The recycled paper manufacturing industry in the Nordics focuses on reclaiming material from used paper and producing high-quality paper products. Several companies operate within this sector, ranging from innovative startups using cutting-edge recycling technologies to established firms experienced in pulp production. These entities work tirelessly to reduce waste, improve recycling rates, and offer eco-friendly packaging and other products. The industry is rapidly evolving, driven by both consumer demand for sustainability and regulatory pressures. As environmental concerns mount, Nordic countries are emerging as leaders in the circular economy, setting ambitious recycling targets to enhance resource efficiency while creating green jobs.


This article highlights 13 notable investors in the Nordic recycled paper manufacturing space. Their types range from venture capital firms like Almi Invest to corporate giants like Stora Enso. Most are headquartered in Finland or Sweden and vary in size, with investments from startups to large-scale operations. Founded between the late 20th century and recent years, these investors have made numerous transactions to amplify their influence in sustainability. In 2024, many reported multiple deal counts, implying robust interest in environmentally focused ventures, particularly within recycled materials.


Top 13 Recycled Paper Manufacturing 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, that provides 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 that align with the recycled paper manufacturing context. For instance, they participated in a funding round for re:newcell, which raised $5 million to support its innovative recycling processes. Additionally, Almi has invested in GAIA BioMaterials, which focuses on sustainable materials, further demonstrating their commitment to supporting environmentally friendly initiatives. These transactions highlight Almi's role in fostering businesses that contribute to recycling and sustainability, making them a relevant investor in the recycled paper manufacturing sector.


2. Business Finland

  • Website: businessfinland.fi
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2018
  • Headcount: 501-1000
  • Number of deals in 2024: 26
  • LinkedIn: business-finland

Business Finland is a public entity established in 2018 that supports Finnish companies in their growth and internationalization efforts. It offers funding, consulting services, and market opportunities to help businesses innovate and succeed in global markets. Notably, Business Finland has been involved in several transactions relevant to the recycled paper manufacturing sector, including grants to Infinited Fiber Company and Spinnova, both of which focus on sustainable fiber production and recycling technologies. Infinited Fiber Company raised $1,741,567 in a grant in January 2019, while Spinnova received multiple grants totaling over $15 million between 2022 and 2024, including a significant post-IPO debt of $13,738,418 in October 2024. These investments highlight Business Finland's commitment to promoting innovation in the recycled paper and sustainable materials industry.


3. BEWI Group

  • Website: bewi.com
  • Type: Corporate
  • Headquarters: Solna, Stockholm, Sweden
  • Founded year: 1980
  • Headcount: 1001-5000
  • Number of deals in 2024: 1
  • LinkedIn: bewisynbra

BEWI Group, founded in 1980 and based in Solna, Stockholm, Sweden, is a corporate investor specializing in manufacturing solutions for packaging, insulation, and automotive components. The company emphasizes sustainable practices and aims to minimize environmental impact while ensuring product safety. In recent years, BEWI has made strategic acquisitions to bolster its position in the recycling sector, including the acquisition of Berga Recycling Inc. in June 2022, which is a significant player in recycling materials. This acquisition aligns with BEWI's strategy to enhance its circular economy initiatives. Additionally, BEWI has acquired other companies such as Trondhjems Eskefabrikk and Aislenvas, further expanding its portfolio and capabilities in sustainable materials. These transactions reflect BEWI's commitment to integrating recycling into its operations, making it a relevant player in the broader recycling landscape.


4. Lifeline Ventures


Lifeline Ventures is a Helsinki-based venture capital firm founded in 2009, specializing in early-stage investments in startups across various sectors. The firm provides financial backing and advisory services to resilient founders, helping them grow and scale their businesses. Notably, Lifeline Ventures has participated in funding rounds for companies like Sulapac, which raised €15 million to scale up sustainable material production, and Origin by Ocean, which secured €7.5 million for its innovative solutions. Their investment in Hyperion Robotics, aimed at enhancing R&D capabilities in materials technology, also reflects their interest in sustainable innovations. These transactions highlight Lifeline Ventures' commitment to supporting ventures that align with environmentally friendly practices, making them a relevant player in the recycled paper manufacturing context.


5. Metsä Spring

  • Website: metsaspring.com
  • Type: Corporate
  • Headquarters: Espoo, Uusimaa, Finland
  • Founded year: 2018
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: metsaspring

Metsä Spring is a corporate venture capital firm based in Espoo, Uusimaa, Finland, founded in 2018. It is part of Metsä Group, a leading forest industry company specializing in renewable wood products, including pulp, paperboard, and tissue papers. Metsä Group serves various sectors, such as packaging and construction, while also catering to consumer hygiene product needs. The firm emphasizes sustainability and efficient resource utilization in its operations. In recent transactions, Metsä Spring has invested in Fiberwood, providing €3 million in late seed funding to enhance the production capabilities of its pilot plant, which is relevant to the recycled paper manufacturing context. This investment reflects their commitment to supporting innovative solutions in the paper industry. Additionally, Metsä Spring has participated in other funding rounds for companies like ExpandFibre and FineCell, which, while not directly focused on recycled paper, contribute to the broader ecosystem of sustainable materials and technologies.


6. Almi Invest

  • Website: almiinvest.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2009
  • Headcount: 51-200
  • Number of deals in 2024: 3
  • LinkedIn: almi-invest

Almi Invest is a venture capital firm based in Stockholm, Sweden, founded in 2009. It specializes in providing loans and risk capital to small and medium-sized enterprises (SMEs) in Sweden, with a strong emphasis on business development support and guidance to help these businesses grow sustainably. Almi Invest has been involved in several transactions that highlight its commitment to sustainability and green technology. Notably, they participated in funding rounds for Ecohelix, a company focused on sustainable solutions, and Bower, a recycling app that promotes recycling initiatives. Additionally, Almi Invest's GreenTech fund has invested in companies like GreenIron, which is involved in innovative green technologies. These transactions reflect Almi Invest's alignment with environmentally friendly practices, making them a potential investor in the recycled paper manufacturing sector.


7. Stora Enso

  • Website: storaenso.com
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1998
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: stora-enso

Stora Enso Oyj, founded in 1998 and based in Helsinki, Uusimaa, Finland, is a prominent corporate investor in the forest industry, specializing in renewable materials and products. The company offers a diverse range of solutions, including packaging, biomaterials, and wooden construction, catering to various sectors such as food, consumer goods, and construction. Stora Enso is committed to sustainability and innovation, helping customers transition to eco-friendly alternatives. Notably, Stora Enso has made significant investments in companies that align with their sustainability goals, such as the acquisition of De Jong Packaging Group, which enhances their market share in renewable packaging solutions. Additionally, their participation in funding rounds like that of PulPac, which aims to replace single-use plastics, further demonstrates their commitment to sustainable practices. These transactions highlight Stora Enso's strategic focus on renewable and sustainable materials, making them a relevant player in the recycled paper manufacturing context.


8. Ahlström Capital

  • Website: ahlstromcapital.com
  • Type: Private Equity
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2001
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: ahlstromcapital

Ahlström Capital is a private equity firm based in Helsinki, Finland, founded in 2001. The company specializes in industrial ownership within the Forest & Fiber and Environmental technology sectors. Ahlström Capital manages a diverse portfolio that includes investments in forestry, paper manufacturing, and real estate, catering primarily to businesses seeking sustainable resource management solutions. Notably, Ahlström Capital has made significant investments in the recycling and paper sectors, including the acquisition of Ahlstrom-Munksjö’s Decor business and M&J Recycling, which expands their footprint in the recycling market. Additionally, their investment in CleanFiber and Bast Fibre Technologies highlights their commitment to innovative fiber manufacturing and sustainable practices, further solidifying their relevance in the recycled paper manufacturing industry.


9. Taaleri


Taaleri is an investment management firm based in Helsinki, Finland, founded in 2007. They specialize in bioindustry, renewable energy, and real estate, managing private equity funds that focus on sustainable investments. Taaleri aims to provide attractive returns while addressing environmental challenges, catering to both institutional and private investors seeking impactful projects. Notably, Taaleri has participated in transactions that align with the principles of the circular economy, such as their investment in Rester, which raised €6M to scale up operations in the circular economy sector. They also invested in Nordic Bioproducts Group, which may have relevance to sustainable materials. These transactions highlight Taaleri's commitment to supporting innovative companies that contribute to sustainability, making them a potential investor in the recycled paper manufacturing space.


10. Ub Figg

  • Website: ubfigg.com
  • Type: Private Equity
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2021
  • Headcount: 11-50
  • Number of deals in 2024: 4
  • LinkedIn: ub-figg

UB Forest Industry Green Growth Fund (UB FIGG) is a private equity fund based in Helsinki, Uusimaa, Finland, founded in 2021. The fund specializes in investments within sustainable and resource-efficient forest and bio-based industries, targeting professional investors in Europe. UB FIGG aims to create positive environmental impacts while providing financial returns through its investments. In 2024, they participated in several notable transactions, including a venture round for Paptic, a Finnish packaging company focused on sustainable materials, and an acquisition of FiberLean Technologies, which may have relevance in the paper manufacturing context. Their commitment to projects that mitigate climate change and promote renewable resources positions them as a potential investor in the recycled paper manufacturing industry.


11. Sca

  • Website: sca.com
  • Type: Corporate
  • Headquarters: Sundsvall, Västernorrland, Sweden
  • Founded year: 1929
  • Headcount: 1001-5000
  • LinkedIn: sca-ecosystem

Svenska Cellulosa Aktiebolaget SCA is a corporate investor based in Sundsvall, Västernorrland, Sweden, founded in 1929. The company specializes in manufacturing pulp, packaging paper, sawn timber, and pellets, serving various sectors including packaging, construction, and energy. SCA has made several significant acquisitions that enhance its position in the paper manufacturing industry, such as the acquisition of Procter & Gamble's European tissue operations for EUR 512 million, which included well-known brands and multiple facilities across Europe. Additionally, SCA's acquisition of Wausau Paper Corp. for USD 513 million further demonstrates its commitment to expanding its footprint in the paper sector. These transactions highlight SCA's strategic focus on sustainable materials and renewable energy solutions, aligning with the goals of the recycled paper manufacturing industry.


12. The Footprint Firm


The Footprint Firm is a consulting and investment company based in København, Denmark, founded in 2019. They specialize in sustainability, providing advisory services to organizations looking to enhance their sustainability strategies while also investing in sustainable startups. Their portfolio includes various investments aimed at promoting sustainable practices across different sectors. Notably, they have invested in Cellugy, a Danish industrial biotechnology startup that is scaling up production of EcoFLEXY dry cellulose, a product that can be relevant for recycled paper manufacturing. Other investments include Cuploop, which focuses on reusable packaging, and LastObject, which aims to develop sustainable consumer products. These transactions reflect The Footprint Firm's commitment to supporting innovative solutions that contribute to sustainability, including those that intersect with the recycled paper industry.


13. 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 private equity, real estate, infrastructure, and natural capital investments, serving institutional investors with diverse strategies aimed at sustainable returns. Notably, CapMan acquired Walki Group Oy in 2007, a company that produces sustainable packaging solutions, including recycled paper products. This acquisition highlights CapMan's engagement in the recycled paper manufacturing sector. In addition, their recent acquisition of Dasos Capital, which focuses on sustainable timberland investment, further emphasizes their commitment to sustainable practices. With a strong presence in the Nordic markets, CapMan leverages its expertise to manage funds and drive value creation for its clients, potentially including investments in recycled paper manufacturing.



Recycled Paper Manufacturing Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
AlmiStockholm, Stockholm, Sweden201-50019947
Business FinlandHelsinki, Uusimaa, Finland501-1000201826
BEWI GroupSolna, Stockholm, Sweden1001-500019801
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
Metsä SpringEspoo, Uusimaa, Finland11-5020181
Almi InvestStockholm, Stockholm, Sweden51-20020093
Stora EnsoHelsinki, Uusimaa, Finland10001+19982
Ahlström CapitalHelsinki, Uusimaa, Finland11-5020011
TaaleriHelsinki, Uusimaa, Finland51-20020070
Ub FiggHelsinki, Uusimaa, Finland11-5020214
ScaSundsvall, Västernorrland, Sweden1001-500019290
The Footprint FirmKøbenhavn, Denmark11-5020194
CapManHelsinki, Uusimaa, Finland51-20019894


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