The venture capital firms industry in the Nordics is thriving, driven by a strong entrepreneurial spirit and innovative startups. With a focus on sectors like technology, healthcare, and fintech, these firms provide essential funding and strategic support to help businesses grow. Investors here are not only interested in financial returns but are also passionate about sustainability and impact investing. In recent years, the Nordic region has seen an influx of venture capital, with firms adapting to new technologies and shifting market needs. This trend hints at a supportive ecosystem ripe for collaboration and future growth.


The list features thirteen notable investors, primarily from Sweden and Denmark, with some based in Finland and Norway. These firms range in size from a handful to thousands of employees, reflecting varied operational capabilities. Established between 1989 and 2017, they span across venture capital, private equity, and corporate models. Notably, 2024 saw considerable activity, with firms engaging in 0 to 45 investments, underscoring their commitment to supporting innovative startups. Their combined approach showcases a dynamic investment landscape that fosters growth and transformation.


Top 13 Venture Capital Firms Investors in the Nordics


1. 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 focuses on investing in life science companies at various stages of development. Novo Holdings provides not only capital but also strategic support to enhance healthcare solutions. In addition to its core focus on life sciences, Novo Holdings has shown interest in other sectors, as evidenced by its participation in the funding of Glentra Capital, an energy transition investment firm, where it committed EUR 443 million. Other notable transactions include investments in companies like Orphazyme, which raised over $94 million, and NREP, which also secured funding in a venture round. These transactions highlight Novo Holdings' active role in the venture capital space, supporting innovation and growth across different industries.


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 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. Notably, EQT has made significant strides in the venture capital space, particularly through its acquisition of Life Sciences Partners (LSP), which has been rebranded as EQT Life Sciences. This acquisition, valued at €450 million, highlights EQT's commitment to investing in the life sciences sector. Additionally, EQT's involvement in the oversubscribed $1.1 million pre-seed investment in FoodHack showcases their interest in innovative platforms that focus on sustainable investing. These transactions reflect EQT's active participation in the venture capital landscape, particularly in sectors that align with emerging technologies and sustainability.


3. 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 tackle global development challenges. With a team size of 51-200, Finnfund provides investment and advisory services aimed at promoting economic growth and sustainability across various sectors. In recent years, Finnfund has participated in several notable transactions, including a Series B funding round for AwanTunai, an Indonesian FinTech startup, where they contributed to a total of $27.5 million raised to expand lending facilities. They also invested in Maarifa Education Holdings alongside other institutions, demonstrating their commitment to supporting education and economic development. Their investments in companies like Advans Microfinance Network and GreenStream Network further illustrate their focus on impactful and sustainable projects, aligning with the principles of venture capital.


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, founded in 1994. It specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) with the goal of enhancing their growth and competitiveness. Almi's investment strategy includes participating in venture rounds and seed funding, as evidenced by its involvement in transactions such as CBOT, which raised $657,903 in a venture round in 2017, and Univrses, which secured $124,331 in a seed round in 2016. Additionally, Almi has supported companies like Glycobond and Lipigon Pharmaceuticals, further showcasing its commitment to fostering innovation and entrepreneurship within the SME sector in Sweden.


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, and partners with management teams to drive growth and operational improvements in portfolio companies. Nordic Capital has a strong focus on creating long-term value and sustainability in its investments, catering primarily to institutional investors seeking sustainable opportunities. Notable transactions include their significant investments in Qred, where they raised over half a billion kronor, and their acquisition of Nordnet for $727 million. Recently, they also participated in the acquisition of Hargreaves Lansdown for £5.4 billion, showcasing their active role in substantial market transactions. These activities reflect their engagement in sectors that are often targeted by venture capital firms, particularly in technology and innovative business models.


6. Söderberg & Partners


Söderberg & Partners is a financial advisory firm founded in 2004, based in Stockholm, Sweden. The firm provides a wide range of services, including pension advisory, insurance brokerage, and wealth management, catering to both individual consumers and businesses. They have expanded their operations across multiple countries, offering tailored solutions to enhance financial security and investment strategies. In recent years, Söderberg & Partners has also ventured into the investment space, participating in notable transactions such as the seed funding round for Datia, a climate fintech company, where they contributed to a total of $3.4 million raised. They have also engaged in pre-seed funding for Datia in 2020. Additionally, they have made strategic acquisitions in the financial services sector, such as acquiring minority stakes in Generation Financial Services and Fidelius, further indicating their active role in the investment landscape.


7. 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. As an investor, Nokia has engaged in several notable transactions in the venture capital space, such as participating in Team8's Series B funding round, which raised $23 million in 2016, and their earlier investment in Team8's Series A round of $15 million in 2014. Additionally, Nokia has invested in other ventures like Visionplus and Innovation Factory, demonstrating their commitment to supporting innovative companies that can drive technological advancements and enhance their business ecosystem.


8. NFT Ventures

  • Website: nftventures.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2014
  • Headcount: 11-50
  • LinkedIn: nft-ventures

NFT Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2014. The firm specializes in the fintech industry, providing both investment and strategic support to startups in this sector. Their portfolio includes a diverse range of fintech companies, showcasing their commitment to empowering entrepreneurs. Notable transactions include a seed round investment in TicWorks in December 2016, a Series A investment of approximately $1.8 million in Tessin in February 2015, and several venture rounds for companies like Invoier AB and Better Wealth. These investments highlight NFT Ventures' active role in supporting innovative fintech solutions and their dedication to helping startups navigate the challenges of funding and market entry.


9. Alliance VC

  • Website: alliance.vc
  • Type: Venture Capital
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 2001
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: alliance-venture

Alliance Venture Capital, founded in 2001 and based in Oslo, Norway, is a venture capital firm that specializes in investing in early-stage technology companies. The firm primarily targets Nordic entrepreneurs with global ambitions, providing not only financial support but also strategic guidance to help startups scale their operations. In 2024 alone, Alliance VC has made five investments, showcasing their active role in the venture capital landscape. Notable transactions include a $14 million Series A funding round for Oslo-based Unleash, participation in a $15 million seed round for Gilion, and a €1 million pre-seed funding round for Deckmatch, which focuses on enhancing AI and machine learning capabilities. These investments reflect Alliance VC's commitment to fostering innovation and supporting the growth of technology startups in the Nordic region and beyond.


10. Maj Invest

  • Website: majinvest.com
  • Type: Private Equity
  • Headquarters: Copenhagen, Denmark
  • Founded year: 2005
  • Headcount: 51-200
  • Number of deals in 2024: 5
  • LinkedIn: maj-invest

Maj Invest is an investment management firm based in Copenhagen, Denmark, specializing in asset management and private equity. Founded in 2005, the firm provides tailored investment solutions to institutional investors, with a focus on sectors such as technology, life sciences, and energy transition. Maj Invest is committed to sustainability and responsible investing, aiming to generate long-term value for its clients while addressing complex investment needs. In recent years, they have been involved in several significant transactions in the venture capital space, including a $17.5 million investment in Amartha during a venture round in June 2024, and participation in the Series E funding round for Aye Finance in 2020. Additionally, they invested $14.95 million in Arohan Financial in 2017 and have been involved in multiple funding rounds for FlexiLoans, including a $34.53 million Series C round in September 2024. These activities highlight their engagement in the venture capital sector.


11. Creandum

  • Website: creandum.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2003
  • Headcount: 11-50
  • Number of deals in 2024: 17
  • LinkedIn: creandum

Creandum is a venture capital firm based in Stockholm, Sweden, founded in 2003. The firm specializes in supporting early-stage entrepreneurs in building global, category-defining companies. Creandum provides venture capital investment, strategic support, and networking opportunities to startups across various sectors, including fintech and health tech. In 2024 alone, Creandum has made 17 investments, demonstrating their active role in the venture capital landscape. Notable transactions include their participation in seed funding rounds for companies like Gilion, which raised over $15 million in 2022, and lemon.markets, a Berlin-based financial technology company that raised €15 million in seed funding. These investments reflect Creandum's commitment to nurturing innovative startups and helping them scale their operations and product offerings.


12. The Aventures


The Aventures Fund is a venture capital firm based in Copenhagen, Denmark, founded in 2021. The firm specializes in investing in innovative technology startups, providing not only funding but also strategic advisory services to help these companies scale and achieve mass adoption. Their clientele primarily consists of early-stage tech startups seeking investment and guidance. Notable transactions include their participation in the funding rounds for companies like Firi, which raised an undisclosed amount in a seed round, and Northstake, a cryptocurrency staking platform that raised $3 million in a pre-seed round. The Aventures has also been involved in undefined funding rounds for Nordic Eye Venture Capital and Skyfall Ventures, indicating their active role in the venture capital ecosystem.


13. 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 Stockholm-based venture capital fund founded in 1979, specializing in early-stage investments in innovative companies across sectors like Deep Tech, Life Science, and Transformative Tech. The fund is dedicated to creating long-term value through partnerships with passionate founders, providing not only financial support but also strategic guidance to help startups scale their innovative solutions. Notable transactions include their participation in the Seed funding round for Novatron Fusion Group, which raised EUR5M to accelerate the development of pre-commercial prototypes, and their involvement in various funding rounds for InDex Pharmaceuticals, a biopharmaceutical company focused on treatments for severe Ulcerative Colitis. These transactions highlight Industrifonden's active role in the venture capital landscape, particularly in supporting groundbreaking technologies and healthcare solutions.



Venture Capital Firms Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Novo HoldingsHellerup, Denmark51-200199945
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
FinnfundHelsinki, Uusimaa, Finland51-20019807
AlmiStockholm, Stockholm, Sweden201-50019947
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
Söderberg & PartnersStockholm, Stockholm, Sweden1001-500020044
NokiaEspoo, Uusimaa, Finland10001+18653
NFT VenturesStockholm, Stockholm, Sweden11-5020140
Alliance VCOslo, Oslo, Norway1-1020015
Maj InvestCopenhagen, Denmark51-20020055
CreandumStockholm, Stockholm, Sweden11-50200317
The AventuresCopenhagen, Denmark1-1020210
IndustrifondenStockholm, Stockholm, Sweden11-5019799


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