The specialty chemicals industry in the Nordics is a vibrant sector characterized by innovation and sustainability. Companies here produce advanced materials, performance chemicals, and biochemicals for various markets including agriculture, textiles, and pharmaceuticals. This region has seen a strong push towards greener alternatives, with firms increasingly focusing on bio-based products and waste reduction processes. From bio-pesticides to water treatment solutions, Nordic businesses are driving significant shifts in how chemicals are produced and used. As global demands for sustainability grow, the industry positions itself not only for growth but as a model for environmentally conscious production.


The top investors in the Nordic specialty chemicals sector include a mix of venture capital and private equity firms, along with corporate players all strategically located across Sweden and Finland. Many were founded in the late 20th century and operate with various investment sizes, ranging from small startups to larger operational companies. In 2024 alone, these investors executed numerous deals, highlighting their active role in funding innovation and expansion in the specialty chemicals market while promoting sustainable practices.


Top 12 Specialty Chemicals Investors in the Nordics


1. Novo Holdings

  • Website: novoholdings.dk
  • Type: Venture Capital
  • Headquarters: Hellerup, Denmark
  • Founded year: 1999
  • Headcount: 51-200
  • Number of deals in 2024: 45
  • LinkedIn: novo-a-s

Novo Holdings A/S is a not-for-profit investment firm based in Hellerup, Denmark, founded in 1999. It manages the assets of the Novo Nordisk Foundation and primarily invests in life science companies at various stages of development, providing capital and strategic support to enhance healthcare solutions. Notably, Novo Holdings has participated in several transactions relevant to the specialty chemicals sector. For instance, it invested in BioPhero, which raised funds to ramp up production of pheromones for pest control, a key area within specialty chemicals. Additionally, Novo Holdings was involved in the Series C funding of Vestaron, a company focused on developing biopesticides, further emphasizing its engagement in the specialty chemicals industry. These investments highlight Novo Holdings' role in supporting innovative solutions that intersect with specialty chemicals, particularly in agricultural applications.


2. 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 provides loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden, aiming to enhance their growth and competitiveness through tailored financial solutions. Almi has been involved in several transactions relevant to the specialty chemicals industry, including investments in companies like Svenska Aerogel, which specializes in advanced aerogel materials, and Circhem, which focuses on sustainable chemical solutions. These investments demonstrate Almi's commitment to supporting innovation in the specialty chemicals sector, alongside its broader mission to foster SME development.


3. Indutrade Life Science

  • Website: indutrade.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1978
  • Headcount: 1001-5000
  • Number of deals in 2024: 14
  • LinkedIn: indutrade-life-science

Indutrade Life Science is a corporate investor based in Stockholm, Sweden, founded in 1978. The company is part of an industrial group that focuses on developing and acquiring companies with high technical expertise across various sectors, including technology and industrial products. Indutrade emphasizes long-term relationships with its customers and operates through a decentralized structure, allowing its subsidiaries to maintain independence while benefiting from the group's resources. Notably, Indutrade has made several acquisitions relevant to the specialty chemicals industry, such as the acquisition of acti-Chem A/S, which specializes in sustainable water treatment solutions, and Tecno Plast, which focuses on single-use tubing sets and hoses. These transactions highlight Indutrade's strategic interest in the specialty chemicals sector, reinforcing its role as a significant player in this field.


4. 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 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 diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the specialty chemicals industry, including the acquisition of Azelis, a global leader in specialty chemicals distribution, which had sales of approximately EUR 1.8 billion at the time of acquisition. Additionally, EQT acquired Schülke & Mayr GmbH, a company involved in the production of specialty chemicals for hygiene and infection prevention. These transactions highlight EQT's active role in the specialty chemicals sector, reinforcing their position as a relevant investor in this industry.


5. Chalmers Ventures


Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. They focus on deep tech innovations and support researchers and entrepreneurs in commercializing their technology through various programs that provide business guidance, financing, and community networking. Chalmers Ventures emphasizes active ownership and investment in startups to help them scale and succeed in the market. Notably, they have been involved in several transactions, including significant investments in Vividye AB, a textile tech startup that raised funds to enhance its innovative printing technology. This technology allows for the removal of colors from fabrics and the reapplication of new ones, which is directly relevant to the specialty chemicals sector, particularly in dye and textile processing. Their investment in Vividye AB showcases their engagement with technologies that have potential applications in specialty chemicals, reinforcing their relevance in this industry.


6. Katapult

  • Website: katapult.vc
  • Type: Venture Capital
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 2017
  • Headcount: 11-50
  • Number of deals in 2024: 8
  • LinkedIn: katapult-accelerator

Katapult is an impact investment firm based in Oslo, Norway, founded in 2017. They focus on tech startups that address global challenges, providing investment, accelerator programs, and mentorship to early-stage companies. Katapult has been active in sectors like climate-tech and ocean-tech, which often intersect with the specialty chemicals industry. Notably, they participated in the funding of Sparxell, a UK-based developer of sustainable plant-based pigments, and Carbonwave, which is building large-scale production facilities for cosmetics emulsifiers. These investments highlight Katapult's commitment to supporting innovative solutions in the specialty chemicals space, particularly those that are sustainable and environmentally friendly.


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. They provide financial support and strategic guidance to startups, helping them scale their innovative solutions. Notably, Industrifonden has participated in several funding rounds for companies that could be relevant to the specialty chemicals sector. For example, they were involved in a €21M Series B funding round for EnginZyme, a company focused on biotechnological solutions that could have applications in specialty chemicals. Additionally, they participated in a financing round for Retein, a biotech startup, which indicates their interest in companies that may contribute to advancements in specialty chemicals. Their focus on creating long-term value through partnerships with passionate founders aligns with the innovative nature of the specialty chemicals industry.


8. HEXPOL Compounding

  • Website: hexpol.com
  • Type: Corporate
  • Headquarters: Rekekroken, Skåne, Sweden
  • Founded year: 1893
  • Headcount: 1001-5000
  • Number of deals in 2024: 1
  • LinkedIn: hexpol-compounding

HEXPOL Compounding, founded in 1893 and based in Rekekroken, Skåne, Sweden, is a corporate investor specializing in polymer manufacturing and advanced polymer compounding. The company serves a wide range of industries, including automotive, healthcare, and construction, by providing high-quality materials such as rubber and thermoplastic compounds, gaskets, and wheels. HEXPOL is committed to innovation and sustainability in its product offerings. Notably, HEXPOL has made several strategic acquisitions to strengthen its position in the specialty chemicals market. These include the acquisition of 80% of MESGO Group, an Italian high-performance elastomers compounder, aimed at enhancing its capabilities in elastomers. Additionally, the acquisition of almaak international, a German company specializing in advanced recycled engineered compounds, aligns with HEXPOL's growth strategy in thermoplastic compounding. Other significant transactions include the acquisition of RheTech LLC, which bolstered HEXPOL's polymer compounding capabilities, and the acquisition of Kabkom Kimya, which expanded its footprint in the cable market. These transactions underscore HEXPOL's active role in the specialty chemicals industry.


9. Voima Ventures

  • Website: voimaventures.com
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2019
  • Headcount: 11-50
  • Number of deals in 2024: 11
  • LinkedIn: voima-ventures

Voima Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2019. The firm specializes in funding early-stage science-based innovations and deep tech ventures, providing capital and expertise to help startups scale their solutions for global challenges. Voima Ventures operates primarily in the Nordic and Baltic regions and has been active in various sectors, including life sciences and advanced manufacturing. Notably, they have invested in companies like Cellfion, which is developing sustainable membranes for energy storage and conversion devices, and n-Ink, a deep technology company that won a science challenge and secured funding for innovative solutions. These transactions highlight Voima Ventures' engagement with technologies that intersect with the specialty chemicals industry, making them a relevant investor in this space.


10. 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. Lifeline Ventures has been actively involved in several notable transactions, including a significant investment in Solar Foods, which raised €18.5 million in a Series A round and $8.8 million in a Series B round. Solar Foods is pioneering the production of Solein, a novel air protein, which aligns with innovative approaches in the specialty chemicals space. Additionally, Lifeline Ventures participated in the Seed funding round for Origin by Ocean, a startup that may also have implications for sustainable materials. These transactions highlight Lifeline Ventures' engagement with companies that are pushing the boundaries of traditional industries, including specialty chemicals.


11. Nordic Foodtech VC


Nordic Foodtech VC is a venture capital firm based in Helsinki, Finland, founded in 2019. The firm specializes in early-stage investments in deep foodtech innovations aimed at transforming the food system through sustainable and health-oriented technologies. With a focus on the Nordics and Baltics, Nordic Foodtech VC has made several notable investments, including in Chromologics, a biotech company that raised €7.1M to commercialize a natural red food color, Natu.Red, which is a specialty chemical used in food products. They have also invested in Tracegrow, a Finnish startup that has raised €2.5 million, likely focusing on sustainable agricultural solutions that may involve specialty chemicals. Their portfolio includes other foodtech startups like Melt&Marble, which indicates a commitment to innovative food technologies that may intersect with the specialty chemicals industry.


12. Kemira

  • Website: kemira.com
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1920
  • Headcount: 1001-5000
  • Number of deals in 2024: 1
  • LinkedIn: kemira

Kemira Oyj is a Finnish chemical company founded in 1920, specializing in water treatment, industrial solutions, and fiber production. With a workforce of 1001-5000 employees, Kemira operates globally, providing innovative chemical solutions and digital services to municipal water utilities and various industries. The company has made significant strides in the specialty chemicals sector through various acquisitions. Notably, in 2007, Kemira acquired Tri-K Industries, a producer of personal care ingredients, which enhances its distribution of specialty titanium dioxide for sunscreens in North America. In 2013, Kemira acquired 3F Chimica S.p.A. for EUR 85 million, further solidifying its position as a leading global polymer producer. Additionally, Kemira's acquisition of the paper chemicals business from van Baerle in 2001 and Polymer Services, LLC in 2015, which focuses on polymer gel treatments for oil recovery, showcases its diverse interests within the specialty chemicals landscape. Overall, Kemira's strategic acquisitions and focus on chemistry expertise position it as a relevant investor in the specialty chemicals industry.



Specialty Chemicals Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Novo HoldingsHellerup, Denmark51-200199945
AlmiStockholm, Stockholm, Sweden201-50019947
Indutrade Life ScienceStockholm, Stockholm, Sweden1001-5000197814
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Chalmers VenturesSweden11-50201526
KatapultOslo, Oslo, Norway11-5020178
IndustrifondenStockholm, Stockholm, Sweden11-5019799
HEXPOL CompoundingRekekroken, Skåne, Sweden1001-500018931
Voima VenturesHelsinki, Uusimaa, Finland11-50201911
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
Nordic Foodtech VCHelsinki, Uusimaa, Finland1-1020197
KemiraHelsinki, Uusimaa, Finland1001-500019201


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