The Nordic test preparation industry has seen significant growth, driven by a surge in online platforms and technology-enhanced learning resources. Companies in this space specialize in academic tutoring, standardized test prep, and skill development through digital tools and innovative approaches. Popular offerings include personalized tutoring services, interactive learning apps, and comprehensive study materials. Additionally, increased competition is fueling the demand for innovative educational solutions that better cater to students' needs. Looking ahead, a continued focus on AI-driven resources and adaptive learning methods appears to dominate the future of this industry.

The investors in the Nordic test preparation sector consist primarily of private equity and venture capital firms, including heavyweights like EQT Group and Verdane. Most are headquartered in Norway and Sweden, with year-founded dates ranging from 1985 to 2021. Investment sizes vary, encompassing both pre-seed to growth-equity stages. In 2024, these investors collectively contributed to a notable number of deals—many concentrating on edtech innovations—highlighting their commitment to education's evolving landscape.

Top 10 Test Preparation Investors in the Nordics

1. 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. Among their notable transactions, EQT invested in Studienkreis, a company focused on educational services, including test preparation, which highlights their engagement in the education sector. Additionally, EQT has made investments in various other companies, such as ILA Vietnam and Struers, showcasing their broad investment strategy while still maintaining a foothold in the educational domain through Studienkreis.

2. Norvestor

• Website: norvestor.com
• Type: Private Equity
• Headquarters: Oslo, Oslo, Norway
• Founded year: 1989
• Headcount: 11-50
• Number of deals in 2024: 3
• LinkedIn: norvestor-equity-as

Norvestor is a private equity firm based in Oslo, Norway, founded in 1989. The firm specializes in investment management and advisory services, focusing on partnering with medium-sized Nordic businesses to support their growth and development. Norvestor emphasizes sustainability and invests in various sectors, including IT services and property maintenance. Notably, in 1999, Norvestor acquired Sonans Privatgymnas, a private educational institution, which indicates their involvement in the education sector. This acquisition highlights Norvestor's interest in educational services, potentially including test preparation, thereby enhancing their portfolio in this area.

3. Procuritas

• Website: procuritas.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1986
• Headcount: 11-50
• LinkedIn: procuritas-ab

Procuritas is a private equity investment firm based in Stockholm, Sweden, founded in 1986. The firm specializes in private equity and growth capital investments, partnering with entrepreneurs and business owners to provide capital and strategic guidance aimed at achieving market leadership. Their portfolio includes a diverse range of industries, such as e-commerce and healthcare. Notably, Procuritas acquired Sonans AS, a prominent Norwegian education services provider, in February 2011. This transaction highlights their commitment to the education sector, which is closely related to test preparation services, thereby reinforcing their relevance in this area.

4. Verdane

• Website: verdane.com
• Type: Private Equity
• Headquarters: Oslo, Oslo, Norway
• Founded year: 1985
• Headcount: 51-200
• Number of deals in 2024: 7
• LinkedIn: verdane-capital

Verdane is a private equity investment firm based in Oslo, Norway, founded in 1985. The firm specializes in growth equity investments, particularly in technology-enabled companies. Verdane provides capital and hands-on support to help businesses scale, with a focus on digitalization and decarbonization trends. Among their notable transactions is the investment in Schoolido, which raised $1,600,000 in a venture round on December 16, 2015. Schoolido is an educational platform that supports students in their learning processes, aligning with the test preparation context. This investment highlights Verdane's engagement in the education sector, particularly in technology-driven solutions that can enhance learning outcomes.

5. Kirkbi A/s

• Website: kirkbi.com
• Type: Venture Capital
• Headquarters: Billund, Denmark
• Founded year: 1995
• Headcount: 51-200
• Number of deals in 2024: 1
• LinkedIn: kirkbi-a-s

Kirkbi A/S is a family-owned holding and investment company based in Billund, Denmark, founded in 1995. It manages the wealth of the Kristiansen family and oversees the LEGO brand, focusing on long-term investment strategies, brand management, and educational initiatives. The company aims to inspire and develop future generations through play and operates in various sectors, including investment management and brand development. In 2025, Kirkbi A/S was involved in a significant venture round investment in AMBOSS, raising over $259 million. AMBOSS is a platform that provides medical students with resources and tools for exam preparation, which aligns with educational and test preparation objectives.

6. Sanoma

• Website: sanoma.com
• Type: Corporate
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 1889
• Headcount: 5001-10000
• LinkedIn: sanoma

Sanoma is a corporate investor based in Helsinki, Uusimaa, Finland, founded in 1889. As a media and educational publishing company, Sanoma provides a diverse range of learning solutions and media content, including printed and digital learning materials and teaching platforms. They serve educational institutions and media consumers across multiple European countries. One of their notable transactions includes the acquisition of Nowa Era Sp. z o.o., a Polish educational publishing company, in 2007. This acquisition aimed to strengthen Sanoma's position in the European educational publishing market, which encompasses various educational materials, potentially including test preparation resources. While their primary focus is on educational publishing, their involvement in the educational sector suggests a potential interest in test preparation, although specific investments in that niche are not highlighted.

7. Sondo

• Website: sondo.com
• Type: Venture Capital
• Headquarters: Oslo, Oslo, Norway
• Founded year: 2021
• Headcount: 1-10
• Number of deals in 2024: 7
• LinkedIn: sondo-capital

Sondo Capital is a venture capital firm based in Oslo, Norway, founded in 2021. The firm specializes in investing in pre-seed and seed stage teams, primarily focusing on innovative startups linked to Norway. Sondo aims to provide funding to early-stage companies to help them develop their business ideas and achieve growth. One of their notable transactions includes an investment in Curipod, a startup that assists teachers in creating interactive lessons through generative AI. This investment, announced on September 14, 2023, involved a seed funding round of $4.6 million, showcasing Sondo's commitment to the edtech sector and its potential relevance to test preparation.

8. Heartcore Capital

• Website: heartcore.com
• Type: Venture Capital
• Headquarters: Copenhagen, Denmark
• Founded year: 2007
• Headcount: 11-50
• Number of deals in 2024: 17
• LinkedIn: heartcorecapital

Heartcore Capital is a venture capital firm based in Copenhagen, Denmark, founded in 2007. The firm specializes in investing in early-stage technology companies and emphasizes building long-term relationships with entrepreneurs. In 2022, Heartcore Capital invested in Luca, a Mexican EdTech startup, providing $3 million in pre-seed funding to strengthen its technology and product development, expand content production, and initiate operations in Mexico. This investment highlights Heartcore's commitment to supporting innovative educational solutions, which may include test preparation services. In 2024, they further invested $2 million in Luca during a seed round, reinforcing their belief in the company's potential to impact the education sector positively.

9. Evli Growth Partners

• Website: egp.fi
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2018
• Headcount: 1-10
• Number of deals in 2024: 3
• LinkedIn: evli-growth-partners

Evli Growth Partners is a venture capital fund based in Helsinki, Uusimaa, Finland, founded in 2018. The firm specializes in investing in growth companies, providing not only capital but also strategic guidance and support to help these companies scale effectively. They focus on fostering collaboration between investors and founders to drive sustainable growth. Evli Growth Partners operates primarily in the investment management sector, targeting innovative startups across various industries. Notably, they have been involved in significant transactions such as their investment in Preply, an online language learning platform, which raised approximately $49.4 million in a Series C funding round in March 2022. This investment highlights their interest in the education sector, particularly in platforms that facilitate learning and preparation, making them a relevant player in the test preparation landscape.

10. Link Venture Capital

• Website: linkvc.no
• Type: Venture Capital
• Headquarters: Stavanger, Rogaland, Norway
• Founded year: 2021
• Headcount: 1-10
• LinkedIn: linkvc

Link Venture Capital is a venture capital firm based in Stavanger, Rogaland, Norway, founded in 2021. The firm specializes in early-stage technology investments across Europe, particularly in the Nordic region. They focus on sectors such as cleantech, mobility, and software, providing capital and strategic support to help startups grow in competitive markets. One of their notable transactions includes investing in Vignita, a Norwegian edtech startup that raised over €660k in a pre-seed funding round. This investment highlights Link Venture Capital's engagement in the education technology space, which encompasses test preparation, indicating their potential interest in this sector.

Test Preparation Insights: Key Investors in the Nordics

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