Tandem Health Raises $100 Million in the Scaleup Europe Fund’s First Healthtech Deal

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Swedish health tech company Tandem Health has just announced a $100 million Series B round. It is led by the Scaleup Europe Fund, the multi-billion-euro vehicle set up by the European Commission and managed by Swedish investment group EQT. For the fund, it marks the first commitment in healthcare. Existing investors Kinnevik, Northzone, Amino Collective and Visionaries are also taking part. Following a $50 million Series A last year, total capital raised now stands at $160 million.

What Tandem Health Does

Founded roughly three years ago, Tandem Health builds an AI assistant for everyday clinical work. The software prepares patient summaries ahead of appointments, supports clinical decisions during the consultation, and afterwards takes over documentation, coding and task management. According to the company, the product is in use at more than 10,000 care organisations across 14 European markets, among them Ramsay Santé, Humanitas and the UK’s NHS. It integrates with over 130 medical record systems.

The company positions itself firmly around European regulation. Three components (its AI Scribe, Coding Assistant and Clinical Decision Support) are each independently certified as Class IIa medical devices under the EU Medical Device Regulation, Tandem says. On top of that come certifications under ISO 27001, ISO 13485 and ISO 42001, as well as C5 in Germany, ENS High in Spain and HDS in France.

On impact, the company points to peer-reviewed research in which clinicians using Tandem report a 29 percent reduction in time spent on admin, a 30 percent improvement in job satisfaction and a 30 percent drop in administrative stress. Those figures are the ones cited by the company itself.

Where the Money Goes

The fresh capital is earmarked for two areas. First, expanding the local footprint: Tandem operates offices in Germany, France, the UK, Spain, Italy, the Netherlands, Sweden, Finland, Norway, Denmark, Belgium, Portugal, Estonia and Lithuania, and says it employs around 100 in-house clinicians. Second, evolving from an AI assistant into what the company calls an “AI-native Clinic Operating System,” covering triage, scheduling and patient communication.

CEO and co-founder Lukas Saari argues that European providers have so far had to rely either on legacy systems or on AI products originally built for other markets and retrofitted for Europe. “Europe should be setting the standard for how AI enters healthcare,” Saari said.

Nils Petter Nygaard, Managing Director at EQT and the Scaleup Europe Fund, sees Tandem as one of the few health technology companies that has managed to scale pan-European, and speaks of a potential “foundational AI layer for European healthcare.”

As a market argument, Tandem points to the workforce gap: the WHO expects a shortfall of four million health and social care workers by 2030, while the number of Europeans over 65 is set to reach around 130 million by 2050.

The Scaleup Europe Fund and Its Portfolio So Far

The Scaleup Europe Fund is the largest instrument of its kind in Europe to date. Managed by EQT, it targets a volume of five billion euros and pools public and private capital from, among others, the European Commission, Novo Holdings, Allianz, APG, EIFO, CriteriaCaixa, Santander/Mouro Capital and several Italian foundations. It invests from Series B through to pre-IPO, with a focus on deeptech, AI and life sciences (Trending Topics reported).

The fund only began operating a few weeks ago. These are the investments known so far:

• ICEYE (Finland): Co-lead in the radar satellite specialist’s Series F, which together with a secondary placement passed one billion euros in total volume and valued the company above ten billion euros, the fund’s first deal (Trending Topics reported).
• Lovable (Sweden): Co-lead alongside Menlo Ventures in the $400 million Series C that valued the vibe-coding startup at $13.3 billion (Trending Topics reported).
• Mistral AI (France): Co-lead next to Samsung Electronics in the three-billion-euro Series D at a valuation of 21 billion euros (Trending Topics reported).
• The Exploration Company (Germany/France): Co-lead with Bessemer Venture Partners and Atomico in the space company’s $450 million Series C (Trending Topics reported).
• Tandem Health (Sweden): Lead investor in the current $100 million Series B.

The geographic spread stands out: three of the five holdings sit in the Nordics, two in France or in Franco-German structures. Companies from Central, Eastern or Southern Europe are absent from the portfolio so far. A thematic pattern is emerging as well, built around sovereignty in the broader sense: space access, AI models, developer tooling and now medical infrastructure.