The wireless communication equipment industry in the Nordics is a vibrant sector focused on providing cutting-edge technologies that facilitate mobile connectivity and data transmission. This industry houses a variety of companies, from telecom giants like Ericsson to startups innovating in Internet of Things (IoT) solutions. These companies develop hardware and software that support 5G networks, automation, and smart communication systems. As telecommunication continues to evolve, projections suggest a growing emphasis on 6G technology and sustainable infrastructure to meet rising demands for faster and reliable connectivity. Industry players are increasingly aligning with green initiatives, signifying a shift towards eco-conscious innovation.


In 2024, the Nordic region saw a dynamic array of 13 investors specializing in wireless communication equipment. These institutions range from corporate behemoths like Nokia and Telenor to venture capital firms such as Almi and Investinor. Headquartered in cities like Stockholm and Espoo, these investors vary significantly in size, from smaller teams managing less than 50 employees to large corporations employing over 10,000 people. Notably, investment activity surged, with EQT Group leading the charge with 30 deals, showcasing strong interest in the telecom sector during this period.


Top 13 Wireless Communication Equipment 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. Among their notable transactions, Almi has invested in several companies within the wireless communication equipment sector, including Maven Wireless, which raised approximately $1.97 million in 2018, and InCoax Network Europe, which secured around $1.05 million in 2012. Additionally, Almi participated in funding rounds for BeammWave and Sweratel, further demonstrating their engagement in the wireless communication space. This diverse portfolio showcases Almi's commitment to fostering innovation and growth in the wireless communication industry, alongside their broader investment strategy.


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 private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in a diverse range of investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing varied investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the telecommunications sector, acquiring companies such as Zayo for $14.3 billion, Deutsche Glasfaser for approximately $2.73 billion, and Segra, which further emphasizes their commitment to enhancing communication infrastructure. These transactions highlight EQT's strategic focus on supporting growth and innovation in the wireless communication space, particularly through investments in companies that provide essential services and infrastructure for broadband and telecommunications.


3. ASSA ABLOY Group

  • Website: assaabloy.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 10001+
  • Number of deals in 2024: 21
  • LinkedIn: assaabloy

ASSA ABLOY Group, founded in 1994 and headquartered in Stockholm, Sweden, is a leading provider of security solutions specializing in locks, doors, gates, and entrance automation. The company has a strong focus on innovation and has established itself as a leader in the security industry through numerous acquisitions and a diverse product portfolio. In 2024, ASSA ABLOY Group announced the acquisition of Amecor, a South African manufacturer of security communication equipment, which aims to strengthen their position in the South African market. This acquisition is expected to enhance their capabilities in wireless communication technologies. Additionally, the company has made other strategic acquisitions, such as Nomadix and HKC, which further demonstrate their commitment to expanding their technological offerings in the security domain.


4. 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 corporate investor specializing in telecommunications and technology solutions. The company has a workforce of over 10,000 employees and is known for its extensive range of products and services, including cloud infrastructure, mobile networks, and security solutions. Nokia has been actively involved in the wireless communication equipment sector, highlighted by its acquisition of Alcatel-Lucent in 2015 for €15.6 billion, which positioned Nokia as the second-largest mobile equipment manufacturer globally. In 2010, Nokia also acquired Motorola for $1.2 billion, further expanding its footprint in the wireless communication market. More recently, Nokia acquired Gainspeed, a cable technology specialist, to enhance its networking capabilities, and Fenix Group, which specializes in tactical communications solutions for defense, indicating a strategic focus on both commercial and defense-related wireless communication technologies.


5. Ericsson

  • Website: ericsson.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1876
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: ericsson

Ericsson, founded in 1876 and headquartered in Stockholm, Sweden, is a prominent telecommunications company that provides advanced connectivity solutions, including 5G networks and IoT platforms. With over 10,000 employees, Ericsson is a major player in the telecommunications industry, enabling businesses and organizations to enhance operational efficiency and improve user experiences through reliable and high-speed connectivity. Notably, Ericsson has made significant investments in the wireless communication sector, including the acquisition of Cradlepoint for $1.1 billion, which aims to bolster their 5G enterprise offerings. Additionally, they have participated in funding rounds for companies like NanoSemi and Concealfab, further solidifying their role as an active investor in the wireless communication equipment space.


6. 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, founded in 1855 and based in Fornebu, Akershus, Norway, is a leading telecommunications company that provides mobile telecommunications, broadband, and TV distribution services. With a customer base of 209 million subscribers, Telenor operates primarily in Scandinavia and Asia, focusing on empowering societies through connectivity. The company is committed to responsible business practices and innovation in telecommunications. Telenor has been actively involved in several significant acquisitions that enhance its position in the telecommunications sector. Notably, in 2019, Telenor acquired DNA Oyj for approximately $1.69 billion, which bolstered its mobile service offerings. Additionally, the acquisition of KNL Networks in 2020, a provider of smart IoT services, reflects Telenor's commitment to expanding its capabilities in wireless communication technologies. Other acquisitions, such as Tele2 Sweden's fibre and cable firm and Maritime Communication Partner, further demonstrate Telenor's strategic focus on enhancing its telecommunications infrastructure and services.


7. Investinor

  • Website: investinor.no
  • Type: Venture Capital
  • Headquarters: Trondheim, Trøndelag, Norway
  • Founded year: 2008
  • Headcount: 11-50
  • Number of deals in 2024: 4
  • LinkedIn: investinor

Investinor AS is a venture capital investment company based in Trondheim, Trøndelag, Norway, founded in 2008. It specializes in providing funding to promising startups and companies, helping them grow and achieve market leadership. Investinor collaborates with entrepreneurs and other investors, managing state interests in seed and venture funds. Notably, Investinor has participated in several transactions relevant to the wireless communication equipment sector, including investments in Ping Communication, which raised $3.56 million in 2010, and Novelda, which raised $12 million in a Series A round in 2014 and $12 million in a Series B round in 2016. Novelda's focus on smart sensors positions it as a key player in the wireless communication landscape, further solidifying Investinor's relevance in this industry.


8. 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 sectors, including Electrify, Control, and TecSec. Their business model emphasizes acquisitions and organic growth, primarily catering to business customers seeking tailored technology solutions. Notable transactions include the acquisition of Direktronik AB, a family-owned importer and reseller of hardware for data and network communication, which enhances their growth prospects in the Nordic region. They also acquired Cue Dee AB, a company specializing in supports and brackets for mobile devices, which is expected to positively impact their Mechatronics division. These strategic acquisitions highlight Lagercrantz's commitment to expanding its footprint in the wireless communication equipment industry.


9. LINK Mobility


LINK Mobility is a corporate investor based in Oslo, Norway, founded in 2000. The company specializes in mobile communication services, offering a range of products including SMS messaging, RCS, and marketing automation solutions aimed at enhancing customer engagement for businesses across various industries. LINK Mobility has been active in expanding its portfolio through strategic acquisitions, such as the acquisition of Tismi B.V., a Dutch CPaaS enabler, for EUR 20 million, which aims to enhance LINK's CPaaS offerings and expand its services globally. They also acquired Hay Systems Ltd, a UK mobile messaging company, marking their entry into the UK market, and Horisen Messaging, a leading mobile messaging provider in Switzerland, for 9 million euros. These transactions highlight LINK Mobility's commitment to strengthening its position in the wireless communication sector and enhancing its service offerings.


10. 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 venture capital fund based in Stockholm, Sweden, founded in 1979. The firm specializes in investing in early-stage companies, particularly in the fields of Deep Tech, Life Science, and Transformative Tech. They provide financial support and strategic guidance to startups, helping them scale their innovative solutions. Notably, Industrifonden has invested in Flexenclosure, a developer of intelligent power management systems for the telecom industry, and Anyfi Networks, which focuses on wireless networking solutions. These investments highlight their engagement in the wireless communication equipment sector, alongside their broader focus on creating long-term value through partnerships with passionate founders.


11. Telia


Telia Company AB, founded in 1853 and based in Solna, Stockholm, Sweden, is a leading telecommunications company operating primarily in the Nordic and Baltic regions. With over 10,000 employees, Telia offers a diverse range of services, including IoT connectivity, smart city solutions, and telephony services. The company serves both businesses and public sector organizations, focusing on innovative solutions to enhance connectivity and operational efficiency. Notable transactions include the acquisition of Tele2 in 2014 for $612 million, which expanded their market presence, and the acquisition of Phonero in 2016 for 250 million euros, aimed at strengthening their position in the Norwegian telecom market. These strategic acquisitions highlight Telia's commitment to enhancing their telecommunications offerings, particularly in mobile and Internet-based services, making them a significant player in the wireless communication equipment sector.


12. SEB Kort

  • Website: seb.se
  • Type: Corporate
  • Headquarters: Solna, Stockholm, Sweden
  • Founded year: 1855
  • Headcount: 501-1000
  • Number of deals in 2024: 1
  • LinkedIn: seb-kort

SEB Kort, part of Skandinaviska Enskilda Banken AB (SEB), is a corporate investor based in Solna, Stockholm, Sweden. Founded in 1855, SEB is a prominent financial institution offering a wide range of banking and financial services, including personal and corporate loans, investment management, and insurance products. In recent years, SEB Kort has engaged in several notable transactions relevant to the wireless communication equipment sector. For instance, they invested in SenionLab AB, which raised SEK 15M in its first external financing round to enhance its position in the IPS software market, a technology that relies heavily on wireless communication. Additionally, SEB Kort has made multiple investments in Nomad Digital, a company specializing in connectivity solutions for the transport industry, raising significant amounts in various funding rounds. These transactions highlight SEB Kort's active role in supporting companies that contribute to the wireless communication landscape.


13. HMS Networks

  • Website: hms-networks.com
  • Type: Corporate
  • Headquarters: Halmstad, Halland, Sweden
  • Founded year: 1988
  • Headcount: 1001-5000
  • Number of deals in 2024: 1
  • LinkedIn: hmsnetworks

HMS Networks AB is a corporate investor based in Halmstad, Sweden, specializing in Industrial Information and Communication Technology. Founded in 1988, the company has grown to employ between 1001 and 5000 people and has made significant strides in the wireless communication equipment sector. HMS Networks provides a range of products and services, including industrial communication solutions, remote access technologies, and wireless infrastructure products, catering to various industries that require reliable connectivity for operational efficiency. Notable transactions include the acquisition of Owasys Advanced Wireless Devices S.L., which allows HMS to enter the mobile machines and utility vehicles sector, enhancing its position in remote access and data solutions. Other relevant acquisitions, such as IXXAT Automation and Beck IPC GmbH, further demonstrate HMS's commitment to expanding its capabilities in industrial communication, including wireless solutions. These strategic moves position HMS Networks as a key player in the wireless communication equipment market.



Wireless Communication Equipment Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
AlmiStockholm, Stockholm, Sweden201-50019947
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
ASSA ABLOY GroupStockholm, Stockholm, Sweden10001+199421
NokiaEspoo, Uusimaa, Finland10001+18653
EricssonStockholm, Stockholm, Sweden10001+18763
TelenorFornebu, Akershus, Norway10001+18552
InvestinorTrondheim, Trøndelag, Norway11-5020084
Lagercrantz Group ABStockholm, Stockholm, Sweden1001-500020016
LINK MobilityOslo, Oslo, Norway501-100020003
IndustrifondenStockholm, Stockholm, Sweden11-5019799
TeliaSolna, Stockholm, Sweden10001+18530
SEB KortSolna, Stockholm, Sweden501-100018551
HMS NetworksHalmstad, Halland, Sweden1001-500019881


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