The aquarium fish food industry in the Nordics is a thriving sector focused on the production and distribution of specialized nutrition for aquarium fish. Companies from various domains operate here, including those involved in fish feed formulation, aquaculture technology, and sustainable practices that aim to improve fish health. Recent trends show a shift towards environmentally friendly and high-quality food products, reflecting consumer concerns about sustainability. Innovations in aquafeed, such as the use of plant-based ingredients and micro-encapsulation technology, are gaining traction, making this industry both dynamic and essential for aquatic ecosystem sustainability.


This list of aquarium fish food investors includes private equity firms and venture capitalists, with headquarters in key Nordic cities like Stockholm and Oslo. Ranging from small-sized entities to larger corporate investors, their establishments share a commitment to fostering growth in the aquaculture sector. Across 2024, these investors have made notable contributions to the industry, with deal counts indicating active engagement and support for innovative aquaculture solutions.


Top 13 Aquarium Fish Food Investors in the Nordics


1. 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 specialize in supporting tech startups that tackle global challenges, providing investment, accelerator programs, and mentorship to early-stage companies. Katapult has made several notable investments in the aquaculture sector, including AquaRech, which raised $1.7 million in equity funding with Katapult's participation. They also invested in AquaRech in a previous round, demonstrating a commitment to supporting innovative solutions in fish farming. Additionally, Katapult has been involved with Hooked Foods, a company focused on plant-based seafood alternatives, which, while not directly aquarium fish food, indicates their interest in sustainable food sources related to marine life. Overall, Katapult's investments reflect a strong alignment with the goals of sustainability and innovation in the aquaculture industry.


2. 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 founded in 1994, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Based in Stockholm, Sweden, EQT serves institutional investors by managing diverse investment portfolios across multiple sectors and geographies. Among their notable transactions, EQT acquired Musti ja Mirri Group, a leading pet specialty retailer in the Nordic countries, which operates 127 stores and generates significant sales. This acquisition highlights EQT's involvement in the pet industry, which includes products for aquarium fish, thereby aligning with the interests of aquarium fish food investors. Additionally, EQT has made other acquisitions in related sectors, such as Granngården, further demonstrating their engagement in the broader pet market.


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 through tailored financial solutions and guidance. Notably, Almi has been involved in several transactions within the aquaculture sector, including investments in Big Akwa, a Swedish land-based trout producer, which raised funds through equity sales and loans. Additionally, Almi has supported Ostrea Aquaculture, which is also engaged in aquaculture activities. These transactions highlight Almi's active role in the aquaculture industry, which is relevant to the aquarium fish food market.


4. AKVA group

  • Website: akvagroup.com
  • Type: Corporate
  • Headquarters: Norway
  • Founded year: 1974
  • Headcount: 1001-5000
  • Number of deals in 2024: 2
  • LinkedIn: akva-group-asa

AKVA group, founded in 1974 and based in Norway, is a corporate investor specializing in aquaculture technology and services. With a workforce of 1001-5000 employees, they provide comprehensive solutions for both sea-based and land-based fish farming, including infrastructure, feeding systems, and advisory services. Their recent transactions highlight their active role in the aquaculture sector: they acquired a 51% stake in Submerged AS in 2023 to enhance their digital offerings in precision fish farming, and they have also made significant acquisitions like Newfoundland Aqua Service, which strengthens their presence in the fish farming services market. These activities demonstrate AKVA group's commitment to improving sustainability and efficiency in fish farming, which is directly relevant to the aquarium fish food industry.


5. 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 focuses on enhancing operational efficiency and sustainable growth for its partners through tailored investment strategies and digital transformation solutions across various sectors, including technology and consumer products. Notably, Altor has made significant investments in the aquaculture feed industry, including the acquisition of Hamlet Protein, a Danish producer of high value-add young animal feed, which is relevant for both livestock and aquaculture. Additionally, their acquisition of EWOS, a prominent player in the fish feed market, further emphasizes their commitment to the aquaculture sector. These transactions highlight Altor's strategic focus on companies that contribute to the sustainable growth of the aquaculture industry, making them a relevant investor in the aquarium fish food space.


6. Summa Equity

  • Website: summaequity.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2016
  • Headcount: 51-200
  • Number of deals in 2024: 6
  • LinkedIn: summa-equity

Summa Equity is a private equity firm based in Stockholm, Sweden, founded in 2016. The firm specializes in thematic investments that address global challenges, with a strong emphasis on sustainable investment solutions across various sectors, including resource efficiency and technology. Summa Equity's clients include institutional investors and companies seeking capital for growth, highlighting their commitment to aligning financial returns with positive societal impact. Notably, in 2024, Summa Equity acquired STIM, a significant player in the aquaculture sector, which supplies fish health products and services, reporting gross revenues exceeding €150 million. This acquisition aims to enhance STIM's growth and product development capabilities, showcasing Summa's active role in the aquarium fish food industry. Additionally, they have invested in Nutris, a factory specializing in sustainable plant-based protein sources, further demonstrating their focus on sustainability in food production.


7. Marel

  • Website: marel.com
  • Type: Corporate
  • Headquarters: Garðabær, Garðabær, Iceland
  • Founded year: 1983
  • Headcount: 5001-10000
  • LinkedIn: marel

Marel is a corporate investor based in Garðabær, Iceland, specializing in food processing equipment for various industries, including poultry, meat, fish, and prepared foods. Founded in 1983, Marel has established itself as a leader in providing advanced solutions that enhance efficiency and product quality through automation and innovative technology. In recent years, Marel has made significant acquisitions that align with their strategic goals. Notably, in April 2022, they announced the acquisition of Wenger Manufacturing LLC for USD 540 million, which will create a new business segment focused on pet food, plant-based proteins, and aqua feed. This acquisition is expected to enhance Marel's margins and earnings while expanding their presence in the aqua feed market. Additionally, Marel has acquired a 50 percent stake in Curio, a whitefish processing equipment manufacturer, further solidifying their involvement in the fish processing sector. These transactions highlight Marel's commitment to diversifying its portfolio and investing in areas that include aquarium fish food.


8. 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. In the context of aquarium fish food, Industrifonden has made notable investments such as in Gårdsfisk, which raised $4,993,393 in Series A funding for sustainable fish farming, and Fishbrain, a social network and app for fishing enthusiasts, which has raised significant funding rounds including $6 million in 2023 and $13.5 million in Series B funding in 2018. These transactions highlight their engagement in the aquatic sector, making them a relevant player in the aquarium fish food industry.


9. Momentum


Momentum Partners is a venture capital firm based in Bergen, Vestland, Norway, founded in 2013. The firm focuses on sustainable growth and climate impact, investing in innovative companies across various sectors, including ocean industries, agriculture, renewables, and construction. Notably, Momentum has been involved in transactions relevant to the aquarium fish food industry, such as their investment in Molofeed, a company that has developed proprietary micro-encapsulation technology for aquafeed. This investment highlights their commitment to supporting advancements in aquaculture. Additionally, they participated in funding rounds for companies like Remora Robotics and Blue Ocean Technology, which, while not directly related to fish food, indicate their broader interest in ocean-related technologies and sustainability. By providing both capital and strategic support, Momentum helps startups and SMEs scale their operations and achieve their sustainability goals, making them a potential ally for businesses in the aquarium fish food sector.


10. 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 various sectors, including pet health, as evidenced by their participation in funding rounds for companies like Front of the Pack, a startup that raised $10 million in Series A funding and $3.5 million in seed funding, both aimed at enhancing pet health. Although their primary focus is on technology, their investments in the pet health sector indicate a potential interest in related industries, such as aquarium fish food.


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 founded in 1989, specializing in private equity, real estate, infrastructure, and natural capital investments. With a strong presence in the Nordic markets, CapMan serves institutional investors by providing access to diverse investment strategies aimed at achieving sustainable returns. Notably, CapMan has made significant investments in the aquaculture sector, including a recent investment in Napier AS, the largest salmon harvest vessel operator in Norway, which plays a critical role in the transportation infrastructure of the aquaculture industry. This involvement highlights CapMan's commitment to sectors that support sustainable food production, including those relevant to aquarium fish food. Additionally, CapMan has a history of supporting growth in various sectors, as seen in their acquisition of MMSports, a sports nutrition company, which, while not directly related to aquarium fish food, demonstrates their broader interest in nutrition-related industries.


12. Maki.vc

  • Website: maki.vc
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2018
  • Headcount: 1-10
  • Number of deals in 2024: 11
  • LinkedIn: maki-vc

Maki.vc is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2018. The firm specializes in seed-stage investments, particularly in deep tech and brand-driven companies. Maki.vc aims to support early-stage startups in navigating growth and innovation challenges. They have a global investment mandate but primarily operate in the Nordic region. Notably, Maki.vc has invested in Alvar Pet, which raised a total of $3,441,764 across multiple seed rounds from 2020 to 2021. Alvar Pet's focus on the pet industry, including products that may cater to aquarium fish, aligns with Maki.vc's investment strategy, showcasing their interest in the pet sector. Additionally, Maki.vc has been active in various funding rounds, indicating their commitment to supporting innovative startups.


13. 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 participated in the Seed round funding for Origin by Ocean, a Finnish startup that secured €7.5M, indicating their interest in sustainable seafood and potentially aquarium-related ventures. Additionally, they have invested in companies like Solar Foods, which focuses on innovative food production technologies, showcasing their commitment to supporting startups that aim to revolutionize food sources. Their diverse portfolio reflects a strategic approach to investing in sectors that may intersect with the aquarium fish food industry, particularly through sustainable practices and innovative food solutions.



Aquarium Fish Food Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
KatapultOslo, Oslo, Norway11-5020178
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
AlmiStockholm, Stockholm, Sweden201-50019947
AKVA groupNorway1001-500019742
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
Summa EquityStockholm, Stockholm, Sweden51-20020166
MarelGarðabær, Garðabær, Iceland5001-1000019830
IndustrifondenStockholm, Stockholm, Sweden11-5019799
MomentumBergen, Vestland, Norway1-1020132
Heartcore CapitalCopenhagen, Denmark11-50200717
CapManHelsinki, Uusimaa, Finland51-20019894
Maki.vcHelsinki, Uusimaa, Finland1-10201811
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914


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