The food manufacturing industry in the Nordics thrives on innovation and sustainability, with companies dedicated to producing quality food products across various segments. From organic dairy and meat alternatives to ready-to-eat meals, Nordic firms cater to changing consumer preferences and health trends. Increasingly, companies are embracing plant-based and environmentally-friendly practices, reflecting a growing commitment to sustainability. The region's strong agricultural foundations and focus on advanced technology are shaping the industry's future. Notably, Nordic food manufacturers often prioritize transparency and traceability, responding to consumers' demands for information about their food sources and production methods.


This list features 13 prominent investors in the Nordics' food manufacturing sector, comprising venture capital, corporate, and private equity firms. Headquartered predominantly in Stockholm and Oslo, these investors vary in size, ranging from micro-investment outfits like Mudcake to large firms like Orkla ASA, who have over 10,000 employees. These investors have demonstrated a proactive approach, with 2024 marking significant deal counts, emphasizing their commitment to growth in this vibrant market. Since many were founded in the last two decades, they represent modern sourcing strategies keenly aligned with future industry trends.


Top 13 Food Manufacturing 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. In the food manufacturing context, EQT has made several notable investments, including the acquisition of Oterra, a leader in natural food ingredients, and Findus Sverige, a well-established frozen food brand. More recently, EQT partnered with AMFRESH Group and Paine Schwartz Partners to acquire International Fruit Genetics, merging it with AMFRESH's SNFL Group to create BLOOM FRESH International, a global breeding entity focused on table grape and cherry genetics. These transactions highlight EQT's strategic interest in the food manufacturing industry, showcasing their capability to drive growth and innovation within this sector.


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 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 within the food manufacturing sector, including investments in Havredals, which raised $330,000 in an Angel Round in June 2020, and Mörsjö Deli, which secured an undisclosed amount in a Venture Round in January 2018. Additionally, Almi has invested in Tebrito, a company that raised over $4 million in Seed funding across two rounds in 2020 and 2021. These transactions highlight Almi's active role in supporting food-related businesses, reinforcing their relevance in the food manufacturing industry.


3. Orkla ASA

  • Website: orkla.com
  • Type: Corporate
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 2017
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: orkla-asa

Orkla ASA is a leading industrial investment company based in Oslo, Norway, with a focus on branded consumer goods, aluminium solutions, and financial investments. Founded in 2017, Orkla operates in various sectors, but it has a strong emphasis on food manufacturing. The company has made notable acquisitions in the food industry, including MTR Foods, a Bangalore-based packaged foods company, and Hamé, a leading branded food company in the Czech Republic and Slovakia. Additionally, Orkla acquired a 68% stake in Eastern Condiments, enhancing its presence in the Indian spice market. Other significant transactions include the acquisition of Igos, a Danish company specializing in fruit fillings and bakery products, and Struer Brød, a Danish cereal manufacturer. These strategic acquisitions reflect Orkla's commitment to providing high-quality branded food products and expanding its market reach across various regions.


4. 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. In recent years, Novo Holdings has also ventured into the food manufacturing sector, exemplified by their leading role in funding The Protein Brewery, which raised €22 million to innovate sustainable protein sources. Additionally, they participated in the funding of Chromologics, a company that raised €12.6 million to commercialize Natu.Red, a natural red food color, showcasing their commitment to supporting innovative food technologies. Other investments include Reduced and MATR Foods, both of which are in the early stages of development, indicating Novo Holdings' interest in nurturing food-related startups.


5. 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 through investment, accelerator programs, and mentorship. Their portfolio includes a variety of sectors, with a notable focus on climate-tech and ocean-tech. In the food manufacturing context, Katapult has made significant investments, including a $2.5 million seed round for Adamo Foods in August 2024, which indicates their interest in innovative food solutions. Other relevant transactions include Oregon Seaweed, which raised funds in 2021, and Ocean's Balance, which secured funding in early 2023. These investments suggest a growing interest in sustainable food production, particularly in relation to ocean resources, but their overall strategy remains broader than just food manufacturing.


6. Kale United

  • Website: kaleunited.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2018
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: kaleunited

Kale United is a corporate investment firm based in Stockholm, Sweden, founded in 2018. The firm specializes in impact investments aimed at promoting sustainable food production, particularly through plant-based and foodtech companies. Kale United serves both individual and institutional investors who are interested in supporting the transition to a plant-based lifestyle while also achieving financial returns. In 2024, they participated in a seed round for Cultimate Foods, which raised over $2.4 million, and they have previously invested in companies like De Novo Foodlabs and Swedish Temptations, the latter being a producer of vegan and organic foods. Their involvement in these transactions underscores their commitment to advancing sustainable food manufacturing practices and supporting innovative food production methods.


7. Mudcake

  • Website: mudcake.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2020
  • Headcount: 1-10
  • Number of deals in 2024: 3
  • LinkedIn: trellisroad

Mudcake is an investment microfund based in Stockholm, Sweden, founded in 2020. The firm specializes in supporting startups in the food industry, providing capital and resources primarily in pre-seed and seed rounds. Mudcake aims to help founders innovate in food production, distribution, and consumption. Their portfolio includes notable investments such as Stockeld Dreamery, a Swedish alt-dairy startup, and THIS, a London-based alternative meat brand. These investments reflect Mudcake's focus on the food manufacturing sector, as they seek to back companies that are transforming traditional food systems and creating sustainable alternatives. With a global reach, Mudcake is dedicated to fostering innovation in the food industry across multiple continents.


8. Carlsberg Group

  • Website: carlsberggroup.com
  • Type: Corporate
  • Headquarters: Grimstad, Agder, Norway
  • Founded year: 1847
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: carlsberg-group

Carlsberg Group, founded in 1847, is a leading brewery based in Grimstad, Agder, Norway, specializing in the production of beer and a diverse range of beverages. With a workforce of over 10,000 employees, Carlsberg operates globally, focusing on sustainability and quality in its brewing processes. The company has made significant investments in the food manufacturing sector, including the recent acquisition of Britvic for £3.3 billion in July 2024, which allows them to expand their non-alcoholic beverage portfolio. Additionally, Carlsberg has a history of strategic acquisitions, such as Svyturys-Utenos alus in 1999 and a 70% stake in Lao Soft Drink Co Ltd in 2007, which further solidify their presence in the beverage manufacturing industry. Their investment in Mikkeller also highlights their interest in innovative beverage brands, making them a notable investor in the food manufacturing landscape.


9. 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 solutions. 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. In 2024, Indutrade made a significant acquisition of ATLINE ApS, a Danish company specializing in in-line sampling and quality assurance for the pet food and feed industries, which highlights its commitment to the food manufacturing sector. This acquisition, valued at approximately SEK 60 million, is expected to positively impact Indutrade's earnings per share and reflects its strategic interest in enhancing quality assurance processes within the food industry. Other acquisitions, such as those of Tebra Messenindustrie and BL Products AB, further illustrate Indutrade's diverse portfolio, although they are less directly related to food manufacturing.


10. Nordic Foodtech VC


Nordic Foodtech VC is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2019. The firm specializes in investing in early-stage companies that are innovating within the food technology sector, particularly those focused on deep foodtech innovations aimed at transforming the food system. They primarily support startups in the Nordics and Baltics that are developing sustainable and health-oriented food technologies. Notable transactions include investments in Melt&Marble, which raised significant seed funding to develop innovative food products, and Nordic Umami Company, which secured €2.6M in seed funding to enhance its offerings in the food sector. Additionally, they participated in funding rounds for Chromologics, a biotech company that is commercializing natural food colorants, further demonstrating their commitment to advancing food manufacturing technologies.


11. 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 enhancing operational efficiency and sustainable growth for its partners through tailored investment strategies and digital transformation solutions. Altor has a diverse portfolio, but it has made significant investments in the food manufacturing sector, including the acquisition of Euro Cater in 2006, which is involved in food service and distribution, and Haarslev Industries in 2012, a company that provides equipment and services for food processing. Additionally, their acquisition of Nova Austral in 2022, a company engaged in the seafood industry, further highlights their commitment to investing in food-related businesses. These transactions illustrate Altor's capability and interest in the food manufacturing industry, making them a relevant player in this sector.


12. Danish Crown


Danish Crown is a leading meat processing company based in Randers, Denmark, founded in 1887. With over 10,000 employees, the company specializes in the production and sale of pork and beef products, serving a diverse customer base that includes food retailers and wholesalers. Danish Crown emphasizes food safety and sustainability in its operations, ensuring high-quality meat for meals consumed globally. The company has made significant acquisitions to strengthen its position in the food manufacturing sector, including the full ownership of Sokolow, a major processed meat products processor in Poland, and the acquisition of Charkuterifabriken Sverige, known for its sliced sandwich cold cuts and bacon. Additionally, Danish Crown's UK subsidiary, Tulip, acquired Geo Adams & Sons, creating one of Britain's largest meat conglomerates. These strategic moves highlight Danish Crown's commitment to enhancing its market presence and expanding its product offerings in the food manufacturing industry.


13. Finnfund

  • Website: finnfund.fi
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1980
  • Headcount: 51-200
  • Number of deals in 2024: 7
  • LinkedIn: finnfund

Finnfund is a not-for-profit development financier and impact investor based in Helsinki, Finland, founded in 1980. The organization focuses on creating sustainable futures by investing in companies that address global development challenges. Their primary customers are businesses and organizations in developing countries seeking financial support for sustainable projects. Finnfund provides investment and advisory services to promote economic growth and sustainability across various sectors. Notably, they have invested in the food manufacturing industry, including a $5 million senior loan to Nafoods Group, a Vietnamese food processor, and a $50 million investment in Twiga Foods, which enhances food supply chains in Africa. Other relevant transactions include debt financing for Valency International and investments in companies like Yalelo Limited, which operates in the food sector. These activities highlight Finnfund's active role in supporting food manufacturing initiatives.



Food Manufacturing Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
AlmiStockholm, Stockholm, Sweden201-50019947
Orkla ASAOslo, Oslo, Norway10001+20171
Novo HoldingsHellerup, Denmark51-200199945
KatapultOslo, Oslo, Norway11-5020178
Kale UnitedStockholm, Stockholm, Sweden1-1020182
MudcakeStockholm, Stockholm, Sweden1-1020203
Carlsberg GroupGrimstad, Agder, Norway10001+18472
Indutrade Life ScienceStockholm, Stockholm, Sweden1001-5000197814
Nordic Foodtech VCHelsinki, Uusimaa, Finland1-1020197
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
Danish CrownRanders, Denmark10001+18870
FinnfundHelsinki, Uusimaa, Finland51-20019807


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