Copenhagen-headquartered consumer-tech venture capital firm with offices in Berlin, Paris, Stockholm and a Lisbon presence. Portuguese-relevant portfolio includes Lovys and a historic Kaia Health stake.
Heartcore Capital’s Portuguese exposure runs along two named axes. Direct: a Series A position in Lovys, the Portuguese-founded digital insurance platform serving France, Spain and Portugal. Indirect: the firm’s earlier backing of Kaia Health, the German digital MSK platform that was acquired in January 2026 by Porto-founded unicorn Sword Health for $285 million.
Heartcore’s combination of a Copenhagen HQ, a Lisbon presence and an active Portuguese consumer-tech portfolio makes it one of the most credible Nordic single-firm vehicles bridging the Portugal ↔ Scandinavia corridor at the venture stage. The pattern of Nordic-led capital flowing into Portuguese consumer and digital health businesses, with eventual large-cap exits or strategic acquisitions in Northern Europe, is one Heartcore has directly helped establish.
Heartcore Capital’s most material 2026 corridor moment came in January when Porto-founded Sword Health acquired Kaia Health for $285M — turning Heartcore’s historic Kaia position into a passive stake inside a Portuguese-headquartered digital MSK unicorn. The acquisition is the cleanest Nordic-capital-to-Portuguese-scale-up event of the year so far, and a template for further Copenhagen-to-Iberia consumer-tech bridges Heartcore is now actively scouting.
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