Hede Capital Partners Research
Investment Thesis
Hede Capital Partners is a Kungsbacka, Sweden-based direct investment firm founded in 2024 by Patrik Olson. The firm positions itself as an active co-owner rather than a passive capital provider, engaging portfolio companies both monetarily and intellectually. Their stated tagline is "High yield investments for a prosperous future," and their public messaging emphasizes strategic engagement, business development support, and access to an extensive investor network to help portfolio companies scale.
The firm runs two parallel tracks on its site: "Bli Medlem" (Become a Member), through which founders can apply for direct investment and active co-ownership support, and "Kapitalanskaffning" (Capital Raising), through which Hede helps portfolio and partner companies secure additional capital from its investor network to support long-term financial stability.
Sector Focus
Hede Capital's actual portfolio spans several distinct verticals rather than a single specialization:
- Defense technology (Hede Defense Tech initiative, Scandinavian X joint venture, Monava)
- Healthcare software and medical imaging (Brainreader)
- Wearable technology, smart textiles, and IoT (Lumeotech)
- Gaming and entertainment (Friendbase)
- Unmanned retail automation (Honestbox)
- Food and beverage (Mellanmal)
Defense technology has become the most active and visible area of the firm's dealflow in 2025-2026, driven by a dedicated "Hede Defense Tech" initiative targeting a portfolio of 3-5 Ukrainian-tested defense companies, structured in collaboration with Ukrainian public and private sector partners.
Stage Focus
The firm does not publish a formal stage mandate. Public messaging describes a focus on growth-stage and scaling companies that already have a product and initial traction, rather than pure pre-product pre-seed bets. Recent activity, a joint-venture manufacturing buildout and a growth-round co-investment, is consistent with a growth or scale-up posture rather than early seed investing.
Check Size
Not publicly disclosed. No fund size, check size range, or AUM figures are published on the firm's website or in press coverage found during this research.
Lead Tendency
Mixed evidence. Hede describes itself as taking an active role as co-owner, which suggests a hands-on posture, but its two most recent and most visible 2025-2026 deals were syndicate positions: the Scandinavian X drone-manufacturing joint venture (alongside Front Ventures and Skygaard Defense Solutions) and the Monava passive-acoustic-drone-detection round (led by Gungnir Capital, with Foundry Ventures and Hede Capital participating). Lead tendency is marked unknown pending more deal-level detail.
Recent Activity
- November 2025: Co-founded Scandinavian X, a joint venture with Front Ventures and Skygaard Defense Solutions to build the first Swedish-Ukrainian drone factory in Sweden, manufacturing NATO-standard drones based on Ukrainian manufacturer Vluchnyk's technology.
- August 2026: Participated in Monava's funding round (led by Gungnir Capital, alongside Foundry Ventures) for AI-powered passive acoustic drone detection technology, used in Scandinavia and Ukraine.
Fund status is best described as actively deploying, given two disclosed transactions in the last nine months, both in defense tech.
Portfolio Highlights
- Lumeotech: attachment and fastening solutions for wearable technology, smart textiles, and IoT devices.
- Friendbase: gaming platform built by Gothenburg studio Palderio Creative Labs.
- Brainreader: AI-based decision-support software that analyzes medical imaging to identify brain abnormalities.
- Honestbox: opened Sweden's first unmanned store in 2015; unmanned retail automation now live at 600+ locations across Sweden, Denmark, the US, and Finland.
- Mellanmal: Swedish B2B/B2C startup bringing Nordic healthy protein snacks to the US market.
- Scandinavian X: Swedish-Ukrainian drone manufacturing joint venture (2025).
- Monava: Swedish-Finnish passive acoustic drone detection company (2026 co-investment).
No disclosed exits or unicorns were found in public sources.
Team
- Patrik Olson, Founder. Serial entrepreneur and private equity specialist with a background spanning marketing, consulting, and finance; degree from Chalmers University of Technology; prior roles include NPSI AB, Norberg & Partner Sustainable Group, and CBC Investment Group.
- Jona Olson, Co-Founder. Private equity analyst focused on analytical work and relationship building.
- Daniel Iszak, Business Development. Ten years in business development and capital raising within PE/VC; bachelor's degree from the US in Business Management and Entrepreneurship.
- Amanda Haedge, Team Member, operations and client relations.
- Linus Lovenhamn, Business Developer. Background in political science and national economics; prior roles at technology companies.
- Martin Berggren, Portfolio Advisor. Eight years in banking; two-year degree in IT project management.
- Edi Tokolander, Finance and Client Relations. Master's degree in business administration; banking experience in Sweden and Luxembourg; prior private equity and UHNW advisory background.
Decision Process
Small team structure led by founder Patrik Olson with a co-founder and five additional business development, advisory, and client-relations staff. Best classified as a partnership-style decision process rather than a solo-GP or formal investment-committee structure, though this is inferred rather than explicitly disclosed.
Founder Preferences
No explicit founder-preference statement is published. Based on the portfolio mix and messaging around strategic engagement and combining capital with knowledge-based support, Hede appears to favor founders building in sectors with clear defense, health, or consumer-scale relevance who want an active, hands-on investor rather than passive capital.
Geographic Focus
Sweden (headquartered in Kungsbacka) is the operating base, with a clear and growing focus on Ukraine-linked defense technology and broader Nordic (Sweden, Finland) deal activity.