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FAM, Navigare Ventures, Nineteen Private Capital, and Thisbe have been integrated into Wallenberg Investments, to develop and simplify the ownership governance and capital management of the Wallenberg foundations. Asset management is now organized into five investment units: Industrials, Real Assets, Alternative Funds, Special Investments and Ventures. Read more below.

Special investments

Special Investments

For tomorrow’s strategic technologies.

We invest in and own companies with Swedish roots that create unique value for the Wallenberg ecosystem and strengthen Sweden’s competitiveness, as well as companies with global ambitions and proven market relevance in their early growth stages.

Long-term, active ownership – close to boards and management teams

We support companies with strong growth potential and strategic importance. We invest primarily in unlisted companies, typically seeking an ownership stake of 10–49% and representation on the board. Through close collaboration with the boards and management teams of our portfolio companies, we support their continued development with a focus on sustainable value creation.

Companies in the portfolio
29
Typical ownership stake
10–49 %
Countries where we have investments
6

Selected portfolio companies

Canucci

Provides Collective Discovery, an operational layer for strategy implementation. Year of investment 2023 Headquarters Stockholm, Sweden

The platform enables leaders to hold an ongoing dialogue with their organisation and make decisions based on traceable leading indicators. Canucci helps organisations build on their own capabilities and turn their leaders into change makers. The company works with many of Sweden's most prominent companies.

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Board representation from Wallenberg Investments
Dick Lundqvist

Cinder Invest

Supports Swedish companies affected by the COVID-19 pandemic Year of investment 2020 Headquarters Stockholm, Sweden

Cinder Invest has provided equity capital to mid-sized Swedish companies that needed to strengthen their balance sheets following the impact of the pandemic. The company is now focused on managing its existing portfolio.

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Board representation from Wallenberg Investments
Richard Nilsson

Combient

Accelerates digital transformation across the industry Year of investment 2014 Headquarters Stockholm, Sweden

Combient brings together a network of leading Nordic companies across industries, united by a shared ambition to accelerate digital transformation.

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Board representation from Wallenberg Investments
David Sonnek

GROPYUS

Transforming the construction and real estate industries Year of investment 2020 Headquarters Vienna, Austria

GROPYUS develops, manufactures and sells sustainable, affordable and smart buildings.

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Board representation from Wallenberg Investments
Fredrik Nordh

Hymeth

Develops electrolyzers for green hydrogen Year of investment 2025 Headquarters Copenhagen, Denmark

Hymeth is a deep tech company developing modular, cost-effective and efficient alkaline electrolyzers for large-scale industrial production of green hydrogen.

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Board representation from Wallenberg Investments
Fredrik Nordh

Novare

One of Sweden’s leading HR companies Year of investment 2022 Headquarters Stockholm, Sweden

Novare offers specialist expertise in Human Capital and consists of a number of companies, each specializing in a specific area.

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Board representation from Wallenberg Investments
Lovisa Cavalli Wallenberg

Pythom Group

Develops space infrastructure for payloads and people Year of investment 2023 Headquarters Zug, Schweiz

From Sweden and California, Pythom develops reusable rockets, spacecraft and landers for missions to asteroids, the Moon and Mars.

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Board representation from Wallenberg Investments
Fredrik Nordh (observer)

SEEQC

Develops hardware solutions for quantum computers Year of investment 2020 Headquarters NY, USA

SEEQC is developing the first digital quantum computing platform for a specific customer segment. Its technology integrates functionality onto a chip, enabling high performance and cost efficiency. SEEQC is based in Elmsford, New York.

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Board representation from Wallenberg Investments
Fredrik Nordh (observer)

Sferical AI

Develops sovereign AI infrastructure for secure, world-class computing Year of investment 2025 Headquarters Stockholm, Sweden

Sferical AI is co-founded by AstraZeneca, Ericsson, Saab, SEB and Wallenberg Investments. The company is establishing a sovereign AI compute platform in Sweden, to give its partner companies secure, world-class AI compute that disrupts and unlocks new value with AI.

Board representation from Wallenberg Investments
Peter Nyllinge

Stegra

Accelerates the transition to fossil-free steel production Year of investment 2026 Headquarters Stockholm, Sweden

Stegra is building a plant for large-scale green steel production, with up to 95% lower CO₂ emissions compared with conventional steelmaking. 

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Board representation from Wallenberg Investments
Håkan Buskhe

SweGaN

Semiconductor manufacturer that develops and produces Gallium Nitride on Silicon Carbide (GaN-on-SiC) epitaxial wafers Year of investment 2026 Headquarters Linköping, Sweden

The development of new radio frequency technology for communication, defense, and power components for energy systems hinges on ever-improving semiconductor performance. There is now a demand for transistors made from materials that can withstand higher operating parameters—such as frequency, voltage, and temperature—beyond the limits of silicon. Industry focus is shifting to a third generation of semiconductor materials, particularly silicon carbide (SiC) and gallium nitride (GaN), alongside various combinations and modifications. While these materials have been under development for decades, large-scale adoption has been hindered by quality and scalability issues, impacting cost and applicability.

Founded in 2014 by a research team from Linköping University, SweGaN is industrialising a novel GaN/SiC material structure and manufacturing process that offers superior properties and more efficient production compared to competitors. SweGaN’s advancements are key to enabling the large-scale use of these materials, and experts have recognized the company as "the best in Europe" for new GaN technology.

By investing in SweGaN, Navigare supports the establishment of a leading European supplier of next-generation semiconductors, vital for maintaining industrial competitiveness across multiple sectors.

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Board representation from Wallenberg Investments
Fredrik Nordh

SweTree Technologies

Research and technology development company focused on forest biotechnology Year of investment 2019 Headquarters Umeå, Sweden

SweTree Technologies develops innovative technologies and products for the forestry sector, with a focus on improving tree growth, wood properties, and resistance to diseases and pests to secure and increase biomass production.

SweTree works with forestry companies, research institutions, and international partners to translate scientific breakthroughs in plant and forest biotechnology into commercial applications. Its goal is to help advance the bioeconomy by enabling greater use of renewable raw materials from forests. 

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Latest news

Team

Håkan Buskhe

Håkan Buskhe

Deputy CEO & Head of Special Investments

Richard Nilsson

Richard Nilsson

Deputy Head of Special Investments & Head of Investment Analytics

Sofia Malm

Sofia Malm

Executive Assistant

Contact us

Want to get in touch with Special Investments?
Reach out to our team at:

specialinvestments@wallenberginvestments.com

investment units

Ventures
Investments in science-driven industrial renewal.

Ventures invests in companies built on new research or breakthrough technologies, supporting the expansion and commercialization of their discoveries.

Explore Ventures
Industrials
Long-term ownership. Industrial excellence.

Industrials develops companies operating in industrial technology, advanced systems, manufacturing, materials and digital solutions.

Explore Industrials
Real assets
Real assets, for generations to come.

Real Assets invests in physical assets with industrial relevance, including forests, land, and sustainable infrastructure, with a focus on managing and developing existing assets.

Explore Real Assets
Alternative funds
Strategic capital beyond public markets.

Alternative Funds invests in private funds and, together with fund managers and other trusted partners, makes direct investments in companies as a co-investor.

Explore Alternative Funds