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HealthCap

Europe, Stockholms Lan, Sweden, Stockholm

Description

HealthCap is a prominent Stockholm-based venture capital firm with a specialized focus on multi-stage life sciences companies, including biotechnology, medical technology, diagnostics, and digital health. Established in 1996, the firm has cultivated a strong reputation for identifying and nurturing innovative companies from their early stages through to commercial success. With a deep understanding of the scientific and commercial complexities within the life sciences sector, HealthCap leverages its extensive network and expertise to support its portfolio.

Over its more than two decades of operation, HealthCap has demonstrated significant fundraising prowess, having successfully raised over EUR 1 billion across nine dedicated funds. Their latest fund, HealthCap IX, closed in 2021 with commitments totaling €200 million, underscoring their continued ability to attract substantial capital for life sciences investments. The firm's investment strategy is characterized by its willingness to lead funding rounds, providing substantial capital and strategic guidance to its portfolio companies, primarily across Europe and occasionally in the United States.

HealthCap's investment track record is robust, with the firm having invested in more than 100 companies since its inception. This extensive portfolio includes numerous successful exits through initial public offerings (IPOs) and strategic acquisitions, highlighting their proficiency in generating returns for their limited partners. Notable successes include companies that have gone on to become leaders in their respective fields, contributing significantly to advancements in healthcare.

Investor Profile

HealthCap has backed more than 125 startups, with 7 new investments in the last 12 months alone. The firm has led 31 rounds, about 25% of its total and boasts 35 exits across its portfolio.

Investment Focus Highlights

  • Concentrates on Series A, Series B, Series Unknown rounds (top funding stages).
  • Majority of deals are located in United States, Sweden, France.
  • Strong thematic focus on Biotechnology, Health Care, Medical.
  • Led 1 rounds in the past year.
  • Typical check size: $5M – $25M.

Stage Focus

  • Series A (31%)
  • Series B (27%)
  • Series Unknown (22%)
  • Series C (10%)
  • Series E (3%)
  • Post Ipo Equity (2%)
  • Seed (2%)
  • Series D (2%)
  • Private Equity (1%)

Country Focus

  • United States (42%)
  • Sweden (22%)
  • France (7%)
  • Germany (6%)
  • Ireland (5%)
  • Denmark (5%)
  • Switzerland (4%)
  • Canada (2%)
  • United Kingdom (2%)
  • Finland (2%)

Industry Focus

  • Biotechnology
  • Health Care
  • Medical
  • Therapeutics
  • Pharmaceutical
  • Medical Device
  • Biopharma
  • Life Science
  • Health Diagnostics
  • Manufacturing
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FAQ

Frequently Asked Questions

Learn who this investor regularly partners with—both firms and angels—and explore their latest activity.

Who does HealthCap frequently co-invest with?

OrbiMed
North America, New York, United States, New York
Co-Investments: 8
HBM Healthcare Investments
Europe, Zug, Switzerland, Zug
Co-Investments: 6
Ysios Capital
Europe, Pais Vasco, Spain, San Sebastian
Co-Investments: 8
RA Capital Management
North America, Massachusetts, United States, Boston
Co-Investments: 8
Apax Partners
Europe, England, United Kingdom, London
Co-Investments: 8
Industrifonden
Europe, Stockholms Lan, Sweden, Stockholm
Co-Investments: 8
Novo Holdings
Europe, Hovedstaden, Denmark, Hellerup
Co-Investments: 17
TPG Biotech
North America, California, United States, San Francisco
Co-Investments: 9
Alta Partners
North America, Mississippi, United States, Jackson
Co-Investments: 8
Sofinnova Partners
Europe, Ile-de-France, France, Paris
Co-Investments: 9

Which angels does HealthCap often collaborate with?

Shared Deals: 1
John Bloom
North America, Indiana, United States, Indianapolis
Shared Deals: 1
LL
Europe, Stockholms Lan, Sweden, Stockholm
Shared Deals: 1

What are some of recent deals done by HealthCap?

Oncorena

Lund, Skane Lan, Sweden

Oncorena treatment for renal cancer

BiotechnologyHealth CareTherapeutics
Series UnknownJun 26, 2025
Amount Raised: $14,084,623
Positrigo

Zürich, Zurich, Switzerland

Positrigo is a company dedicated to the development, production, and sales of dedicated brain positron emission tomography (PET) scanners.

Health CareManufacturingMedical Device
Series UnknownJun 10, 2025
Amount Raised: $8,513,195
Tribune Therapeutics

Stockholm, Stockholms Lan, Sweden

Tribune Therapeutics specializes in building promising pipeline of novel medicines to treat patients with a wide range of fibrotic diseases.

BiotechnologyPharmaceuticalTherapeutics
Series AMar 26, 2025
Amount Raised: $24,838,523
HelloBetter

Berlin, Berlin, Germany

Leading provider of digital therapeutics for mental health: 10 DTx, 6 PDTx with universal reimbursement for 73m+ people, 33 clinical studies

Health CareMedical DeviceMental HealthmHealthPersonal HealthPsychologyTherapeutics
Series UnknownMar 5, 2025
Amount Raised: $6,371,950
ADCendo

Copenhagen, Hovedstaden, Denmark

ADCendo ApS is a biotech company dedicated to developing new types of anti-cancer drugs.

BiotechnologyHealth Care
Series BNov 25, 2024
Amount Raised: $135,000,000
SynOx Therapeutics

Dublin, Dublin, Ireland

SynOx Therapeutics is a biotechnology research company that focused on developing the treatment of diffuse tenosynovial giant cell tumors.

BiotechnologyMedicalTherapeutics
Series BOct 30, 2024
Amount Raised: $92,000,000
Kivu Bioscience

San Francisco, California, United States

Kivu Bioscience is a biotechnology company that focuses on developing next-generation antibody-drug conjugates to target cancer.

BiotechnologyHealth CareOncology
Series AOct 28, 2024
Amount Raised: $92,000,000
ADCendo

Copenhagen, Hovedstaden, Denmark

ADCendo ApS is a biotech company dedicated to developing new types of anti-cancer drugs.

BiotechnologyHealth Care
Series AMay 29, 2024
Amount Raised: $17,281,921
SynOx Therapeutics

Dublin, Dublin, Ireland

SynOx Therapeutics is a biotechnology research company that focused on developing the treatment of diffuse tenosynovial giant cell tumors.

BiotechnologyMedicalTherapeutics
Series BApr 22, 2024
Amount Raised: $75,000,000
Aro Biotherapeutics

Philadelphia, Pennsylvania, United States

Aro Biotherapeutics develops tissue-targeted genetic medicines using Centyrins, a proprietary technology, to address complex diseases.

BiotechnologyHealth CareMedicalPharmaceuticalTherapeutics
Series BNov 28, 2023
Amount Raised: $41,500,000