The internet service provider industry in the Nordics has evolved into a dynamic sphere characterized by robust competition and innovation. Companies ranging from established telecommunications giants to agile startups provide a variety of services, including high-speed broadband, mobile connectivity, and new-age IoT solutions. With a focus on sustainability and digital transformation, industry players are tapping into advanced technologies like 5G and fiber optics. Trends like remote working and digital homes have intensified demand, driving growth. In this region, it's essential to balance technology with customer connectivity, creating an increasingly interconnected society poised for future advancements.

This list features 13 prominent investors, spanning corporate giants and venture capital firms in the Nordic nations. Based mainly in major cities like Helsinki and Stockholm, these investors differ in size, from small teams to large firms with thousands of employees. Established between 1853 and 2003, they have made impactful investments, totaling 73 in 2024 across the internet service provider sector. With a mix of backgrounds and investment strategies, these investors play crucial roles in shaping the future of digital connectivity.

Top 13 Internet Service Provider 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 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 various sectors and geographies. Among its notable transactions in the internet service provider space, EQT acquired Deutsche Glasfaser in February 2020 for approximately $2.73 billion, enhancing its footprint in the German broadband market. In 2017, EQT Infrastructure acquired Lumos Networks Corporation for around $950 million, marking its entry into the U.S. fiber-optic network services market. Furthermore, EQT's acquisition of IP-Only in 2013 and Broadnet in 2018 highlights its strategic focus on strengthening fiber-based data communication services in Sweden and Norway, respectively. These investments reflect EQT's active engagement in the internet service provider industry, positioning it as a key player in the sector.

2. Telenor

• Website: telenor.com
• Type: Corporate
• Headquarters: Fornebu, Akershus, Norway
• Founded year: 1855
• Headcount: 10001+
• Number of deals in 2024: 2
• LinkedIn: telenor-group

Telenor ASA, founded in 1855 and based in Fornebu, Akershus, Norway, is a leading telecommunications company with a customer base of 209 million subscribers. The company focuses on providing mobile telecommunications, broadband, and TV distribution services, primarily in Scandinavia and Asia. Telenor is committed to responsible business practices and innovation in telecommunications. Notably, Telenor has made several strategic acquisitions in the internet service provider sector, including Bredbandsbolaget, Sweden's second largest broadband provider, enhancing their market position with over 340,000 customers. Additionally, Telenor's acquisition of Tele2 Sweden's fibre and cable firm aims to strengthen their presence in the fixed broadband and television services market. Other relevant transactions include the acquisition of Glocalnet AB and DNA Oyj, further solidifying Telenor's role as a significant player in the internet service provider landscape.

3. Ericsson

• Website: ericsson.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1876
• Headcount: 10001+
• Number of deals in 2024: 3
• LinkedIn: ericsson

Ericsson, founded in 1876 and based in Stockholm, Sweden, is a leading telecommunications company that specializes in advanced connectivity solutions, including 5G networks and IoT platforms. With over 10,000 employees, Ericsson has made significant investments to enhance its offerings in the telecommunications sector. Notably, Ericsson's acquisition of Cradlepoint for $1.1 billion aims to bolster its 5G enterprise offerings, focusing on wireless edge WAN systems that are crucial for internet service delivery. Additionally, the acquisition of BelAir Networks, a carrier-grade WiFi equipment provider, further emphasizes Ericsson's commitment to improving internet connectivity solutions. These strategic moves position Ericsson as a key player in the internet service provider landscape, as they enhance operational efficiency and user experiences through reliable and high-speed connectivity.

4. 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, that specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises. Founded in 1994, 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 relevant to the internet service provider sector, including investments in Forsway, which focuses on satellite internet solutions, and InCoax Network Europe, which specializes in network connectivity technologies. Other investments include MyBeat, Sweratel, and Maven Wireless, which, while not exclusively internet service providers, contribute to the broader telecommunications and connectivity landscape.

5. Telia

• Website: teliacompany.com
• Type: Corporate
• Headquarters: Solna, Stockholm, Sweden
• Founded year: 1853
• Headcount: 10001+
• LinkedIn: teliacompany

Telia Company AB, founded in 1853 and based in Solna, Stockholm, Sweden, is a leading telecommunications company operating primarily in the Nordic and Baltic regions. With over 10,000 employees, Telia offers a diverse range of services, including IoT connectivity, smart city solutions, and telephony services. The company serves both businesses and public sector organizations, focusing on enhancing connectivity and operational efficiency. Telia has been actively involved in the internet service provider sector, highlighted by its acquisition of NextGenTel Holding ASA in 2006, which allowed it to expand its offerings in Norway's broadband market. Additionally, Telia's acquisition of Phonero in 2016 aimed to strengthen its position in the Norwegian telecom market, particularly in professional mobile telephony. These strategic moves underscore Telia's commitment to the internet service provider industry, making it a significant player in this space.

6. Nokia

• Website: nokia.com
• Type: Corporate
• Headquarters: Espoo, Uusimaa, Finland
• Founded year: 1865
• Headcount: 10001+
• Number of deals in 2024: 3
• LinkedIn: nokia

Nokia Corporation, founded in 1865 and based in Espoo, Uusimaa, Finland, is a leading telecommunications and technology solutions provider. The company specializes in networking technology and digital transformation, offering a wide range of products and services, including cloud infrastructure, mobile networks, and security solutions. Nokia has been actively involved in several significant acquisitions that enhance its capabilities in the internet service provider context. For instance, the acquisition of Gainspeed in 2016 aimed to bolster its cable and networking capabilities, while the acquisition of Elenion Technologies in 2020 focused on improving optical connectivity for 5G and enterprise networking. Additionally, the acquisition of Alcatel-Lucent in 2015 positioned Nokia as the second-largest mobile equipment manufacturer globally, further solidifying its role in the telecommunications sector. These strategic moves highlight Nokia's commitment to advancing technologies that are crucial for internet service provision.

7. Nordic Investment Bank

• Website: nib.int
• Type: Corporate
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 1976
• Headcount: 201-500
• Number of deals in 2024: 19
• LinkedIn: nordic-investment-bank

Nordic Investment Bank (NIB) is a public entity based in Helsinki, Finland, established in 1976. It specializes in providing sustainable financing for projects across the Nordic and Baltic regions, offering a range of loan products including corporate, sovereign, and sustainability-linked loans. NIB aims to enhance productivity and environmental benefits through its financing solutions. In recent years, NIB has been involved in several significant transactions within the telecommunications sector, including debt financing for major companies such as Elisa, which raised over $107 million in April 2024 and $113 million in December 2018. Additionally, NIB supported Nokia with $270 million in post-IPO debt in October 2024 and $283 million in December 2018, as well as Ericsson, which raised $109 million in post-IPO debt in July 2024. These transactions highlight NIB's active role in financing key players in the internet service provider industry, reinforcing its relevance in this sector.

8. 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, particularly in developing countries. Finnfund provides investment and advisory services to promote economic growth and sustainability across various sectors. In recent years, Finnfund has been involved in several significant transactions relevant to the internet service provider industry. For instance, they invested in Africa Mobile Networks, which aims to build over 10,000 base stations in Sub-Saharan Africa, enhancing mobile connectivity for over 35 million people. They also invested in Cassava Technologies, which raised $90 million to expand its internet services. Additionally, their investment in KaiOS Technologies, a feature phone platform, highlights their commitment to improving access to mobile internet in Africa. These transactions demonstrate Finnfund's active role in supporting the development of internet services in emerging markets.

9. 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 been involved in several transactions relevant to the internet service provider industry. For instance, they invested in Flexenclosure, a developer of intelligent power management systems and pre-fabricated data centers for the telecom industry, raising US$24 million in 2013. They also led a funding round for Anyfi Networks, which raised SEK 10 million to expand its operations in the Wi-Fi connectivity space. More recently, they participated in a €8.5 million Series A funding round for Telness Tech, a teltech company aiming to expand into new markets. These investments highlight Industrifonden's commitment to supporting companies that contribute to the internet service provider landscape.

10. Seb

• Website: sebgroup.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1856
• Headcount: 10001+
• Number of deals in 2024: 13
• LinkedIn: seb

Seb (Skandinaviska Enskilda Banken AB) is a leading banking group in Northern Europe, founded in 1856, providing a wide range of financial services including corporate and investment banking, asset management, and private wealth management. The bank serves large corporations, institutional clients, and private individuals, helping them manage their financial assets and navigate investment opportunities. In recent years, Seb has been actively involved in financing the telecommunications sector, particularly through debt transactions. For instance, Seb participated in a €120 million senior debt financing for metrofibre, a German company enhancing telecommunication infrastructure. Additionally, Seb was a core lender in the funding of CityFibre, a UK-based network operator, which is working to expand its fiber network to millions of homes. These transactions highlight Seb's commitment to supporting the internet service provider industry and its infrastructure development.

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 a private equity investment management firm based in Helsinki, Finland, founded in 1989. The firm specializes in various investment strategies, including private equity, real estate, infrastructure, and natural capital investments, primarily serving institutional investors. CapMan has a strong presence in the Nordic markets and focuses on sustainable returns for its clients. Among its notable transactions, CapMan has invested in several companies relevant to the internet service provider sector, including 42Networks, which raised funds in 2006, and Serverius, which secured private equity funding in 2023. Additionally, CapMan Infra acquired fuZion A/S, a Danish colocation firm operating data centers, further emphasizing its commitment to the internet infrastructure space. These investments highlight CapMan's strategic interest in companies that contribute to the internet service provider ecosystem.

12. Hexatronic Group

• Website: hexatronicgroup.com
• Type: Corporate
• Headquarters: Gothenburg, Västra Götaland, Sweden
• Founded year: 1993
• Headcount: 501-1000
• LinkedIn: hexatronic

Hexatronic Group is a corporate investor based in Gothenburg, Sweden, specializing in telecommunications and technology solutions, particularly in fiber optic and wireless infrastructure. Founded in 1993, the company has established itself as a key player in the telecommunications sector, offering a range of products and services that enhance connectivity for various applications. In recent years, Hexatronic has made several strategic acquisitions to bolster its presence in the internet service provider market. Notably, they acquired 82% of homeway GmbH, a German multimedia home network provider, to strengthen their position in the growing FTTH market. Additionally, their acquisition of ATG Technology Group Limited in New Zealand aims to enhance their footprint in the fiber industry, creating synergies with their existing operations in Australia. Other acquisitions, such as KNET in South Korea and The Light Brigade in the U.S., further demonstrate their commitment to expanding their capabilities in fiber-optic solutions and training, which are essential for supporting internet service providers. Overall, Hexatronic Group's focus on end-to-end solutions and customer support makes them a significant player in the telecommunications landscape.

13. SEB Kort

• Website: seb.se
• Type: Corporate
• Headquarters: Solna, Stockholm, Sweden
• Founded year: 1855
• Headcount: 501-1000
• Number of deals in 2024: 1
• LinkedIn: seb-kort

SEB Kort, part of Skandinaviska Enskilda Banken AB (SEB), is a corporate investor based in Solna, Stockholm, Sweden. Founded in 1855, SEB is a prominent financial institution offering a wide range of banking and financial services, including personal and corporate loans, investment management, and insurance products. In recent years, SEB Kort has engaged in several notable transactions within the technology and internet service sectors. For instance, they participated in a SEK 15M Series A funding round for SenionLab AB, which specializes in IPS software, aimed at enhancing their market position and technical capabilities. Additionally, SEB Kort has made multiple investments in Nomad Digital, raising significant amounts in various venture rounds, which focuses on providing connectivity solutions, further solidifying their involvement in the internet service provider landscape.

Internet Service Provider Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Telenor	Fornebu, Akershus, Norway	10001+	1855	2
Ericsson	Stockholm, Stockholm, Sweden	10001+	1876	3
Almi	Stockholm, Stockholm, Sweden	201-500	1994	7
Telia	Solna, Stockholm, Sweden	10001+	1853	0
Nokia	Espoo, Uusimaa, Finland	10001+	1865	3
Nordic Investment Bank	Helsinki, Uusimaa, Finland	201-500	1976	19
Finnfund	Helsinki, Uusimaa, Finland	51-200	1980	7
Industrifonden	Stockholm, Stockholm, Sweden	11-50	1979	9
Seb	Stockholm, Stockholm, Sweden	10001+	1856	13
CapMan	Helsinki, Uusimaa, Finland	51-200	1989	4
Hexatronic Group	Gothenburg, Västra Götaland, Sweden	501-1000	1993	0
SEB Kort	Solna, Stockholm, Sweden	501-1000	1855	1

Want to find more investors focusing on the internet service provider industry?

If you want to find more investors that are active in the internet service providerindustry, you can do that with Inven. We built this list and analysis throughInven's Investor Search, and there are a lot more private equity, venturecapital, and corporate investors like these globally.

With Inven, you'll also get to know:

• Deal History: Number of deals and their sizes.
• Portfolio: Companies they've invested in.
• Contact data: Key dealmakers, including their emails and phonenumbers.
• ...and much more!