel
  • Geography: Norway

Investor stats

  • Total investments: 2
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Versor — Versor develops software necessary for true autonomous drone flight both indoors and outdoors, enabling complete automation of industrial drone operations. They believe this level of automation requires superior localization, which is particularly difficult to achieve indoors and in GPS-denied areas. By removing the need for pilots, entire fleetsof drones may be supervised remotely, enabling true scalability of drone operations across various applications.
  • Iris.ai — Augment expert knowledge by unifying complex enterprise data to empower next-gen AI agents & applications
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Advent Venture Partners
VC Fund · London, England, United Kingdom · 1 investments in Norway Biotechnology startups

Advent Venture Partners is one of Europe's most successful growth and venture capital investors in market-leading tech and life sciences businesses. They have designed their strategy, teams and funds so they can focus on backing a select few companies. They pride their selves on establishing true partnerships with entrepreneurs in order tobuild valuable businesses together.

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Investment focus

  • Industry: Biotechnology, Health Care, Software
  • Stage:Series B, Series A
  • Geography: United Kingdom, United States, Switzerland

Investor stats

  • Total investments: 91
  • Round size: Series A $6.6M–$26M; Series B $7M–$50M
  • Lead/follow: 32% lead, 68% follow
  • Last fund: May invest from a new fund soon — raised $25M in 2019

Portfolio highlights

  • Wiz — Organizations of all sizes and industries use Wiz to rapidly identify and remove the most critical risks in AWS, Azure, GCP, and Kubernetes so they can build faster and more securely.
  • OpenCloud — Our cloud native software solutions dramatically improve operator business models and help quickly create new revenue-generating services.
  • Acutus Medical — Acutus Medical develops medical technologies to treat complex cardiac arrhythmia. The company's platform displays the heart’s true activation pattern, turning the chaos of a complex arrhythmia into a clear vision for electrophysiologists.Acutus Medical is a privately funded company founded in 2011 and based in Carlsbad, California. Itsproducts are co-developed in the U.S. and Europe with an exceptional team of medical scientists, biomedical engineers, and other professionals.It was founded in 2011 and headquartered in Carlsbad, California.
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Sofinnova Partners
VC Fund · Paris, Ile-de-France, France · 1 investments in Norway Biotechnology startups

Sofinnova Partners is a leading European venture capital firm in life sciences, specializing in healthcare and sustainability. Based in Paris, London and Milan, the firm brings together a team of professionals from all over the world with strong scientific, medical and business expertise.

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Investment focus

  • Industry: Biotechnology, Health Care, Medical
  • Stage:Series A, Series B, Series C
  • Geography: France, United States, United Kingdom

Investor stats

  • Total investments: 350
  • Round size: Series A $7M–$70M; Series B $10M–$105M; Series C $12M–$100M
  • Lead/follow: 47% lead, 53% follow
  • Last fund: Likely actively investing — fresh fund, raised $755M in 2025

Portfolio highlights

  • Odoo — From ERP to CRM, eCommerce and CMS. Download Odoo or use it in the cloud. Grow Your Business.
  • Mironid — Google Analytics is a web analysis service provided by Google. Google utilizes the data collected to track and examine the use of www.mironid.com, to prepare reports on its activities and share them with other Google services. Google may use the data collected to contextualize and personalize the ads of its own advertising network.
  • Forth Therapeutics — Forth Therapeutics is a biotechnology company dedicated to advancing precision treatments for fibrosis.
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Glastad Invest
VC Fund · Farsund, Vest-Agder, Norway · 1 investments in Norway Biotechnology startups

Glastad Holding is a family-owned company whose roots can be traced back to the shipping industry in the early 20th century. Today, Glastad Holding is a thriving investment company with three subsidiaries: Glastad Farsund - real estate, Mosvolds Rederi - shipping, and Glastad Invest - private equity and listed investments. Glastad Holding aims toexert active and long term ownership.

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Investment focus

  • Industry: Health Care, Biotechnology, Clinical Trials
  • Geography: Norway

Investor stats

  • Total investments: 1
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • SantoSolve — SantoSolve is developing topical analgesic products based on non-radioactive strontium as the active substance. The Development program was initiated based on experimental clinical use of strontium-based products showing evidence of strong local analgesic effects on several localized pain conditions of both nociceptive and neuropatic origin. Nosignificant adverse effects associated with the treatment was reported.The company’s lead product, 2PX, is topically administered, utilizing dermal penetration enhancers for delivery of the active agent to its subdermal site of action. Phase I safety and pharmacology studies showed the active agent to have low systemic bioavailability, and only few and minor adverse effects were observed at the site of administration. In open label Phase II clinical trials, the product has shown strong analgesic effect in both nociceptive and neuropatic pain conditions. In follow up, placebo controlled trials, the analgesic effect of the product has been further documented. In the company’s most advanced pain indication under study, osteoarthritis, the company has recently completed the Phase II program.These trials supports the open label results and document statistically that the analgesic effect in patients treated with 2PX is superior to that observed with placebo treatment.
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Faber
VC Fund · Lisbon, Lisboa, Portugal · 1 investments in Norway Biotechnology startups, 6 in the past 12 months

Faber is a Lisbon-based venture capital firm investing in outstanding entrepreneurs who innovate at the intersection of science and technology to drive digital transformation and climate action. The firm combines a specialist focus on deep tech early-stage startups with dedicated funds, investment teams and expert advisors to actively helpfounders build global companies powered by AI/Data, Web3 or Ocean/Climate technologies.Faber’s unique approach in Southern Europe is led by an entrepreneurial management partnership and backed by notable thesis-driven institutions and private investors. Investing since 2013, the firm has been an early investor in hard tech companies such as Unbabel, SWORD Health, Codacy, iLoF or YData.

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Investment focus

  • Industry: Artificial Intelligence, Software, SaaS
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Portugal, United States, United Kingdom

Investor stats

  • Total investments: 97
  • Round size: Seed $549k–$5.2M; Pre-Seed $29k–$3M; Series A $2.5M–$25M
  • Lead/follow: 30% lead, 70% follow
  • Last fund: Likely actively investing — fresh fund, raised $34M in 2024

Portfolio highlights

  • Porelio — Porelio is an environmental technology that provides purification technologies for water and industrial chemicals.
  • ATMOS Space Cargo — ATMOS Space Cargo develops and manufactures space capsules to return cargo from space, microgravity experiments, Commercial products to entire rocket stages.
  • InSpacePropulsion Technologies — Cost-effective, robust, and quickly available propulsion solutions, based on 10+ years of R&D and 40 years of combined experience in space propulsion.
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TD Veen
VC Fund · Stavanger, Rogaland, Norway · 1 investments in Norway Biotechnology startups

TD Veen is concerned with sustainable social development. Their contribution is to invest in companies and solutions that are good for both owners and society at large. The foundation of TD Veen is job satisfaction, creativity and a strong determination to invest in the very best people.At one stage they saw sense in targeting the investmentprofile, which also gave us a new perspective on the demand for returns and the role of investors. As a financial owner, they want to establish a healthy attitude toward results and returns. In companies where value is created over time.A differentiated portfolio is important to us. That is why they work with investments in new industries, such as e.g. health, or in parts of the world where they have not been before. Despite their Stavanger address, they want to invest outside of the petroleum sector.TD Veen has for many years supported the work of SOS Children’s Villages, including the project The Long Run, where they renovated old children’s villages in Romania and Lebanon. They have also contributed to starting up a separate pioneer project for foster families in Murmansk. Going ahead, they will to a greater degree also contribute to society at home, by building up a community of social entrepreneurs in Eiganesveien 95.

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Investment focus

  • Industry: Internet, Software, Information Technology
  • Stage:Seed, Venture - Series Unknown
  • Geography: Norway, United Kingdom, Germany

Investor stats

  • Total investments: 24
  • Round size: Seed $913k–$5.8M
  • Lead/follow: 50% lead, 50% follow

Portfolio highlights

  • Mobai — Provider of attack detection, image manipulation detection and authentication. Strong and successful research team on biometrics.
  • Dagens — Together with farmers and chefs, we co-create a transparent and resilient food system for the future. The farmers get a bigger part of the profit. Buyers get easy access to unique, biodiverse produce at competitive prices.
  • NoMy — Norwegian startup that researches and develops sustainable material and food solutions using mycelium
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Lekh Corp AS
VC Fund · Oslo, Oslo, Norway · 1 investments in Norway Biotechnology startups

Investment Company

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Investment focus

  • Industry: Software, Health Care, Life Science
  • Stage:Pre-Seed
  • Geography: Norway

Investor stats

  • Total investments: 1
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Aurora Analytica — The operating system for clinical development - all-in-one clinical intelligence for feasibility, site identification, country strategy, and enrolment simulation. ESMO-published. EIC-selected. Norway.
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Norwegian Research Council
VC Fund · Oslo, Oslo, Norway · 1 investments in Norway Biotechnology startups

The Norwegian Research Council is the government's central research advisor. In 2012, the Research Council researched with more than 7 billion. This represents about 30% of R & D funding in the state budget.

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Investment focus

  • Industry: Health Care, Biotechnology, Information Technology
  • Stage:Grant, Seed, Venture - Series Unknown
  • Geography: Norway, Sweden

Investor stats

  • Total investments: 26
  • Round size: Grant $90k–$1.6M; Venture - Series Unknown $1.7M–$25M
  • Lead/follow: 50% lead, 50% follow

Portfolio highlights

  • Borregaard — Borregaard operates one of the world's most advanced and sustainable biorefineries.
  • Cartesian — Cartesian unlocks the power of thermal energy storage to help the world’s most energy-intensive sectors to boost energy efficiency and rapidly reduce their carbon footprint.
  • Lace Lithography — Lace is building the patterning technology that will power the next 100 years of semiconductor manufacturing.
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HealthCap
VC Fund · Stockholm, Stockholms Lan, Sweden · 1 investments in Norway Biotechnology startups

HealthCap, a life science investor and company creator. Our motivation is to find innovative ideas and invest that could impact healthcare and society.

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Investment focus

  • Industry: Biotechnology, Health Care, Medical
  • Stage:Series B, Series A
  • Geography: United States, Sweden, France

Investor stats

  • Total investments: 141
  • Round size: Series A $6M–$73M; Series B $12M–$92M
  • Lead/follow: 26% lead, 74% follow
  • Last fund: Likely still investing — raised $179M in 2024

Portfolio highlights

  • Neobiomics — Neobiomics is a Swedish life-science company that develops nutritional products for preterm infants and neonatal care. Its best-known products include ProPrems® and NeoMega36®.
  • AMRA Medical — AMRA Medical is a digital health company transforming medical research and clinical care using rapid whole-body MRI technology.
  • Ultragenyx Pharmaceutical — Ultragenyx is focused on developing first-ever approved treatments for rare and ultrarare diseases and moving the rare disease community forward.
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Advent Life Sciences
VC Fund · London, England, United Kingdom · 1 investments in Norway Biotechnology startups

Advent Life Sciences is a venture team investing in life sciences businesses. The team consists of 11 professionals with extensive scientific, medical and operational experience, and a long-standing track record of entrepreneurial and investment success across the UK, Europe and the US. The Firm invests in a range of sectors within life sciences,principally in new drug discovery, enabling technologies, and med tech. Realizations in the last three years include Algeta, Avila, CN Creative, EUSA, Micromet. Current investments include Acutus, Biocartis, Cellnovo, f2G, NeRRe,

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Investment focus

  • Industry: Biotechnology, Health Care, Medical
  • Stage:Series A, Series B, Venture - Series Unknown
  • Geography: United States, United Kingdom, France

Investor stats

  • Total investments: 73
  • Round size: Series A $5.5M–$51M; Series B $21M–$97M; Venture - Series Unknown $7M–$104M
  • Lead/follow: 34% lead, 66% follow
  • Last fund: May invest from a new fund soon — last raise in 2021

Portfolio highlights

  • Cyted — Cyted focuses on providing digital diagnostic infrastructure to drive the earlier detection of disease. Our technologies use AI and novel biomarkers to improve patient outcomes.
  • Glycomine — We are developing a PMM2-CDG substrate replacement therapy. GLM101 is a mannose-1 phosphate treatment.
  • Beacon Therapeutics — Beacon aids in restoring and improving the vision of patients with ophthalmic gene therapy. Find out more.
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ERM Invest
VC Fund · Oslo, Oslo, Norway · 1 investments in Norway Biotechnology startups

Investment Company

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Investment focus

  • Industry: Software, Health Care, Life Science
  • Stage:Pre-Seed
  • Geography: Norway

Investor stats

  • Total investments: 1
  • Lead/follow: 100% lead, 0% follow

Portfolio highlights

  • Aurora Analytica — The operating system for clinical development - all-in-one clinical intelligence for feasibility, site identification, country strategy, and enrolment simulation. ESMO-published. EIC-selected. Norway.
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Protonic Partners
VC Fund · Oslo, Oslo, Norway · 1 investments in Norway Biotechnology startups

Protonic Partners is an investment firm.

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Investment focus

  • Industry: SaaS, Biometrics, Information Services
  • Stage:Seed
  • Geography: Norway

Investor stats

  • Total investments: 1
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Mobai — Provider of attack detection, image manipulation detection and authentication. Strong and successful research team on biometrics.
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H2O Holding AS
VC Fund · 1 investments in Norway Biotechnology startups

Investment

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Investment focus

  • Industry: Software, Health Care, Life Science
  • Stage:Pre-Seed
  • Geography: Norway

Investor stats

  • Total investments: 1
  • Lead/follow: 100% lead, 0% follow

Portfolio highlights

  • Aurora Analytica — The operating system for clinical development - all-in-one clinical intelligence for feasibility, site identification, country strategy, and enrolment simulation. ESMO-published. EIC-selected. Norway.
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Wa’ed Ventures
VC Fund · Dhahran, Ash Sharqiyah, Saudi Arabia · 1 investments in Norway Biotechnology startups, 9 in the past 12 months

Wa’ed Ventures is a $500 million venture capital fund with the aim to accelerate the development of an integrated startup ecosystem by investing in local tech-based startups and incentivizing global entrepreneurs to localize their tech innovations in the Kingdom.

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Investment focus

  • Industry: Software, Artificial Intelligence, Information Technology
  • Stage:Seed, Series A, Venture - Series Unknown
  • Geography: Saudi Arabia, United Arab Emirates, United States

Investor stats

  • Total investments: 127
  • Round size: Seed $600k–$5.5M; Series A $2.5M–$30M; Venture - Series Unknown $25k–$1.5M
  • Lead/follow: 65% lead, 35% follow

Portfolio highlights

  • COFE App — COFE App gives coffee drinkers a smart way to order their daily coffee. The mobile application serves as an online coffee marketplace and aims to bring about a lifestyle change for its users by providing a smarter, more efficient way to get to their daily caffeine dose. With an intention to fulfil all the needs a coffee lover could possibly have,COFE App provides coffee beverages from both chain coffee houses as well as specialty coffee roasters. Users can also source coffee beans, coffee machines and coffee accessories through the mobile application.COFE APP is funded by a multi-national cross-sector base of entrepreneurs and venture capital (VC) funds from the Middle East and Silicon Valley. The company's Series A funding round was led by KISP ventures a fund established by KFH Capital (Kuwait). Other investors include: Cedar Mundi (Lebanon), Towell Holding International (Oman), Takamul Capital and Dividend Gate Capital (Bahrain), and Nizar AlNusif Sons Holding and Arab Investment Company (Kuwait)
  • BRKZ — BRKZ is a construction-tech company that provides a one-stop solution by selling building materials to contractors and builders.
  • THINK-AI — The Think AI Fabric: AI Node, ILM, and Constellation bonded into one supercompute platform, built for radical efficiency. Nothing sits idle.
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PAACS Invest AS
VC Fund · 1 investments in Norway Biotechnology startups

PAACS Invest is a privately owned Norwegian investment firm that focuses on active investments in healthcare and technology with a focus on sustainability.

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Investment focus

  • Industry: Consulting, Health Care, Biotechnology
  • Stage:Seed
  • Geography: Norway

Investor stats

  • Total investments: 1
  • Lead/follow: 100% lead, 0% follow

Portfolio highlights

  • Hemispherian — Hemispherian is an innovative preclinical pharmaceutical company focused on developing a novel class of small molecule drugs. These drugs target the TET2 enzyme as an epigenetic therapy for particularly aggressive cancers.
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Qomel
VC Fund · Riyadh, Ar Riyad, Saudi Arabia · 1 investments in Norway Biotechnology startups

Qomel Company is a healthcare and pharmaceutical services company that offers medical, diagnostic, and product distribution services. It operates ophthalmology, dental, wound care, and general medical services, while distributing pharmaceuticals and medical devices through warehouses and sales offices.

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Investment focus

  • Industry: Life Science, Biotechnology
  • Stage:Seed
  • Geography: Norway

Investor stats

  • Total investments: 1
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Kure Cells — Kure Cells delivers innovative solutions in cell therapy, biotechnology, and clinical research to advance modern healthcare.
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Silverline Capital
VC Fund · Sofia, Grad Sofiya, Bulgaria · 1 investments in Norway Biotechnology startups

Silverline Capital provides mezzanine and equity financing solutions to mid-market businesses in Bulgaria.

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Investment focus

  • Industry: Machine Learning, Artificial Intelligence, Retail
  • Stage:Venture - Series Unknown, Series A
  • Geography: Bulgaria, Norway, United States

Investor stats

  • Total investments: 6
  • Round size: Series A $8.3M–$27M; Venture - Series Unknown $2.8M–$3.5M
  • Lead/follow: 67% lead, 33% follow

Portfolio highlights

  • Iris.ai — Augment expert knowledge by unifying complex enterprise data to empower next-gen AI agents & applications
  • Evrotrust — Best way to prove who you are and agree to anything, anywhere. Fully legal, secure and personal. Our mobile first eIDAS solution allows: eID, eSign, eTimestamp, eSeal, eDelivery with the highest status – qualified
  • Codery — Codery functions as an Employer of Record (EOR), acting as the official employer for hired professionals. The firm handles the administrative and legal parts of employment, such as registration, payroll, and compliance with local labor laws, allowing enterprises to hire without having to establish regional offices or legal entities.
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Dynamk Capital
VC Fund · New York, New York, United States · 1 investments in Norway Biotechnology startups

Dynamk Capital is a New York headquartered growth equity and venture capital firm investing in life science industrials: tools, technologies and services that are critical for the discovery, development and production of life-saving therapies. Venture capital for Life Science tools.

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Investment focus

  • Industry: Biotechnology, Medical, Health Care
  • Stage:Series A, Seed, Series B
  • Geography: United States, Canada, Norway

Investor stats

  • Total investments: 20
  • Lead/follow: no public data

Portfolio highlights

  • CellFE — We transform the way cell therapies are manufactured to enable affordable advanced treatments for all.
  • Lucid Scientific — Lucid Scientific is the maker of Resipher - the world's first handheld cell culture monitor to measure real-time oxygen consumption from inside an incubator.
  • Vernal Biosciences — Vernal Biosciences is an mRNA manufacturing company that provides high purity mRNA, from concept to clinical trials, on a transactional basis.
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Nordic Impact
VC Fund · Oslo, Oslo, Norway · 1 investments in Norway Biotechnology startups

Nordic Impact invests in, supports, and builds businesses and funds based around technology. The company's goal is to make impact investing mainstream and mobilize all business and capital towards solving the big problems in the world while making great financial returns.

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Investment focus

  • Industry: Chemical, Life Science, Visual Search
  • Stage:Seed
  • Geography: Norway

Investor stats

  • Total investments: 1
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Iris.ai — Augment expert knowledge by unifying complex enterprise data to empower next-gen AI agents & applications
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NantBio
VC Fund · Culver City, California, United States · 1 investments in Norway Biotechnology startups

NantBio offers treatments by developing molecularly targeted drugs, based on the molecular profile of the patient’s tumor.

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Investment focus

  • Industry: Life Science, Biotechnology
  • Stage:Seed
  • Geography: Norway

Investor stats

  • Total investments: 1
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Kure Cells — Kure Cells delivers innovative solutions in cell therapy, biotechnology, and clinical research to advance modern healthcare.
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Arkin Bio Ventures
VC Fund · Herzliya, Tel Aviv, Israel · 1 investments in Norway Biotechnology startups

Explore Arkin Capital: A leading multi-asset manager driving strategic investments across health, technology, equity, real estate and more

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Investment focus

  • Industry: Biotechnology, Health Care, Therapeutics
  • Stage:Series A, Series B, Series C
  • Geography: United States, Israel, Canada

Investor stats

  • Total investments: 24
  • Round size: Series A $11M–$125M; Series B $13M–$80M; Series C $19M–$182M
  • Lead/follow: 13% lead, 87% follow

Portfolio highlights

  • Actithera — Actithera is a molecular radiotherapeutic company that develops radioligand therapies. It translates medicinal chemistry insights into new radioligand therapies (RLTs) and applies various molecular design strategies, including covalent targeting and an isotope-agnostic philosophy, to invent RLTs with significant differentiation and largertherapeutic windows.
  • Ambros Therapeutics — Ambros Therapeutics is a clinical-stage biotechnology company focused on the development of innovative and transformative medicines for diseases.
  • Reunion Neuroscience — Reunion Neuroscience is a clinical-stage pharmaceutical company developing therapeutic solutions for underserved mental health conditions. The Company’s lead asset, RE104, is a proprietary, novel serotonergic psychedelic compound being developed as a potential fast-acting and durable antidepressant for patients suffering from postpartum depressionand other mental health conditions. Reunion is also developing the RE200 series, which includes compounds with the potential for more selective serotonin receptor activity and reduced psychoactivity for application in more chronic treatment paradigms and indications.
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Surveyor Capital
VC Fund · Chicago, Illinois, United States · 1 investments in Norway Biotechnology startups, 11 in the past 12 months

Surveyor Capital is a fundamental equities business. Surveyor’s sector-aligned investment teams aim to generate alpha through a deep understanding of each company’s strategy, management teams, drivers of performance, and cyclical and secular industry trends over the medium and long term.

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Investment focus

  • Industry: Biotechnology, Health Care, Therapeutics
  • Stage:Series B, Post-IPO Equity, Series C
  • Geography: United States, China, Canada

Investor stats

  • Total investments: 170
  • Round size: Series B $60M–$170M; Series C $60M–$226M; Post-IPO Equity $41M–$280M
  • Lead/follow: 9% lead, 91% follow

Portfolio highlights

  • ADCendo — ADCendo ApS is a biotech company dedicated to developing new types of anti-cancer drugs. We focus on antibody-drug conjugates (ADCs) directed at novel targets, that have been found to be overexpressed by several cancer forms, that are all characterized by a significant unmet need for novel treatment.
  • Sol-Gel Technologies — Sol-Gel designs and delivers innovative dermatological drugs ranging from completely non-leachable to highly-controlled-release of unique formulations and compounds.
  • Perspective Therapeutics — Perspective Therapeutics is dedicated to finding the best ways to deliver remedies to patients and their medical needs, and they believe in a targeted, individualized approach to cancer treatment. We design treatments that are given exactly where the doctor needs them.
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Project Sandwater
VC Fund · Oslo, Oslo, Norway · 1 investments in Norway Biotechnology startups

Project Sandwater is a fresh take on venture investments within the Nordics and beyond.

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Investment focus

  • Industry: Medical, Consulting, Life Science
  • Stage:Series A
  • Geography: Norway, The Netherlands

Investor stats

  • Total investments: 2
  • Round size: Series A $12M–$20M
  • Lead/follow: 50% lead, 50% follow

Portfolio highlights

  • Delft IMP — Delft IMP (Intensified Materials Production) commercializes nanostructuring of particles using atomic and molecular layer deposition (ALD and MLD), based on the patented and publicized IP and know-how developed within the Product & Process Engineering (PPE) group at Delft University of Technology. Following various feasibility projects betweenindustry and university, Delft IMP was initiated end 2014 to truly commercialize the technology.
  • Cytovation — Cytovation AS is a privately-held biotech company, specialising in dermatological diseases, based in Bergen, Norway.
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The Index Project
VC Fund · Copenhagen, Hovedstaden, Denmark · 1 investments in Norway Biotechnology startups

Design to improve life is about solving real problems, small and large, simple and complex, systemic and emerging and is a life-long pursuit. The Index Project is a call to action. Are you in?

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Investment focus

  • Industry: Chemical, Artificial Intelligence, SaaS
  • Stage:Seed, Series A, Series B
  • Geography: United States, Denmark, Chile

Investor stats

  • Total investments: 9
  • Round size: Seed $1.5M–$2M; Series A $1.1M–$3M
  • Lead/follow: 0% lead, 100% follow
  • Last fund: May invest from a new fund soon — last raise in 2016

Portfolio highlights

  • Agribuddy — Management of agricultural support application "AGRIBUDDY".
  • CanopyLAB — CanopyLAB is an educational technology company located in Hvidovre, Greater Copenhagen, Denmark. We have built an AI-powered social learning platform for corporate training. Through personalization our platform enables all learners to realize their potential in a way that is fast, fun and future-proof. We call it "The Future of Learning-Delivered Today".We work on two verticals:1. The Canopy A social learning platform powered by AI A research-based social learning platform for developing competencies through individualized and adaptive learning experiences. It is designed with an integrated social network structure to enhance collaborative learning and built on strong Nordic learning principles.2. The LAB A learning community with provocative content Join our global learning community for youth. Take free courses, exchange ideas, gain new knowledge and practice competencies offered by 100 + pioneering NGOs in controversial and often neglected topics such as sexuality, sexual & reproductive rights, climate action, health, and the SDGs.CanopyLAB acquired Peruvian publishing startup Yopublico in April 2020.
  • Destácame — Destacame is the first behavior-based credit score in Latin America.
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Innovestor
VC Fund · Helsinki, Southern Finland, Finland · 1 investments in Norway Biotechnology startups

Innovestor is an active Finnish investment manager, focusing on venture capital, real estate, and energy storage. We also offer corporate venturing services.

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Investment focus

  • Industry: Software, Health Care, Information Technology
  • Stage:Seed, Pre-Seed
  • Geography: Finland, Sweden, Denmark

Investor stats

  • Total investments: 89
  • Round size: Seed $478k–$4.5M; Pre-Seed $204k–$2M
  • Lead/follow: 58% lead, 42% follow
  • Last fund: May invest from a new fund soon — raised $35M in 2020

Portfolio highlights

  • Retailgrid — Agentic AI pricing platform for mid-market retailers. Turn messy retail data into structured, explainable price decisions in days, not months.
  • Bahn Express — Euroopan nopein autojen kuljetus. Autoliikkeille, autokauppiaille ja kalustonhallintaan. Euroopan halki 72 tunnissa.
  • Cornea Sense — CorneaSense is a medtech startup developing a non-invasive, eye-based sensing device that measures ocular surface hydration to enable early detection and monitoring of conditions such as dry eye disease and systemic health disorders. The technology aims to provide real-time, objective eye biomarkers for improved clinical diagnosis and patient care.
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Biotechnology VC funding in Norway at a glance

Stats across 123 deals from 127 investors.

127
investors
in Norway Biotechnology startups
123
deals
in Norway Biotechnology startups
$2.7M
median round
in Norway Biotechnology startups
43%
lead investors
lead at least one round
23%
Grant
most common funding stage

Access all 127 VC funds in Norway Biotechnology startups.

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