The dyes and pigments industry in the Nordics plays a crucial role in various sectors, including textiles, paints, and food. Companies here offer a range of products, from synthetic dyes to natural colorants. This industry is witnessing a shift towards sustainability, with innovative technologies that promote eco-friendly production methods. Interest in plant-based pigments and sustainable dyes is growing, reflecting a larger trend toward environmental responsibility in manufacturing. As consumer awareness rises, the demand for high-quality, ethically produced color solutions continues to climb, positioning the Nordics as a key player in shaping future market trends.


The investors listed primarily include corporate entities and venture capital firms, concentrated in Stockholm and Helsinki. With sizes ranging from small teams to large firms, they cover a broad spectrum of the investment landscape. Most were founded in the late 20th century, signaling stability and experience in their sectors. In 2024, these investors made considerable moves within the market, collectively engaging in numerous transactions that highlight a significant interest in the dyes and pigments space. Such activity indicates a readiness to support innovative companies and solutions within this vital industry.


Top 10 Dyes and Pigments Investors in the Nordics


1. Almi

  • Website: almi.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 201-500
  • Number of deals in 2024: 7
  • LinkedIn: almi-ab

Almi AB is a financial services company based in Stockholm, Sweden, founded in 1994. It specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden. Almi aims to enhance the growth and competitiveness of these businesses by offering tailored financial solutions and guidance. Notably, Almi has participated in several transactions that are relevant to the dyes and pigments industry, including a seed investment in Vividye AB, a textile tech startup that has developed a unique printing technology for fabric color management. Additionally, Almi has invested in companies like Coloreel and re:newcell, which are involved in textile and color-related innovations, further demonstrating their engagement in sectors that intersect with dyes and pigments.


2. EQT Group

  • Website: eqtgroup.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 1001-5000
  • Number of deals in 2024: 30
  • LinkedIn: eqt-partners

EQT Group is a prominent investment firm based in Stockholm, Sweden, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Founded in 1994, EQT serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made strategic investments in the specialty chemicals sector, which encompasses dyes and pigments. Their acquisition of Oterra in September 2020 highlights their commitment to the dyes and pigments industry, as Oterra is recognized for its natural colorants and dyes. Furthermore, EQT's partnership in acquiring Azelis, a global leader in specialty chemicals distribution, underscores their involvement in the broader chemicals market, which includes dyes and pigments. These transactions reflect EQT's strategic focus on sectors that align with the dyes and pigments industry, making them a relevant investor in this space.


3. Katapult

  • Website: katapult.vc
  • Type: Venture Capital
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 2017
  • Headcount: 11-50
  • Number of deals in 2024: 8
  • LinkedIn: katapult-accelerator

Katapult is an impact investment firm based in Oslo, Norway, founded in 2017. They focus on tech startups that address global challenges, providing investment, accelerator programs, and mentorship to early-stage companies. Katapult has been involved in several transactions, including a notable investment in Sparxell, a UK-based developer of sustainable plant-based pigments, which completed a $3.2 million funding round in April 2024. This investment highlights Katapult's engagement in the dyes and pigments sector. Additionally, they participated in funding rounds for companies like Carbonwave and Matter, which, while not directly in the dyes and pigments industry, showcase their commitment to sustainability and innovative solutions. Overall, Katapult's investment strategy aligns with supporting companies that contribute to environmental sustainability, including those in the dyes and pigments space.


4. Indutrade Life Science

  • Website: indutrade.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1978
  • Headcount: 1001-5000
  • Number of deals in 2024: 14
  • LinkedIn: indutrade-life-science

Indutrade Life Science is a corporate investor based in Stockholm, Sweden, founded in 1978. The company is part of an industrial group that focuses on developing and acquiring companies with high technical expertise across various technology and industrial sectors. Indutrade emphasizes long-term relationships with its customers and operates through a decentralized structure, allowing its subsidiaries to maintain independence while benefiting from the group's resources. In 2023, Indutrade made a significant acquisition by purchasing TSE Troller AG, a Swiss manufacturer of high-quality coating dies, which aligns with the coatings and potentially the dyes and pigments industry. This acquisition is part of Indutrade's strategy to build clusters of niche companies with specialized expertise. Other acquisitions, such as TriboTec AB and Relekta Group, further demonstrate Indutrade's commitment to expanding its portfolio in sectors that may intersect with the dyes and pigments market.


5. Chalmers Ventures


Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. They focus on deep tech innovations and support researchers and entrepreneurs in commercializing their technology through various programs, providing business guidance, financing, and community networking. Chalmers Ventures emphasizes active ownership and investment in startups to help them scale and succeed in the market. Notably, they have been involved in several transactions, including multiple seed rounds for Vividye AB, a textile tech startup that has developed a unique printing technology allowing for the removal and reapplication of colors on fabrics. This investment highlights their engagement in the dyes and pigments sector, showcasing their commitment to supporting innovations that can impact this industry.


6. Nordic Foodtech VC


Nordic Foodtech VC is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2019. The firm specializes in early-stage investments in companies focused on deep foodtech innovations aimed at transforming the food system. They primarily support startups that develop sustainable and health-oriented food technologies in the Nordics and Baltics. Notably, Nordic Foodtech VC has invested in Chromologics, a biotech company that raised €7.1M to commercialize Natu.Red, a natural red food color, highlighting their engagement in the dyes and pigments space. Additionally, they have participated in funding rounds for other foodtech startups, reinforcing their commitment to innovative solutions in the food industry.


7. Hempel A/S

  • Website: hempel.com
  • Type: Corporate
  • Headquarters: Lyngby, Denmark
  • Founded year: 1915
  • Headcount: 5001-10000
  • LinkedIn: hempel-as

Hempel A/S is a corporate investor based in Lyngby, Denmark, founded in 1915. The company specializes in manufacturing protective, marine, decorative, container, and yacht paints, serving businesses and organizations globally. Hempel emphasizes sustainability in its operations and aims to enhance asset protection and aesthetics through high-quality products. Notably, Hempel has made several strategic acquisitions to bolster its position in the decorative coatings market. In 2021, they acquired Farrow & Ball, a luxury paint and wallpaper company, for £500 million, aiming to expand its international presence. In 2011, Hempel acquired Crown Paints Ltd, a UK-based decorative coatings manufacturer, further aligning with their strategic goals. Additionally, in 2018, Hempel acquired a 65% stake in J.W. Ostendorf, a German manufacturer, to enhance its global decorative business. These transactions highlight Hempel's commitment to expanding its footprint in the coatings industry, which is closely related to the dyes and pigments sector.


8. Maki.vc

  • Website: maki.vc
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2018
  • Headcount: 1-10
  • Number of deals in 2024: 11
  • LinkedIn: maki-vc

Maki.vc is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2018. The firm specializes in seed-stage investments, particularly in deep tech and brand-driven companies. Maki.vc aims to support early-stage startups in navigating growth and innovation challenges. They have a global investment mandate but primarily operate in the Nordic region. Notably, Maki.vc led a €3.4M seed funding round for Ever Dye, a Paris-based deep-tech startup that focuses on sustainable dyeing processes, highlighting their commitment to the dyes and pigments industry. Additionally, they have been involved in various other transactions, including funding rounds for companies like Volare and Revela Health, showcasing their diverse investment portfolio while maintaining a focus on innovative technologies.


9. Kemira

  • Website: kemira.com
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1920
  • Headcount: 1001-5000
  • Number of deals in 2024: 1
  • LinkedIn: kemira

Kemira Oyj is a Finnish chemical company founded in 1920, specializing in water treatment, industrial solutions, and fiber production. With a workforce of 1001-5000 employees, Kemira operates globally, providing innovative chemical solutions and digital services to municipal water utilities and various industries. They have made several strategic acquisitions to enhance their product offerings, including the acquisition of Tri-K Industries, which produces specialty titanium dioxide for personal care products, thereby expanding their footprint in the pigments market. Additionally, their acquisition of 3F Chimica S.p.A. further strengthens their position as a leading global polymer producer, which can be relevant to the dyes and pigments sector. Kemira's focus on chemistry expertise and sustainability aligns with the needs of water-intensive industries, making them a significant player in the chemical landscape.


10. Nefco - the Nordic Green Bank

  • Website: nefco.int
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1990
  • Headcount: 51-200
  • Number of deals in 2024: 6
  • LinkedIn: nefco

Nefco - the Nordic Green Bank is a not-for-profit organization established in 1990, headquartered in Helsinki, Finland. It specializes in financing green projects and sustainable development initiatives, primarily providing loans and equity funding to Nordic SMEs and municipalities in Eastern Europe. Nefco plays a pivotal role in promoting environmentally friendly solutions and addressing climate change challenges through its financial services. Notably, Nefco has been involved in several transactions that align with the dyes and pigments context. For example, their investment in Coloreel, announced on May 20, 2022, supports the scaling of technology that eliminates the need for pre-coloured threads, which has significant implications for the textile industry. Additionally, their loan to Sulapac, announced on April 27, 2023, focuses on developing innovative materials that could replace conventional plastics, potentially impacting the materials used in dyes and pigments. These transactions highlight Nefco's commitment to supporting innovative companies that may intersect with the dyes and pigments sector.



Dyes and Pigments Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
AlmiStockholm, Stockholm, Sweden201-50019947
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
KatapultOslo, Oslo, Norway11-5020178
Indutrade Life ScienceStockholm, Stockholm, Sweden1001-5000197814
Chalmers VenturesSweden11-50201526
Nordic Foodtech VCHelsinki, Uusimaa, Finland1-1020197
Hempel A/SLyngby, Denmark5001-1000019150
Maki.vcHelsinki, Uusimaa, Finland1-10201811
KemiraHelsinki, Uusimaa, Finland1001-500019201
Nefco - the Nordic Green BankHelsinki, Uusimaa, Finland51-20019906


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