Published: 02 September 2025
Text: Anne-Marie Korseberg Stokke
Photo: Anne-Marie Korseberg Stokke
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“It has been a long time since we last saw a new Norwegian fund with a focused health profile. The fund has strong support from stakeholders in the health field, and the team behind it has the experience and expertise needed to select companies with global potential,” says Erling Nordbø, Managing Partner at Aleap Ventures.
Aleap Ventures is established as an independent investment company connected to the Aleap incubator at Oslo Science Park. The fund will consider companies and research projects from research and innovation environments at universities and hospitals, academia, and from clusters, incubators, and TTOs (Technology Transfer Offices). Altogether, this provides a rich pool of companies from both Norway and the rest of the Nordic region.
“Many of these companies we have followed over time as advisors through Aleap’s programs. Now we can also contribute as a specialized investor and, through that role, attract more national and international investors,” says Nordbø.
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Aleap Ventures is an early-stage fund investing in companies within medtech, biotech, and digital health. The fund is based in Aleap, the Nordic region’s largest health incubator, and combines access to capital with expertise and experience in developing health innovation.
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Aleap is an incubator for early-stage startups in the health and life sciences, offering tailored support in regulation, validation, and business development. Companies gain access to expert advisors, office space, a strong community, and a broad partner network.
Demographic changes and increasing pressure on health services make the need for innovation in healthcare greater than ever. Digital solutions, new treatment methods, and smarter use of data can help make the healthcare system more efficient while also creating significant value for Norway.
“Health is an area where the need for innovation and new technology is large and constantly growing, both in Norway and internationally. By combining Norway’s strong research environments with the right industrial expertise and capital, we can develop solutions that both relieve the healthcare system and create significant value in the health industry. Since the sector has also undergone a repricing in recent years, this is an especially attractive time to invest in health,” says Anders Tuv, Chairman of Aleap Ventures.
“An interesting trend now spreading across Europe and the US is the demand for products that serve both civilian and military markets. For Aleap Ventures, it will be interesting to look at health technologies that can save lives in both markets. Nothing is better than our investments also contributing to preparedness and security,” notes Venture Partner Jørn Mikalsen.
Among the fund’s investors are Investinor, KLP, Inven2, and Oslo Science Park (Oslotech AS), as well as numerous successful serial entrepreneurs in the health sector and other industry players.
“Aleap Ventures fund is an impressive commitment to something Norway needs more of: early-stage health investment. Oslo Science Park’s strategy is to establish and develop environments that strengthen value creation and commercialization, so it was natural for us to be an early investor in this fund,” says Bjørn Erik Reinseth, CEO of Oslo Science Park.
It was crucial for Aleap Ventures that major players such as Investinor and KLP came on board early and validated the fund structure and agreements underlying the fund.
“This is exactly our role as a state-owned fund investor,” says Johan Bøe Bjørkevoll of Investinor. “We invest in funds that can provide us good returns while also building strong Norwegian management environments, which in turn contribute to better capital access in the early-stage market.”
The first two companies to receive Aleap Ventures as their first specialist investor are Respinor and Thelper.
Respinor has developed an ultrasound-based technology that monitors the diaphragm in critically ill patients. This makes it possible to optimize treatment, leading to faster discharge and significant savings. The company recently received CE mark and is now entering the European market.
“We are very pleased to have Aleap Ventures as part of our ownership. They know the health sector well, have close ties to the startup community, and contribute more than just capital. Having an investor who can also provide insight and experience for further scaling means a lot,” says Trude Tingvoll, CEO of Respinor.
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Thelper is developing a new type of cancer drug that targets a virus found in many aggressive tumors but not in healthy tissue. This can provide more effective cancer treatment with fewer side effects, potentially revolutionizing how we treat aggressive tumors.
“When investing in health companies, it is critical to deeply understand the science, the development path for the product, and the commercial market in which the company will ultimately compete. The fund places great emphasis on validating the company together with international investors and industrial partners. This is where you either reduce risk—or lose your way,” says Venture Partner Joachim Paasche.
According to Erling Nordbø and the Aleap Ventures team, the launch of the fund marks an important step for the Norwegian health industry.
“This fund will deliver competitive returns for our investors by investing in companies that help solve major societal challenges,” concludes Nordbø.
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After eight years of solid development, Norway Health Tech (NHT) steps out as the owner of the health incubator Aleap. The change marks a natural step in NHT's focus on a national ecosystem for health innovation, while Aleap strengthens its role as a leading incubator in the Nordic region.
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Artificial intelligence is making its way into the healthcare sector and can help solve the complex scheduling of shifts. The Aleap company Synplan offers an innovative solution that not only makes the job easier, but also improves working conditions and saves resources. It is now being tested at the renowned Mayo Clinic in the US.
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