The satellite television industry in the Nordics is a dynamic space driven by innovation and technology. Key players include telecommunications giants, media companies, and equipment manufacturers that deliver high-quality satellite TV services. They provide a wide range of offerings, from channel packages and streaming services to advanced satellite equipment. As the demand for high-speed internet and seamless viewing experiences grows, the industry is shifting towards integrations with broadband services and emerging technologies like 5G. Notably, regional players are also exploring new frontiers, including satellite-based solutions for remote access and rural coverage, emphasizing the importance of connectivity.


In 2024, the venture capital, private equity, and corporate landscape in the Nordic satellite television sector showcased a mix of innovation and strategic acquisitions. Investors ranged from large corporate giants like Ericsson in Sweden to agile venture firms like Icebreaker.vc in Finland, demonstrating a comprehensive involvement in the industry. Founded between 1814 and 2016, these investors varied in size, with some employing thousands while others focused on a smaller portfolio. Their deal counts reveal an active interest, with firms such as EQT Group and Inventure leading the charge with numerous investments throughout the year.


Top 12 Satellite Television 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. Notably, EQT has made significant investments in the satellite television context, including the acquisition of Com Hem, Sweden's leading cable TV operator, which highlights their commitment to the television sector. Additionally, their acquisitions of Melita, a telecommunications company, and Caiway, a Dutch telecom infrastructure provider, further demonstrate their strategic interest in enhancing telecommunications services that often include satellite television offerings. These transactions reflect EQT's capability to support growth and innovation in the satellite television industry.


2. 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 telecommunications company based in Fornebu, Akershus, Norway, founded in 1855. With a customer base of 209 million subscribers, Telenor provides 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 several strategic acquisitions that enhance its position in the television market. For instance, the acquisition of Tele2 Sweden's fibre and cable firm in 2013 aimed to strengthen its foothold in the fixed broadband and television services market. Additionally, Telenor's acquisition of Bredbandsbolaget, Sweden's second-largest broadband provider, further solidified its capabilities in delivering television services. These transactions highlight Telenor's active role in the television distribution sector, including satellite television.


3. Ericsson

  • Website: ericsson.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1876
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: ericsson

Ericsson is a leading telecommunications company based in Stockholm, Sweden, founded in 1876. With over 10,000 employees, it specializes in advanced connectivity solutions, including 5G networks and IoT platforms. In recent years, Ericsson has made significant strides in the media and broadcasting sector, acquiring companies such as Azuki Systems in 2014, which provides TV Anywhere delivery platforms, and FYI Television in 2016, a media content company. These acquisitions aim to enhance Ericsson's TV and media portfolio, showcasing its commitment to improving broadcast and media services. Additionally, Ericsson's acquisition of Mobeon and Cradlepoint further emphasizes its focus on expanding its technological capabilities, which can support satellite television services.


4. Icebreaker.vc

  • Website: icebreaker.vc
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2016
  • Headcount: 11-50
  • Number of deals in 2024: 7
  • LinkedIn: icebreaker-vc

Icebreaker.vc is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2016. The firm specializes in providing funding and support to idea-stage technology startups, primarily in Finland, Estonia, and Sweden. Icebreaker.vc has been involved in several notable transactions in the satellite technology space, including their participation in the Seed funding round for ReOrbit, a provider of software-enabled satellites, which raised $7.4M in August 2023. They also led a €1 million pre-seed funding round for Spaceit, an Estonian space startup, in August 2021. These investments highlight Icebreaker.vc's commitment to supporting innovative companies in the satellite industry, alongside their broader focus on technology startups.


5. Kongsberg Maritime

  • Website: kongsberg.com
  • Type: Corporate
  • Headquarters: Kongsberg, Buskerud, Norway
  • Founded year: 1814
  • Headcount: 5001-10000
  • Number of deals in 2024: 1
  • LinkedIn: kongsberg-maritime

Kongsberg Maritime, part of Kongsberg Gruppen, is a technology provider founded in 1814, specializing in advanced solutions across defence, aerospace, maritime, and digital sectors. With a workforce of 5001-10000, Kongsberg operates globally, focusing on sustainable practices and collaboration with stakeholders. Notably, Kongsberg Defence & Aerospace has made significant strides in the satellite sector by acquiring a 78% stake in NanoAvionics, a Lithuanian small satellite manufacturer, for an enterprise value of EUR 65 million. This acquisition, announced in September 2022, aims to enhance Kongsberg's space offerings and expand its capabilities in the small satellite sector, which is relevant to satellite television. Additionally, Kongsberg has been involved in other technology acquisitions, but the focus on NanoAvionics highlights their commitment to the satellite industry.


6. 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. Inventure has been involved in several notable transactions, particularly in the satellite technology space. For instance, they led a $7.4M Seed funding round for ReOrbit, a company specializing in software-enabled satellites, which aims to enhance its development strategy and international expansion. Additionally, Inventure participated in a €2.1M Seed funding round for Value.Space, a UK-based startup that offers satellite insurance technology. These investments highlight Inventure's commitment to supporting innovative companies within the satellite industry, showcasing their relevance in this sector.


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 emphasizes building long-term relationships with entrepreneurs. In 2024, Heartcore has been involved in 17 investments, showcasing their active role in the venture capital landscape. Notably, Heartcore has invested in companies like Skynopy, a Paris-based space startup that focuses on ground station technology, and Orbex Space, a UK-based launch startup that has raised significant funding across multiple rounds (including Series B and C) to develop its Prime launch vehicle. These investments highlight Heartcore's engagement in the satellite technology sector, particularly in areas that support satellite deployment and operations, which are crucial for satellite television services.


8. Nordic Capital

  • Website: nordiccapital.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1989
  • Headcount: 201-500
  • Number of deals in 2024: 10
  • LinkedIn: nordic-capital

Nordic Capital is a private equity firm based in Stockholm, Sweden, founded in 1989. The firm specializes in investments across various sectors, including healthcare and technology, and partners with management teams to drive growth and operational improvements in its portfolio companies. Nordic Capital has a strong focus on creating long-term value and sustainability in its investments, catering primarily to institutional investors seeking sustainable opportunities. Notably, Nordic Capital has been involved in transactions with Vizrt Group, a digital media firm that plays a significant role in the broadcast and media industry, including satellite television. Their investments in Vizrt, which has been valued at $374 million in a private equity buyout bid, highlight their engagement in the media sector, further solidifying their relevance to satellite television investments.


9. Lifeline Ventures


Lifeline Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2009. The firm specializes in early-stage investments, providing financial backing and advisory services to resilient entrepreneurs across various sectors. Notably, Lifeline Ventures has made significant investments in the satellite and space technology sector, including a $13 million Series A investment in ICEYE, a company known for its innovative satellite imaging technology, and a $7.5 million seed round for NewOrbit Space, which focuses on satellite solutions. These transactions highlight Lifeline Ventures' commitment to supporting startups that are shaping the future of satellite technology and services.


10. Handelsbanken i Sverige


Svenska Handelsbanken AB, founded in 1871 and based in Stockholm, Sweden, is a prominent corporate investor and bank that offers a comprehensive range of financial services, including loans, savings accounts, investment funds, and financial advice. The bank emphasizes personal service and strong customer relationships, catering to both individual consumers and businesses. In 2023, Handelsbanken participated in a significant transaction involving Ovzon AB, a company focused on satellite communications, where it helped facilitate a directed share issue that raised approximately SEK 200 million. This funding was aimed at addressing project costs related to the Ovzon 3 satellite and enhancing the company's financial stability. This involvement highlights Handelsbanken's role in the satellite television sector, alongside its other investments, such as in Storytel, which, while not directly related to satellite television, showcases the bank's diverse investment portfolio.


11. Polaris Private Equity


Polaris Private Equity is a private equity firm based in Copenhagen, Denmark, founded in 1998. The firm specializes in investment management, focusing on supporting mid-sized companies in the Nordic region through tailored investment strategies that include private equity, flexible capital, and public equity. Polaris partners with management teams to drive growth and operational improvements, helping these companies realize their full potential. One of their notable transactions includes the acquisition of Triax A/S, a company with a revenue of EUR 82 million and EBITDA of EUR 7 million for 2014/2015, which is positioned for growth under Polaris's ownership. Triax is involved in the satellite television industry, providing solutions for satellite communication and broadcasting, further solidifying Polaris's relevance in this sector.


12. Walerud Ventures

  • Website: walerud.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2002
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: walerud-ventures

Walerud Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2002. The firm specializes in investing in Nordic deep tech startups that emphasize sustainability and innovation. They provide both funding and strategic guidance to their portfolio companies, particularly in areas such as green technology, advanced materials, and IoT solutions. One notable transaction in their portfolio is the investment in Satcube, which raised $1,229,198 in a seed round on April 1, 2016. Satcube is involved in satellite communications, specifically providing portable satellite terminals, which positions Walerud Ventures within the satellite television context, showcasing their interest in this sector.



Satellite Television Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
TelenorFornebu, Akershus, Norway10001+18552
EricssonStockholm, Stockholm, Sweden10001+18763
Icebreaker.vcHelsinki, Uusimaa, Finland11-5020167
Kongsberg MaritimeKongsberg, Buskerud, Norway5001-1000018141
InventureHelsinki, Uusimaa, Finland11-5020059
Heartcore CapitalCopenhagen, Denmark11-50200717
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
Handelsbanken i SverigeStockholm, Stockholm, Sweden10001+18714
Polaris Private EquityCopenhagen, Denmark51-20019984
Walerud VenturesStockholm, Stockholm, Sweden1-1020021


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