HealthCap
HealthCap is a Stockholm-based venture capital firm founded in 1996 that invests exclusively in life sciences, financing breakthrough therapies for rare diseases, cancers, and genetic conditions across nine funds. It has backed 131+ portfolio companies, achieved 48 IPOs across 14 markets, and 47 approved pharmaceutical products.
- Company typePrivate
- Founded1996
- HeadquartersStockholm, Sweden
- Headcount11–50
- GTM typeB2B
- OfferingServices
What HealthCap does
HealthCap is a Stockholm-based, privately held venture capital firm founded in 1996 by Björn Odlander that invests exclusively in life sciences companies across Europe and globally. The firm has raised nine successive funds (HealthCap I through IX, with the most recent classified under EU SFDR Article 8) and has financed more than 131 portfolio companies developing breakthrough therapies for rare diseases, cancers, and genetic diseases. HealthCap operates with 27 named professionals across its Stockholm headquarters and Lausanne (Switzerland) office, with a partner group dominated by MDs and PhDs trained at Karolinska Institutet, ETH Zurich, and other leading institutions, many of whom previously held senior R&D and business development roles at AstraZeneca, Merck Serono, Bayer, Medtronic, and SEB Företagsinvest.
The firm's core activity is multi-stage venture investing — from academic spin-out co-creation through IPO or trade sale — in clinical- and pre-clinical-stage biotech, pharma, medtech, and digital health companies. HealthCap differentiates through active ownership: one or more partners typically take board seats in portfolio companies, and the firm leverages its scientific and industrial networks to recruit experienced operators to portfolio management. Co-founded companies include Tribune Therapeutics, Neobiomics, Mahzi Therapeutics, Pretzel Therapeutics, Precirix, and Positrigo. HealthCap's track record includes 47 approved pharmaceutical products, 50 approved innovative medical devices, 48 IPOs across 14 different stock markets, and trade-sale exits to J&J (Actelion), Bayer (Algeta), AstraZeneca (Fusion Pharmaceuticals, ~$2.4B), Alexion (Wilson Therapeutics), Medtronic (CoreValve), and Shire (Jerini).
HealthCap's business model is fund management: management fees on committed/invested capital across nine funds form the recurring revenue base, while capital appreciation is realized at portfolio exit events (IPO or M&A). Deal flow is sourced through direct enterprise-style relationship origination, deep academic and clinical research community partnerships (particularly with Karolinska Institutet, ETH Zurich, VUB, and University of Cambridge), and co-investor syndicates. The firm is a founding member of the European Life Sciences Coalition (members collectively manage over €24 billion in assets) and is a signatory of the UN Principles for Responsible Investment. Limited-partner pricing (management fees, carried interest, minimum commitments) is not publicly disclosed.
HealthCap firmographics
Firmographics- Name
- HealthCap
- Legal name
- Odlander, Fredrikson & Co AB
- Website
- https://www.healthcap.eu
- Company type
- Private
- Founded year
- 1996
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- HealthCap is a Stockholm-based venture capital firm founded in 1996 that invests exclusively in life sciences, financing breakthrough therapies for rare diseases, cancers, and genetic conditions across nine funds. It has backed 131+ portfolio companies, achieved 48 IPOs across 14 markets, and 47 approved pharmaceutical products.
- Ownership category
- akta.pro rank
HealthCap industry classification
Industry- Product category
- Life Sciences Venture Capital
- NAICS
- Finance and Insurance (52), Portfolio Management and Investment Advice (523940)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Healthcare & Life Sciences Growth Equity (FSANACAB)
- akta.pro secondary industry
- Women’s Health & Reproductive Specialty Pharmaceuticals (HLAIACAN)
Keywords
Where HealthCap is headquartered
LocationHeadquarters
- HQ city
- Stockholm
- HQ country
- Sweden
- HQ region
- Europe
Offices2 records
Markets served
HealthCap business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others
Revenue model
- Venture capital fund management: HealthCap is a venture capital firm that has raised nine funds since 1996 and invests in life science companies, generating returns through capital appreciation driven by portfolio company IPOs, trade sales, and approved products. Revenue is realized primarily at exit events (IPO or M&A), with recurring management activity across the fund lifecycle.
- Investment exits (IPO and trade sale returns): HealthCap has taken more than 45 companies public (48 IPOs across fourteen markets per homepage) and completed numerous trade sales (e.g., Actelion to J&J, Algeta to Bayer, Wilson Therapeutics to Alexion, Fusion Pharmaceuticals to AstraZeneca for ~$2.4B, Jerini to Shire, CoreValve to Medtronic), generating capital gains from these successful exits.
Go-to-market motion2 records
Distribution channels3 records
Marketing channels5 records
HealthCap product offering
Product offeringCore offering
HealthCap is a European life sciences venture capital firm that raises successive funds (HealthCap I through IX) and invests equity capital into multi-stage biotech, pharma, medtech, and digital health companies developing breakthrough therapies for rare diseases, cancers, and genetic diseases. HealthCap partners take board seats in portfolio companies, co-found ventures from academic research, and support companies from inception through IPO or trade sale exit. The firm has financed more than 130 portfolio companies and supported 34 approved pharmaceutical products and 50 approved medical devices since 1996.
Differentiator
Problem solved
Functional benefit
Brands
- HealthCap IX: HealthCap's ninth and current venture capital fund, which promotes environmental and social characteristics in accordance with Article 8 of the EU Sustainable Finance Disclosure Regulation (SFDR).
Products and services
- HealthCap Life Science Venture Capital Funds (HealthCap I–IX)
- HealthCap IX Fund (SFDR Article 8)
Quantifiable outcome
- 131 portfolio companies financed
- +5 more outcomes
Companies that use HealthCap
Customer profileSegments3 records
Ideal customer profiles3 records
HealthCap technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
HealthCap partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- European Life Sciences Coalition (ELSC)core — industry coalition leadershipFounding member of the European Life Sciences Coalition launched in 2026 to strengthen Europe's life sciences investment ecosystem by mobilizing private and public funding. Coalition members collectively manage over €24 billion in assets and include Forbion, HealthCap, Novo Holdings, Omega Funds, Sofinnova Partners, Cooley, and Covington & Burling. The coalition aims to address structural barriers limiting Europe's ability to finance and scale life sciences innovations and to reverse the trend of European biotechs listing abroad (66 of 67 EU-based biotech IPOs in the past six years occurred outside the EU).
Scale indicators9 records
Recent moves6 records
Expansion highlights5 records
HealthCap competitors and assessment
Company assessmentDirect peers
- Forbion: European life sciences venture capital firm investing in multi-stage biotech and medtech companies. Direct peer given overlapping fund size, similar European geographic base, and co-membership in the European Life Sciences Coalition.
- Sofinnova Partners: Paris-based European life sciences venture capital firm with a multi-decade track record of biotech investing. Direct peer given similar strategy of backing breakthrough therapies across clinical stages and co-membership in the European Life Sciences Coalition.
- Novo Holdings (Novo Ventures): Danish-owned investment firm with a major life sciences venture arm. Direct peer given overlapping portfolio companies (Hemab Therapeutics co-investor), similar late-stage European biotech focus, and ELSC co-membership.
- Omega Funds: Boston- and London-based life sciences investment firm investing across public and private biotech. Direct peer given shared focus on breakthrough therapeutics and ELSC co-membership.
- EQT Life Sciences (formerly LSP): European life sciences venture capital firm that invests across early- and growth-stage healthcare. Direct peer given comparable fund size, multi-stage strategy, and European base.
- Kurma Partners: Paris-based European healthcare and life sciences venture capital firm. Direct peer given similar investment stages and focus on European biotech breakthrough therapies.
- Atlas Venture: US- and UK-based early-stage life sciences venture capital firm building biotech companies from inception. Direct peer given co-founding/company-creation model that overlaps with HealthCap's approach with Tribune, Mahzi, and others.
- SR One (GSK): Transatlantic life sciences venture capital firm investing in biotech and healthcare companies. Direct peer given similar multi-stage biotech investing thesis with European and US exposure.
- Andera Partners (Life Sciences): Paris-based venture and growth capital firm with a dedicated Life Sciences practice. Direct peer given shared European biotech focus and stage-agnostic life sciences investing.
Regional players
- Lundbeckfonden Ventures: Copenhagen-based life sciences investment arm of the Lundbeck Foundation, focused on European biotech. Regional peer given Nordic geographic proximity and similar biotech-stage investing.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks5 records
Key highlights6 records
Customer concentration
HealthCap social profiles
Digital presenceHealthCap compliance and trust
Trust signalCompliance3 records
HealthCap financial estimates
Financial estimateRevenue estimate
Valuation estimate
HealthCap leadership team
Management profileNumber of profiles
Profiles27 records
HealthCap subsidiaries and ownership
Company hierarchySubsidiaries1 record
HealthCap funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
HealthCap M&A and investment
M&A and investmentM&A
Investments134 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about HealthCap
What does HealthCap do?
HealthCap is a European life sciences venture capital firm that raises successive funds (HealthCap I through IX) and invests equity capital into multi-stage biotech, pharma, medtech, and digital health companies developing breakthrough therapies for rare diseases, cancers, and genetic diseases. HealthCap partners take board seats in portfolio companies, co-found ventures from academic research, and support companies from inception through IPO or trade sale exit. The firm has financed more than 130 portfolio companies and supported 34 approved pharmaceutical products and 50 approved medical devices since 1996.
Is HealthCap a public or private company?
HealthCap is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was HealthCap founded?
HealthCap was founded in 1996. It employs 11 to 50 people.
Where is HealthCap based?
HealthCap is headquartered in Stockholm, Sweden, in the Europe region.
How does HealthCap make money?
Two revenue lines are on record. Venture capital fund management is the primary driver. The others are investment exits (IPO and trade sale returns).
Who are HealthCap's main competitors?
Direct peers on record are Forbion, Sofinnova Partners, Novo Holdings (Novo Ventures), Omega Funds, EQT Life Sciences (formerly LSP), Kurma Partners, Atlas Venture, SR One (GSK) and Andera Partners (Life Sciences). Lundbeckfonden Ventures is listed as a regional player.
Does HealthCap have an API?
No public API is recorded for HealthCap.
What industry is HealthCap in?
HealthCap's product category is Life Sciences Venture Capital. Its primary akta.pro industry code is FSANACAB, Healthcare & Life Sciences Growth Equity, with a secondary code of HLAIACAN, Women’s Health & Reproductive Specialty Pharmaceuticals. Its NAICS code is 52 and its SIC code is 6282.