Navigating Life Science Investments in the Nordics

Early in February 2025, an investor event took place at the residence of the Norwegian Ambassador to Denmark. The event was organized by Life Science Academy for Startups, a program that has been EU-funded through Interreg ØKS since 2023, and is being run by ten Nordic ecosystem stakeholders from Sweden, Denmark, and Norway.

The Life Science Academy has developed a joint, cross-Nordic benchmarked model for supporting startups and academic projects within life science. The starting point is a 360-degree analysis based on an extended version of the KTH technology readiness model, followed by a wide variety of training camps and matchmaking. Through this process, the Academy aims to help each startup reach its fullest potential.

As representatives of competent capital, each of them emphasized that an investor brings a lot more than just money to the table.

The investor event at the residency was the third in the series of training camps covering financial strategy. The focus for this session was the investor’s perspective. The four Nordic investors Novo Holdings, Innovestor, Segulah Medical, and BioInnovation Institute, covering drugs, diagnostics, medtech, digital, and bioindustrials, gave their advice to an auditorium full of Nordic life science startups. As representatives of competent capital, each of them emphasized that an investor brings a lot more than just money to the table.

With a room filled with startups and investors, you would think there would be a lot of intensive pitching going on – but no, not this time. The focus was on knowledge-sharing, gaining insights, and building relationships. The participating investors were asked to share insights, and the participating startups were asked to do their homework, read up on each of the investors, and ask to-the-point questions related to their own area or business case. Very often, companies and investors meet at least four to five times before they start a process under a non-disclosure agreement, looking into the details. Seldom do you come out of a first meeting with an investor with a promise of investment. This means that if you push for a decision too early, you will very likely get a no. That’s why you should start building your relationship and pave out a long-term strategy. Based on the vibe and the intense conversations going on over lunch, it seemed all parties were happy with this approach.

What they all emphasized was the people.

An interesting reflection from listening to the four investors was how their competencies and investment strategies cover different technology areas within life science. Where one investor focuses on drug development, another specializes and sees viable business models in diagnostics or health tech. For the startups, one of the challenges is to find and build bridges with investors who are interested in their technology area.

Interestingly, when the investors were asked about the most intriguing part of being an investor, compared to their previous roles in industry or research, they all highlighted the same thing – and it wasn’t the part about the money. What they all emphasized was the people: how many brilliant, dedicated, and resourceful people they meet, the quality discussions and conversations, and how their own experiences and insights might impact new inventors and increase their chances of succeeding.

In her welcome speech, the ambassador referred to the Draghi report and the need to strengthen European industrial competitiveness. Life science companies have a dual potential: bringing new solutions to the market to solve challenges within human or planetary health and being part of our future European industry.

Life sciences bring solutions to many of our greatest challenges – and the pipeline of opportunities is vibrant. Supporting inventors to reach their full potential by building their business case will be key.

About the author

This column was originally written by Hanne Mette Dyrlie Kristensen, VP Business Development, Investor Relations and Collaboration, The Life Science Cluster, for NLS magazine No 01 2025, out February 2025.