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.
Key facts
Recent exits
Coverage notes
6 funds tracked, 57 portfolio companies (26 active · 31 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
57 companiesFunds & portfolio
Every fund HealthCap has raised, with its portfolio companies. Hand-checked from public filings.
HealthCap VIIIVC2021 · 5yr13 active
Unrealized
13 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Biotech |  Denmark | 2021 | |
| Biotech |  Germany | 2022 | |
| Biotech |  US | 2021 | |
| MedTech |  Finland | 2026 | |
| HealthTech |  Sweden | 2021 | |
| Pharma | Sweden | 2025 | |
| HealthTech | Germany | 2021 | |
| Biotech | Denmark | 2021 | |
| Biotech | US | 2025 | |
| Biotech | Sweden | 2026 | |
| MedTech |  Switzerland | 2025 | |
| Biotech | US | 2022 | |
| Biotech | US | 2023 |
Denmark· Entry 2021Germany· Entry 2022US· Entry 2021Finland· Entry 2026Sweden· Entry 2021Sweden· Entry 2025Germany· Entry 2021Denmark· Entry 2021US· Entry 2025Sweden· Entry 2026Switzerland· Entry 2025US· Entry 2022US· Entry 2023HealthCap VIIVCHarvesting2016 · 10yr10 active · 4 realized
Unrealized
10 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| HealthTech | Sweden | 2017 | |
| Biotech | US | 2018 | |
| Biotech | US | 2020 | |
| Biotech | Sweden | 2018 | |
| Biotech | SE | 2016 | |
| Biotech |  Belgium | 2018 | |
| Biotech |  Ireland | 2020 | |
| Biotech | Ireland | 2020 | |
| Pharma | Sweden | 2018 | |
| Biotech |  France | 2016 |
Sweden· Entry 2017US· Entry 2018US· Entry 2020Sweden· Entry 2018Belgium· Entry 2018Ireland· Entry 2020Ireland· Entry 2020Sweden· Entry 2018France· Entry 2016Realized
4 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Biotech | Sweden | 2016 | 2019 | IPO | – | – | |
| Biotech | Sweden | 2016 | 2019 | IPO | – | – | |
| Biotech | US | 2018 | 2023 | IPO | – | ||
| Biotech | Canada | 2017 | 2024 | Trade Sale | – |
HealthCap VIVCHarvesting2008 · 18yr1 active · 11 realized
Realized
11 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| MedTech | US | 2009 | 2016 | Trade Sale | – | ||
| Biotech | US | 2009 | 2012 | Trade Sale | – | ||
| Biotech | France | 2015 | 2016 | IPO | – | – | |
| MedTech | Sweden | 2008 | 2017 | IPO | – | – | |
| Biotech | NO | 2013 | 2015 | IPO | – | – | |
| Biotech | SE | 2013 | 2017 | IPO | – | – | |
| MedTech | US | 2010 | 2020 | IPO | – | – | |
| Biotech | US | 2011 | 2014 | IPO | – | – | |
| Biotech | US | 2011 | 2014 | IPO | – | – | |
| Pharma | Sweden | 2012 | 2018 | Trade Sale | – | ||
| Pharma | US | 2014 | 2021 | Trade Sale | – |
HealthCap VVCHarvesting2005 · 21yr1 active · 6 realized
Realized
6 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Biotech |  Norway | 2005 | 2014 | Trade Sale | – | ||
| MedTech | Sweden | 2006 | 2017 | IPO | – | – | |
| Biotech | France | 2005 | 2015 | IPO | – | – | |
| MedTech | US | 2007 | 2009 | Trade Sale | – | ||
| Biotech | Germany | 2005 | 2008 | Trade Sale | – | ||
| MedTech | FI | 2007 | 2014 | IPO | – | – |
HealthCap IVVCRealized2002 · 24yr0 active · 3 realized
Realized
3 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| MedTech | US | 2003 | 2007 | – | – | – | |
| Biotech | US | 2003 | 2004 | IPO | – | – | |
| Biotech | US | 2003 | 2010 | IPO | – | – |
US· Entry 2003HealthCap (early funds)VCHarvesting1996 · 30yr1 active · 7 realized
Realized
7 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Pharma | Switzerland | 1997 | 2017 | Trade Sale | – | ||
| Biotech | Sweden | 1997 | 2000 | IPO | – | – | |
| MedTech | Sweden | 1996 | 2005 | Trade Sale | – | ||
| Biotech | Switzerland | 1999 | 2002 | IPO | – | – | |
| MedTech | Sweden | 2000 | 2016 | Trade Sale | – | ||
| Pharma | Sweden | 1996 | 1998 | IPO | – | – | |
| Pharma | US | 2001 | 2003 | IPO | – | – |
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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. Detailed buyer names and multiple data available on Pro at €29/month.
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