Bonnier Capital increases stake in Natural Cycles

Bonnier Capital has demonstrated its conviction in Natural Cycles (NC°), a leader in digital birth control and fertility technology, by significantly increasing its ownership with share purchases throughout 2023. In total, Bonnier Capital has acquired shares worth over 100 million SEK from existing investors and employees. With these share purchases, Bonnier Capital now stands as the largest external shareholder in NC°. This acquisition reflects Bonnier Capital’s confidence in NC°’s trajectory and its alignment with the firm’s strategy of investing in and supporting companies for the long-term.

Throughout 2023, NC° has marked several notable achievements that underscore its growth trajectory and innovative edge. The summer months saw the company reach two pivotal regulatory milestones: securing approval from the European Union and obtaining clearance from the U.S. Food and Drug Administration (FDA) for integration with the Apple Watch. These developments enhance NC°’s accessibility and user experience, strengthening its position in the global digital health market.

Further advancing its foothold in the U.S., NC° successfully saw customers getting fully reimbursed by their insurance companies. This milestone is a promising indicator for future large-scale reimbursement, a critical factor for healthcare startups aiming for widespread adoption and market penetration.

NC°’s collaboration with the Oura smart ring has also proven to be a highly successful partnership in its first full year, adding to the company’s repertoire of innovative digital health solutions. Looking ahead, NC° is poised to announce exciting new partnerships that promise to further its mission and market reach.

The bolstered ownership in NC° is a testament to Bonnier Capital’s strategy of being a long-term partner with companies with a vision for long-term growth and impact in their respective industries.

Learn more about Natural Cycles on their website.

Victor Bodin

Investment Director


Victor joined the investment arm of Bonnier in 2015 and is focused on investments in Marketplaces, Commerce, SaaS and Proptech businesses. Previous experience from startups, growth companies and investment banking. MSc in Management from ESADE Business School, BSc in Business and Economics from Gothenburg University.

Sector focus: Marketplaces, Commerce, SaaS, Proptech