The chocolate manufacturing industry in the Nordics is known for its unique blend of traditional craftsmanship and innovative approaches. Companies here produce everything from premium chocolates to sustainable alternatives, with many focusing on quality ingredients and ethical sourcing. Nordic chocolatiers often experiment with flavors that reflect local tastes, such as licorice and sea salt. In recent years, there’s been a rising demand for health-oriented products, including sugar-free and organic options, as consumer preferences evolve. The industry is embracing sustainability, setting goals to minimize environmental impacts while delivering delightful confections that appeal both locally and internationally.


The list of chocolate manufacturing investors in the Nordics includes a mix of corporate, venture capital, and private equity firms. These investors, primarily based in Stockholm and Oslo, range in size from microfunds with just a few employees to larger enterprises with thousands on staff. Founded between 1989 and 2023, they participated in various investment rounds in 2024, with some, like Nordic Capital and Mudcake, indicating a strong interest in the food and chocolate sectors. Their investment strategies reflect the dynamic nature of the industry, seeking opportunities in both established companies and innovative startups.


Top 10 Chocolate Manufacturing Investors in the Nordics


1. Orkla ASA

  • Website: orkla.com
  • Type: Corporate
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 2017
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: orkla-asa

Orkla ASA is a leading industrial investment company based in Oslo, Norway, founded in 2017. It operates across various sectors, including branded consumer goods, aluminium solutions, and financial investments. Orkla offers a diverse range of products, particularly in food, snacks, health, and personal care. Notably, Orkla has made significant strides in the chocolate and confectionery market through its acquisition of Nói-Siríus HF, where it acquired an 80% stake, enhancing its position in the chocolate manufacturing industry. Additionally, Orkla's acquisition of Bubs Godis AB, a Nordic confectionery company, further solidifies its commitment to the confectionery sector. These transactions highlight Orkla's strategic focus on expanding its footprint in the chocolate and confectionery markets, making it a relevant player in this industry.


2. Mudcake

  • Website: mudcake.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2020
  • Headcount: 1-10
  • Number of deals in 2024: 3
  • LinkedIn: trellisroad

Mudcake is an investment microfund based in Stockholm, Sweden, founded in 2020. The firm focuses on supporting startups in the food industry, providing investment in pre-seed and seed rounds to help founders innovate in food production, distribution, and consumption. In 2024, Mudcake participated in a significant Series A funding round for Planet A Foods, which is developing a cocoa-free chocolate product called ChoViva. This investment aligns with their mission to support innovative food startups. Additionally, Mudcake has been involved in earlier funding rounds for Planet A Foods, including a $6 million seed round in 2021 and a $125,000 pre-seed round in 2021. These transactions highlight Mudcake's active role in the chocolate manufacturing sector, particularly in supporting innovative alternatives to traditional chocolate products.


3. Nordic Capital

  • Website: nordiccapital.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1989
  • Headcount: 201-500
  • Number of deals in 2024: 10
  • LinkedIn: nordic-capital

Nordic Capital is a private equity firm based in Stockholm, Sweden, founded in 1989. The firm specializes in investments across various sectors, including healthcare and technology, but also has a notable presence in the food industry. One of their significant transactions includes the investment in Cloetta, a well-known confectionery company that produces chocolate and other sweets. This investment highlights Nordic Capital's capability and interest in the chocolate manufacturing sector. Additionally, they have made investments in companies like Lagkagehuset and Ole & Steen, which, while primarily focused on bakery products, demonstrate their engagement in the broader food and consumer goods market. Nordic Capital partners with management teams to drive growth and operational improvements, aiming to create long-term value and sustainability in their portfolio companies.


4. Cloetta

  • Website: cloetta.com
  • Type: Corporate
  • Headquarters: Sundbyberg, Stockholm, Sweden
  • Founded year: 1862
  • Headcount: 1001-5000
  • LinkedIn: cloetta

Cloetta is a prominent confectionery manufacturer based in Sundbyberg, Stockholm, Sweden, founded in 1862. The company specializes in a wide range of products, including candy, chocolate, chewing gum, pastilles, and nuts. Cloetta focuses on product quality and consumer preferences to drive innovation and growth. Notably, Cloetta has made several strategic acquisitions to strengthen its market position in the confectionery sector. In 2015, Cloetta acquired a 100% stake in Locawo B.V. (Lonka) for $34.4 million, which enabled the company to enter the Dutch chocolate market and address sales declines in the region. This acquisition highlights Cloetta's commitment to expanding its chocolate manufacturing capabilities. Additionally, Cloetta has acquired brands such as The Jelly Bean Factory and Aran Candy, further diversifying its product offerings and enhancing its market presence.


5. Humble Group

  • Website: humblegroup.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2009
  • Headcount: 501-1000
  • LinkedIn: bayn-europe-ab

Humble Group is a corporate investor based in Stockholm, Sweden, founded in 2009. The company specializes in innovative and sustainable consumer products, particularly in the FMCG sector. They offer a diverse range of healthier food options, including snacks, confectionery, and functional foods, targeting health-conscious consumers. Notably, Humble Group has made significant strides in the confectionery market through strategic acquisitions. In June 2021, they acquired Wellibites, a leading brand in sugar-free and vitamin-enriched sweets, enhancing their portfolio in the confectionery space. Additionally, in May 2022, they acquired Franssons, a local confectionery firm, further solidifying their presence in the sweets market. These transactions reflect Humble Group's commitment to quality and sustainability in their offerings, particularly in the confectionery sector, which includes chocolate products.


6. Kost Capital

  • Website: kostgroup.co
  • Type: Venture Capital
  • Headquarters: Frederiksberg, Frederiksberg, Denmark
  • Founded year: 2023
  • Headcount: 1-10
  • Number of deals in 2024: 4
  • LinkedIn: kost-capital

Kost Capital is a venture capital firm based in Frederiksberg, Denmark, founded in 2023. It operates as a food development studio and venture capital fund, focusing on innovative solutions within the food industry. Kost Capital supports food entrepreneurs and researchers in developing new products and technologies, with a strong emphasis on sustainable food systems. Their investment portfolio includes a variety of food-related startups, such as Numi, a French milktech startup that raised €3 million in Seed funding, which highlights their interest in food innovation. Other investments include Foreverland, Sallea, and Nutrumami, which, while not directly related to chocolate, demonstrate their active engagement in the food sector. This positions Kost Capital as a relevant player in the broader food industry, including potential opportunities in chocolate manufacturing.


7. Novax

  • Website: novax.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1999
  • Headcount: 11-50
  • Number of deals in 2024: 3
  • LinkedIn: novax-ab

Novax is a Stockholm-based venture capital firm founded in 1999, focusing on supporting and developing small and medium-sized growth companies across various sectors, including health, technical security, sustainable food, and digital retail infrastructure. In 2023, Novax acquired a majority share in Louis François SAS, a French developer of specialty functional ingredients, as part of its initiative to expand its network of specialized food businesses. This acquisition aligns with their strategy to enhance their portfolio in the food sector. Additionally, in 2024, Novax acquired MSK Ingredients, a UK-based leader in specialty ingredients for the food industry, further solidifying their position in food ingredient innovation. These transactions indicate Novax's commitment to investing in companies that could potentially influence the chocolate manufacturing industry, particularly through the development of innovative ingredients.


8. Accent Equity


Accent Equity is a private equity firm based in Stockholm, Sweden, founded in 1994. The firm specializes in investments in private Nordic companies, focusing on enhancing the value of its portfolio through strategic management and investment to create sustainable growth and superior returns. Among their notable transactions, Accent Equity acquired Candyking, the market leader in pick & mix confectionery sales in Sweden, Finland, Norway, and the UK, which directly ties to the chocolate manufacturing industry. This acquisition highlights their engagement in the confectionery sector, which encompasses chocolate products. Additionally, they have made other acquisitions, such as Wernersson Ost and Belid, further demonstrating their active investment strategy in various sectors, including those related to food and confectionery.


9. Chalmers Ventures


Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. They specialize in supporting researchers and entrepreneurs in commercializing their technology through various programs that provide business guidance, financing, and community networking. Their model emphasizes active ownership and investment in startups, helping them scale and succeed in the market. Notably, Chalmers Ventures has been involved in several funding rounds for Melt&Marble, a company dedicated to chocolate manufacturing, raising significant amounts in seed rounds over the years: $906,750 in April 2021, $5,269,837 in May 2022, and $867,843 in June 2024. This involvement highlights their engagement in the chocolate sector, despite their broader focus on deep tech innovations.


10. Aak

  • Website: aak.com
  • Type: Corporate
  • Headquarters: Malmo, Skåne, Sweden
  • Founded year: 2005
  • Headcount: 1001-5000
  • LinkedIn: aak-ab

AAK AB is a corporate investor based in Malmo, Skåne, Sweden, founded in 2005. The company specializes in the production of vegetable oils and fats, offering a diverse range of products tailored for various applications in the food industry, including bakery, dairy, and notably, confectionery. AAK has made strategic acquisitions to enhance its market presence, including the acquisition of Soya Group in 2019 and Rapsona AB in 2008. Most relevantly, in 2021, AAK acquired BIC Ingredients, which focuses on lecithin, a crucial ingredient in chocolate manufacturing. This acquisition aims to strengthen AAK's position in the European lecithin market, supporting their goal of becoming a leading supplier of specialty lecithin, which is vital for chocolate production. AAK's commitment to enhancing the quality and sustainability of food products positions them as a significant player in the chocolate manufacturing sector.



Chocolate Manufacturing Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Orkla ASAOslo, Oslo, Norway10001+20171
MudcakeStockholm, Stockholm, Sweden1-1020203
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
CloettaSundbyberg, Stockholm, Sweden1001-500018620
Humble GroupStockholm, Stockholm, Sweden501-100020090
Kost CapitalFrederiksberg, Frederiksberg, Denmark1-1020234
NovaxStockholm, Stockholm, Sweden11-5019993
Accent EquityStockholm, Stockholm, Sweden11-5019944
Chalmers VenturesSweden11-50201526
AakMalmo, Skåne, Sweden1001-500020050


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