The satellite manufacturing industry in the Nordics is rapidly evolving, driven by technological innovation and a growing demand for satellite services. Companies in this sector design and build satellites for a range of applications, including telecommunications, Earth observation, and scientific research. Startups and established firms alike are engaging in cutting-edge projects, with advances in miniaturization and small satellite technology at the forefront. These developments are fostering a collaborative environment among academia, industry players, and governmental bodies, leading to exciting opportunities and investments. As the industry matures, sustainable practices are becoming essential, promoting greener manufacturing processes and satellite life cycles.


This list showcases a select group of prominent investors active in the Nordic satellite manufacturing sector. Predominantly comprised of venture capital firms and corporate investors, these entities are headquartered mainly in Sweden and Finland. They range in size from small teams to larger organizations, founded between the early 2000s and 1800s, reflecting the region's rich investment history. In total, these investors engaged in significant transactions throughout 2024, supporting the growth of innovative satellite companies and technologies. Their commitment underscores a robust investment climate that is vital to the industry's progression and success.


Top 13 Satellite 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, 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. In recent years, Almi has participated in various funding rounds, including notable investments in companies like Forsway, which focuses on satellite communication solutions, and TeraSi, a deeptech startup developing system-in-package technology for high-frequency wireless applications. These transactions highlight Almi's engagement with sectors that are relevant to satellite manufacturing, showcasing their commitment to supporting innovative technologies that could impact the satellite industry.


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 key transactions within the satellite manufacturing industry, including investments in ICEYE, which raised over $24 million in total through debt financing and Series A funding. Additionally, they have supported Kuva Space with grants, further emphasizing their role in fostering satellite technology and innovation. Overall, Business Finland plays a crucial role in promoting trade, tourism, and foreign investment in Finland, while also contributing to the development of the satellite manufacturing sector.


3. Kongsberg Maritime

  • Website: kongsberg.com
  • Type: Corporate
  • Headquarters: Kongsberg, Buskerud, Norway
  • Founded year: 1814
  • Headcount: 5001-10000
  • Number of deals in 2024: 1
  • LinkedIn: kongsberg-maritime

Kongsberg Maritime, part of Kongsberg Gruppen, is a technology provider founded in 1814, specializing in advanced solutions across various sectors including defence, aerospace, maritime, and digital technologies. With a workforce of 5001-10000 employees, Kongsberg operates globally, emphasizing sustainable practices and collaboration with stakeholders. Notably, Kongsberg Defence & Aerospace has made significant strides in the satellite manufacturing sector by acquiring a 78% stake in NanoAvionics, a Lithuanian small satellite manufacturer, for an enterprise value of EUR 65 million. This acquisition, announced in September 2022, aims to enhance Kongsberg's space offerings and expand its capabilities in the small satellite sector. Additionally, Kongsberg has been involved in other transactions, such as acquiring Kongsberg Geospatial, which further solidifies its position in technology sectors related to satellite operations.


4. 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 startups across various sectors. Lifeline Ventures focuses on supporting resilient founders from the inception of their ventures. Notably, they have made significant investments in the satellite manufacturing industry, including a $13 million Series A investment in ICEYE in 2017 and an earlier $2.8 million Series A investment in the same company in 2015. Additionally, they participated in a $7.5 million seed round for NewOrbit Space in December 2023, further demonstrating their commitment to the satellite sector. Their diverse portfolio also includes investments in technology companies like Varjo, but their active engagement in satellite manufacturing makes them a noteworthy investor in this field.


5. 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. EQT Ventures connects startups with a global network of industry experts and resources to foster growth and innovation. Notably, they have invested in The Exploration Company, which raised €40.5M in Series A funding to commercialize a reusable space capsule, and $158M in Series B funding to further develop their technology. Additionally, they have invested in Flow Engineering, a company that develops hardware engineering software, which could be relevant to satellite manufacturing processes. Their diverse portfolio and specific investments in space-related ventures highlight their engagement in the satellite manufacturing sector.


6. Icebreaker.vc

  • Website: icebreaker.vc
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2016
  • Headcount: 11-50
  • Number of deals in 2024: 7
  • LinkedIn: icebreaker-vc

Icebreaker.vc is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2016. The firm specializes in providing funding and support to idea-stage technology startups, primarily operating in Finland, Estonia, and Sweden. Icebreaker.vc has been involved in several notable transactions in the satellite manufacturing context, including a Seed funding round for ReOrbit, a provider of software-enabled satellites, where they participated alongside other investors to raise $7.4M in August 2023. They also led a pre-seed funding round for Spaceit, an Estonian space startup, raising €1 million in August 2021. These transactions highlight Icebreaker.vc's commitment to supporting innovative companies in the satellite sector, alongside their broader investment strategy in technology startups.


7. Inventure

  • Website: inventure.vc
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2005
  • Headcount: 11-50
  • Number of deals in 2024: 9
  • LinkedIn: inventure

Inventure is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2005. The firm focuses on backing ambitious Nordic and Baltic founders, providing venture capital investment and portfolio management services to early-stage tech startups. Inventure has been actively involved in various sectors, including satellite manufacturing. They led a Seed funding round for ReOrbit, a Helsinki-based provider of software-enabled satellites, raising $7.4M to support its development and international expansion. Additionally, Inventure participated in the funding round for Value.Space, a UK-based startup that raised €2.1m for its satellite insurance technology. These investments highlight Inventure's commitment to supporting innovative companies in the satellite industry, alongside their broader investment strategy in technology startups.


8. Voima Ventures

  • Website: voimaventures.com
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2019
  • Headcount: 11-50
  • Number of deals in 2024: 11
  • LinkedIn: voima-ventures

Voima Ventures is a venture capital firm based in Helsinki, Finland, founded in 2019. The firm specializes in funding early-stage science-based innovations and deep tech ventures across various sectors, including life sciences and advanced manufacturing. Voima Ventures has been particularly active in the Nordic and Baltic regions, providing capital and expertise to help startups scale their solutions for global challenges. Among their notable transactions, Voima Ventures has invested in Kuva Space, a Finnish company that raised €16.6M in a Series A funding round to advance its patented hyperspectral camera and space technology. Additionally, they participated in earlier funding rounds for Kuva Space, including a seed round aimed at establishing a constellation of commercial hyperspectral cubesats. This involvement highlights Voima Ventures' commitment to the satellite manufacturing industry and their role in supporting innovative space technology ventures.


9. 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 is a telecommunications company based in Fornebu, Akershus, Norway, founded in 1855. With a customer base of 209 million subscribers, Telenor provides mobile telecommunications, broadband, and TV distribution services, primarily in Scandinavia and Asia. The company is committed to responsible business practices and innovation in telecommunications. Notably, Telenor has made significant acquisitions in the satellite communications space, including the acquisition of COMSAT in 2001, which is known for its satellite services. In 2006, Telenor acquired Maritime Communication Partner, further emphasizing its interest in maritime communication solutions that often utilize satellite technology. More recently, in 2020, Telenor Group acquired KNL Networks, a provider of smart IoT services, through its subsidiary Telenor Maritime, indicating a continued focus on integrating satellite technology into its service offerings. These transactions highlight Telenor's strategic interest in the satellite sector, aligning with its broader telecommunications goals.


10. 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. In 2024, Heartcore Capital has been particularly active, participating in 17 investments. Notably, they have invested in Orbex Space, a UK-based launch startup, which raised significant funding in multiple rounds, including a Series C round of approximately $20.8 million in April 2024. This funding is aimed at scaling resources for their Prime launch vehicle, which is crucial for satellite deployment. Additionally, Heartcore Capital invested in Skynopy, a Paris-based space startup that raised $3.1 million in June 2024 to enhance its ground station offerings. These transactions highlight Heartcore's commitment to supporting innovative companies in the satellite manufacturing and space industry.


11. Alder

  • Website: alder.se
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2008
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: alderfund

Alder is a private equity investment fund based in Stockholm, Sweden, founded in 2008. The firm specializes in providing growth and buyout capital to established sustainable technology companies with a turnover of SEK 100-750 million. Alder aims to create value by leveraging its industrial and financial expertise to support the long-term development of its portfolio companies. Notably, Alder has been involved in several significant transactions, including the acquisition of Satel Oy in November 2014, which is a key player in the satellite communications industry. This acquisition highlights Alder's engagement in the satellite manufacturing sector. Additionally, Alder has made other acquisitions, such as Microbas Precision and INSORT, but these are not directly related to satellite manufacturing. Overall, Alder's investment in Satel positions it as a relevant investor in the satellite manufacturing landscape.


12. Walerud Ventures

  • Website: walerud.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2002
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: walerud-ventures

Walerud Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2002. The firm focuses on investing in Nordic deep tech startups that contribute to sustainability and innovation. They actively support their portfolio companies in areas such as green technology, advanced materials, and IoT solutions, providing both funding and strategic guidance to help these businesses thrive. Notably, Walerud Ventures has invested in Satcube, which raised $1,229,198 in a seed round in April 2016, indicating their engagement in the satellite communications space. Additionally, they have participated in funding rounds for Graphmatech, a company working on advanced materials that could have applications in satellite technology, showcasing their interest in innovative technologies that may intersect with satellite manufacturing.


13. Handelsbanken i Sverige


Svenska Handelsbanken AB, founded in 1871, is a prominent bank based in Stockholm, Sweden, offering a comprehensive array of financial services including loans, savings accounts, investment funds, and financial advice tailored for both individual consumers and businesses. In 2023, Handelsbanken participated in a significant transaction involving Ovzon AB, which raised approximately SEK 200 million through a directed share issue. This funding was aimed at addressing increased project costs related to the Ovzon 3 satellite and enhancing the company's financial flexibility. This involvement highlights Handelsbanken's engagement in the satellite manufacturing sector, showcasing its capability to support companies in this industry financially.



Satellite Manufacturing Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
AlmiStockholm, Stockholm, Sweden201-50019947
Business FinlandHelsinki, Uusimaa, Finland501-1000201826
Kongsberg MaritimeKongsberg, Buskerud, Norway5001-1000018141
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
EQT VenturesStockholm, Stockholm, Sweden11-50201528
Icebreaker.vcHelsinki, Uusimaa, Finland11-5020167
InventureHelsinki, Uusimaa, Finland11-5020059
Voima VenturesHelsinki, Uusimaa, Finland11-50201911
TelenorFornebu, Akershus, Norway10001+18552
Heartcore CapitalCopenhagen, Denmark11-50200717
AlderStockholm, Stockholm, Sweden11-5020081
Walerud VenturesStockholm, Stockholm, Sweden1-1020021
Handelsbanken i SverigeStockholm, Stockholm, Sweden10001+18714


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