The outdoor advertising industry in the Nordics showcases dynamic growth across various platforms including billboards, transit ads, and digital displays. Companies innovate to attract consumers’ attention in public spaces, utilizing data-driven strategies and technology to enhance audience engagement. This industry's future is shifting towards embracing sustainability and improving measurement techniques, as advertisers increasingly recognize the value of connecting messages with physically present audiences. Additionally, digital transformation brings opportunities for interactive advertising, which can influence consumer behavior more effectively than traditional methods. The Nordics stand out in integrating environmental considerations into outdoor campaigns, setting an example on global fronts.

The investors featured in this list include a variety of venture capital and private equity firms, mainly from Stockholm and Oslo, with a few from Trondheim and Helsinki. Founded between 1979 and 2021, these firms range from small teams managing less than 10 investments to larger groups handling upwards of 1,000. In 2024, their investment activities collectively accounted for 69 deals, indicating strong interest and active participation in the outdoor advertising domain. Each firm reflects a unique investment philosophy, prioritizing growth, innovation, and strategic support for their portfolio companies.

Top 11 Outdoor Advertising 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. Among their notable transactions, Almi has invested in companies like Adlede, which operates in the advertising technology space, and Match2One, which provides programmatic advertising solutions. These investments highlight Almi's engagement in the advertising sector, making them a relevant player in the outdoor advertising landscape, even if their primary focus is not exclusively on this industry.

2. 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, and provides capital and hands-on support to help businesses scale. Verdane's investment strategy focuses on digitalization and decarbonization trends, primarily targeting technology companies looking to enhance their market position and operational efficiency. Notably, Verdane has made significant investments in the outdoor sector, including the acquisition of Silva, a company that provides niche outdoor sports equipment, which aligns with outdoor advertising interests. Additionally, Verdane has invested in companies like Outnorth, which operates in the outdoor retail space, further demonstrating their engagement with the outdoor industry. These transactions highlight Verdane's potential relevance to outdoor advertising, especially in contexts related to outdoor sports and activities.

3. Wellstreet

• Website: wellstreet.se
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2016
• Headcount: 1-10
• Number of deals in 2024: 3
• LinkedIn: wellstreet

Wellstreet is a venture capital firm based in Stockholm, Sweden, founded in 2016. The firm specializes in early-stage investments in Nordic tech companies, providing entrepreneurs with capital and strategic support to foster growth and innovation. Wellstreet focuses on sectors such as FinTech, E-commerce, and GreenTech, aiming to drive sustainability and technological advancement. Notably, Wellstreet has invested in DanAds, a Stockholm-based advertising company, which completed a $5 million funding round backed by Wellstreet and other angel investors. This investment highlights Wellstreet's engagement in the advertising industry, particularly in supporting innovative advertising solutions, which may include outdoor advertising strategies.

4. Industrifonden

• Website: industrifonden.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1979
• Headcount: 11-50
• Number of deals in 2024: 9
• LinkedIn: industrifonden

Industrifonden is a venture capital fund based in Stockholm, Sweden, founded in 1979. The firm specializes in investing in early-stage companies, particularly in the fields of Deep Tech, Life Science, and Transformative Tech. They provide financial support and strategic guidance to startups, helping them scale their innovative solutions. Notably, Industrifonden has been involved in several transactions relevant to the advertising industry, including significant investments in Widespace, a premium mobile ad network. Widespace raised funds through various rounds, including a €3m Series A funding round and a €15.8M investment round, aimed at expanding its mobile advertising platform and international reach. This involvement highlights Industrifonden's engagement in the advertising sector, particularly in mobile advertising, which is relevant to outdoor advertising strategies.

5. EQT Ventures

• Website: eqtventures.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2015
• Headcount: 11-50
• Number of deals in 2024: 28
• LinkedIn: eqt-ventures

EQT Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2015. The firm specializes in investing in early-stage tech startups, providing not only financial support but also operational assistance to entrepreneurs. EQT Ventures connects startups with a global network of industry experts and resources to foster growth and innovation. Among their notable transactions, they have invested in Permutive, an audience platform for publishers and advertisers, which raised significant funding across multiple rounds (Series A, B, and C). This platform aims to create a privacy-first infrastructure for programmatic advertising, highlighting EQT Ventures' engagement in the advertising technology sector. Additionally, their investment in Tinyclues, which focuses on marketing solutions, further emphasizes their interest in the advertising domain. These transactions illustrate EQT Ventures' commitment to supporting innovative companies that could impact the advertising landscape, including outdoor advertising.

6. Investinor

• Website: investinor.no
• Type: Venture Capital
• Headquarters: Trondheim, Trøndelag, Norway
• Founded year: 2008
• Headcount: 11-50
• Number of deals in 2024: 4
• LinkedIn: investinor

Investinor AS is a venture capital investment company based in Trondheim, Trøndelag, Norway, founded in 2008. It specializes in providing funding to promising startups and companies, helping them grow and achieve market leadership. Investinor manages state interests in seed and venture funds and collaborates with entrepreneurs and other investors. Notably, Investinor has participated in funding rounds for companies like Cavai, a conversational ad tech firm that raised over £6.5 million, and Unacast, a location data software developer that raised significant capital in multiple rounds. These investments highlight Investinor's engagement in the advertising technology sector, particularly in areas that intersect with outdoor advertising strategies.

7. OpenOcean

• Website: openocean.vc
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2009
• Headcount: 11-50
• Number of deals in 2024: 7
• LinkedIn: openocean-vc

OpenOcean is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2009. The firm specializes in investing in early-stage technology startups across Europe, focusing on empowering founders in the data economy by providing capital and expertise to help scale innovative solutions. OpenOcean operates in the investment management sector, supporting companies in various technology industries. Notably, OpenOcean has been involved in several transactions relevant to the advertising sector, including multiple funding rounds for LoopMe, a British ad startup that has raised significant capital to enhance its advertising technology. LoopMe's focus on improving advertising effectiveness aligns with the outdoor advertising industry, showcasing OpenOcean's interest in this area. Additionally, OpenOcean participated in a Series B funding round for Unacast, a location data software developer, which further emphasizes its engagement with companies that leverage data for advertising purposes.

8. Spiltan Invest

• Website: spiltan.se
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1986
• Headcount: 11-50
• LinkedIn: spiltan

Spiltan Invest is a Stockholm-based venture capital firm founded in 1986, specializing in long-term investments in growth companies across various sectors, including technology, finance, real estate, and industry. The firm focuses on sustainable value creation and provides capital and strategic support to entrepreneurs and businesses. Notably, Spiltan Invest has participated in several funding rounds, including investments in Emerse, a company that raised funds for its advertising technology, and Amanda AI, which focuses on AI solutions. Most relevantly, they were involved in a funding round for Realforce (formerly Adfenix), which secured 50M SEK to simplify marketing for the real estate industry, indicating their engagement in marketing and advertising-related sectors.

9. Nalka

• Website: nalka.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2015
• Headcount: 11-50
• Number of deals in 2024: 1
• LinkedIn: nalka

Nalka is a private equity investment firm based in Stockholm, Sweden, founded in 2015. The firm specializes in developing independent companies in the Nordic and DACH regions, providing investment management and strategic support to small- and medium-sized businesses. Nalka emphasizes sustainable growth and responsible ownership. Notably, Nalka has been involved in several transactions, including the acquisition of Open Air Group in 2016, which is likely related to outdoor advertising. Additionally, Nalka acquired Svensk Markservice in 2010, further indicating its interest in companies that may operate within the outdoor advertising space. These transactions highlight Nalka's commitment to investing in sectors that can contribute to sustainable growth, including outdoor advertising.

10. Telenor

• Website: telenor.com
• Type: Corporate
• Headquarters: Fornebu, Akershus, Norway
• Founded year: 1855
• Headcount: 10001+
• Number of deals in 2024: 2
• LinkedIn: telenor-group

Telenor ASA is a prominent telecommunications company based in Fornebu, Akershus, Norway, founded in 1855. With a substantial customer base of 209 million subscribers, Telenor specializes in mobile telecommunications, broadband, and TV distribution services, primarily in Scandinavia and Asia. The company is committed to responsible business practices and innovation in telecommunications. Notably, Telenor has made strategic investments in the advertising sector, including the acquisition of Tapad, a US digital marketing startup, for $360 million in 2016. This acquisition aimed to bolster Telenor's position in advertising and marketing technology, enhancing its data analytics capabilities. Additionally, Telenor acquired Sweden On Line in 2001, further expanding its digital presence. These transactions reflect Telenor's interest in the advertising landscape, which may encompass outdoor advertising as part of its broader marketing initiatives.

11. Aonic

• Website: aonic.co
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2021
• Headcount: 501-1000
• LinkedIn: aonic-ab

Aonic is a corporate investor based in Stockholm, Sweden, founded in 2021. The company operates as a video gaming collective, supporting mid-sized game studios in developing and publishing video games. Aonic fosters creativity and collaboration among game developers by providing a platform for studios to access resources and expertise, enhancing their ability to create high-quality games. Notably, Aonic has made significant strides in the advertising technology space, acquiring the Hamburg-based ad-tech company exmox for approximately $100 million in August 2022. This acquisition is part of Aonic's strategy to bolster its capabilities in the ad-tech sector, which is relevant to outdoor advertising. Additionally, Aonic participated in a corporate funding round for AddApptr, raising $60 million in February 2022, further emphasizing its commitment to the advertising technology landscape.

Outdoor Advertising Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
Almi	Stockholm, Stockholm, Sweden	201-500	1994	7
Verdane	Oslo, Oslo, Norway	51-200	1985	7
Wellstreet	Stockholm, Stockholm, Sweden	1-10	2016	3
Industrifonden	Stockholm, Stockholm, Sweden	11-50	1979	9
EQT Ventures	Stockholm, Stockholm, Sweden	11-50	2015	28
Investinor	Trondheim, Trøndelag, Norway	11-50	2008	4
OpenOcean	Helsinki, Uusimaa, Finland	11-50	2009	7
Spiltan Invest	Stockholm, Stockholm, Sweden	11-50	1986	0
Nalka	Stockholm, Stockholm, Sweden	11-50	2015	1
Telenor	Fornebu, Akershus, Norway	10001+	1855	2
Aonic	Stockholm, Stockholm, Sweden	501-1000	2021	0

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