Top 10 Medical Startup Investors in Norway in February 2025

Last updated: Feb 2025 A list of 10 angel investors and VC (Venture Capital) funds that invest in Medical startups based in Norway. We rank investors based on the number of investments they made in Medical companies from Norway. We update this investor list every month.

Top 10 Medical Startup Investors in Norway in February 2025

Investor	Medical Norway investments
Birk Venture	4
SR One	1
Hadean Ventures	1
Canica	1
HealthCap	1
Investinor	1
Project Sandwater	1
Advent Life Sciences	1
Swiss Diabetes Venture Fund	1
Advent Venture Partners	1

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Investor list

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

Investment focus

Biotechnology, Medical, Health Care
Seed, Series A, Funding Round
Norway, United Kingdom

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’ elegant Trocept platform has potential to treat some of the most intractable and widespread forms of cancer. Based in Oxford, UK, it is developing a pipeline of products to the early clinical trial stage. Led by Bent Jakobsen, PhD FMedSci, a pioneer of T cell receptor therapy for cancer, the team is highly experienced intaking immuno-oncology products to the clinic. Accession Therapeutics’ Trocept technology is based on over a decade’s work and has generated exceptional preclinical data.Accession Therapeutics’ proprietary technology incorporates cancer-tropic viruses, the first time that viruses have been genetically modified to exclusively target cancer cells. As non-cancerous cells are not targeted by Trocept, systemic toxicity is eliminated meaning the drugs can be delivered intravenously and traffic to the tumour. Trocept’s highly potent and local activity gives it potential in some of the hardest to treat and most widespread forms of cancer. This includes breast, cervical, colorectal, gastric, head and neck, lung, oral, ovarian and pancreatic cancer.

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

Investment focus

Biotechnology, Health Care, Therapeutics
Series A, Series B, Series C
United States, United Kingdom, Canada

Portfolio highlights

Windward Bio — Windward Bio is a clinical-stage drug development company focused on improving outcomes for individuals with advanced immunological diseases, particularly severe respiratory conditions. The company is advancing a monoclonal antibody targeting thymic stromal lymphopoietin (TSLP) into phase 2 development while creating innovative bispecific programsfor various immunological disorders. Led by a team of biopharmaceutical executives, Windward Bio aims to address significant unmet medical needs in this field.
Antag Therapeutics — Antag Therapeutics operator of a biotechnology company intended to develop metabolic and anti-obesity therapeutic drugs.The company specializes in the development of peptide-based GIP receptor antagonist in order to monitor dietary-related metabolic diseases through the infusion, enabling the healthcare industry to decrease blood flow and lipiduptake in adipose tissue in an efficient manner.
Kala Pharmaceuticals — Kala Pharmaceuticals is developing novel treatments for diseases that affect mucosal tissues. The company's proprietary mucus penetrating particle technology dramatically improves drug distribution and pharmacokinetics by uniformly coating the mucosal surface with biocompatible, drug-loaded particles. Kala's formulations achieve high,sustained local drug concentrations with reduced systemic exposure and are delivered in a patient-friendly format. The company's research efforts have demonstrated successful in vivo proof-of-concept in mucosal organs such as the respiratory tract, eye, and cervicovaginal tract, enabling diverse product opportunities that target significant clinical unmet need. Kala is focused on advancing an internal pipeline of products through human proof-of-concept while establishing R&D collaborations with select partners to improve products in their pipelines.

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

Investment focus

Biotechnology, Health Care, Pharmaceutical
Series A, Funding Round, Series B
Sweden, Norway, Austria

Portfolio highlights

SciRhom — SciRhom GmbH is a biotech company that translates science into the preclinical and early clinical development of novel biopharmaceuticals for the treatment of life-threatening autoimmune diseases. Based on longstanding academic research and a well-established network of experts, SciRhom was founded in 2016 through a collaboration between academicand industry scientists with profound experience in antibody development.
Gesynta Pharma — Founded in 2017, Gesynta Pharma bases its R&D on research from the Karolinska Institutet. The most advanced drug candidate, GS-248, reduces inflammation and increases blood flow in the microvasculature, thereby having the potential to provide improved treatments for several serious diseases. In an ongoing clinical proof-of-concept study,GS-248 is being evaluated for its capacity to normalize vascular blood flow and reduce pain in patients with the autoimmune disease systemic sclerosis. Positive results from this study may lead to a rapid broadening of the development program towards additional indications, for example cardiovascular diseases and rheumatic diseases other than systemic sclerosis. Major shareholders include Industrifonden, Linc, Hadean Ventures, and a number of successful life science entrepreneurs. For more information, please visit www.gesynta.se
Alex Therapeutics — The Alex DTx Platform enables partners within pharma and health care to effectively and reliably launch new DTx treatments by leveraging existing insights, modules, processes and data.

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.

Investment focus

Beauty, Medical, Biotechnology
Private Equity, Series A, Series D
Norway, Denmark, Switzerland

Portfolio highlights

Cytovation — Cytovation AS is a privately-held biotech company, specialising in dermatological diseases, based in Bergen, Norway.
Porterbuddy — They are the gang that delivers to your door the same day you order in the online store.Porterbuddy' is a logistics platform that provides efficient and customer-centric, last-mile delivery of products.
Galecto — Galecto develops small molecules for the treatment of severe diseases, including fibrosis and cancer. The company lead product candidate, GB0139, is an inhaled inhibitor of galectin-3. GB0139 is being developed for the treatment of severe fibrotic lung diseases such as idiopathic pulmonary fibrosis, or IPF, in which there is high unmet medicalneed. Galecto was founded in 2011, builds on more than 10 years of research centering on the role of galectin-3 and LOXL-2, and the use of modulators of these proteins to treat fibrosis-related diseases and cancer. Combined with a strong patent estate, these assets give Galecto a unique therapeutic platform.

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

Investment focus

Biotechnology, Health Care, Medical
Series B, Series A, Funding Round
United States, Sweden, France

Portfolio highlights

Kivu Bioscience — At Kivu Bioscience, we leverage advanced, next-generation proprietary ADC technologies to deliver more precise and effective cancer treatments.
Rampart Bioscience — Rampart Bioscience develops gene medicines to provide long-lasting treatments for a wide range of diseases. It also offers proprietary development and delivery platforms, which together, create optimized therapeutics in a revocable, non-viral format. It also assists patients with genetically driven diseases by integrating capabilities from avariety of key scientific disciplines including gene delivery, protein sciences, and clinical translation.
SynOx Therapeutics — SynOx Therapeutics is a biotechnology research company that focused on developing the treatment of diffuse tenosynovial giant cell tumors. SynOx Therapeutics raises EUR 37m to develop emactuzumab to improve the lives of patients with tenosynovial giant cell tumors November 16, 2020. It was founded in 2020 and is located in Dublin City, Ireland.

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.

Investment focus

Software, Biotechnology, Manufacturing
Funding Round, Seed, Series A
Norway, United States, Switzerland

Portfolio highlights

Eyr — Eyr offers digital tools for medical consulting and doctor's prescription regarding various health issues.
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.
Ignite — A powerful & easy spend management tool to accelerate your procurement success by bringing clarity, clean data & sophisticated analytics to your fingertips

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

Investment focus

Medical, Consulting, Life Science
Series A
Norway, The Netherlands

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.

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,

Investment focus

Biotechnology, Health Care, Medical
Series A, Funding Round, Series B
United States, United Kingdom, France

Portfolio highlights

Argá Medtech — Novel Sine Wave Technology Promises Significant Advantages Over Existing Pulsed Field Cardiac Ablation Systems
Curve Therapeutics — Curve has developed an innovative screening platform that is transforming the discovery of first-in-class therapeutics. The platform allows functional screening of diverse, genetically encoded Microcycle™ libraries against a broad range of disease-associated targets that are present in their native conformation inside a mammalian cell. Curve isdeploying this platform to build a pipeline of novel cancer drugs.
Relief Cardiovascular — Relief Cardiovascular is an inQB8 medical technologies portfolio company developing a revolutionary smart implant to decongest heart failure patients.

Swiss Diabetes Venture Fund is europe’s first venture fund dedicated to diabetes technology.

Investment focus

Medical, Health Care, Medical Device
Series A, Funding Round
Norway, Sweden, Switzerland

Portfolio highlights

Piomic — There are about 50 million reported cases of patients suffering from hard-to-heal wounds, which has created a severe cost burden on global healthcare systems.The COMS® One Therapy System is a portable, hand-held device which incorporates the technologies for optical and magnetic stimulation, intended to promote wound healing in chronic leg andfoot ulcers.The pivotal clinical study showed that the treatment is safe, leads to accelerated wound closure, overall reduced pain and increased quality of life. The easy-to-use, single button operated device integrates smoothly into the patient’s healing journey with usage in stationary and ambulant facilities but also in patient’s home.By developing a therapy which is safe and effective we hope to set a better future for patients in need.
GlucoSet — GlucoSet develops tools for accurate continuous glucose monitoring in Intensive Care Units, to reduce patient mortality and hospital costs.
BOYDSenseBOYDSense SAS — BOYDSense specializes in developing non-invasive and affordable tools for measuring critical biomarkers via the exhaled breath. The company provides breath-based metabolomics focuses on the capture, identification, and quantification of volatile organic compound (VOC) biomarker patterns in human breath and using it to diagnose and monitor chronicdiseases.It was founded in 2015 and headquartered in South San Francisco, California.

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.