Founded in 1999 in Sweden, Novo Holding invests in startups that are 2-3 years old. Their most frequent investments are in the United States, despite being based in Europe. They prefer startups with multiple founders and typically invest in rounds with 4-5 participants. Some of their notable portfolio startups include Harmony Biosciences and Spruce Biosciences. Novo Holding is active in less than 2 investment rounds annually and has a track record of investing in deals worth over $100 million. They have also established successful businesses in Europe and Asia, spanning various sectors from telecommunications to energy.