Top 12 Travel Agency Investors in the Nordics
Top 12 Travel Agency Investors in the Nordics
The travel agency industry in the Nordics is vibrant, encompassing a mix of online booking platforms, traditional agencies, and emerging tech startups. Companies operate in sectors such as accommodations, transportation, and tour services, all aimed at enhancing traveler experiences. In recent years, the industry has seen a shift towards technological adoption, prioritizing seamless online interactions and personalized services. One intriguing trend is the growing focus on sustainable travel, as agencies increasingly cater to environmentally conscious consumers. This evolution positions the Nordics at the forefront of innovation in travel management, ensuring relevance in a rapidly changing global market.
The investment landscape for travel agencies in the Nordics features a mix of venture capital and private equity firms, primarily based in cities like Stockholm and Copenhagen. Companies vary significantly in size, from smaller firms managing fewer than 50 employees to large corporations with thousands on staff. Founded between the late 1800s and early 2000s, these investors have collectively executed numerous deals in 2024, showcasing their active engagement in the travel sector. Their distinct strategies reveal a commitment to nurturing emerging businesses alongside established industry players, fostering growth and innovation.
Top 12 Travel Agency 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. Notably, Almi has been involved in several transactions relevant to the travel industry, including multiple funding rounds for Handiscover, a company focused on accessible travel solutions, where they participated in seed funding rounds in 2016, 2018, and 2021. Additionally, Almi invested in StoryTourist, which connects travelers with local experiences, further demonstrating their interest in the travel sector. Their diverse portfolio and active engagement in travel-related investments position them as a significant player in the travel agency investment landscape.
2. Etraveli Group
- Website: etraveligroup.com
- Type: Corporate
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 2000
- Headcount: 1001-5000
- LinkedIn: etraveli-group
Etraveli Group AB, founded in 2000 and based in Stockholm, Sweden, is a prominent online travel agency that specializes in providing a comprehensive technology platform for selling flights and related travel services. The company serves millions of consumers and businesses globally, offering products such as flight tickets, accommodation, and car rentals. Etraveli Group operates multiple brands, including MyTrip and GoToGate, and is dedicated to simplifying travel arrangements through innovative technology solutions. Notably, Etraveli Group has made several strategic acquisitions to enhance its market presence, including the acquisition of Canadian companies TripStack and Flight Network in 2019, and the purchase of Travelstart in Europe for approximately $696 million in 2010. Additionally, they acquired Gotogate AS and Flybillet.dk, further solidifying their position in the European travel market. These transactions highlight Etraveli Group's commitment to expanding its footprint in the travel agency sector.
3. VNV Global AB
- Website: vnv.global
- Type: Venture Capital
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 1996
- Headcount: 1-10
- Number of deals in 2024: 1
- LinkedIn: vostok-new-ventures-ltd
VNV Global AB is a venture capital investment firm based in Stockholm, Sweden, founded in 1996. The firm focuses on providing capital and expertise to innovative companies across various sectors, including Mobility and Digital Health. VNV Global aims to support mission-driven entrepreneurs in developing scalable and sustainable business models, emphasizing long-term profitability and strong market positions. Notably, VNV Global has made significant investments in the travel agency context, including OneTwoTrip, a Russian travel booking website, where they participated in multiple funding rounds totaling over $8 million between 2015 and 2017. Additionally, they invested in Busfor, a platform for bus ticket sales, contributing $4.5 million in a Series C round in 2019 and $4 million in another Series C round in 2018. These transactions highlight VNV Global's active role in the travel industry, reinforcing their relevance as a travel agency investor.
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 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. In recent years, EQT has made significant investments in the travel industry, including a $200 million investment in TravelPerk, a leading travel management platform, in January 2025. They also launched an acquisition offer for Torghatten ASA, a transportation company, in December 2020, and acquired the Danish ferry operator Molslinjen for €1 billion, showcasing their commitment to the travel and transportation sectors. These strategic investments highlight EQT's role as a key player in the travel agency industry.
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 in technology-enabled companies, providing capital and hands-on support to help businesses scale. Verdane focuses on digitalization and decarbonization trends, primarily targeting technology companies looking to enhance their market position and operational efficiency. Notably, Verdane has made several acquisitions in the travel sector, including Reseguiden, a travel guide and booking platform acquired in June 2011, and Upplevelsepresent, which also operates in the travel experience space. Their acquisition of Watch it Live AB in April 2014 further demonstrates their interest in companies that enhance travel experiences. These transactions highlight Verdane's commitment to investing in the travel agency industry, alongside their broader focus on technology-driven growth.
6. Kinnevik
- Website: kinnevik.com
- Type: Venture Capital
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 1936
- Headcount: 11-50
- Number of deals in 2024: 10
- LinkedIn: investment-ab-kinnevik
Kinnevik is a Stockholm-based investment company founded in 1936, specializing in partnering with innovative entrepreneurs across various sectors, including healthcare, software, marketplaces, and climate tech. They provide both capital and operational support to help companies scale and create long-term value. Notably, Kinnevik has invested in the travel agency sector, participating in significant funding rounds for companies like Omio, which raised $100 million in 2020 and $150 million in 2018, and TravelPerk, which raised $103 million in 2024 and $200 million in 2025. These investments highlight Kinnevik's strategic focus on redefining industries and addressing global challenges, particularly in the travel space.
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 involved in several significant transactions, particularly in the travel agency sector. Notably, they co-led a Series A funding round for Fora, a tech-forward travel agency, which raised $13.5 million to enhance its platform and support its community of advisors. Heartcore continued to support Fora through subsequent funding rounds, including Series B and Series C, indicating a strong commitment to the travel agency industry. This strategic focus on innovative travel solutions positions Heartcore as a relevant player in the travel agency investment landscape.
8. Creandum
- Website: creandum.com
- Type: Venture Capital
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 2003
- Headcount: 11-50
- Number of deals in 2024: 17
- LinkedIn: creandum
Creandum is a venture capital firm based in Stockholm, Sweden, founded in 2003. They specialize in supporting early-stage entrepreneurs in building global, category-defining companies by providing venture capital investment, strategic support, and networking opportunities. Creandum has a diverse portfolio, with notable investments in the travel agency sector, including JustBook and Tripbirds, both of which raised seed funding to enhance their travel services. Furthermore, they participated in funding rounds for Distribusion Technologies, a Berlin-based travel tech startup that focuses on B2B ground transportation, indicating their commitment to the travel industry. Their business model emphasizes nurturing companies from seed to IPO, leveraging their expertise and connections to help entrepreneurs succeed across various sectors, including travel.
9. Altor Equity Partners
- Website: altor.com
- Type: Private Equity
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 2003
- Headcount: 51-200
- Number of deals in 2024: 6
- LinkedIn: altor
Altor Equity Partners is a private equity investment management firm based in Stockholm, Sweden, founded in 2003. The firm specializes in providing consulting services across various sectors, including technology and consumer products, with a focus on enhancing operational efficiency and sustainable growth for its partners. Altor's investment strategy includes tailored solutions for digital transformation. Notably, Altor was involved in the acquisition of Ving, Spies, Tjäreborg, and Thomas Cook Airlines Scandinavia in 2019, where they acquired a 40% stake in the travel businesses alongside Strawberry Group and TDR Capital. This transaction highlights Altor's commitment to the travel agency sector, showcasing their capability to invest in and manage travel-related operations effectively.
10. Dfds
- Website: dfds.com
- Type: Corporate
- Headquarters: Copenhagen, Denmark
- Founded year: 1866
- Headcount: 10001+
- Number of deals in 2024: 2
- LinkedIn: dfds
DFDS, founded in 1866 and based in Copenhagen, Denmark, is a corporate investor with over 10,000 employees. The company specializes in logistics and ferry operations, providing both passenger and freight transportation services across Europe. DFDS operates a network of ferry routes, offering mini cruises and package holidays, which cater to individual travelers and businesses alike. In recent years, DFDS has made significant acquisitions to strengthen its position in the travel sector. Notably, in January 2024, they acquired FRS Iberia/Maroc, a ferry operator, to expand their network to the Strait of Gibraltar, enhancing their travel offerings. Additionally, in September 2019, DFDS acquired two ferries from the Italian company Moby, aimed at improving customer experience on the Amsterdam-Newcastle route. These transactions highlight DFDS's active role in the travel agency context, as they continue to invest in expanding their passenger services.
11. CapMan
- Website: capman.com
- Type: Private Equity
- Headquarters: Helsinki, Uusimaa, Finland
- Founded year: 1989
- Headcount: 51-200
- Number of deals in 2024: 4
- LinkedIn: capman
CapMan Oyj is an investment management firm based in Helsinki, Finland, specializing in private equity, real estate, infrastructure, and natural capital investments. Founded in 1989, CapMan serves institutional investors by providing access to diverse investment strategies aimed at achieving sustainable returns. With a strong presence in the Nordic markets, CapMan leverages its expertise to manage funds and drive value creation for its clients. Notably, CapMan has made significant investments in the travel-related sectors, including the acquisition of Kämp Collection Hotels, a prominent player in the hospitality industry, in 2014. Additionally, their acquisition of Majoituspalvelu Forenom Oy in 2016 further emphasizes their commitment to the accommodation sector. CapMan's investment in Norled, a leading Norwegian ferry and express boat operator, and Koiviston Auto, Finland's largest bus operator, highlights their involvement in transportation infrastructure, which is essential for travel. These transactions reflect CapMan's strategic focus on sectors that support and enhance travel experiences.
12. Nordic Eye Venture & Growth Capital
- Website: nordiceye.com
- Type: Venture Capital
- Headquarters: Copenhagen, Denmark
- Founded year: 2016
- Headcount: 11-50
- LinkedIn: nordic-eye
Nordic Eye Venture & Growth Capital is a venture capital firm based in Copenhagen, Denmark, founded in 2016. The firm specializes in investing in growth companies within the technology and lifestyle sectors, providing both capital and strategic support to help startups scale and achieve market fit. Nordic Eye has been involved in several notable transactions relevant to the travel industry, including a leading investment in LuggageHero, which raised $1.45 million to expand its luggage-storage operations, and AirHelp, a startup that offers online legal services for air passengers. Additionally, they invested in Boatsetter, a platform for boat rentals, and Donkey Republic, which focuses on bike rentals. These investments highlight Nordic Eye's engagement with companies that enhance travel experiences and services, showcasing their commitment to the travel sector.
Travel Agency Insights: Key Investors in the Nordics
| Investor | Headquarter | Size | Founded | Deals 2024 |
|---|---|---|---|---|
| Almi | Stockholm, Stockholm, Sweden | 201-500 | 1994 | 7 |
| Etraveli Group | Stockholm, Stockholm, Sweden | 1001-5000 | 2000 | 0 |
| VNV Global AB | Stockholm, Stockholm, Sweden | 1-10 | 1996 | 1 |
| EQT Group | Stockholm, Stockholm, Sweden | 1001-5000 | 1994 | 30 |
| Verdane | Oslo, Oslo, Norway | 51-200 | 1985 | 7 |
| Kinnevik | Stockholm, Stockholm, Sweden | 11-50 | 1936 | 10 |
| Heartcore Capital | Copenhagen, Denmark | 11-50 | 2007 | 17 |
| Creandum | Stockholm, Stockholm, Sweden | 11-50 | 2003 | 17 |
| Altor Equity Partners | Stockholm, Stockholm, Sweden | 51-200 | 2003 | 6 |
| Dfds | Copenhagen, Denmark | 10001+ | 1866 | 2 |
| CapMan | Helsinki, Uusimaa, Finland | 51-200 | 1989 | 4 |
| Nordic Eye Venture & Growth Capital | Copenhagen, Denmark | 11-50 | 2016 | 0 |
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