FSG
Venture capitalLund · Pre-Seed–Growth · 8 people tracked
Investment thesis
FSG concentrates on early-stage startups at the intersection of life science and technology, with particular emphasis on diagnostics and pharmaceutical innovation. The firm leverages its team's background in serial entrepreneurship and business development to help portfolio companies grow. FSG aims to support ventures whose groundbreaking solutions can create positive outcomes for people and society.
Source: firm website, verified Aug 3, 2026.
Team · 8 people
from the firm's website & public directories
What they invest in
from 13 of 30 portfolio companiesBiotech ×8Healthtech ×7Medical Devices ×4AI & Machine Learning ×3Digital Health ×3Deep Tech ×2SaaS ×2GovTech ×1
HQs:Sweden×5Finland×1United States×1
Investments · 30 tracked
founders shown can be your intro pathAirsonett develops the Air4, a CE-marked Class 1 medical device that uses patented Temperature-controlled Laminar Airflow (TLA) to deliver clean, allergen-free air around a patient's face during sleep for home treatment of allergic asthma and atopic dermatitis.
HardwareHealthtechMedical Devices
Co-investorsIndustrifonden
Aplagon is a clinical-stage biopharmaceutical company developing first-in-class therapeutics targeting thromboinflammatory and cardiovascular diseases.
BiotechHealthtechMedical DevicesHelsinki, FI
Co-investorsInnovestor Ventures
Aqilion is a biotech company developing new treatments for diseases caused by chronic inflammation and dysfunctional immune reactions, including autoimmune diseases.
BiotechHelsingborg, SE
Drug development company specializing in automated, standardized production of At-211 radiopharmaceuticals for targeted alpha therapy.
Co-investorsChalmers Ventures AB
Portable power bank rental network addressing dead-phone anxiety, letting users rent and return power banks via app/QR at any station.
Din Psykolog is a Swedish online mental health service offering video sessions with licensed psychologists without a waiting list, along with free digital CBT (iKBT) treatment programs.
Digital HealthHealthtechMental Health
Co-investorsGorilla Capital
Co-investors4impact capitalAct Venture CapitalACT Venture CapitalAmadeus Capital SAAngel Physicians FundAnkur Capital+58 more
Evam supplies a mission-critical mobile data platform for emergency vehicles used by police, ambulance, fire & rescue, and other public safety organizations.
GovTechMobility & TransportationSaaS
Life science tools company developing a microfluidics-based biophysical platform for rapid, precise analysis of biomolecules and nanoparticles.
Iconovo develops inhaled medicines in partnership with pharmaceutical companies, combining patented dry powder inhaler platforms with dry powder formulation expertise for end-to-end drug development.
BiotechHealthtechMedical Devices
IntuiCell develops software based on how living organisms learn instinctively, aiming to replicate natural intelligence rather than relying on data sets and training.
AI & Machine LearningDeep TechRobotics
Co-investorsLeksell Social VenturesLuminar VenturesMist VenturesNavigare VenturesSNÖ Ventures
Melius Pharma is a Swedish clinical-stage pharmaceutical company developing treatments for severe diseases with high unmet clinical need by sourcing assets with lower development risk.
BiotechHealthtech
Company focused on strengthening osteoporotic bone and preventing fractures using regenerative medicine to enhance implant anchorage.
Nordhealth builds software and APIs for healthcare and veterinary businesses, used by clinics and hospitals to manage operations and support patient care.
Digital HealthHealthtechSaaS
Nygen builds an AI-native interpretation layer for single-cell omics that assigns cell-state identity with confidence-scored, auditable evidence, aimed at researchers and drug discovery teams.
AI & Machine LearningBiotechDeep Tech
Oncorena is developing orellanine as a potential treatment for metastatic renal cell carcinoma and is running a clinical trial to evaluate its safety, tolerability, and anti-tumor efficacy in patients with metastatic clear-cell or papillary renal cell carcinoma.
BiotechHealthtech
Co-investorsHealthCap
OssDsign develops synthetic bone graft substitutes and related implants for orthopedic and spinal surgery, including nanosynthetic calcium phosphate bone grafts.
BiotechMedical DevicesNew Materials
Nanotechnology company creating a bioactive implant surface that facilitates integration into bone.
Co-investorsChalmers Ventures AB
SAGA Diagnostics develops Pathlight, a blood-based, tumor-informed multi-cancer test for detecting molecular residual disease (MRD) using whole-genome sequencing and personalized multiplex digital PCR assays to track circulating tumor DNA.
AI & Machine LearningBiotechDigital Health
Co-investorsHadean VenturesLU Innovation
Swedish company behind a plant-based, additive-free edible coating that extends the shelf life of fruits and vegetables and replaces plastic packaging.
Portfolio news
latest coverage across their companiesAplagon · biospace.com · Jun 29, 2026
Frequently asked questions
- How many investments has FSG made?
- FSG has 30 tracked investments.
- What stage does FSG invest at?
- FSG invests at the Pre-Seed, Seed, Growth stages.
- What is FSG's typical check size?
- FSG typically writes checks of $1.1M – $6.5M.
- What sectors does FSG focus on?
- FSG focuses on Biotech, Consumer, Deep Tech, Digital Health, Healthtech, Impact & Social Good, Medical Devices.
- Where is FSG located?
- FSG is headquartered in Lund, SE.
- Who does FSG co-invest with?
- FSG most often shares deals with Chalmers Ventures AB, Hadean Ventures, Industrifonden, among 12 tracked co-investors.
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