The pet supplement industry in the Nordics is witnessing remarkable growth, driven by heightened awareness of pet health and wellness. Companies ranging from established brands to innovative startups are developing supplements that address a variety of needs, including joint health, digestion, and overall vitality for pets. Focused on sustainability, many firms are exploring plant-based or holistic formulations. As pet ownership increases, so does the demand for high-quality products, creating a ripe market for investors. The trend towards premiumization suggests opportunities in niche segments, propelling this sector towards further expansion and innovation.


Among the top investors in the Nordic pet supplement space are corporate entities, venture capitalists, and private equity firms based in cities like Stockholm and Copenhagen. These investors vary in size, with many operating in the 1-500 employee range, showcasing a blend of established firms and agile newbies founded between 1998 and 2018. For 2024, these investors collectively facilitated a notable number of transactions, with Swedencare, Novo Holdings, and EQT Group being pivotal players. Their diverse investment strategies reflect a strong interest in promoting health solutions for pets.


Top 13 Pet Supplement Investors in the Nordics


1. Swedencare

  • Website: swedencare.com
  • Type: Corporate
  • Headquarters: Malmo, Skåne, Sweden
  • Founded year: 2000
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: swedencare

Swedencare is a corporate investor based in Malmo, Skåne, Sweden, specializing in pet health products. Founded in 2000, the company offers a range of dietary supplements aimed at improving the health of dogs, cats, and horses, addressing various health issues such as dental care and anxiety. Swedencare operates an online store for direct consumer sales. Notably, the company has made several key acquisitions in the pet supplement sector, including: 1) The acquisition of NaturVet for $447.5 million, which specializes in therapy supplements for pets. 2) The purchase of Nutravet, a producer of animal healthcare products, for 375 million SEK (£33 million), enhancing its operations in the animal healthcare sector. 3) The acquisition of Animal Pharmaceuticals Inc. for approximately 131 million SEK, further expanding its portfolio in pet health. 4) The acquisition of Innovet, a leading veterinary company in Italy, for €50 million, which strengthens its market position in Europe. 5) The acquisition of Stratford Pharmaceuticals for approximately $16.99 million. These transactions highlight Swedencare's active role in the pet supplement industry and its commitment to growth in this sector.


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 various sectors and geographies. In the pet industry, EQT has made notable investments, including the acquisition of Musti ja Mirri Group, a leading pet specialty retailer in the Nordic countries, and Evidensia Djursjukvård, the Nordic market leader in veterinary services. Furthermore, EQT's investment in Bought By Many, a leading pet insurance provider, highlights their strategic interest in the pet sector. These transactions reflect EQT's commitment to enhancing its portfolio in the pet industry, particularly in areas related to pet care and services.


3. 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. The firm provides capital and strategic support to enhance healthcare solutions. Notably, Novo Holdings has invested in Invetx, which raised US$60.5 million to develop monoclonal antibody therapeutics for chronic and serious diseases in dogs and cats. Additionally, they have supported Bactolife, which is working on projects that may have implications for pet health. These transactions highlight Novo Holdings' engagement in the pet supplement and health sector, despite their broader focus on life sciences.


4. 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 an investment firm based in Stockholm, Sweden, founded in 2018. The firm specializes in sustainable food production through impact investments in plant-based and foodtech companies. It caters to both individual and institutional investors who are interested in promoting a plant-based lifestyle while achieving financial returns. Notably, Kale United has participated in significant transactions within the pet supplement industry, including investments in OMNI, a plant-based dog food startup that raised $1.5 million, and THE PACK, which secured $1.01 million for its plant-based pet food products. These investments highlight Kale United's commitment to supporting innovative solutions in pet nutrition, particularly those that align with their sustainability goals.


5. 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, with a strong focus on creating long-term value and sustainability in its portfolio companies. Notably, Nordic Capital has made significant investments in the pet healthcare sector, including the acquisition of AniCura in June 2014, which is a leading provider of veterinary care in Europe. This acquisition highlights their commitment to the pet industry. Additionally, they participated in a venture round for United Veterinary Care in January 2021, further emphasizing their interest in veterinary services, which are closely linked to pet supplements. Overall, Nordic Capital's strategic investments in the pet healthcare space position them as a relevant player in the pet supplement market.


6. 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 along with hands-on support to help businesses scale. Verdane focuses on trends such as digitalization and decarbonization, primarily targeting technology companies looking to enhance their market position and operational efficiency. Notably, Verdane has made significant investments in various sectors, including a $12 million investment in Pet Media Group in 2019, which operates within the pet industry. This investment highlights Verdane's interest in the pet sector, alongside their other transactions in technology and e-commerce, such as their involvement with Fiksuruoka, a company focused on reducing food waste. This diverse portfolio indicates Verdane's capability and willingness to invest in innovative companies across different industries, including pet supplements.


7. 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 focus on tech startups that address global challenges, providing investment, accelerator programs, and mentorship to early-stage companies. In 2022, Katapult invested in Alvar Pet, a company that raised $157,681 in a seed round, indicating their engagement in the pet supplement industry. This investment aligns with their broader mission of supporting innovative solutions across various sectors, including those related to pets. Other transactions, such as investments in Decomer Technology and BioFeyn, showcase their diverse portfolio, but it is the investment in Alvar Pet that highlights their relevance to the pet supplement market.


8. 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, founded in 2017. The company operates across various sectors, including branded consumer goods, aluminium solutions, and financial investments. Orkla offers a diverse range of products, particularly in food, snacks, health, and personal care. Notably, Orkla has made significant investments in the health and wellness sector, including the acquisition of BioCraft Pet Nutrition, which raised funds in a seed round in April 2021, indicating a commitment to the pet supplement market. Additionally, Orkla Health's acquisition of Vesterålen Marine Oil, which produces raw materials for health products, further emphasizes its focus on health and sustainability initiatives. These transactions highlight Orkla's strategic interest in health-related products, including those for pets, reinforcing its relevance as an investor in the pet supplement industry.


9. 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 emphasizes building long-term relationships with entrepreneurs. Heartcore has been involved in various funding rounds, including notable investments in the pet health sector, such as Front of the Pack, a startup that raised a total of $13.5 million across its seed and Series A funding rounds, with Heartcore participating in both. This demonstrates their interest and activity in the pet supplement industry, alongside their broader investment strategy.


10. Polaris Private Equity


Polaris Private Equity is a private equity firm based in Copenhagen, Denmark, founded in 1998. The firm specializes in investment management, focusing on supporting mid-sized companies in the Nordic region through tailored investment strategies, including private equity, flexible capital, and public equity. Polaris partners with management teams to drive growth and operational improvements, helping these companies realize their full potential. In 2024, Polaris made significant strides in the pet supplement industry by acquiring FaunaPharma and Salfarm, both of which are likely to be involved in the pet supplement market. Additionally, their earlier acquisition of HAMLET PROTEIN in 2007 further demonstrates their interest in companies that may have applications in animal nutrition and health, reinforcing their relevance in the pet supplement sector.


11. 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 provides funding and support to early-stage startups, helping them navigate the challenges of growth and innovation. They operate primarily in the Nordic region but maintain a global investment mandate. Notably, Maki.vc has invested in Alvar Pet, a company focused on pet supplements, raising over $3.5 million across two seed rounds in 2020 and 2021. This involvement highlights their interest in the pet supplement industry, alongside their broader investment strategy.


12. Nextmune


Nextmune is a corporate investor based in Stockholm, Sweden, founded in 2015. The company is dedicated to enhancing the health of pets, including dogs, cats, and horses, through a range of veterinary pharmaceutical products. Their focus areas include allergy management, dermatology, and specialized nutrition, catering to both veterinarians and pet owners across more than 70 countries. In recent years, Nextmune has made significant acquisitions to bolster its position in the pet health market. Notably, they acquired Laboratoire de Dermo-Cosmétique Animale, a French pet dermatology specialist known for its Dermoscent® brand, to enhance their dermatology offerings. Additionally, they acquired Vetbiotek to further expand their dermatology product portfolio. Another key acquisition was Diavet, which strengthened their capabilities in veterinary allergy solutions. These transactions highlight Nextmune's commitment to growing its presence in the pet supplement and health industry.


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 entrepreneurs across various sectors. Lifeline Ventures focuses on supporting resilient founders from the inception of their ventures. Among their notable transactions, they invested in OneMind Dogs, which raised around €400,000 to produce training videos for dog owners, highlighting their engagement in the pet industry. Additionally, they have been involved in other sectors, such as health tech with investments in Oura, a wearable health technology company, showcasing their diverse investment strategy while still maintaining a foothold in the pet-related market.



Pet Supplement Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
SwedencareMalmo, Skåne, Sweden11-5020001
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Novo HoldingsHellerup, Denmark51-200199945
Kale UnitedStockholm, Stockholm, Sweden1-1020182
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
VerdaneOslo, Oslo, Norway51-20019857
KatapultOslo, Oslo, Norway11-5020178
Orkla ASAOslo, Oslo, Norway10001+20171
Heartcore CapitalCopenhagen, Denmark11-50200717
Polaris Private EquityCopenhagen, Denmark51-20019984
Maki.vcHelsinki, Uusimaa, Finland1-10201811
NextmuneStockholm, Stockholm, Sweden51-20020151
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914


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