About Vinnova
Vinnova is a venture capital firm founded in 2001. It is primarily based out of Stockholm, Sweden. As of Feb 2025, Vinnova has invested in 89 companies. It primarily invests in Grant (prize money) round in Sweden based startups. Its investments are spread across a wide range of sectors from Life Sciences to High Tech and Enterprise Applications. Most recently it participated in the $***** Seed round of Innovatum Science Park Overall, Vinnova portfolio has seen 17 IPOs and 8 acquisitions including key companies like Northvolt, Saab and Integrative Research Laboratories. A lot of funds co-invest with Vinnova, with names like Chalmers Ventures sharing a substantial percentage of its portfolio. Vinnova has team of 38 people including 3 partners.Key Metrics
Vinnova's List of Top Investments
Vinnova has a portfolio of 89 companies. Their most notable investments are in Tracklib and Volumental.Their portfolio spans across Sweden, Italy and Norway. They have invested in Life Sciences, High Tech, Enterprise Applications and 26 other sectors, across stages such as Grant (prize money), Seed and 2 more. Here is the list of top investments by Vinnova:1. Northvolt
Manufacturer of lithium-ion batteries for electric vehicles. It provides solutions for new production technologies to deliver low-cost lithium-ion batteries to be used in electric and off-highway vehicles. It provides custom cells optimized for a particular application, battery system, and more.
Key facts about Northvolt
- Location: Stockholm (Sweden)
- Annual Revenue: $100M - $500M as on Dec 31, 2022
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $9B
- Employee Count: 1,618 as on Jun 30, 2026
- Investors: Goldman Sachs, Bundesministerium fur Wirtschaft und Klimaschutz and 52 Others
- Latest Funding Round: Conventional Debt, Mar 14, 2024, $*****
- Highlight: Acquired
2. Saab
Provider of defence and civil security products, services, and solutions. The offerings include complex systems involving research and development. The company adapts and improves technology to meet customer needs. It focuses investments on areas with a leading position and customer support.
Key facts about Saab
- Founded Year: 1937
- Location: Stockholm (Sweden)
- Annual Revenue: $1B+ as on Dec 31, 2025
- Stage: Public
- Total Funding till date: $10.1M
- Employee Count: 363 as on Jul 31, 2026
- Investors: SEB, Danske Bank and 6 Others
- Latest Funding Round: Grant (prize money), Oct 30, 2024, $*****
- Highlight: Public
3. TrusTrace
Provider of a platform for supply chain traceability and compliance. The platform offers tools for supply chain mapping, risk assessment, regulatory compliance, and end-to-end supply chain visibility. It helps businesses manage supplier data, track materials, and automate reporting. The platform supports various compliance requirements and sustainability goals.
Key facts about TrusTrace
- Founded Year: 2016
- Location: Stockholm (Sweden)
- Annual Revenue: ₹10 - ₹50 Cr as on Mar 31, 2024
- Stage: Series B
- Total Funding till date: $30M
- Employee Count: 145 as on Jun 30, 2026
- Investors: Industrifonden, Vinnova and 5 Others
- Latest Funding Round: Series B, Jan 18, 2024, $*****
- Highlight: Editors' Pick
4. Exeger
Manufacturer of solar cells. It offers a proprietary material that improves the performance of the cell. It also uses technology which uses light-sensitive dye to collect energy like photosynthesis.
Key facts about Exeger
- Founded Year: 2009
- Location: Stockholm (Sweden)
- Stage: Series B
- Total Funding till date: $50.1M
- Employee Count: 93 as on Jul 31, 2026
- Investors: SEB, Raging Bull and 24 Others
- Latest Funding Round: Grant (prize money), Dec 03, 2025, $*****
- Highlight: Editors' Pick
5. FirstVet
Provider of online veterinary consultations for pet owners in select countries. It offers a platform connecting pet owners with licensed veterinarians. The platform facilitates virtual appointments for advice, guidance, and general pet health information. It aims to provide accessible and convenient veterinary support.
Key facts about FirstVet
Vinnova's Year-on-Year Investment Trends
Vinnova has invested in 89 companies over the last 20 years, with an average of 4 new investments annually in the last 10 years. In 2025, it made 2 investments. Its most recent first time investment was in Innovatum Science Park and most recent follow-on round was in Glactone Pharma.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 2 | 0 | 2 |
2024 | 5 | 0 | 5 |
2023 | 3 | 0 | 3 |
2022 | 2 | 0 | 2 |
2021 | 1 | 0 | 1 |
2020 | 2 | 0 | 2 |
2019 | 2 | 0 | 2 |
2018 | 7 | 0 | 7 |
2017 | 11 | 3 | 14 |
Vinnova's Investments by Stage
Vinnova has made 61 investments in Grant (prize money) stage with an average round size of $431K, 24 investments in Seed stage with an average round size of $374K, 2 investments in Series A stage with an average round size of $13.3M and 1 investment in Unattributed stage with an average round size of $155K.Stage of entry | No. of Investments |
|---|---|
Grant (prize money) | 61 |
Seed | 24 |
Series A | 2 |
Unattributed | 1 |
Note: We have considered here, only first round of investments
Vinnova's Investments by Sector
Vinnova has a diverse portfolio, with companies operating in the Life Sciences, Enterprise Applications, High Tech, Sustainability Tech and Environment Tech. Notably, it has invested in 71 Tech companies, 65 Enterprise (B2B) companies, 34 Software companies and at least 17 companies focusing on Tech hardware.Sector | No. of Investments |
|---|---|
Life Sciences | 25 |
Enterprise Applications | 24 |
High Tech | 23 |
Sustainability Tech | 14 |
Environment Tech | 13 |
Others | 89 |
Note: We have considered here, only first round of investments
Vinnova's Investments by Geography
Vinnova has made most investments in Sweden (86), followed by Italy where it has made 1 investment.Country | No. of Investments |
|---|---|
Sweden | 86 |
Italy | 1 |
Norway | 1 |
Note: We have considered here, only first round of investments
Vinnova's recent investments
Vinnova has not made any investment in 2026 so far.Here are the most recent investments by Vinnova:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Feb 11, 2025 | Sweden | Seed | 1123 | - | |
Jan 28, 2025 | Sweden | Grant (prize money) | 2456 | - | |
Nov 20, 2024 | Sweden | Grant (prize money) | 3205 | - | |
Oct 30, 2024 | Sweden | Grant (prize money) | 9724 | - | |
Oct 30, 2024 | Sweden | Grant (prize money) | 7721 | - |
IPOs and Publicly Listed companies in Vinnova's Portfolio
17 of Vinnova's portfolio companies have become public. Cereno Scientific got listed on the Stockholm Stock Exchange (STO), in Jun 2023 and I-tech got listed on the Stockholm Stock Exchange (STO).Here are Vinnova's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jun 16, 2023 | - | - | 6827 | |
May 31, 2018 | May 07, 2009 | Grant (prize money) | 5872 | |
Mar 03, 2017 | Jun 23, 2014 | Grant (prize money) | 9864 | |
Nov 23, 2016 | Oct 05, 2018 | Grant (prize money) | 1033 | |
Oct 11, 2016 | Mar 14, 2017 | Grant (prize money) | 4347 |
Acquired companies in Vinnova's Portfolio
8 companies from Vinnova's portfolio have been acquired. The most recent acquisition was Northvolt in Apr 2025 by Scania for $*****.Here are Vinnova's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Apr 11, 2025 | Mar 07, 2017 | Series A | 8964 | |
Apr 18, 2022 | Nov 28, 2016 | Seed | 5636 | |
Dec 07, 2021 | Jul 07, 2015 | Grant (prize money) | 7214 | |
Nov 30, 2020 | Mar 03, 2017 | Grant (prize money) | 5287 | |
Nov 05, 2020 | Dec 01, 2014 | Grant (prize money) | 6204 |
Team profile of Vinnova
Vinnova has a team of 38 members including 3 Partners and 23 Principals located in Sweden and United States. Vinnova's team does not sit on the board of any company as of now.Here is a list of top team members in Vinnova:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Stockholm | - | - | |
Partner | Los Angeles | - | - | |
Partner | Sweden | - | ||
Principal | Sweden | - | ||
Principal | Sweden | - | ||
Principal | Stockholm | - | - | |
Principal | Sweden | - | ||
Principal | Sweden | - | ||
Principal | Stockholm | - | - | |
Principal | Sweden | - | ||
Principal | Sweden | - |
Co-investors of Vinnova
Over the past 20 years, 218 investors have co-invested in Vinnova's portfolio companies. This includes funds and angels.
- Invested before Vinnova: Almi Invest, Europa and 48 others have invested in rounds before Vinnova. There are 9 companies where Almi Invest has invested before Vinnova and 8 companies where Europa has invested before Vinnova.
- Top Co-investors of Vinnova: 14 investors entered a company along with Vinnova. These include investors like Chalmers Ventures (2 companies).
- Invested after Vinnova: A total of 154 investors have invested in Vinnova's portfolio after their investments. Top Investors include Europa (16 companies), Almi Invest (9 companies) and EIC Fund (8 companies).
Recent News related to Vinnova
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CorPower Ocean secures Vinnova funding to enhance wave energy with AISeaNews•Mar 18, 2025•CorPower Ocean, Vinnova, NTNU
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CorPower Ocean, NTNU Join Forces for AI-Based Wave Energy ProjectOedigital•Mar 18, 2025•CorPower Ocean, Vinnova
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AlixLabs gains €345,000 grant from Swedish innovation agency VinnovaSemiconductor Today•Nov 20, 2024•AlixLabs, Vinnova
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Beammwave and Saab receive SEK 4.1 million from VinnovaEvertiq•Oct 30, 2024•BeammWave, Saab, Vinnova
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Alstom and Flox trialling AI wildlife detection system in SwedenVerdict•Oct 02, 2024•Alstom, Flox, Vinnova
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Terranet in partnership with additional leading global players in the automotive industryGlobeNewswire•Aug 22, 2024•Terranet, Vinnova
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STILRIDE receives funding to develop AI model with Linköping UniversityIT Finans•Nov 24, 2023•STILRIDE, Vinnova, Linköping University, Outokumpu and 1 other
