The hyper scale data center industry in the Nordics is thriving, characterized by massive infrastructures that cater to the soaring demand for cloud services and digital data storage. This sector includes key players such as data center operators, technology firms, and service providers offering advanced solutions in connectivity, cooling systems, and energy efficiency. With the region’s favorable climate and commitment to renewable energy, companies are focusing on sustainability while expanding their operations. Industry reports indicate that as digital transformation accelerates globally, the Nordics are poised to play a pivotal role in shaping future data center innovations, investments, and collaborations.


This list comprises a mix of private equity firms, venture capitalists, and corporate investors that are crucial players in the hyper scale data center sector. Most of these investors are headquartered in major cities like Stockholm and Helsinki, with company sizes varying significantly. Many were established in the 1990s or early 2000s, with some reaching over a decade long experience. The involvement of these investors reflects a focused strategy toward enhancing data center capabilities, illustrated by a total of over 50 investments made in 2024 across the eight firms listed here.


Top 11 Hyper Scale Data Center 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 private equity firm based in Stockholm, Sweden, founded in 1994. The firm specializes in a variety of investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. Among its notable transactions in the hyper scale data center context, EQT Infrastructure's acquisition of EdgeConneX in 2020 highlights its commitment to the data center industry, as EdgeConneX is known for its edge data center solutions. Furthermore, EQT's acquisition of Zayo for $14.3 billion in 2020, a company that provides extensive fiber and data center services, further emphasizes EQT's strategic focus on the infrastructure that supports hyper scale data centers. These investments reflect EQT's active role in the evolving landscape of data center infrastructure.


2. Proact IT Group AB

  • Website: proact.eu
  • Type: Corporate
  • Headquarters: Solna, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 1001-5000
  • LinkedIn: proact

Proact IT Group AB is a corporate investor based in Solna, Stockholm, Sweden, specializing in IT services that include cloud transformation, data management, and cybersecurity solutions. Founded in 1994, Proact has established itself as a key player in the IT services sector, catering to various industries such as healthcare, legal, and insurance. The company has made several strategic acquisitions to bolster its capabilities in the hyper scale data center context. Notable transactions include the acquisition of Teamix GmbH, which enhanced Proact's data center architecture services, and Cetus Solutions, a cloud and workspace specialist that contributed significantly to Proact's revenue. Additionally, the acquisition of ahd GmbH & Co. KG aimed to expand Proact's managed cloud services in Germany, a crucial market for data centers in Europe. These acquisitions reflect Proact's strategy to strengthen its position in the hyper scale data center industry and enhance its service offerings.


3. Nokia

  • Website: nokia.com
  • Type: Corporate
  • Headquarters: Espoo, Uusimaa, Finland
  • Founded year: 1865
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: nokia

Nokia Corporation, founded in 1865 and based in Espoo, Uusimaa, Finland, is a leading telecommunications and technology solutions provider specializing in networking technology and digital transformation. With a workforce of over 10,000 employees, Nokia offers a diverse range of products and services, including cloud infrastructure, mobile networks, and security solutions, primarily targeting businesses and organizations across various industries. Notably, Nokia has made several strategic acquisitions to bolster its capabilities in areas relevant to hyper scale data centers. For instance, the acquisition of DeepField aimed to enhance network and service automation through real-time analytics, which is crucial for managing large-scale data operations. Additionally, the acquisition of Elenion Technologies focused on improving optical connectivity for 5G, cloud, and enterprise networking, further aligning with the needs of hyper scale data centers. These transactions reflect Nokia's commitment to advancing its technology offerings in the context of cloud and networking solutions, making it a relevant player in the hyper scale data center industry.


4. CapMan

  • Website: capman.com
  • Type: Private Equity
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1989
  • Headcount: 51-200
  • Number of deals in 2024: 4
  • LinkedIn: capman

CapMan Oyj is an investment management firm based in Helsinki, Finland, specializing in private equity, real estate, infrastructure, and natural capital investments. Founded in 1989, CapMan serves institutional investors by providing access to diverse investment strategies aimed at achieving sustainable returns. In 2023, CapMan made a significant move in the hyper scale data center industry by acquiring fuZion A/S, a Danish colocation firm that operates four data centers and is expanding to Copenhagen. This acquisition highlights CapMan's commitment to investing in the data center sector, which is crucial for supporting the growing demand for digital infrastructure. Additionally, CapMan has been involved in various other transactions, showcasing its broad investment portfolio, but the focus on fuZion underscores its active role in the hyper scale data center market.


5. Inventure

  • Website: inventure.vc
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2005
  • Headcount: 11-50
  • Number of deals in 2024: 9
  • LinkedIn: inventure

Inventure is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2005. The firm focuses on backing ambitious Nordic and Baltic founders, providing venture capital investment and portfolio management services to early-stage tech startups. Notably, Inventure has participated in significant funding rounds for companies like UpCloud, a Helsinki-based cloud server provider, which raised €18 million in equity and debt funding with Inventure's participation. This investment aims to support UpCloud's rapid growth and expansion in cloud computing services. Additionally, Inventure invested in UpCloud's earlier Series A round, contributing €4 million to help accelerate the company's international expansion. These transactions highlight Inventure's engagement in the hyper scale data center context, particularly through its support of cloud computing initiatives.


6. Seb

  • Website: sebgroup.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1856
  • Headcount: 10001+
  • Number of deals in 2024: 13
  • LinkedIn: seb

Skandinaviska Enskilda Banken AB (SEB) is a leading banking group in Northern Europe, founded in 1856, providing a wide range of financial services including corporate and investment banking, asset management, and private wealth management. In 2023, SEB was involved in significant transactions relevant to the hyper scale data center industry, such as providing debt financing to Delska (DEAC, Data Logistics Center), which indicates their support for infrastructure in this sector. Additionally, they participated in funding rounds for technology companies like LOGIQ.AI, which focuses on data solutions, further showcasing their interest in the data-centric landscape. With 13 investments in 2024 and a size of over 10,000 employees, SEB serves large corporations and institutional clients, helping them navigate investment opportunities in various sectors, including technology and data centers.


7. FSN Capital Partners

  • Website: fsncapital.com
  • Type: Private Equity
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1999
  • Headcount: 51-200
  • LinkedIn: fsn-capital

FSN Capital Partners is a private equity investment firm based in Oslo, Norway, founded in 1999. The firm focuses on managing investments across various sectors, including services, green transition, industrials, and technology. FSN Capital partners with companies to drive growth and transformation, catering primarily to institutional investors and pension funds seeking sustainable returns. Notably, FSN Capital has made strategic investments in technology-oriented firms such as ilionx, which specializes in digital strategy, cloud-oriented application development, and data and AI solutions. They also acquired Nordlo Group and Fellowmind, both of which are involved in technology services. These transactions indicate a focus on companies that could be relevant to the hyper scale data center ecosystem, particularly in areas related to cloud services and data management.


8. Segulah Advisor

  • Website: segulah.se
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 11-50
  • LinkedIn:

Segulah Advisor is a private equity firm based in Stockholm, Sweden, founded in 1994. The firm focuses on providing strategic investment services across various sectors, aiming to enhance financial performance for its clients. Notably, Segulah Advisor acquired Conapto, a Swedish business that operates in the data center space, from Sungard Availability Services in 2018. This acquisition highlights their involvement in the hyper scale data center industry. Additionally, Segulah has made other acquisitions, such as IT-Total and Francks Kylindustri, which, while not directly related to data centers, demonstrate their active investment strategy in diverse sectors.


9. Iver Sverige

  • Website: iver.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2019
  • Headcount: 1001-5000
  • LinkedIn: iver-sverige

Iver Sverige is a corporate investor based in Stockholm, Sweden, founded in 2019. The company specializes in IT consulting, providing cloud-based IT services, cybersecurity, and digital transformation solutions across various sectors, including public services, healthcare, and banking. Iver has made several strategic acquisitions to bolster its position in the IT services market. Notably, in 2020, Iver acquired City Network, a Swedish cloud provider, for approximately SEK 300 million, aiming to create a new European cloud alternative for enterprises. This acquisition is particularly relevant to the hyper scale data center context as it enhances Iver's cloud infrastructure capabilities. Additionally, Iver's acquisition of ELITS in 2021 further strengthens its cloud and security services, although the specific relevance to hyper scale data centers is less direct. Overall, Iver's focus on cloud services and digital transformation positions it as a player in the broader IT landscape, with some relevance to hyper scale data centers.


10. Munters

  • Website: munters.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1955
  • Headcount: 1001-5000
  • Number of deals in 2024: 4
  • LinkedIn: munters

Munters is a climate control solutions provider based in Stockholm, Sweden, specializing in energy-efficient products for industrial and agricultural applications. Founded in 1955, the company has a workforce of 1001-5000 employees and has been actively expanding its portfolio in the data center sector. In 2022, Munters acquired EDPAC, an Ireland-based manufacturer of data center cooling equipment, for MEUR 29, marking a significant step in their strategy to enhance their presence in the European data center market. In 2024, they announced the acquisition of Geoclima, an Italian chiller manufacturer, further solidifying their commitment to developing energy-efficient cooling solutions tailored for data centers. Additionally, their acquisition of Humi-Tech Services Ltd. in 2018 has allowed them to expand their service offerings in humidification, which is also relevant for maintaining optimal conditions in data centers. These transactions highlight Munters' strategic focus on the data center industry and their role as a key player in providing essential climate control solutions.


11. White Pearl Technology Group AB


White Pearl Technology Group AB is a corporate investor based in Stockholm, Sweden, specializing in ICT solutions and digital transformation services. Founded in 2013, the company has established a strong presence in emerging markets, offering a wide range of services including cloud hosting, security, and system integration. In 2023 and 2024, WPTG has been actively acquiring companies to enhance its portfolio. Notably, they signed a Letter of Intent to acquire a majority stake in CynoTech, a South African data services provider focused on data storage solutions, which aligns with the hyper scale data center context. Additionally, they acquired Independent Software Solutions Consulting and OneBrain AI, further diversifying their offerings and capabilities in the technology sector. These transactions reflect WPTG's commitment to innovation and growth in the digital landscape, particularly in areas relevant to data centers.



Hyper Scale Data Center Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Proact IT Group ABSolna, Stockholm, Sweden1001-500019940
NokiaEspoo, Uusimaa, Finland10001+18653
CapManHelsinki, Uusimaa, Finland51-20019894
InventureHelsinki, Uusimaa, Finland11-5020059
SebStockholm, Stockholm, Sweden10001+185613
FSN Capital PartnersOslo, Oslo, Norway51-20019990
Segulah AdvisorStockholm, Stockholm, Sweden11-5019940
Iver SverigeStockholm, Stockholm, Sweden1001-500020190
MuntersStockholm, Stockholm, Sweden1001-500019554
White Pearl Technology Group ABStockholm, Stockholm, Sweden501-100020133


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