The fitness equipment industry in the Nordics is characterized by a robust market consisting of manufacturers, retailers, and technology providers focused on improving health and wellness. Companies develop a range of products, including traditional gym equipment, smart home fitness solutions, and innovative wearables. Interest in personal fitness has surged, leading to advancements in technology and digital fitness platforms. By embracing sustainability and health consciousness, the industry is transitioning towards eco-friendly solutions, with consumer demand driving growth. The region is set for a substantial push towards integration of technology in fitness, reflecting global wellness trends.

In this insightful overview, we highlight 13 notable investors in the fitness equipment sector across the Nordics. These investors vary in type, including both private equity and venture capital firms, representing locations like Stockholm, Helsinki, and Oslo. Founded between 1978 and 2015, their sizes range from small firms to large institutions, with total deal counts in 2024 reflecting active engagement in the field. Noteworthy participants like CapMan and Nordic Capital illustrate the dynamic partnership between innovation and investment in the fitness equipment landscape.

Top 13 Fitness Equipment 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 through tailored financial solutions and guidance. Among their notable transactions, Almi has invested in MyMOWO, a digital training service that raised 2.8 million in venture capital, indicating their engagement in the fitness sector. Additionally, they have participated in funding rounds for other companies like Stepler and Racefox, which may also have relevance to fitness and training, showcasing their broader interest in innovative solutions that could intersect with the fitness equipment industry.

2. 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, particularly in technology-enabled companies, and provides capital and hands-on support to help businesses scale. Verdane focuses on digitalization and decarbonization trends, with a diverse portfolio that includes investments in the fitness sector. Notable transactions include their lead investment in Urban Sports Club, which raised €95 million in December 2023, and the acquisition of Eversports in October 2024. Additionally, Verdane's investment in MM Sports in 2014 highlights their interest in the fitness equipment market. Their acquisition of Silva, a provider of niche outdoor sports equipment, further demonstrates their engagement in the broader sports and fitness landscape.

3. 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. Among their notable transactions, EQT led a significant funding round for Gympass, raising $85 million to support its valuation of $2.4 billion, which focuses on fitness and wellness solutions. Additionally, EQT acquired a majority stake in XXL Sport & Villmark, a leading sports retail chain in the Nordic region, further solidifying their presence in the fitness equipment market. These investments highlight EQT's commitment to the fitness sector while maintaining a diverse investment strategy.

4. 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. Altor has been involved in several notable transactions in the fitness and sports sector, including their investment in XXL Sport & Villmark, a leading retailer of sporting goods and fitness equipment, and SATS GROUP, a prominent fitness chain in the Nordic region. Additionally, Altor's acquisition of Rossignol, a brand known for its winter sports equipment, further demonstrates their engagement in the broader sports and fitness market. Through these investments, Altor aims to drive digital transformation and tailored investment strategies that support growth in the fitness equipment industry.

5. 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 demonstrated an interest in the fitness industry through their investments in companies like Endomondo, which raised a total of $5,000,000 across multiple funding rounds (Series A, B, and C) from 2011 to 2012. Additionally, they invested in Motosumo, which raised $500,000 in a seed round in 2016, focusing on interactive fitness experiences. This track record shows that while Seed Capital primarily targets technology, they are also engaged in the fitness equipment and health tech sectors, supporting startups that align with fitness and wellness.

6. 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 is known for partnering with management teams to drive growth and operational improvements in portfolio companies. Nordic Capital focuses on creating long-term value and sustainability in its investments, catering primarily to institutional investors seeking sustainable opportunities. Notably, Nordic Capital has made significant investments in the fitness equipment context, including the acquisition of Unisport, a football equipment retailer, in 2015, and their earlier acquisition of Kompan A/S in 2005, which specializes in playground and fitness equipment. These transactions highlight Nordic Capital's engagement in the fitness equipment industry, alongside their broader investment strategy.

7. 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. Notably, CapMan has made significant investments in the fitness equipment sector, including the acquisition of MMSports in July 2021, which focuses on sports nutrition and equipment. This acquisition is part of CapMan's strategy to support MMSports' growth and international expansion. Additionally, CapMan has a history of acquiring companies in various sectors, demonstrating their broad investment approach while maintaining a presence in the fitness equipment industry through targeted investments.

8. FSN Capital Partners

• Website: fsncapital.com
• Type: Private Equity
• Headquarters: Oslo, Oslo, Norway
• Founded year: 1999
• Headcount: 51-200
• LinkedIn: fsn-capital

FSN Capital Partners is a private equity investment firm based in Oslo, Norway, founded in 1999. The firm specializes in managing investments across various sectors, including services, green transition, industrials, and technology, with a strong emphasis on sustainable returns for institutional investors and pension funds. Notably, FSN Capital has made significant investments in the fitness industry, including the acquisition of Fitness World AS, a prominent fitness services company in Denmark, which has shown remarkable growth with sales reaching DKK 1 billion. Additionally, they acquired Active Brands AS, a Norwegian supplier of premium sporting goods brands, aiming to enhance its market position and accelerate international growth. These transactions highlight FSN Capital's commitment to the fitness sector and their strategy of partnering with companies to drive growth and transformation.

9. Butterfly Ventures

• Website: butterfly.vc
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2012
• Headcount: 1-10
• Number of deals in 2024: 5
• LinkedIn: butterfly-ventures

Butterfly Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2012. The firm specializes in seed stage investments, particularly in deep tech startups, and emphasizes social and environmental impact. Butterfly Ventures actively engages with its portfolio companies to provide capital and strategic support, helping them navigate growth challenges. Among their notable transactions, they invested in Sports Tracking Technologies, which focuses on fitness tracking solutions, and Fasciawear, which is involved in wearable technology for fitness. These investments highlight their interest in the fitness equipment sector, alongside their broader focus on innovative technologies.

10. 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 significant acquisitions in the healthcare and rehabilitation sectors, including Primed Fysio och Rehab AB, which specializes in professional physiotherapy equipment. This acquisition highlights Indutrade's commitment to expanding its portfolio in areas that intersect with fitness and rehabilitation, further solidifying its position as a relevant player in the fitness equipment industry. Other acquisitions, such as Oscar Medtec, which supplies medical furniture, also reflect their broader focus on health-related products.

11. 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. With a focus on nurturing companies from seed to IPO, Creandum provides venture capital investment, strategic support, and networking opportunities across various sectors. Notably, they have invested in 8fit, a health and fitness company that raised $10 million in a Series A round, showcasing their commitment to the fitness industry. Additionally, they have participated in funding rounds for Virta Health, a company focused on combating Type 2 Diabetes, which aligns with health and wellness, further emphasizing their interest in health-related sectors.

12. Lifeline Ventures

• Website: lifelineventures.com
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2009
• Headcount: 1-10
• Number of deals in 2024: 14
• LinkedIn: lifeline-ventures

Lifeline Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2009. The firm specializes in early-stage investments in startups across various sectors, providing financial backing and advisory services to entrepreneurs. Lifeline Ventures has a notable focus on supporting resilient founders from the inception of their ventures. Among their significant transactions, they led a seed funding round for Oura, a wearable health tech company known for its wellness ring and app, which has been recognized for its innovative approach to health tracking. This investment highlights Lifeline's interest in the intersection of technology and health, particularly in products that enhance personal fitness and well-being. Additionally, they have invested in HumanCharger, a company that offers a unique product aimed at improving well-being, further showcasing their commitment to health-related innovations.

13. EQT Ventures

• Website: eqtventures.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2015
• Headcount: 11-50
• Number of deals in 2024: 28
• LinkedIn: eqt-ventures

EQT Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2015. The firm specializes in investing in early-stage tech startups, providing not only financial support but also operational assistance to entrepreneurs. They leverage a global network of industry experts to foster growth and innovation. Among their notable transactions, EQT Ventures invested in Beat81, a Berlin-based fitness technology company that raised €6.4 million in Series A funding in 2019. This investment highlights their engagement in the fitness sector, showcasing their interest in technology that enhances fitness experiences. While they have also participated in funding rounds for companies outside the fitness industry, their involvement with Beat81 positions them as a relevant player in the fitness equipment investment landscape.

Fitness Equipment Insights: Key Investors in the Nordics

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