The publishing industry in the Nordics is vibrant, encompassing a variety of businesses that produce books, digital materials, and audio content. This region features traditional publishers, startups, and digital platforms, catering to growing consumer demand for innovative reading and listening experiences. With the rise of audiobooks and online learning, companies are adapting by adopting new technologies to enhance their offerings. Sustainable practices and local content creation are also becoming significant trends, making the industry both forward-thinking and responsive. The market is poised for expansion, particularly in digital media and educational resources, as consumers increasingly embrace technology-driven solutions.


In our examination of top publishing investors in the Nordics, we identify a diverse group of players, mixing corporate giants and venture capital firms. Based predominantly in urban centers like Stockholm and Copenhagen, these investors range in size from small teams to larger entities, with founder years spanning from 1839 to 2017. Their activity levels in 2024 showed pronounced interest, with investments such as Storytel's strategic acquisitions and EQT Group's significant deals solidifying their roles. Each investor brings a unique perspective, showcasing a broad spectrum of engagement in the evolving publishing space.


Top 12 Publishing Investors in the Nordics


1. Storytel

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

Storytel AB is a subscription service company founded in 2005, based in Stockholm, Sweden, that specializes in providing a wide range of audiobooks, e-books, and podcasts. The company operates in over 25 countries, catering to consumers seeking convenient access to digital reading and listening materials. As part of its growth strategy, Storytel has made several key acquisitions in the publishing sector, including:1. **Norstedts Förlagsgrupp** - Acquired for £12.5 million in June 2016, this acquisition included Norstedts' subsidiaries and was aimed at accelerating Storytel's growth in the publishing industry.2. **Lind & Co** - In March 2021, Storytel acquired a 70% stake in this Swedish publishing house, allowing the existing CEO to retain a minority stake, thus ensuring continuity in leadership.3. **Gummerus Kustannus Oy** - Acquired in September 2019, this Finnish publishing house is the third-largest in Finland, and the acquisition was intended to strengthen Storytel's position in the Finnish book and streaming market.4. **People'sPress** - Acquired in March 2017 for approximately $10.6 million, further solidifying Storytel's presence in the publishing sector.5. **Aula & Co.** - Acquired in August 2021, this Finnish publishing house added to Storytel's portfolio, enhancing its offerings in the Finnish market.Through these strategic acquisitions, Storytel has positioned itself as a significant player in the publishing industry, integrating traditional publishing with its digital services.


2. Sanoma

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

Sanoma is a media and educational publishing company based in Helsinki, Finland, founded in 1889. It provides a diverse range of learning solutions and media content, including printed and digital learning materials, teaching platforms, and news and entertainment publishing. Sanoma operates across multiple European countries and serves educational institutions and media consumers. The company has made several notable acquisitions in the publishing sector, such as the acquisition of Independent Media Holding B.V. in 2005, which positioned it as a leading consumer magazine publisher in Russia. In 2020, Sanoma acquired Santillana Spain for EUR 465 million, enhancing its presence in the Spanish K-12 learning services market. Other significant transactions include the acquisition of Nowa Era, a Polish educational publishing company, and Pearson Italia, further solidifying its position in the European educational publishing market. These strategic acquisitions reflect Sanoma's focus on expanding its influence and capabilities within the publishing industry.


3. 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 its notable transactions, Almi has invested in Once Upon Publishing, which raised $560,000 in a Seed Round on April 8, 2018, highlighting its engagement in the publishing industry. Additionally, Almi has participated in investments in other sectors, such as Paperton, a platform related to digital publishing, and The Local, a news platform, indicating a broader interest in media and publishing-related ventures.


4. Embracer Group

  • Website: embracer.com
  • Type: Corporate
  • Headquarters: Karlstad, Varmland, Sweden
  • Founded year: 1999
  • Headcount: 51-200
  • LinkedIn: embracergroup

Embracer Group is a game development and entertainment publishing company based in Karlstad, Sweden, founded in 1999. The company specializes in creating and distributing a wide range of video games across various platforms, serving gamers and entertainment consumers with engaging content and experiences. Notably, Embracer Group has made significant strides in the publishing sector through its acquisition of Dark Horse Comics on December 21, 2021, which is recognized for its comic book publishing. Additionally, their acquisition of Asmodee on December 15, 2021, further emphasizes their involvement in publishing, as Asmodee is a leading publisher of board games and card games. These strategic acquisitions highlight Embracer Group's commitment to expanding its portfolio in the entertainment and publishing industries, leveraging a global presence with numerous internal studios and partnerships.


5. 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 significant strides in the publishing industry, acquiring the Springer Group and Springer Science+Business Media, which are key players in academic publishing. Additionally, EQT has invested in Storytel, a leading audiobook and ebook streaming service, further solidifying its presence in the publishing sector. These transactions highlight EQT's commitment to enhancing the publishing landscape while also diversifying its investment portfolio.


6. 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 is a prominent media company based in Oslo, Norway, with a rich history dating back to 1839. Originally founded as a publishing company, Schibsted has evolved into a digital marketplace leader, offering online platforms for classified ads and second-hand goods. Despite this transition, Schibsted remains deeply rooted in the media and publishing sectors. The company has made strategic investments in various media-related ventures, including a 10% stake in Riidr, a Copenhagen-based publishing platform for ebook readers, which aims to enhance its commercialization efforts. Furthermore, Schibsted acquired a 91% stake in Podme, a podcast platform, showcasing its commitment to diversifying its media portfolio. These transactions highlight Schibsted's ongoing engagement in the publishing industry, reinforcing its relevance as a publishing investor.


7. 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 focuses on building long-term relationships with entrepreneurs. Heartcore has been actively involved in the publishing sector, with significant investments in companies such as Issuu, a digital publishing platform that raised $10.25 million in Series A funding in 2007 and participated in a later funding round in 2014. Additionally, they have invested in Podimo, a Copenhagen-based platform for podcasts and audiobooks, which raised substantial funding in 2021 and 2022 to expand its market presence and enhance its technology. These transactions highlight Heartcore's engagement in the publishing industry, making them a relevant player in this space.


8. Thunderful Games

  • Website: thunderfulgames.com
  • Type: Corporate
  • Headquarters: Gothenburg, Västra Götaland, Sweden
  • Founded year: 2017
  • Headcount: 201-500
  • LinkedIn: thunderful

Thunderful Games is a corporate investor based in Gothenburg, Sweden, founded in 2017. As a video game developer and publisher, Thunderful Games creates and distributes engaging video games, catering to gamers seeking innovative titles. They also provide support for indie developers looking to publish their games. The company has been active in the publishing industry, evidenced by their acquisitions of several game studios, including Headup for approximately $13.4 million, Rising Star Games, Station Interactive, Coatsink Software for about $29.9 million, and Guru Games. These transactions highlight their strategy to enhance their publishing portfolio and strengthen their position in the gaming market.


9. Stillfront

  • Website: stillfront.com
  • Type: Corporate
  • Headquarters: Ödeshög, Östergötland, Sweden
  • Founded year: 2010
  • Headcount: 1001-5000
  • LinkedIn: stillfront

Stillfront Group is a corporate investor based in Ödeshög, Östergötland, Sweden, founded in 2010. The company is a prominent player in the gaming industry, developing and publishing a wide array of digital games that attract nearly 50 million players monthly. Stillfront's strategy involves collaborating with independent game studios to enhance its offerings across various genres, including strategy and simulation. Notable transactions include the acquisition of Bytro Labs, where they increased their stake to 100%, and the purchase of Babil Games for $17 million. In 2022, they acquired 6Waves for $201 million, significantly expanding their mobile game publishing capabilities. Other acquisitions, such as Simutronics Corp and Game Labs Inc., further illustrate their commitment to enhancing their publishing portfolio, particularly in the strategy and action game genres. These transactions highlight Stillfront's active role in the game publishing sector, making them a relevant investor in this space.


10. 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 and publishing. Notable transactions include their investment in Kitab Sawti, an Arabic audiobook platform that raised $6 million in Series A funding, showcasing their commitment to the publishing sector. They also invested in Mag+, a platform that enhances digital publishing experiences, and We Are Voice, which indicates their broader interest in media-related ventures. Bonnier Ventures leverages its extensive network and expertise to foster long-term growth for its portfolio companies, particularly those in the media and publishing industries.


11. Seed Capital Denmark

  • Website: seedcapital.dk
  • Type: Venture Capital
  • Headquarters: Frederiksberg, Frederiksberg, Denmark
  • Founded year: 2004
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: seed-capital-denmark

Seed Capital Denmark is a venture capital firm based in Frederiksberg, Denmark, founded in 2004. The firm specializes in providing seed funding and advisory services to technology startups, particularly in sectors such as SaaS and Fintech. However, they have also made significant investments in the publishing industry, notably in Mofibo, which raised over $2.3 million in a venture round in January 2016 and is a key player in the digital publishing space. Additionally, they invested in Movellas, which raised $500,000 in an angel round in October 2011, a platform that encourages storytelling and reading, further emphasizing their engagement in the publishing sector. With a strong track record of supporting portfolio companies from seed stage to exit, Seed Capital demonstrates a diverse investment strategy that includes the publishing industry.


12. Accent Equity


Accent Equity is a private equity firm based in Stockholm, Sweden, founded in 1994. The firm specializes in investments in private Nordic companies, focusing on enhancing the value of its portfolio through strategic management and investment to create sustainable growth and superior returns. Among its notable transactions, Accent Equity acquired ScandBook Holding in 2006, which is involved in the publishing and distribution of books. More significantly, in 2015, Accent Equity acquired a 65% stake in Akademibokhandeln, Sweden's leading bookstore chain, which had combined sales of SEK 1.7 billion (approximately EUR 184 million) in 2014. This acquisition highlights Accent Equity's active role in the publishing industry, making it a relevant player in this sector.



Publishing Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
StorytelStockholm, Stockholm, Sweden501-100020050
SanomaHelsinki, Uusimaa, Finland5001-1000018890
AlmiStockholm, Stockholm, Sweden201-50019947
Embracer GroupKarlstad, Varmland, Sweden51-20019990
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
SchibstedOslo, Oslo, Norway5001-1000018393
Heartcore CapitalCopenhagen, Denmark11-50200717
Thunderful GamesGothenburg, Västra Götaland, Sweden201-50020170
StillfrontÖdeshög, Östergötland, Sweden1001-500020100
Bonnier VenturesStockholm, Stockholm, Sweden1-1020131
Seed Capital DenmarkFrederiksberg, Frederiksberg, Denmark1-1020045
Accent EquityStockholm, Stockholm, Sweden11-5019944


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