HealthCap
Life-sciences venture capital firm founded 1996, investing globally in biotech, pharma and medtech breakthroughs for high unmet medical need; has financed 131 companies, backed 34 approved drugs and 47 IPOs across nine funds.
HealthCap is a Stockholm venture capital firm with 26 active companies and 31 exits.
- ·3 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 31 realized deals: 6 years.
- ·Top sector focus: Biotech (63% of portfolio).
- ·Fund cadence: ~5Y between vintages · last raise 2021.
Sector breakdown
57 companiesGeography breakdown
14 geographiesKey facts
Recent exits
HealthCap sold Fusion Pharmaceuticals Inc. to AstraZeneca in 2024 after 7 years.
HealthCap took Carisma Therapeutics public in 2023 after 5 years.
HealthCap sold Xeris Biopharma Holdings, Inc (Strongbridge) to Xeris Pharmaceuticals in 2021 after 7 years.
HealthCap took Pulmonx Corp. public in 2020 after 10 years.
Coverage notes
6 funds tracked, 57 portfolio companies (26 active · 31 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund HealthCap has raised, with its portfolio companies. Hand-checked from public filings.
HealthCap VIIIVC202113 assetsVC2021 · 5yr–13–
Unrealized
13 held| Company | Entry |
|---|---|
| Adcendo ApS Biotech · Denmark | 2021 |
| Ariceum Therapeutics Biotech · Germany | 2022 |
| Aro Biotherapeutics Biotech · US | 2021 |
| CurifyLabs MedTech · Finland | 2026 |
| Elsa Science AB HealthTech · Sweden | 2021 |
| Gesynta Pharma Pharma · Sweden | 2025 |
| HelloBetter HealthTech · Germany | 2021 |
| Hemab Therapeutics Biotech · Denmark | 2021 |
| Kivu Bioscience Biotech · US | 2025 |
| Neobiomics Biotech · Sweden | 2026 |
| Positrigo MedTech · Switzerland | 2025 |
| Pretzel Therapeutics Biotech · US | 2022 |
| Rampart Biosciences Biotech · US | 2023 |
HealthCap VIIHarvestingVC201610 assets4 exitsVC2016 · 10yr–104
Unrealized
10 held| Company | Entry |
|---|---|
| Doctrin HealthTech · Sweden | 2017 |
| InCarda Therapeutics Inc. Biotech · US | 2018 |
| Mahzi Therapeutics Biotech · US | 2020 |
| Modus Therapeutics Biotech · Sweden | 2018 |
| Oncorena Biotech · SE | 2016 |
| Precirix Biotech · Belgium | 2018 |
| Priothera Ltd. Biotech · Ireland | 2020 |
| SynOx Therapeutics Ltd Biotech · Ireland | 2020 |
| Vicore Pharma Pharma · Sweden | 2018 |
| Vivet Therapeutics Biotech · France | 2016 |
Realized
4 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Aprea Biotech · Sweden | 2016 | 2019 | IPO | – | – |
| Aprea Therapeutics Biotech · Sweden | 2016 | 2019 | IPO | – | – |
| Carisma Therapeutics Biotech · US | 2018 | 2023 | IPO | Sesen Bio, Inc. | – |
| Fusion Pharmaceuticals Inc. Biotech · Canada | 2017 | 2024 | Trade Sale | AstraZeneca | – |
HealthCap VIHarvestingVC20081 assets11 exitsVC2008 · 18yr–111
Unrealized
1 held| Company | Entry |
|---|---|
| Glionova AB Biotech · Sweden | 2014 |
Realized
11 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| BrainCool AB (BeneChill Inc.) MedTech · US | 2009 | 2016 | Trade Sale | BrainCool AB | – |
| Ferrokin Biosciences Inc. Biotech · US | 2009 | 2012 | Trade Sale | Shire | – |
| GenSight Biologics S.A. Biotech · France | 2015 | 2016 | IPO | – | – |
| Mips AB MedTech · Sweden | 2008 | 2017 | IPO | – | – |
| Nordic Nanovector AS Biotech · NO | 2013 | 2015 | IPO | – | – |
| Oncopeptides AB Biotech · SE | 2013 | 2017 | IPO | – | – |
| Pulmonx Corp. MedTech · US | 2010 | 2020 | IPO | – | – |
| Ultragenyx Biotech · US | 2011 | 2014 | IPO | – | – |
| Ultragenyx Pharmaceuticals Inc. Biotech · US | 2011 | 2014 | IPO | – | – |
| Wilson Therapeutics AB Pharma · Sweden | 2012 | 2018 | Trade Sale | Alexion Pharmaceuticals | – |
| Xeris Biopharma Holdings, Inc (Strongbridge) Pharma · US | 2014 | 2021 | Trade Sale | Xeris Pharmaceuticals | – |
HealthCap VHarvestingVC20051 assets6 exitsVC2005 · 21yr–16
Unrealized
1 held| Company | Entry |
|---|---|
| Alba Therapeutics Corp Biotech · US | 2005 |
Realized
6 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Algeta ASA Biotech · Norway | 2005 | 2014 | Trade Sale | Bayer | – |
| Bonesupport AB MedTech · Sweden | 2006 | 2017 | IPO | – | – |
| Cerenis Therapeutics Holding SA Biotech · France | 2005 | 2015 | IPO | – | – |
| CoreValve SA MedTech · US | 2007 | 2009 | Trade Sale | Medtronic | – |
| Jerini AG Biotech · Germany | 2005 | 2008 | Trade Sale | Shire | – |
| Nexstim Oy MedTech · FI | 2007 | 2014 | IPO | – | – |
HealthCap IVRealizedVC20020 assets3 exitsVC2002 · 24yr–03
Realized
3 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Bionaut Pharmaceuticals Inc. MedTech · US | 2003 | 2007 | – | – | – |
| Renovis Inc. Biotech · US | 2003 | 2004 | IPO | – | – |
| Tengion Inc Biotech · US | 2003 | 2010 | IPO | – | – |
HealthCap (early funds)HarvestingVC19961 assets7 exitsVC1996 · 30yr–17
Unrealized
1 held| Company | Entry |
|---|---|
| Affibody AB Biotech · Sweden | 2001 |
Realized
7 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Actelion Holding Ltd Pharma · Switzerland | 1997 | 2017 | Trade Sale | Johnson & Johnson | – |
| Biotage AB (Pyrosequencing AB) Biotech · Sweden | 1997 | 2000 | IPO | – | – |
| Carmeda AB MedTech · Sweden | 1996 | 2005 | Trade Sale | W.L. Gore & Associates | – |
| Cytos Biotechnology AG Biotech · Switzerland | 1999 | 2002 | IPO | – | – |
| Gyros AB MedTech · Sweden | 2000 | 2016 | Trade Sale | Mesa Laboratories | – |
| Karo Pharma (Karo Bio) Pharma · Sweden | 1996 | 1998 | IPO | – | – |
| Pharmion Corp. Pharma · US | 2001 | 2003 | IPO | – | – |
About HealthCap
HealthCap is one of Europe's longest-track-record dedicated life sciences venture capital firms with more than €1.2 billion of cumulative committed capital across 9 funds as of December 2024 (HealthCap IX closed April 2025 with €48 million anchor from Novo Holdings and EIFO), headquartered in Stockholm with an additional office in Lausanne. The firm was founded in 1996 and operates as a partner-owned independent VC. HealthCap has backed 132 portfolio companies historically with 34 plus approved drugs, 48 IPOs across 14 markets and over 5 million patients treated.
Investment thesis
HealthCap deploys capital through nine flagship funds (HealthCap I through IX), targeting multi-stage life sciences venture investments in targeted therapies for rare diseases, cancers and genetic disorders. The platform deploys across clinical and preclinical biotech. Sector focus spans biotechnology, pharmaceuticals, therapeutics, medical devices, precision medicine and diagnostics. Geographic deployment is anchored in the Nordics (Sweden, Denmark, Finland, Norway) with global syndicate co-investments across Europe and the US.
Recent activity
Recent realised exits include biotech (2025), therapeutics (2025), biotech (2024) and medical devices (2024). Recent acquisitions include Hemab Series C (biotech, October 2025), Step Pharma Series C (therapeutics, October 2025), Tribune Therapeutics (biotech, March 2025) and Positrigo (medical devices, June 2025). The platform continues active deployment of HealthCap IX across the Nordic life sciences ecosystem.
Frequently asked questions
- What investment strategy does HealthCap focus on?
- HealthCap focuses on VC strategies in the private equity space.
- How many portfolio companies does HealthCap have?
- HealthCap has 26 active portfolio companies and 31 completed exits and 6 funds tracked on GP Intel.
- Where is HealthCap headquartered?
- HealthCap is headquartered in Stockholm, Sweden.
- When was HealthCap founded?
- HealthCap was founded in 1996.
- What sectors does HealthCap invest in?
- HealthCap invests across Healthcare.
- What are HealthCap's recent exits?
- Recent realized exits by HealthCap include: Fusion Pharmaceuticals Inc. (2024) to AstraZeneca; Carisma Therapeutics (2023) to Sesen Bio, Inc.; Xeris Biopharma Holdings, Inc (Strongbridge) (2021) to Xeris Pharmaceuticals; Wilson Therapeutics AB (2018) to Alexion Pharmaceuticals; Actelion Holding Ltd (2017) to Johnson & Johnson; BrainCool AB (BeneChill Inc.) (2016) to BrainCool AB; Gyros AB (2016) to Mesa Laboratories; Algeta ASA (2014) to Bayer.
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