The magazine publishing industry in the Nordics is a vibrant sector rich in both tradition and innovation. Companies in this sector produce a range of publications, from cultural and lifestyle magazines to specialized professional journals. As consumer preferences shift towards digital formats, publishers are adapting by offering online access to content, enhanced by multimedia options. The rise of subscription-based models reflects current trends, as readers seek quality content delivered conveniently. Forward-looking firms are also embracing data analytics to refine their offerings, ensuring they remain relevant in a fast-evolving media environment, while sustaining their roles in regional storytelling and journalism.

This article highlights twelve notable investors in the Nordic magazine publishing scene. With a mix of corporate giants, private equity players, and venture capital firms, these investors vary in size, with some like Sanoma boasting over 10,000 employees, while others such as Bonnier Ventures maintain streamlined teams. Many were founded decades ago, with EQT Group and Segulah Advisor in 1994, showcasing a stable presence in the industry. In 2024, these investors engaged in numerous deals, demonstrating their commitment to enhancing the magazine landscape despite an evolving marketplace.

Top 12 Magazine Publishing Investors in the Nordics

1. 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. It operates as a media and educational publishing company, providing a diverse range of learning solutions and media content. Sanoma offers both printed and digital learning materials, teaching platforms, and engages in publishing news and entertainment content. Their customer base includes educational institutions and media consumers across multiple European countries. Notably, Sanoma has made strategic acquisitions to strengthen its position in the educational publishing market, such as the acquisition of Nowa Era, a Polish educational publishing company, and Santillana Spain, a leading provider of K-12 learning materials. While these transactions focus on educational content, Sanoma's historical involvement in magazine publishing and their corporate identity as a media company suggest they remain relevant in the magazine publishing landscape.

2. Storytel

• Website: storytel.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2005
• Headcount: 501-1000
• LinkedIn: storytel

Storytel AB is a corporate investor based in Stockholm, Sweden, founded in 2005. It operates a subscription service that provides access to a wide range of audiobooks, e-books, and podcasts across over 25 countries. As part of its growth strategy, Storytel has made several significant acquisitions in the publishing sector. Notably, in 2016, Storytel acquired Norstedts Förlagsgrupp, a prominent Swedish publisher, for £12.5 million. This was followed by the acquisition of People'sPress in 2017 for approximately $10.6 million. In 2019, Storytel strengthened its position in the Finnish market by acquiring Gummerus Kustannus Oy, Finland's third-largest book publishing house. The company also acquired a 70% stake in Forlagið, Iceland's leading publishing house, in 2020, and Aula & Co., another Finnish publishing house, in 2021. These transactions highlight Storytel's commitment to expanding its publishing operations and enhancing its content library, which may include magazine-related content.

3. 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 investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in a diverse range of investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing varied investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the publishing industry, including the acquisition of Springer Science+Business Media, a leading academic publisher, for approximately 2 billion euros in 2009. This acquisition was aimed at strengthening Springer's balance sheet and enhancing its market position. Additionally, EQT has invested in Storytel, a Swedish audiobook and ebook streaming service, acquiring a substantial stake and participating in funding rounds to support its growth. These transactions highlight EQT's active role in the publishing sector, particularly in both traditional and digital formats.

4. 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. Heartcore has been involved in several notable transactions, including investments in Issuu, a digital publishing platform that allows users to create and share online magazines, with funding rounds in both 2007 and 2014. Additionally, they have invested in Podimo, a platform for podcasts and audiobooks, which reflects their interest in media and content distribution. These transactions highlight Heartcore's engagement in sectors that intersect with magazine publishing, making them a relevant player in this space.

5. 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, providing capital and hands-on support to help businesses scale. Verdane focuses on trends such as digitalization and decarbonization, primarily targeting technology companies looking to enhance their market position and operational efficiency. Notably, Verdane has been involved in several transactions, including a significant investment in Meltwater, a media monitoring startup, where they invested $65 million for an 11% stake. This investment highlights Verdane's engagement in the media sector, which is relevant to magazine publishing. Additionally, they have invested in companies like Desenio, which, while not directly related to magazine publishing, indicates their interest in the broader media and design space.

6. Bonnier Ventures

• Website: bonnierventures.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2013
• Headcount: 1-10
• Number of deals in 2024: 1
• LinkedIn: bonnier-ventures

Bonnier Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2013. As the investment division of the Bonnier Group, they focus on providing capital and management support to promising companies in structurally growing industries, including media. One of their notable transactions is the investment in Mag+, which raised an undisclosed amount in a seed round in April 2011. Mag+ specializes in digital publishing solutions, which aligns with the magazine publishing industry. Bonnier Ventures leverages its extensive network and expertise to foster long-term growth for its portfolio companies, particularly in sectors that intersect with media and publishing.

7. 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. It provides financial support and strategic guidance to startups, helping them scale their innovative solutions and create long-term value through partnerships with passionate founders. Notably, Industrifonden has been involved in several funding rounds for Nextory, a Swedish e-book and audiobook subscription service. The firm participated in multiple funding rounds for Nextory, including a €9.3M round in June 2022, a $6 million round in March 2020, and earlier investments in 2016 and 2017. These transactions highlight Industrifonden's engagement in the publishing industry, particularly in the digital space, making it a relevant player in the magazine publishing sector.

8. Schibsted

• Website: schibsted.com
• Type: Corporate
• Headquarters: Oslo, Oslo, Norway
• Founded year: 1839
• Headcount: 5001-10000
• Number of deals in 2024: 3
• LinkedIn: schibsted-asa

Schibsted Media Group, founded in 1839 and based in Oslo, Norway, is a corporate investor with a significant presence in the media sector. Historically rooted in publishing, Schibsted has evolved to focus on digital marketplaces, offering platforms for classified ads and second-hand goods. In recent years, Schibsted has made strategic investments in media-related companies, such as the acquisition of Podme, a podcast platform, where it increased its ownership to 91%. This move reflects Schibsted's commitment to diversifying its media portfolio and adapting to the changing landscape of content consumption. Additionally, Schibsted has participated in various funding rounds for companies like Add Health Media and Podme, indicating its active role in supporting innovative media ventures. These transactions highlight Schibsted's ongoing relevance in the media and publishing sectors, particularly as the industry shifts towards digital formats.

9. Bonnier Group AB

• Website: bonnier.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1804
• Headcount: 5001-10000
• LinkedIn: bonnier-ab

Bonnier Group AB is a prominent media company based in Stockholm, Sweden, founded in 1804. It operates across various sectors, including publishing, real estate, and investments. The company is known for providing independent journalism through its newspapers and magazines, catering to consumers seeking news and entertainment. Bonnier Group also manages commercial properties and invests in growth companies, indicating a diversified investment strategy. While specific transactions in the magazine publishing context were not provided, the company's established presence in the publishing industry underscores its relevance as an investor in this field.

10. 3TInvest

• Website: 3tinvest.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2009
• Headcount: 1-10
• LinkedIn: 3tinvest

3T Invest AB is a corporate investment firm based in Stockholm, Sweden, founded in 2009. The firm specializes in providing coaching and capital to innovative companies, particularly those with a high social impact. They focus on sectors such as Health and Lifescience, Deeptech, and Lifestyle, offering advisory services and networking opportunities to help entrepreneurs tackle societal challenges. Notably, 3TInvest participated in an angel round investment for Warp News, which raised $236,988 on April 20, 2021. Warp News is a media outlet that aims to provide news with a positive perspective, aligning with 3TInvest's mission of supporting impactful initiatives. This transaction highlights their engagement in the media landscape, which is relevant to magazine publishing.

11. Skagerak Capital AS

• Website: skagerakcapital.no
• Type: Corporate
• Headquarters: Kristiansand, Agder, Norway
• Founded year: 2006
• Headcount: 1-10
• Number of deals in 2024: 3
• LinkedIn: skagerak-capital-as

Skagerak Capital AS is a corporate investment firm based in Kristiansand, Agder, Norway, founded in 2006. The firm specializes in early-stage companies that demonstrate a positive impact on society and the environment. Skagerak Capital provides not only capital but also expertise and support to help these companies thrive in their respective markets. Their investment strategy emphasizes sustainability and innovation, targeting sectors such as technology and resource management. A notable transaction in their portfolio is the investment in Labrador CMS, a provider of SaaS-powered content management solutions for publishers. This investment, which raised €2.5M, highlights Skagerak Capital's engagement in the magazine publishing industry, as Labrador CMS aims to expand its business reach internationally, catering specifically to the needs of publishers. This transaction underscores Skagerak Capital's commitment to supporting technology that enhances the publishing sector.

12. 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 specializes in providing strategic investment services aimed at enhancing financial performance across various sectors. One of their notable transactions includes the acquisition of Mitt i on June 25, 2014, which is a company operating in the magazine publishing industry. This acquisition highlights Segulah's involvement in the magazine sector, showcasing their capability and interest in investing in media-related businesses, alongside their broader investment portfolio.

Magazine Publishing Insights: Key Investors in the Nordics

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