What We Look For

Nolsterby Invest categorizes Healthcare into the subsectors Medtech, Diagnostics, Biotech, Life Science Tools & Supplies, and Healthtech. Our main expertise and core investments are made in Medtech companies, at the growth stage, and with clear clinical applications. We have made investments in the other subsectors but it typically comes with a smaller ticket size than in Medtech. Our deal flow stems from both the Unlisted and the Listed environment.

In our diligence, we focus a lot on trying to understand what the market uptake could look like. Key aspects in this regard are the clinical evidence, the development and regulatory landscape, payers, the user/decision-maker, and the Market/Business model.

Critical questions we ask ourselves include:

- What will the clinical data be compared against?

- What do guidelines and regulatory agencies stipulate in terms of, for instance, the treatment algorithm and clinical trial endpoints?

- How can the health economics for the technology be measured and aligned to value-based care?

- Are there reimbursement codes in place for the procedure? What are the economic incentives for the clinician?

- How does usability compare to competing technologies and what Key Opinion Leaders can drive adoption of the technology?

- What is the sales model? What distribution channels are there? What is the strategy to penetrate the important US market?

Above all, we invest in people. None of the above matters unless we see that there are highly skilled entrepreneurs and managers that we are willing to bet on. Another criteria we don’t compromise is that we always co-syndicate with other investors that we trust and have confidence in.

Nolsterby Invest as an Owner

Besides providing capital, Nolsterby Invest contributes as an owner:

With our long-term perspective

We operate as an evergreen investor without an explicit Exit strategy. Having said that, we are constantly challenging the equity stories in each of our holdings.

With a deep understanding of high-innovation areas

Through our strong track record as business leaders, entrepreneurs, equity analysts, and investors in the Healthcare sector, we understand complex scientific areas and how it can be translated into successful businesses.

With business acumen

We always do business with high integrity and transparency.

We constantly urge our holdings to have a high pace and a sense of urgency in their operations.

We are laser-focused on creating the highest possible shareholder value.

With an extensive industrial and financial network

Our extensive network encompasses academia, the Healthcare industry, and the financial sector. We willingly let our holdings utilize our network.

At present, our ownership is both in the form of Board representation, through the Nomination Committee, and in holdings where we serve as a mere financial partner. Regardless, we always stay actively updated on the company’s respective equity stories.