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Segulah Medical Acceleration (SMA) is a Stockholm-based venture capital firm established to connect Europe's research capabilities with the commercialization of innovative medical technologies. Founded in 2018, SMA manages approximately SEK 1.3 billion (around EUR 120 million) in assets. The firm focuses on supporting technology-driven companies that have developed transformative products aimed at improving patient outcomes and healthcare delivery.
With a portfolio of nine companies, SMA emphasizes investments in medical devices, diagnostics, life science tools, and health technology. The organization primarily targets early-stage and growth-stage investments, particularly in the Nordic region and broader Western Europe. SMA's notable milestones include leading significant funding rounds for various portfolio companies, showcasing its commitment to advancing medical technology.
Headquartered in Stockholm, Sweden, SMA collaborates with institutional investors such as Saminvest and AP4, which represent a substantial portion of its capital base. The firm is recognized for its strategic approach to commercialization, providing not only capital but also expertise to help portfolio companies navigate the path from innovation to market success.
SMA invests in a range of sectors within the medical technology field, including medical devices, diagnostics, life science tools, and health technology. The firm primarily targets pre-seed, seed, seed-plus, and growth equity stages, focusing on products that are at the finished product stage and have global scaling potential. The geographical focus is on Europe, particularly the Nordic region, where SMA seeks to identify and support innovative technologies.
The organization looks for companies that have developed transformative products capable of enhancing patient outcomes. SMA emphasizes the importance of strategic commercialization support, leveraging its expertise to assist portfolio companies in achieving market success. The firm often acts as a lead investor, providing substantial capital and guidance throughout the investment lifecycle.
SMA's portfolio consists of nine innovative companies in the medical technology sector, including:
These companies represent SMA's commitment to investing in transformative medical technologies that improve patient outcomes and healthcare delivery.
Susanna Francke Rodau: CEO and Managing Partner. Susanna has a strong background in the medical technology sector and has recently taken on the role of CEO, bringing fresh leadership to SMA.
Maria Tell: COO and Investment Director. Maria plays a crucial role in overseeing operations and investment strategies at SMA.
Jan Andersson: Chairman of the Scientific Advisory Board. Jan brings extensive expertise in medical research and innovation.
Karin Leire: Investment Director. Karin is responsible for identifying and evaluating potential investment opportunities.
Ludvig Wendel: Associate. Ludvig supports the investment team in deal sourcing and analysis.
Sofia Hellenborg: Associate. Sofia assists in various aspects of the investment process.
Emanuel Sanne: Associate. Emanuel contributes to the evaluation of investment opportunities.
Lars Axelson: CFO. Lars manages the financial operations of SMA.
Ulrika Wedén: Deputy CFO. Ulrika supports the CFO in financial management.
Åsa von Schoting: Executive Assistant. Åsa provides administrative support to the executive team.
Veronika Johansson: CEO Assistant and Office Manager. Veronika manages office operations and assists the CEO.
Claes Ekström: Chairperson of the Board. Claes provides governance and oversight for SMA.
Gabriel Urwitz: Founder and Executive Board Member. Gabriel has a significant background in private equity and venture capital.
Angelica Fatouros: Board Member. Angelica contributes to strategic decision-making at SMA.
Mikael Kamras: Board Member. Mikael brings additional governance expertise to the board.
Britta Wallgren: Board Member. Britta supports SMA's strategic initiatives.
Hans Wigzell: Board Member. Hans offers insights from his extensive experience in the medical field.
Mikael Dolsten: Senior Advisor. Mikael provides strategic guidance based on his industry experience.
Jonas Frisén: Member of the Scientific Advisory Board. Jonas contributes scientific expertise to SMA's investment decisions.
Kevin Tracy: Member of the Scientific Advisory Board. Kevin offers insights into medical technology advancements.
Klas Kärre: Member of the Scientific Advisory Board. Klas provides expertise in immunology and biotechnology.
Olle Kämpe: Member of the Scientific Advisory Board. Olle contributes knowledge in medical research.
Anna Blom: Member of the Scientific Advisory Board. Anna brings additional scientific expertise to the advisory board.
To pitch to Segulah Medical Acceleration, founders should send their proposals to dealflow@segulahmedical.com. It is recommended to include a comprehensive pitch deck that outlines the business model, market opportunity, competitive landscape, and financial projections. The firm prefers well-structured presentations that clearly convey the innovation and potential impact of the product.
Response times can vary, but founders should expect to hear back within a few weeks. While warm introductions can be beneficial, they are not strictly necessary for submission.
On January 16, 2026, SMA highlighted its portfolio company, SAGA Diagnostics, which announced the launch of Pathlight™ MRD for colorectal cancer. This launch underscores SMA's ongoing engagement with its portfolio and commitment to supporting innovative advancements in medical technology.
In recent months, SMA has led significant funding rounds for several portfolio companies, including SEK 106 million for SAGA Diagnostics in Series A2, SEK 90 million for Navinci Diagnostics in Series A, and SEK 84 million for Collective Minds Radiology. These investments reflect SMA's active role in the medtech sector and its dedication to fostering growth in innovative healthcare solutions.
What are Segulah Medical Acceleration's investment criteria?
SMA focuses on early-stage and growth-stage investments in the medical technology sector, specifically targeting companies that have developed transformative products with global scaling potential. The firm emphasizes investments in medical devices, diagnostics, life science tools, and health technology.
How can I apply or pitch to Segulah Medical Acceleration?
Founders can pitch their ideas by sending an email to dealflow@segulahmedical.com. It is advisable to include a detailed presentation that outlines the business model, market opportunity, and product details.
What makes Segulah Medical Acceleration different from other investors?
SMA not only provides capital but also offers strategic commercialization support to its portfolio companies. The firm leverages its expertise in the medical technology sector to assist companies in navigating the path from innovation to market success.
What is the geographic scope of Segulah Medical Acceleration's investments?
SMA primarily focuses on investments in Europe, with a particular emphasis on the Nordic region. The firm seeks to identify and support innovative medical technologies within this geographic area.
What is the typical fund size and check size for Segulah Medical Acceleration?
SMA manages approximately SEK 1.3 billion (around EUR 120 million) in assets, with typical check sizes ranging from SEK 20 million to SEK 150 million (approximately EUR 2 million to EUR 14 million).
What is Segulah Medical Acceleration's post-investment involvement?
SMA actively engages with its portfolio companies, providing not only financial support but also strategic guidance and resources to help them achieve their commercialization goals.
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