# Top 45 Medical Startup Investors in Finland in May 2026 ## Finnvera Venture Capital - Type: VC Fund - Location: Kuopio, Eastern Finland, Finland - Relevant deals: 7 - Stages: Seed, Series A - Focus: Software, Health Care, Information Technology Finnvera makes direct investments in early-stage enterprises through Seed Fund Vera Ltd. Finnvera's goal is to cover shortcomings existing on the market between product development funding and private equity investments. Finnvera does not compete with private financiers; instead, it strives to supplement the financial market.Finnvera'sinvestments enable, start and accelerate growth and internationalisation among investment targets. Enterprises are developed to make them attractive targets for further financing by other investors and industrial actors. Investments are made in technology enterprises at an early stage and in technology-intensive or innovative service enterprises that have potential for developing into international growth enterprises.Finnvera is also known as a specialised financing company owned by the State of Finland. It provides its clients with loans, guarantees, venture capital investments and export credit guarantees. ## Lifeline Ventures - Type: VC Fund - Location: Helsinki, Southern Finland, Finland - Relevant deals: 5 - Stages: Seed, Series A - Focus: Software, Health Care, E-Commerce Lifeline Ventures Oy is a venture capital firm specializing in startups, growth capital, and early stage investments. The firm seeks to invest in healthcare, games, web based and general high technology sectors. It seeks to invest in Finland with a few investments made outside Finland as well. The firm targets investing between €0.5 million ($0.66million) and €1 million ($1.32 million). It seeks make inception to Series A investments. Lifeline Ventures Oy was founded in November 2009 and is based in Helsinki, Finland. ## Business Finland - Type: VC Fund - Location: Helsinki, Southern Finland, Finland - Relevant deals: 5 - Stages: Seed, Grant - Focus: Software, Information Technology, SaaS Business Finland finances business R&D projects and public research projects at universities, research institutes and universities of applied sciences. Read more about R&D and business funding. ## Voima Ventures - Type: VC Fund - Location: Helsinki, Southern Finland, Finland - Relevant deals: 5 - Stages: Seed, Pre-Seed - Focus: Biotechnology, Health Care, Software Voima Ventures’ mission is to solve major global problems by combining science, entrepreneurship, and value adding capital. They shed light on the ideas and technology which require time and courage to build. Industry domains include bio and new materials, medical technologies and life sciences, imaging and optics, IoT and electronics, robotics,software & ICT and AI. In addition, Voima Ventures has invested in more than 30 deep tech startups, including companies like Solar Foods, Infinited Fiber Company, and Dispelix. Cornerstone investors are VTT Technical Research Centre of Finland and European Investment Fund (EIF), backed by Finnish private and institutional investors. ## Butterfly Ventures - Type: VC Fund - Location: Oulu, Oulu, Finland - Relevant deals: 3 - Stages: Seed, Pre-Seed - Focus: Health Care, Software, Information Technology Butterfly Ventures is a seed-stage focused VC in the Nordics, investing in deep tech, hardware, and hardware interfacing software. The company prefers to get involved with companies early on; 80% of Butterfly Ventures portfolio companies don't have any revenue at the time of their entry. Butterfly Ventures was founded in 2012 and ever sincethen it has been one of the most active early stage VCs in the region. The company has offices in Oulu, Helsinki and Stockholm. ## Icebreaker.vc - Type: VC Fund - Location: Helsinki, Southern Finland, Finland - Relevant deals: 3 - Stages: Pre-Seed, Seed, Series A - Focus: Software, Information Technology, Artificial Intelligence Founded in 2016, Icebreaker has invested in over 50 fast-growing tech startups built by domain expert founders from companies like Rovio, Nordea, Pipedrive, Eniram, IBM and BCG. In addition to the fund, Icebreaker also runs a community of more than 1000 founders and pre-founders with 5+ years of relevant industry experience and the will to start,build or join strong tech companies.With the initial ticket sizes of €150k - 800K Icebreaker provides enough funding for companies to get to a position of strength and avoid post-accelerator limbo without having to resort to disreputable sources of capital and unfriendly deal terms. ## Novartis Venture Fund - Type: VC Fund - Location: Basel, Basel-Stadt, Switzerland - Relevant deals: 3 - Stages: Series B, Series A, Series C - Focus: Biotechnology, Health Care, Therapeutics Our primary focus is on the development of novel therapeutics and platforms. We balance the therapeutic focus with investments in medical devices, diagnostics or drug delivery systems. In our investments we look for unmet need and clinical impact, novel proprietary science and understanding of mechanism, management and board experience and capitalefficiency in the program.We prefer to have our initial investment at the early stage to build the company and follow with additional investment in pace with the company:tm:s progress. We continue our approach of larger focused investments and anticipate total investments up to USD 30 to 50 mio per company over its life, but it can be as little as 100'000 USD to get started. We will increase our activities to lead or co-lead deals further and remain open to participate in larger syndicates. SectorsNew therapeutics & platformsMedical devices/implantsDiagnostics/biomarkersDrug delivery/biopolymersGeographyUSA/CanadaEuropeSwitzerlandAsia/Pacific ## Reaktor Ventures - Type: VC Fund - Location: Helsinki, Southern Finland, Finland - Relevant deals: 3 - Stages: Seed, Pre-Seed, Series A - Focus: Software, Internet, Health Care Reaktor Ventures has moved to the next phase by focusing its efforts to actively supporting current portfolio companies. This means that the fund has ended its investment period and is not investing into new companies. Between 2013 and 2018 we have invested into 42 different companies and one early stage fund. We will naturally keep makingfollow-up investments to current portfolio companies. ## Metsola Ventures - Type: VC Fund - Location: Espoo, Southern Finland, Finland - Relevant deals: 2 - Stages: Series A - Focus: Medical, mHealth, Health Care Metsola Ventures ## Novo Holdings - Type: VC Fund - Location: Hellerup, Hovedstaden, Denmark - Relevant deals: 2 - Stages: Series A, Series B, Series C - Focus: Biotechnology, Health Care, Medical Novo Holdings is a world-leading life science investor with a focus on creating long-term value. ## Vesalius Biocapital Partners - Type: VC Fund - Location: Strassen, Luxembourg, Luxembourg - Relevant deals: 2 - Stages: Series B, Series A, Series C - Focus: Biotechnology, Health Care, Medical Vesalius Biocapital Partners invests in companies active in human health through venture capital funds raised since 2007. They have contributed to developing 20 companies since inception.With more than € 150 million under management in two funds. Vesalius Biocapital Partners plays the role of lead investor in the large majority of its financingrounds.Their companies are based in Europe allowing easy interaction with management.They invest in all stages of development and do not shy away from relatively early-stage projects with a sound proprietary technology and corresponding IP, unique team skills and a clear competitive edge based on solid data. ## Inventure - Type: VC Fund - Location: Helsinki, Southern Finland, Finland - Relevant deals: 2 - Stages: Seed, Series A - Focus: Software, Information Technology, Health Care Since 2005, Inventure has backed over 90 companies including Wolt, Swappie, Jobbatical, aiMotive, and more. ## Maki.vc - Type: VC Fund - Location: Helsinki, Southern Finland, Finland - Relevant deals: 2 - Stages: Seed, Series A - Focus: Software, SaaS, E-Commerce Maki.vc is an early-stage venture capital firm partnering with deep tech & brand-driven startups obsessed with challenging category norms. ## Jyri Engestrom - Type: Angel - Location: San Francisco, California, United States - Relevant deals: 2 - Stages: Seed, Series A, Pre-Seed - Focus: Software, Apps, Health Care Jyri Engeström is an Investor and Partner of Yes VC. He attended Lancaster University ## Karolinska - Type: VC Fund - Location: Solna, Stockholms Lan, Sweden - Relevant deals: 2 - Stages: Seed, Series A - Focus: Biotechnology, Health Care, Pharmaceutical Karolinska Development aims to create value for patients, researchers, investors and society by developing innovations from world class science into products that can be sold or out-licensed with high returns. The business model is to: SELECT the most commercially attractive medical innovations; DEVELOP innovations to the stage where the greatestreturn on investment can be achieved; and COMMERCIALIZE the innovations through the sale of companies or out-licensing of products.Karolinska Development has developed a well-structured selection process to identify the most commercially attractive medical innovations screened by KIAB. Pharmaceutical development is a high-risk enterprise. In most cases, development projects fail because of side effects or insufficient efficacy. Successful selection of innovations is fundamental to Karolinska Development’s business model, which makes the inflow of new projects crucial. One key to success lies in selecting those innovations that can be developed from scientific findings to products and have significant commercial potential. To date, over 1,300 projects have been screened by KIAB.The portfolio companies are often founded together with the innovators and are initially operated as virtual companies with few or no employees. During the first six to twelve months, the companies normally have minimal fixed costs and technological development is outsourced.The innovator, who is often employed at an academic institution, normally participates as a board member and scientific advisor. The CEO of a portfolio company cooperates closely with a representative of Karolinska Development, who in most cases is also a board member of the company. The companies are capitalized to reach their next milestone, usually within a period of six to eighteen months. Development projects are continuously monitored, and those that do not meet their stipulated targets are discontinued. In the first three to four years, a portfolio company’s operating expenses are often limited to a few million Swedish kronor per year, which cover the cost of external studies and the salary of the staff. In subsequent years, Karolinska Development and other investors play an important role recruiting key expertise to the companiesKarolinska Development intends to realize value by exiting portfolio companies or through out-licensing of projects. Such transactions (especially out-licensing) are often structured as single upfront payments followed by payments based on predetermined milestones and royalties on sales. Although Karolinska Development has a flexible exit strategy, pharmaceutical products are, for two reasons, preferably exited at Phase II. First a successful Phase II study indicates that the pharmaceutical has an effect on patients, which is an important value-enhancing factor when negotiating out-licensing or sales. Secondly, finalizing product development and undertaking Phase III clinical trials frequently requires very large patient populations. In many cases this requires much greater resources than those available at Karolinska Development but these can be found in established pharmaceutical companies. Several licensing deals were closed in 2011 involving projects with a similar focus and development phase to Karolinska Development's projects. ## Anssi Vanjoki - Type: Angel - Location: Helsinki, Southern Finland, Finland - Relevant deals: 2 - Stages: Angel, Series A - Focus: Medical, Hardware, Health Care As Executive Vice President and General Manager of Multimedia, Nokia, Anssi Vanjoki heads a business group that is responsible for developing Nokia Nseries multimedia computers and associated experiences and services. This fast growing segment of consumer electronics will shape our lives in a fundamental way. A highly respected brand authoritywith over 25 years of marketing experience, Anssi has been a driving force in Nokia's efforts to address the mobile markets. His work has focused on developing Nokia's brand durability, loyalty and continuity, while, at the same time, advancing Nokia's vision of a mobile world. Anssi joined Nokia in 1991 and was named Vice President, Sales, Nokia Mobile Phones, before his promotion in 1994 to Senior Vice President, Nokia Mobile Phones Europe and Africa. In 1998 he was made Executive Vice President, Nokia Mobile Phones Europe and Africa and became a member of the Group Executive Board of Nokia. In addition, in 1999, Anssi took responsibility for Nokia's Digital Convergence Unit and, in 2002, also headed up the Business Unit Management. He was appointed to his present position on January 1st 2004. Prior to joining Nokia, Anssi held a variety of management positions at 3M Corporation. Anssi is the Chairman of the Board of Amer Group, and was a member of the Governing Committee of the European Foundation for Quality Management 2001 - 2003. He is a Knight, 1st Class, of the Order of the White Rose of Finland. Anssi holds a master's degree in economics from the Helsinki School of Economics and Business Administration. ## Innovestor - Type: VC Fund - Location: Helsinki, Southern Finland, Finland - Relevant deals: 2 - Stages: Seed, Series A - Focus: Software, Health Care, Manufacturing Welcome to Innovestor! We are a Finnish investment company focusing on venture capital, corporate venturing services, and real estate. ## Metaplanet Holdings - Type: VC Fund - Location: Tallinn, Harjumaa, Estonia - Relevant deals: 1 - Stages: Seed, Series A, Series B - Focus: Artificial Intelligence, Software, Machine Learning an early-stage investment firm making long-term bets on contrarians and leveraging the knowledge and network across sectors. We back mission-driven founders working on positively disruptive deep technologies. ## Springvest - Type: VC Fund - Relevant deals: 1 - Stages: Series A - Focus: Biotechnology, Health Care, Energy ## Debiopharm Innovation Fund - Type: VC Fund - Location: Lausanne, Vaud, Switzerland - Relevant deals: 1 - Stages: Series A, Series B, Series C - Focus: Health Care, Biotechnology, Medical Device Debiopharm invests in Smart Data & Digital Health companies developing technologies that are applicable in the areas of oncology or infectious diseases ## Cascara Ventures - Type: VC Fund - Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium - Relevant deals: 1 - Stages: Series A, Seed, Series B - Focus: Medical, Health Care, Biotechnology 96 Normal 0 false false false EN-GB X-NONE X-NONE ## High-Tech Grunderfonds - Type: VC Fund - Location: Bonn, Nordrhein-Westfalen, Germany - Relevant deals: 1 - Stages: Seed, Series A - Focus: Software, Information Technology, Biotechnology High-Tech Gründerfonds (HTGF) is a seed investor that finances high-potential, tech-driven startups. With EUR 895.5 million in total investment volume across three funds and an international network of partners, HTGF has already helped forge more than 500 startups since 2005. Driven by their expertise, entrepreneurial spirit, and passion, its teamof experienced investment managers and startup experts help guide the development of young companies. HTGF’s focus is on high-tech startups in a range of sectors, including software, media, internet, hardware, automation, health care, chemistry, and life sciences.To date, external investors have injected over EUR 2 billion into the HTGF portfolio via about 1,400 follow-on financing rounds. HTGF has also successfully sold interests in more than 100 companies. Investors in this public-private partnership include the Federal Ministry For Economic Affairs and Energy, the KfW Banking Group, and Fraunhofer-Gesellschaft e.V., as well as the companies ALTANA, BASF, BAYER, B.Braun, Boehringer Ingelheim, Robert Bosch, BÜFA, CEWE, Deutsche Post DHL, Dräger, Drillisch AG, EVONIK, EWE AG, FOND OF Haniel, Hettich, Knauf, Körber, LANXESS, media + more venture Beteiligungs GmbH & Co. KG, PHOENIX CONTACT, Postbank, QIAGEN, RWE Generation SE, SAP, Schufa, Schwarz Gruppe, STIHL, Thüga, Vector Informatik, WACKER and Wilh. Werhahn KG. ## Ascend Capital Partners - Type: VC Fund - Location: Hong Kong, Hong Kong Island, Hong Kong - Relevant deals: 1 - Stages: Series A, Seed - Focus: Health Care, Medical Device, Automotive Founded by two Wall Street professionals in 2002 with the goal of making companies successful by helping them raise capital and improve their management standards. This was done by taking an active role in running these companies (at the Board level and operationally) and helping to secure strategic partnerships.Over USD 100 million in assetsgenerated from successful investments in China, and more recently in Europe. All invested funds come from our partners; no 3rd party money is managed. Since the partners are investing their own capital, they are dedicated to making their investments successful.Led by Monita Mo, one of the founders and a serial entrepreneur. Our partners have decades of experience across a wide range of industries and geographical regions. All investment partners have done business in Asia and bring an extensive network of contacts for our investments. Additionally, they have started, managed, and sold businesses and understand the challenges involved.See the need to share more developed technology to other markets, especially in China, where growth opportunities may be greater. That is why we are currently focusing on companies in Europe and other developed markets that have unique technologies that can be commercialized in their home markets, Asia, and the US. ## XR Invest - Type: VC Fund - Relevant deals: 1 - Stages: Series A, Series C - Focus: Medical Device, Sensor, Medical XR Invest is an investment firm focused on medtech and digital health early-stage start-ups. ## Nordea - Type: VC Fund - Location: Helsinki, Southern Finland, Finland - Relevant deals: 1 - Stages: Debt Financing, Seed - Focus: FinTech, Financial Services, Banking Nordea Bank is Denmark's second-largest bank and counts every fourth Dane among its customers. Through their nationwide network of some 340 branch offices and a broad range of self-service facilities, they are able to offer you a full scale of financial products and services, including Netbank, Online Investment, telephone banking and cashdispensers. ## Cor Group - Type: VC Fund - Location: Oulu, Oulu, Finland - Relevant deals: 1 - Stages: Seed, Pre-Seed, Series A - Focus: Health Care, Medical, Biotechnology Cor Group management consulting firm serving Psychological, Educational, and Behavioral Services. ## Tesi - Type: VC Fund - Location: Helsinki, Southern Finland, Finland - Relevant deals: 1 - Stages: Series A, Series B - Focus: Software, Manufacturing, Health Care Finnish Industry Investment Ltd is a government-owned investment company. It invests the proceeds accrued from the privatisation of state-owned companies in stimulating the growth and internationalisation of Finnish businesses.Finnish Industry Investment invests in venture capital funds and directly in growth companies, together with privateco-investors. The targets are in all sectors. Capital investments are needed for financing the growth of investee companies, and for spin-offs, major industrial investments, and sector and corporate restructurings.The investments of Finnish Industry Investment amount to over MEUR 570 ## Inveni Capital - Type: VC Fund - Location: Helsinki, Southern Finland, Finland - Relevant deals: 1 - Focus: Medical, Health Care, Biotechnology Inveni Capital is a venture capital management company focused on investments in early to growth stage life sciences companies. ## Capricorn Partners - Type: VC Fund - Location: Leuven, Vlaams-Brabant, Belgium - Relevant deals: 1 - Stages: Series B, Series A - Focus: Biotechnology, Health Care, Software Capricorn Partners is a unique independent manager of venture capital, growth capital and quoted equity funds ## Noaber - Type: VC Fund - Location: Lunteren, Gelderland, The Netherlands - Relevant deals: 1 - Stages: Seed, Series A - Focus: Health Care, Medical, Fitness Noaber Ventures invests in initiatives that bring social transformations using information technology. ## Marten Mickos - Type: Angel - Location: San Francisco, California, United States - Relevant deals: 1 - Stages: Seed, Series A, Convertible Note - Focus: Software, Internet, Enterprise Software Marten Mickos is the CEO of HackerOne, Inc. the leading vulnerability coordination and bug bounty platform. Previously Marten was the CEO of Eucalyptus Systems, acquired by Hewlett-Packard where he served as head of the cloud business. As the CEO of MySQL AB from 2001 to 2008, Marten grew that company from a garage start-up to the second largestopen source company in the world. Marten holds a M.Sc. in technical physics from Helsinki University of Technology in his native Finland. ## Ali Omar - Type: Angel - Location: Helsinki, Southern Finland, Finland - Relevant deals: 1 - Stages: Seed, Pre-Seed, Angel - Focus: Software, SaaS, Artificial Intelligence Ali Omar is a Member of the Finnish Business Angels Network. He attended Aalto University and the University of Oulu. ## Esther Dyson - Type: Angel - Location: New York, New York, United States - Relevant deals: 1 - Stages: Seed, Series A - Focus: Health Care, Medical, Software Esther Dyson - Founder @ Way to Wellville ## Visionplus - Type: VC Fund - Location: Helsinki, Southern Finland, Finland - Relevant deals: 1 - Stages: Seed, Series A - Focus: Software, Information Technology, Internet WE HELP YOU TO GROW FASTER! ## M Ventures - Type: VC Fund - Location: Amsterdam, Noord-Holland, The Netherlands - Relevant deals: 1 - Stages: Series A, Series B, Seed - Focus: Biotechnology, Health Care, Therapeutics 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. ## SHS Capital - Type: VC Fund - Location: Tübingen, Baden-Wurttemberg, Germany - Relevant deals: 1 - Stages: Series C, Series A - Focus: Health Care, Medical Device, Biotechnology SHS, founded in 1993, is an independent private equity company. Their focus is on investments in the MedTech, Life Sciences, Diagnostics and Digital Health sectors.SHS is one of the leading healthcare growth investors in Germany and has launched five generations of funds since its foundation and invested in over 50 companies. Investments arecurrently being made by the fourth and fifth generations of funds. The latest fund, SHS V, is still open for subscription until end of June 2019.They do invest in young, high-growth companies as well as realize small buyouts and growth financings of established companies. ## Hadean Ventures - Type: VC Fund - Location: Oslo, Oslo, Norway - Relevant deals: 1 - Stages: Series A, Series B - Focus: Biotechnology, Health Care, Pharmaceutical 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 ## Way to Wellville - Type: VC Fund - Location: Astoria, Oregon, United States - Relevant deals: 1 - Stages: Series B, Series A - Focus: Software, Health Care, Medical Wellville is a 10-year national nonprofit project to achieve equitable wellbeing. We support the efforts of The Wellville 5: Five US communities. ## Sunstone Life Science Ventures - Type: VC Fund - Location: Copenhagen, Hovedstaden, Denmark - Relevant deals: 1 - Stages: Series B, Series A - Focus: Biotechnology, Health Care, Medical Sunstone Life Science Ventures is an independent European venture capital investment firm. We enable and empower life science therapeutics innovations. ## Athensmed - Type: VC Fund - Relevant deals: 1 - Stages: Seed, Series A - Focus: Health Care, Medical, mHealth Athensmed Oy ## Jukka Tapaninen - Type: Angel - Relevant deals: 1 - Stages: Seed - Focus: Medical, Software, Education Jukka Tapaninen is an experienced IT business executive and a board member at Fimmic. Jukka also holds board positions at weVision, Addoro Ab, Findity and MeshWorks Wireless Oy.Jukka has a strong background in the IT industry on managing companies and business units globally. His leadership experience, from large companies like SAP and HP, aswell as from strong midsize companies has given him industry knowledge and excellent network within the strategic ecosystem and major customers. Jukka has experience in working in the United States, Singapore and multiple locations in Europe that have given him a good understanding on how business is done in different parts of the world.Jukka holds a M.Sc. degree from the Helsinki School of Economics. ## Nuard Ventures - Type: VC Fund - Relevant deals: 1 - Stages: Seed - Focus: IaaS, Real Time, Predictive Analytics Nuard Ventures invests in innovative early stage companies. ## Kustaa Piha - Type: Angel - Location: Helsinki, Southern Finland, Finland - Relevant deals: 1 - Stages: Seed - Focus: Health Care, Medical, mHealth Healthcare business development, management, and investing. Very good knowledge on healthcare services and public health. Kustaa Piha is interested in new business and investment opportunities and better ways of producing excellent healthcare services. ## Petri Pöyhönen - Type: Angel - Location: Helsinki, Southern Finland, Finland - Relevant deals: 1 - Stages: Series A - Focus: Medical, Biotechnology, Medical Device Petri Pöyhönen ## Asko Schrey - Type: Angel - Relevant deals: 1 - Stages: Seed - Focus: Medical, Health Care, Machine Learning Asko Schrey # About Shizune Shizune.co is an investor database. Core features: - 48,091 startup investors (angels, VCs, accelerators, and others) - Email, phone, LinkedIn (for intros), socials, and other contact data - Updated daily from public funding news - CSV and Excel export The User can access the full database FOR FREE after signing up: shizune.co