What Novax does

Novax AB is the investment and company-building arm of the Swedish family-owned conglomerate Axel Johnson Group, headquartered in Stockholm. Operating with a small core team (1–10 employees at the holding level), Novax acquires, develops, and partially divests equity stakes in Nordic small and medium-sized growth companies, currently managing 34 portfolio companies that together employ more than 8,000 people and generate 13.5–18.6 billion SEK in combined turnover. The portfolio is organized around five thematic verticals — Food of the Future (Ingå Group specialty ingredients, Volta Greentech, Foodbridge seed investments, Gårdsfisk), Preventive Health (Bond Health Group combining STC gyms, Bruce Studios, Aspire Health Hub; Aqua Dental; OneLab; Muntra; Dentech; Apohem), Technical Security (RCO Group with RCO Security, Swedlock, Nimly), Opportunistic Investments (Akind, Personalkollen, Medovia, ApoEx), and the more recently added Energy vertical (AxSol) — with an early-stage venture sleeve called Foodbridge.

Novax makes money not through a traditional product pricing model but through capital appreciation, dividends, and exits from its equity stakes (e.g., the 2025 sale of a Voyado majority to Viking Global Investors at a SEK 3.5B valuation, and divestments of Filippa K and ApoEx Privat Vård to Oscar Jacobson and Tamro respectively). Its go-to-market is sales-led and relationship-driven, leveraging the Axel Johnson network — particularly sister companies Axfood (Hemköp, Willys, Dagab) and Martin & Servera — for deal sourcing, distribution leverage, and off-take agreements (e.g., the NitroCapt green fertilizer off-take with Axfood/Dafgårds). Underlying technology at the Novax level is not product-based; technology capabilities sit within portfolio companies, the most material being Voyado's AI-powered retail loyalty and product-discovery platform.

The company is in a deliberate transition phase: recent leadership changes (Jonas Hedman as CEO from February 2026, Anders Slettengren as Executive Chair from April 2026, Josef Bexell moving to Bond Health Group CEO) coincide with a stated reorientation toward fewer but larger platform investments, illustrated by the launch of Bond Health Group and the consolidation of specialty food ingredients under Ingå Group through the 2024–2025 acquisitions of MSK Ingredients and JM Posner.

Name

Novax

Legal name

Novax AB

Website

https://novax.se

Company type

Private

Founded year

1873

Operating status

Operating

Headcount range

1–10 employees

Short description

Novax AB is the Stockholm-based investment and company-building arm of Axel Johnson Group, actively investing in and developing Nordic growth-stage SMEs across Food of the Future, Preventive Health, Technical Security, Energy, and Opportunistic sectors via 34 portfolio companies.

Ownership category

akta.pro rank

Product category

Private Equity and Venture Investment

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

Keywords

• Private equity investment
• Growth capital
• Portfolio management
• Company building
• Venture incubation

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Investment Returns and Portfolio Company Performance: Novax generates returns through equity investments in small and medium-sized growth companies. Revenue is derived from portfolio company performance, value creation through active ownership, and eventual exits through sales or IPOs.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Novax is an active, long-term partner and investor in growth-stage Nordic SMEs, operating as an ecosystem of more than 30 portfolio companies across Future Food, Preventive Health, Technical Security, and Opportunistic Investments. The company acquires and develops companies—providing patient capital, sector expertise, operational support, and access to the broader Axel Johnson Group network—then drives value creation for eventual exits or long-term holding.

Product overview

Novax is an active, long-term investment partner and company builder operating as an ecosystem with four main focus sectors: Preventive Health, Technical Security, Food of the Future, and Opportunistic Investments. The portfolio includes a diverse set of companies across wellness (Bond Health Group encompassing STC, Bruce Studios, and Aspire Health Hub; Aqua Dental; OneLab; Muntra; Dentech), technical security (RCO Group including RCO Security, Swedlock, and Nimly), food ingredients (Ingå Group comprising Louis Francois, Ulrick & Short, MSK Ingredients, and JM Posner; Volta Greentech), retail technology (Voyado), online pharmacy (Apohem), HR/payroll (Akind, Personalkollen), and healthcare distribution (Medovia). Each portfolio company operates independently while benefiting from Novax's long-term ownership, strategic guidance, and shared ecosystem knowledge.

Differentiator

Problem solved

Functional benefit

Brands

• Foodbridge: Venture division of Novax focused on investing in high-potential early-stage companies in the food sector

Products and services

• Bond Health Group
• RCO Group
• Ingå Group
• Voyado
• Aqua Dental
• STC
• Louis Francois
• Ulrick & Short
• JM Posner
• MSK Ingredients
• Volta Greentech
• Medovia
• Apohem
• Bruce Studios
• Akind

Quantifiable outcome

• 13.5 billion SEK in combined portfolio company revenues
• +3 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability5 records

Partnerships

Eight partnerships are on record, tiered strategic, core and major.

• Kale Foods (Kale United)strategicStrategic or Co-development Partner · 29 May 2026Swedish vegan food distributor Kale Foods acquired the plant-based meat brand Färsodlarna from Novax. The deal strengthens Kale Foods' position in Sweden's plant-based market, with Färsodlarna previously being a Novax portfolio company under Foodbridge.
• TamrostrategicChannel Partner/ Reseller/ Distributor · 25 April 2025Tamro, Sweden's leading pharmaceutical distributor, acquired ApoEx Privat Vård from Novax. This represents a strategic divestment and partnership where Tamro will accelerate growth of the acquired healthcare business.
• NitroCaptstrategicStrategic or Co-development Partner · 11 March 2025FoodBridge/Novax invested in NitroCapt, a Swedish climate tech company developing sustainable nitrogen fertilizer. Axfood and Dafgårds (part of Axel Johnson Group) signed an off-take agreement with NitroCapt to produce bread using green fertilizer.
• AxSolcoreStrategic or Co-development Partner · 25 April 2024AxSol, Axel Johnson's solar energy company, became part of Novax starting June 2024. This integration established Energy as a new focus area for Novax under the leadership of AxSol CEO Marie Strannegård. AxSol owns stakes in six different companies focusing primarily on solar energy.
• Axel Johnson GroupcoreStrategic or Co-development PartnerNovax is the investment company of Axel Johnson Group, a Swedish family business. This relationship provides access to sister companies including Axfood (Hemköp, Willys, Dagab), Martin & Servera, and Bergendahls, creating significant distribution and partnership opportunities for portfolio companies.
• FoodbridgecoreStrategic or Co-development PartnerFoodbridge is Novax's venture division focused on investing in high-potential early-stage companies in the food sector. It empowers entrepreneurs with capital and industry connections to advance their companies to the next growth stage.
• AxfoodmajorStrategic or Co-development PartnerAxfood (owned by Axel Johnson Group) is one of Novax's sister companies, with brands including Hemköp, Willys, and Dagab. They form part of the shared industry network providing knowledge and distribution opportunities for Novax portfolio companies in the food sector.
• Martin & ServeramajorStrategic or Co-development PartnerSweden's leading specialist in restaurant and large-scale catering, delivering to restaurants, cafés, and large kitchens. Part of the Axel Johnson Group network that Novax portfolio companies can leverage for distribution and partnerships.

Scale indicators6 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Investor AB: Swedish family-controlled holding company (Wallenberg sphere) that takes long-term active ownership positions across listed and unlisted companies. Highly comparable to Novax given the parent-conglomerate / investment-arm structure and Swedish/Nordic focus, though Investor AB operates at vastly greater scale and with public-market exposure.
• Kinnevik: Swedish long-term oriented investor with concentrated positions in consumer-internet and digital health companies. Comparable to Novax in its patient, thematic ownership style and Swedish origin, but it focuses on larger, more mature growth-stage assets and is publicly listed.
• Latour: Swedish industrial holding company applying an active, long-term ownership model to industrial and growth-stage businesses. Closely mirrors Novax's "permanent capital, hands-on" investment approach and Nordic roots, with similar multi-decade compounding philosophy.
• Summa Equity: Nordic private equity firm investing with a thematic, sector-specialist approach (sustainability, food, health). Comparable to Novax's vertical focus around Future Food, Preventive Health, and Technical Security, and shares the Nordic geographic footprint.
• Industrifonden: Swedish venture capital investor focused on Deep Tech, Life Science, and Transformative Tech. Co-led Gårdsfisk's Series A alongside Novax/FoodBridge, indicating direct overlap in deal flow; comparable as a Nordic sector-savvy long-term investor with similar stage preferences.
• Verdane: Nordic specialist growth investor backing technology-enabled and consumer brands across Northern Europe. Comparable to Novax as a sector-aware, Nordic growth-stage investor, though Verdane concentrates on tech/SaaS while Novax has a broader vertical mix.

Broad incumbents

• Ratos: Listed Swedish private equity firm with broad multi-sector deal flow. Comparable through the Nordic PE lens and overlap in operating-control investments, but Ratos is significantly larger and broader in scope than Novax's focused-vertical model.
• EQT Partners: One of Europe's largest alternative-investment managers, founded in Sweden. Comparable in Nordic origin and broad thematics (including health, food, and climate), but operates at much larger scale than Novax's 1-10 person investment team.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/novax-ab

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries24 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments11 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Novax