Investment & Fund Management

In 2017, Elsa Science, a healthcare startup based in Stockholm, Sweden, aimed to improve the quality of life for individuals living with rheumatoid arthritis, a chronic disease affecting nearly 20 million people globally. The company, co-founded by Sofia Svanteson, Lars Klareskog, and Lars Alfredsson, recognized a significant gap in understanding patient experiences between hospital visits. They developed a software-driven cognitive behavioral therapy intervention that allows users to track their symptoms, habits, and medication through a digital companion. This application not only helps patients manage their condition but also provides insights into how their daily activities correlate with their health.

However, bringing their prototype to market posed challenges, particularly the need for clinical trials to gain the trust of healthcare practitioners, which are both costly and time-consuming. To address these hurdles, Elsa Science secured an equity investment from Norrsken, a venture capital fund supported by the European Investment Fund (EIF) through the EU’s Investment Plan for Europe. This funding was crucial for product development, enabling Elsa Science to move forward with their commercialization efforts.

As a result of this investment, Elsa Science has successfully onboarded 2,500 users, primarily in Sweden, and is now looking to expand its reach across Europe and the United States. The company’s innovative approach aims to empower millions of patients by leveraging technology to provide scientific insights into their health management.