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New report: 35 billion SEK to Swedish life sciences in the past 5 years

Jonas Jendi

The period 2015-2019 has been a busy, and expansive one for Swedish life science companies, according to data analysed by Industrifonden.

Industrifonden’s just-released Life Science Report, based on fresh data and analysis examines the flows of capital to Therapeutics, Healthtech, Diagnostics, and Medtech companies from 2015 to 2019. Of the 35 billion SEK total, the stock market represented the main source of financing, contributing 75%, or 26 billion SEK of the total. Venture Capital firms, including Industrifonden, contributed 7 billion SEK, or 22 % of the total.

“A unique range of publicly traded life science companies on the Stockholm markets”

New stock market listings (IPOs) peaked in 2017 shows the report, 15 life science companies went public, raising just shy of 3.5 billion SEK of the 8.4 billion SEK raised through IPOs over the past 5 years. The number of companies listed through an IPO has since declined, with 10 IPOs (worth just under 2 billion SEK) in 2018 and 5 IPOs (just under 1 billion SEK) in 2019.


Follow-on public offerings (FPOs) reached new highs in 2019, raising 7.2 billion SEK, primarily on the Nasdaq main market and First North. Therapeutics was the main area of both IPO and FPO investment in the past 5 years.

“We have a unique range of publicly traded life science companies on the Stockholm markets, from very early companies raising modest amounts to substantial ventures, already internationally recognized. We see a recent slow-down in the addition of new companies, but this from a high level. The public markets, including the smaller platforms, play a key role in the Swedish eco-system of funding early stage life science investments. Almost all of these companies will need to raise more capital as they expand, so it is not surprising to see how the amounts of the follow-on offerings keep growing,” says Jonas Jendi, Investment Manager at Industrifonden, and co-author of the report.

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VC in the Nordics

Venture Capital life science funding in the Nordics was most active in Sweden (49%) and Denmark (32%), with companies raising 7 billion SEK and just shy of 5 billion SEK respectively. Industrifonden, Healthcap, Novo Seeds, Lundbeckfonden and Sunstone were the top five specialized life science investors in Sweden between 2018-2019.


The large investments in consumer-facing digital health companies such as KRY contributed to HealthTech ruling the roost in attracting Swedish capital, attracting 41% of the total, followed by Therapeutics (39%). Medtech and other companies, including Diagnostics/IVD and R&D Tools, together attracted 20% of the total.

Jonas Jendi explained: “the numbers are driven by substantial investments in HealthTech from VC funds with more of a tech profile, as the sector boundaries blur with rapid innovation”.

About the report

The 2020 Industrifonden Life Science Funding report analyses funding trends in life science across the period 2015-2019. It covers funding across the life cycle, from grants, to incubator and angel funding, on to venture capital and the stock markets; the amounts increase for each step.

Read the report here!

Photo of Jonas Jendi: Margareta Blom Sandbaeck