The water utilities industry in the Nordics focuses on the provision of safe, reliable water services and infrastructure. This sector includes companies involved in water supply, wastewater treatment, and sustainable water management. As urban areas expand and climate challenges rise, the industry is advancing toward innovative technologies for more efficient resource usage. The Nordics are increasingly investing in smart water solutions and renewable energy initiatives, creating opportunities for growth and development. Collaboration with tech startups is also emerging, as companies seek to modernize their water systems and ensure environmental sustainability while reducing costs.

The list of investors in Nordic water utilities showcases a mix of private equity, venture capital, and corporate entities. Primarily based in major cities like Stockholm, Oslo, and Helsinki, these investors vary in size, from small firms with fewer than ten employees to large corporations with thousands of staff. Since their inception, their investments have clustered around innovative startups and established firms, with notable funding rounds completed in 2024, signaling a robust interest in sustainable water solutions and technology applications across the industry.

Top 13 Water Utilities 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 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 water utilities sector, highlighted by their acquisition of Saur SAS in December 2018 for approximately $1.7 billion, which positions them as a key player in the water services market. Additionally, in March 2017, EQT's Mid Market US Fund acquired Innovyze for $270 million, a company focused on water infrastructure analytics, further emphasizing their commitment to the water utilities industry. These strategic investments reflect EQT's capability and interest in enhancing water utility services and infrastructure.

2. 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. Among their notable transactions, Almi has invested in Stockholm Water Technology, which raised 10 million Swedish crowns for market entry and product development, and Aqua Robur Technologies, which received SEK 7.2M for launching technology focused on efficient water quality measurement and leakage detection. These investments highlight Almi's commitment to fostering innovation in the water utilities sector, alongside their broader investment strategy.

3. Indutrade Life Science

• Website: indutrade.se
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1978
• Headcount: 1001-5000
• Number of deals in 2024: 14
• LinkedIn: indutrade-life-science

Indutrade Life Science is a corporate investor based in Stockholm, Sweden, founded in 1978. The company operates as part of an industrial group that focuses on developing and acquiring companies with high technical expertise across various sectors, including technology and industrial products. Indutrade emphasizes long-term relationships with its customers and maintains a decentralized structure, allowing its subsidiaries to operate independently while benefiting from the group's resources. In recent years, Indutrade has made significant acquisitions relevant to the water utilities sector, including acti-Chem A/S, which specializes in sustainable water treatment solutions, and OCI B.V., which focuses on customized assemblies for energy and water applications. These strategic investments highlight Indutrade's commitment to enhancing its portfolio in the water utilities industry, alongside its broader industrial focus.

4. 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 specialize in supporting tech startups that tackle global challenges through investment, accelerator programs, and mentorship. Katapult has been involved in several relevant transactions in the water utilities context, such as Desolenator, which focuses on innovative water purification solutions, and Flocean, which raised $9 million in Series A funding to develop technologies related to water management. Additionally, they have invested in startups like Wegaw and GKinetic Energy, which, while not exclusively focused on water utilities, contribute to climate-tech and sustainability efforts that can intersect with water management. Katapult's commitment to addressing global challenges positions them as a relevant player in the water utilities sector.

5. 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 solutions for projects across the Nordic and Baltic regions. NIB offers a range of loan products, including corporate, sovereign, and sustainability-linked loans, aimed at enhancing productivity and environmental benefits. In recent years, NIB has been involved in several significant debt financing transactions, including Lappeenrannan energia, which raised approximately $16.5 million, and Keravan Energia, which secured around $10.6 million. These transactions highlight NIB's engagement in financing energy and utility projects, which may include water utilities, thereby aligning with its mission to support sustainable infrastructure development.

6. Chalmers Ventures

• Website: chalmersventures.com
• Type: Venture Capital
• Headquarters: Sweden
• Founded year: 2015
• Headcount: 11-50
• Number of deals in 2024: 26
• LinkedIn: chalmers-ventures

Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. They focus on deep tech innovations and support researchers and entrepreneurs in commercializing their technology through various programs, providing business guidance, financing, and community networking. Chalmers Ventures emphasizes active ownership and investment in startups to help them scale and succeed in the market. Notably, they have been involved in several funding rounds for Aqua Robur Technologies, which specializes in technology for efficient measurement of water quality and leakage detection. Their investments in Aqua Robur, including a Series A round and multiple venture rounds, highlight their commitment to supporting innovations in the water utilities sector.

7. Norvestor

• Website: norvestor.com
• Type: Private Equity
• Headquarters: Oslo, Oslo, Norway
• Founded year: 1989
• Headcount: 11-50
• Number of deals in 2024: 3
• LinkedIn: norvestor-equity-as

Norvestor is a private equity firm based in Oslo, Norway, founded in 1989. The firm specializes in investment management and advisory services, focusing on partnering with medium-sized Nordic businesses to support their growth and development. Norvestor emphasizes sustainability in its investment strategy and has a diverse portfolio that includes sectors such as IT services and property maintenance. Notably, Norvestor has been involved in several acquisitions relevant to the water utilities sector, including Permascand, which specializes in electrochemical solutions for water treatment, and PG Group (dba PG Flow Solutions), which provides flow solutions essential for water management. These transactions highlight Norvestor's commitment to investing in companies that enhance operational efficiency and sustainability in the water utilities context.

8. ProVenture

• Website: proventure.no
• Type: Venture Capital
• Headquarters: Trondheim, Trøndelag, Norway
• Founded year: 2006
• Headcount: 1-10
• Number of deals in 2024: 2
• LinkedIn: proventure-management

ProVenture is a venture capital firm based in Trondheim, Trøndelag, Norway, founded in 2006. The firm specializes in seed and early-stage investments in digital technology startups, providing capital and strategic support to entrepreneurs. ProVenture aims to create substantial economic, social, and environmental value through sustainable business models. Notably, ProVenture has participated in funding rounds for InfoTiles, a company that develops software technology for utilities, including water management. This involvement highlights ProVenture's interest in supporting innovations that can enhance the efficiency and effectiveness of water utilities. Additionally, ProVenture has invested in Sorbwater Technology, which may also relate to water management solutions, further emphasizing its relevance in the water utilities sector.

9. Butterfly Ventures

• Website: butterfly.vc
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2012
• Headcount: 1-10
• Number of deals in 2024: 5
• LinkedIn: butterfly-ventures

Butterfly Ventures is a venture capital firm based in Helsinki, Finland, specializing in seed stage investments in deep tech startups. Founded in 2012, the firm provides capital and strategic support to early-stage companies, helping them navigate the challenges of growth and market entry. Butterfly Ventures emphasizes social and environmental impact in its investment strategy, actively engaging with portfolio companies to foster innovation and success. Among their notable transactions, they participated in a financing round for 3AWater, a company focused on building technology that is likely relevant to water utilities. This investment, along with their other activities, showcases their interest in sectors that can contribute to sustainable development and resource management.

10. FSN Capital Partners

• Website: fsncapital.com
• Type: Private Equity
• Headquarters: Oslo, Oslo, Norway
• Founded year: 1999
• Headcount: 51-200
• LinkedIn: fsn-capital

FSN Capital Partners is a private equity investment firm based in Oslo, Norway, founded in 1999. The firm specializes in managing investments across various sectors, including services, green transition, industrials, and technology. FSN Capital partners with companies to drive growth and transformation, primarily catering to institutional investors and pension funds seeking sustainable returns. Notably, FSN Capital has made strategic acquisitions in the water utilities context, such as the acquisition of Impreg Group, a Danish manufacturer of pipe liner systems, which plays a crucial role in water infrastructure. Additionally, their acquisition of iMPREG GmbH, which is involved in water-related technologies, further highlights their engagement in sectors that support water utilities. These transactions demonstrate FSN Capital's commitment to investing in companies that contribute to the water management ecosystem.

11. Norva24 Group

• Website: norva24.com
• Type: Corporate
• Headquarters: Oslo, Oslo, Norway
• Founded year: 2015
• Headcount: 1001-5000
• Number of deals in 2024: 2
• LinkedIn: norva24

Norva24 Group is a corporate investor based in Oslo, Norway, founded in 2015. The company specializes in infrastructure maintenance, particularly in Underground Infrastructure Maintenance (UIM) services. They provide critical services such as emptying, pipe cleaning, and pressure washing, which are vital for utilities, including water utilities. In recent years, Norva24 has made strategic acquisitions to enhance its market position. Notably, they acquired Kanal-Türpe, a leading provider of UIM services in Southern Germany, and Jutzy Haustechnik und Service GmbH, which strengthens their presence in the greater Berlin area. Additionally, they are set to acquire Kanaltechnik Agricola GmbH, which focuses on pipe and sewer cleaning, TV inspection, and leak testing. These transactions highlight Norva24's commitment to expanding its capabilities in the water utilities sector, making them a significant player in this field.

12. Lagercrantz Group AB

• Website: lagercrantz.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2001
• Headcount: 1001-5000
• Number of deals in 2024: 6
• LinkedIn: lagercrantz

Lagercrantz Group AB is a technology group based in Stockholm, Sweden, founded in 2001. The company operates approximately 80 subsidiaries that provide specialized technical solutions across various niche markets, including Electrify, Control, and TecSec. Their business model emphasizes both acquisitions and organic growth, primarily catering to business customers seeking tailored technology solutions. Notably, Lagercrantz has made strategic acquisitions in the water utilities sector, including the acquisition of Proagria Miljø A/S in March 2021, which focuses on water flow control and is expected to enhance their presence in the aquaculture segment. Additionally, the acquisition of Geonor AS in October 2021, a company specializing in hydrological and environmental equipment, further solidifies Lagercrantz's involvement in the water sector. These transactions highlight Lagercrantz Group's commitment to expanding its footprint in water-related industries, making it a significant player in the water utilities market.

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 an investment management firm based in Helsinki, Finland, specializing in private equity, real estate, infrastructure, and natural capital investments. Founded in 1989, CapMan serves institutional investors by providing access to diverse investment strategies aimed at achieving sustainable returns. Notably, CapMan has made significant investments in the Nordic markets, leveraging its expertise to manage funds and drive value creation for its clients. Among their relevant transactions, CapMan invested in KotiSun Group, a Finnish company focused on the renovation of service water, heating, and drainage systems, thereby becoming the majority owner. This investment highlights CapMan's involvement in the water utilities sector. Additionally, they have engaged in various other transactions, including the acquisition of NYAB, which may also have implications in infrastructure related to water utilities.

Water Utilities Insights: Key Investors in the Nordics

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