Industrifonden is an independent, evergreen venture capital fund based in Stockholm, Sweden, founded in 1979. It backs transformative early-stage Nordic companies in deep tech, life sciences, and transformative technology, typically investing SEK 10–50 million as a first ticket.
Deal activity decreased year-over-year (3 deals in the last 12 months vs 8 prior). Average disclosed round size is $19.2M (across 44 rounds with reported amounts).
Portfolio
78
Fund Size
—
Top Stage
Unknown
Last 12 Mo
3
Team
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
106 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Pixelgen | Series B | $15.5M | Aug 2026 |
 VESIRO | Seed | — | Feb 2026 |
 AlixLabs | Series A | — | Nov 2025 |
| Pixelgen | Seed | $14.7M | Jun 2025 |
| Pixelgen | Series B | $15.5M | Jun 2025 |
 Tribune Therapeutics | Series A | — | Apr 2025 |
 Novatron Fusion Group | Series A | $10.8M | Mar 2025 |
 Gårdsfisk | Series A | — | Mar 2025 |
 Echandia | Unknown | $22M | Mar 2025 |
| AAgteria Biotech | Seed | — | Feb 2025 |
 Open Payments | Unknown | — | Jan 2025 |
 AnaCardio | Series A | $19M | Jan 2025 |
| Gårdsfisk | Series A | — | Jan 2025 |
| Pixelgen | Series A | $7.3M | Jan 2025 |
 Gesynta Pharma | Series B | — | Jan 2025 |
| TTrusTrace | Series A | $5.8M | Aug 2024 |
 ZeroPoint | Series A | — | May 2024 |
 Telness Tech | Bridge | $5.4M | Apr 2024 |
 Asgard Therapeutics | Series A | — | Mar 2024 |
 Arevo | Unknown | — | Jan 2024 |
| TTrusTrace | Unknown | $24M | Jan 2024 |
 Cellevate AB | Seed | — | Oct 2023 |
| Novatron Fusion Group | Seed | — | Aug 2023 |
 Apica | Unknown | $10M | Aug 2023 |
 Soundtrack Your brand | Growth | $15M | Jun 2023 |
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Top Co-Investors
Northzone10 shared
Balderton Capital7 shared
HealthCap7 shared
Climentum Capital6 shared
Almi Invest6 shared
Wellington Management5 shared
Sunstone Life Science Ventures5 shared
Novo Capital5 shared
Axon Partners Group4 shared
Oxx4 shared
SoftBank Vision Fund4 shared
Norrsken Launcher4 shared
Pureos Bioventures4 shared
Novo Holdings A/S4 shared
F-Prime Capital3 shared
Eight Roads3 shared
Zobito3 shared
Kreos Capital3 shared
Innovestor3 shared
Last updated: 7 October 2026