# Industrifonden: portfolio, investments and team

> Industrifonden is a vc firm based in Sweden. 140 investments on record, 12 in the last 12 months, latest Oct 2026. Portfolio, stages, co-investors and team.

Source: https://millionrounds.com/fund/industrifonden (Millionrounds; every figure on the page links to its filing or article)

Sweden · [Investor](https://millionrounds.com/investors)

# Industrifonden

Last cheque observed Oct 2026; 140 cheques on record.

Email

Deploying now VC firm

Seed Series A Tech-enabled Health Ehealth Greentech

Follow Industrifonden and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Findustrifonden)

Deploying now

**63%** of best year **12** **cheques in 12 months**, 140 on record

Since the last cheque **17** days **00** hrs **00** min **00** sec

Median round **$5.8M** Cheque size, as they say **$1.0M – $5.0M** Rounds led **7 of 140** Sole investor **31 rounds** Exits **7 from the portfolio** Mostly in **Sweden, 92%**

Pitch Industrifonden

## Industrifonden highlights

- 01 12 cheques in the last 12 months
- 02 Mostly Venture and Series A: 72% of its rounds
- 03 Sole investor in 31 rounds, median $3.7M
- 04 7 exits from the portfolio

## What they do

> We are Sweden’s Venture Capital Fund. From their own website

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** $1.0M – $5.0M as they say
- **Stages:** Seed Series A
- **Sectors:** Tech-enabled Health Ehealth Greentech
- **Based in:** Stockholm, Sweden
- **Cold pitches:** Not accepted

## The record

Every round we can evidence, newest first **140 appearances**

- **2026** 9 rounds
- **Oct** **[OlsAro](https://millionrounds.com/company/olsaro)** Seed · SE · AgFunderNews **$5.5M** *Led*
- **Oct** **[AnaCardio](https://millionrounds.com/company/anacardio)** Series B · CH · Firms' own news pages **$71M** With 10 others
- **Sept** **[Evam](https://millionrounds.com/company/evam)** SE · Firms' own news pages **$4.0M** *Led*
- **Sept** **[EnginZyme](https://millionrounds.com/company/enginzyme)** Venture · SE **$7.6M** With 3 others
- **Aug** **[Pixelgen Technologies](https://millionrounds.com/company/pixelgen-technologies)** Series B · SE **$16M** With 1 other
- **Jun** **[Enginio](https://millionrounds.com/company/enginio)** Gorilla Capital **Undisclosed** *Led*
- **Mar** **[Cellevate](https://millionrounds.com/company/cellevate)** Seed · SE **$2.2M** With 3 others
- **Feb** **[Vesiro](https://millionrounds.com/company/vesiro)** Seed · SE **$1.9M** With 2 others
- **Jan** **[TrialBee](https://millionrounds.com/company/trialbee)** Venture · SE **Undisclosed** With 1 other
- **2025** 19 rounds
- **Dec** **[Melt&Marble](https://millionrounds.com/company/melt-and-marble)** Series A **$8.5M** With 2 others
- **Nov** **[AlixLabs](https://millionrounds.com/company/alixlabs)** Series A · SE · Silicon Canals **$16M** *Led*
- **Nov** **[BOOST Pharma](https://millionrounds.com/company/boost-pharma)** Venture · DK **$3.6M** With 1 other
- **Oct** **[Arevo](https://millionrounds.com/company/arevo)** Venture · SE **$8.5M** Sole investor
- **Sept** **[SeaPattern](https://millionrounds.com/company/seapattern)** Seed · SE · Silicon Canals **$5.8M** *Led*
- **Sept** **[Yangi](https://millionrounds.com/company/yangi)** Series A · SE **$12M** With 1 other
- **Aug** **[Trackpaw Scientific](https://millionrounds.com/company/trackpaw-scientific)** Seed · SE **$2.7M** With 1 other
- **Apr** **[Cellevate](https://millionrounds.com/company/cellevate)** Venture · SE **Undisclosed** With 2 others
- **Mar** **[Novatron](https://millionrounds.com/company/novatron)** Series A · SE **$11M** With 2 others
- **Mar** **[Grdsfisk](https://millionrounds.com/company/grdsfisk)** Series A · SE **$5.0M** With 1 other
- **Mar** **[Echandia](https://millionrounds.com/company/echandia)** Venture · SE **$31M** With 1 other
- **Mar** **[Tribune Therapeutics](https://millionrounds.com/company/tribune-therapeutics)** Series A · SE **$25M** With 2 others
- **Feb** **[Fibbl](https://millionrounds.com/company/fibbl)** Venture · SE **$3.1M** Sole investor
- **Feb** **[Agteria Biotech](https://millionrounds.com/company/agteria-biotech)** Seed · SE **$6.2M** Sole investor
- **Feb** **[ShardSecure](https://millionrounds.com/company/shardsecure)** Debt · US **$550K** With 3 others
- **Feb** **[Senseworks](https://millionrounds.com/company/senseworks)** Venture · SE **$2.8M** Sole investor
- **Jan** **[Gesynta Pharma](https://millionrounds.com/company/gesynta-pharma)** Series B · SE · Amboy Street **$27M** With 7 others
- **Jan** **[AnaCardio](https://millionrounds.com/company/anacardio)** Series A · SE **$18M** With 2 others
- **Jan** **[Open Payments](https://millionrounds.com/company/open-payments)** Venture · SE · Firms' own news pages **$3.1M** With 3 others
- **2024** 6 rounds
- **Oct** **[Avassa](https://millionrounds.com/company/avassa)** Venture · SE **Undisclosed** Sole investor
- **Sept** **[ZeroPoint Technologies](https://millionrounds.com/company/zeropoint-technologies)** Series A · SE **$2.7M** With 3 others
- **May** **[Fast Travel Games](https://millionrounds.com/company/fast-travel-games)** Venture · SE **Undisclosed** With 1 other
- **Apr** **[Telness Tech](https://millionrounds.com/company/telness-tech)** SE **$5.4M** Sole investor
- **Mar** **[Asgard Therapeutics](https://millionrounds.com/company/asgard-therapeutics)** Series A · SE **$33M** With 2 others
- **Jan** **[TrusTrace](https://millionrounds.com/company/trustrace)** Series B · SE **$24M** Sole investor
- **2023** 8 rounds
- **Nov** **[Texray AB](https://millionrounds.com/company/texray-ab)** Venture · SE **$4.3M** Sole investor
- **Aug** **[Novatron Fusion Group](https://millionrounds.com/company/novatron-fusion-group)** Seed · SE · Firms' own news pages **$5.4M** With 4 others
- **Jul** **[Treebula](https://millionrounds.com/company/treebula)** Venture **$2.6M** With 1 other
- **Jul** **[Virkesbörsen](https://millionrounds.com/company/virkesborsen)** Venture · SE **$2.6M** With 1 other
- **Jun** **[Hopsworks](https://millionrounds.com/company/hopsworks)** Series B · SE **$6.5M** With 3 others
- **Apr** **[Retein](https://millionrounds.com/company/retein)** Seed · SE **$1.1M** With 2 others

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

We hold **43** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What they claim to have backed

From their own portfolio page (on their website)

**45** of 60 we have independently watched raise

[Alixlabs](https://millionrounds.com/company/alixlabs)[Anacardio](https://millionrounds.com/company/anacardio)[Apica](https://millionrounds.com/company/apica)[Avassa](https://millionrounds.com/company/avassa)[Bonesupport](https://millionrounds.com/company/bonesupport)[Boostpharma](https://millionrounds.com/company/boost-pharma)[Brainzell](https://millionrounds.com/company/brainzell)[Cascadedrives](https://millionrounds.com/company/cascade-drives)[Cellevate](https://millionrounds.com/company/cellevate)[Crosser](https://millionrounds.com/company/crosser)[Digip](https://millionrounds.com/company/digip)[Echandia](https://millionrounds.com/company/echandia)[Elypta](https://millionrounds.com/company/elypta)[Enginio](https://millionrounds.com/company/enginio)[Enginzyme](https://millionrounds.com/company/enginzyme)[Evam](https://millionrounds.com/company/evam)[Fasttravelgames](https://millionrounds.com/company/fast-travel-games)[Fibbl](https://millionrounds.com/company/fibbl)[Fishbrain](https://millionrounds.com/company/fishbrain)[Freemelt](https://millionrounds.com/company/freemelt)[Funnel](https://millionrounds.com/company/funnel)[Hopsworks](https://millionrounds.com/company/hopsworks)[Inriver](https://millionrounds.com/company/inriver)[Meniga](https://millionrounds.com/company/meniga)[Movimentogroup](https://millionrounds.com/company/movimento-group)[Nextory](https://millionrounds.com/company/nextory)[Nuvoair](https://millionrounds.com/company/nuvoair)[Occtoo](https://millionrounds.com/company/occtoo)[Oncopeptides](https://millionrounds.com/company/oncopeptides)[Openpayments](https://millionrounds.com/company/open-payments)[Photonsports](https://millionrounds.com/company/photon-sports)[Retein](https://millionrounds.com/company/retein)[Seapattern](https://millionrounds.com/company/seapattern)[Senseworks](https://millionrounds.com/company/senseworks)[Shardsecure](https://millionrounds.com/company/shardsecure)[Soundtrackyourbrand](https://millionrounds.com/company/soundtrack-your-brand)[Soundtrap](https://millionrounds.com/company/soundtrap)[Teiturtrophics](https://millionrounds.com/company/teitur-trophics)[Telnesstech](https://millionrounds.com/company/telness-tech)[Treebula](https://millionrounds.com/company/treebula)[Trialbee](https://millionrounds.com/company/trialbee)[Trustrace](https://millionrounds.com/company/trustrace)[Vesiro](https://millionrounds.com/company/vesiro)[Zymego](https://millionrounds.com/company/zymego)[accedo.tv](https://millionrounds.com/company/accedo) Adamantq Agteria Amramedical Avidicare Bioinvent Calliditas Cellavision Colibriumadditive Dbvis Disruptivepharma Dporganizer Ebuildersecurity Envirotainer Exeri Gardsfisk and 25 more

Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded.

## Exits from the portfolio

Companies it backed that were later bought or listed **7 in all**

**[Scalado](https://millionrounds.com/company/scalado)** Bought by [Nokia](https://millionrounds.com/fund/nokia) **Undisclosed** Jun 2012

**[Nanoradio](https://millionrounds.com/company/nanoradio)** Bought by [Samsung Electronics](https://millionrounds.com/fund/samsung-electronics) **Undisclosed** Jun 2012

**[Coresonic](https://millionrounds.com/company/coresonic)** Bought by [MediaTek](https://millionrounds.com/fund/mediatek) **Undisclosed** Apr 2012

**[Conveneer](https://millionrounds.com/company/conveneer)** Bought by Mblox **Undisclosed** Oct 2010

**[Illuminate Labs](https://millionrounds.com/company/illuminate-labs)** Bought by [Autodesk](https://millionrounds.com/fund/autodesk) **Undisclosed** Jul 2010

**[Cartela AB](https://millionrounds.com/company/cartela-ab)** Bought by Hansa Medical **$616K** Jan 2008

**[Decuma AB](https://millionrounds.com/company/decuma-ab)** Bought by Zi Corporation **Undisclosed** Sept 2003

An exit counts when it came after the firm's first round in the company. From historical deal records.

## The cheque

Seed Series A

Median round joined **$5.8M** the round, not its cheque Alone, median **$3.7M**

Led 7 of 140 rounds **5%**

- **Said size:** $1.0M – $5.0M
- **Sole investor:** 31 rounds
- **Last cheque:** Oct 2026
- **Exits:** 7 from the portfolio

Rounds by stage said on their site

- Venture *52*
- Series A said *31*
- Seed said *19*
- Series B *10*
- Series C *4*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Almi Invest](https://millionrounds.com/fund/almi-invest) 16
- [SEB Venture Capital](https://millionrounds.com/fund/seb-venture-capital) 9
- [Northzone](https://millionrounds.com/fund/northzone) 8
- [Novo Holdings](https://millionrounds.com/fund/novo-ventures) 6
- [Teknoinvest](https://millionrounds.com/fund/teknoinvest) 6
- [Active Venture Partner](https://millionrounds.com/fund/active-venture-partners) 5

**Pitching Industrifonden?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

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## Who they invest alongside

The investors most often in the same rounds as Industrifonden. A count of rooms they were both in, not a relationship either has claimed.

[**Almi Invest** VC firm **16** rounds together](https://millionrounds.com/fund/almi-invest)[**SEB Venture Capital** VC firm **9** rounds together](https://millionrounds.com/fund/seb-venture-capital)[**Northzone** VC firm **8** rounds together](https://millionrounds.com/fund/northzone)[**Novo Holdings** VC firm **6** rounds together](https://millionrounds.com/fund/novo-ventures)[**Teknoinvest** VC firm **6** rounds together](https://millionrounds.com/fund/teknoinvest)[**Active Venture Partner** VC firm **5** rounds together](https://millionrounds.com/fund/active-venture-partners)[**Healthcap IX Advisor AB** Investment firm **5** rounds together](https://millionrounds.com/fund/healthcap-ix-advisor-ab)[**Innovacom** VC firm **5** rounds together](https://millionrounds.com/fund/innovacom)[**Nordic Venture Partners** Private equity **5** rounds together](https://millionrounds.com/fund/nordic-venture-partners)[**Chalmers Ventures AB** VC firm **4** rounds together](https://millionrounds.com/fund/chalmers-ventures-ab)[**Creandum** VC firm **4** rounds together](https://millionrounds.com/fund/creandum)[**EIC Accelerator** Government **4** rounds together](https://millionrounds.com/fund/eic-accelerator)

## Recently backed

The latest companies Industrifonden put money into.

[**OlsAro** $5.5M · Oct 2026](https://millionrounds.com/company/olsaro)[**AnaCardio** $71M · Oct 2026](https://millionrounds.com/company/anacardio)[**Evam** $4.0M · Sept 2026](https://millionrounds.com/company/evam)[**EnginZyme** $7.6M · Sept 2026](https://millionrounds.com/company/enginzyme)[**Pixelgen Technologies** $16M · Aug 2026](https://millionrounds.com/company/pixelgen-technologies)[**Vesiro** $1.9M · Feb 2026](https://millionrounds.com/company/vesiro)

## Quick answers about Industrifonden

### What does Industrifonden invest in?

Industrifonden invests most often at Venture and Series A (72% of the rounds on record), in sectors such as Tech-enabled Health, Ehealth and Greentech.

### How active is Industrifonden?

140 investments on record, 12 of them in the last 12 months, and it led 7. The most recent was in Oct 2026.

### What has Industrifonden invested in recently?

Its most recent investments on record: OlsAro (Seed, Oct 2026), AnaCardio (Series B, Oct 2026) and Evam (Undisclosed round, Sept 2026).

### How big are Industrifonden's cheques?

The median round it joins is $5.8M. It says it writes cheques of $1.0M to $5.0M.

### Does Industrifonden lead rounds?

Sometimes: it led 7 of its 140 investments on record (5%).

### Where does Industrifonden invest?

Most of the companies it backs are in Sweden (92%).

### Is Industrifonden investing now?

Yes: it is actively investing, with 12 investments in the last 12 months.

### Who does Industrifonden invest alongside?

Most often Almi Invest (16 rounds together), SEB Venture Capital (9 rounds together) and Northzone (8 rounds together).

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