The aerospace and defence industry in the Nordics encompasses a range of companies focusing on innovation and technology to bolster national and commercial security. With expertise in military defense systems, civil aerospace solutions, and advanced engineering practices, firms like Saab and Kongsberg Maritime pave the way for cutting-edge advancements. Strong historical foundations, coupled with rising demand for autonomous systems and sustainable technologies, indicate prospective growth within this sector. Moreover, the region's robust commitment to research and development is shaping a future where collaboration across borders drives innovation and strategically positions the Nordics on the global aerospace and defence stage.

This list features 14 notable investors active in the Nordics' aerospace and defence sector. Among them are corporate giants like Trelleborg Group and Saab, and emerging venture capital firms such as Heartcore Capital and Lifeline Ventures. These investors vary in size, ranging from smaller teams focusing on innovation to large corporations investing heavily in advanced technology. Founded between 1905 and 2016, their distinct strategies in 2024 accounted for numerous investments, reflecting confidence in the industry's growth trajectory. Their strong footprint underscores the opportunities within the Nordic aerospace and defence market.

Top 14 Aerospace and Defence Investors in the Nordics

1. 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 aerospace sector, exemplified by its acquisition of NanoAvionics in 2022 for an enterprise value of EUR 65 million. This acquisition aims to enhance Kongsberg's space offerings and expand its capabilities in the small satellite sector. Kongsberg has also been involved in other strategic acquisitions, such as Hydroid and Kongsberg Shipmedics, which, while primarily maritime-focused, demonstrate the company's broad technological expertise and commitment to innovation in various fields, including defence.

2. Saab

• Website: saab.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1937
• Headcount: 10001+
• Number of deals in 2024: 1
• LinkedIn: saab

Saab AB, founded in 1937 and headquartered in Stockholm, Sweden, is a prominent corporate investor in the aerospace and defense industry. With over 10,000 employees, Saab specializes in providing advanced military defense systems and civil security solutions, serving a global market. The company has been involved in several significant transactions that enhance its capabilities in the aerospace and defense sector. Notable acquisitions include Aerospace Monitoring and Systems (Pty) Ltd, which bolstered Saab's avionics business, and Blue Bear Systems Research, which expanded its expertise in autonomous systems and AI for military applications. Additionally, Saab's investment in Helsing, a defense AI technology developer, highlights its commitment to advancing military applications through innovative software solutions. These strategic moves underscore Saab's active role in enhancing security and defense capabilities worldwide.

3. Trelleborg Group

• Website: trelleborg.com
• Type: Corporate
• Headquarters: Trelleborg, Skåne, Sweden
• Founded year: 1905
• Headcount: 10001+
• Number of deals in 2024: 7
• LinkedIn: trelleborggroup

Trelleborg Group is a corporate investor based in Trelleborg, Skåne, Sweden, specializing in engineered polymer solutions across various industries, including aerospace, automotive, healthcare, and marine. Founded in 1905, Trelleborg has a workforce of over 10,000 employees and has made significant strides in the aerospace sector. Notably, they have acquired several companies to bolster their aerospace capabilities, including a manufacturer of aerospace components in Tukwila, Washington, aimed at enhancing their production of elastomers for aerospace seals. Additionally, Trelleborg Sealing Solutions has acquired Aero-Plastics, a US-based company known for high-performance polymer components for the aerospace industry, further expanding their portfolio in this domain. These strategic acquisitions reflect Trelleborg's commitment to delivering innovative solutions that meet the demanding needs of the aerospace industry.

4. 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 managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the aerospace and defence sector, including the acquisition of EIS Aircraft Group in 2015, which specializes in products and services for civil and military aviation, such as cabin interiors and maintenance services. Additionally, EQT's investment in Unilode Aviation Solutions highlights their commitment to the aviation industry. These transactions underscore EQT's strategic interest in the aerospace and defence market, making them a relevant player in this field.

5. Etteplan

• Website: etteplan.com
• Type: Corporate
• Headquarters: Espoo, Uusimaa, Finland
• Founded year: 1983
• Headcount: 1001-5000
• Number of deals in 2024: 3
• LinkedIn: etteplan-group

Etteplan is a technology service company based in Espoo, Uusimaa, Finland, founded in 1983. The company specializes in providing engineering solutions and software services to industrial businesses, with a strong emphasis on enhancing efficiency and sustainability through innovative technologies. Etteplan's clients span various sectors, including aerospace, automotive, and medical technology, requiring advanced technical expertise and support. In recent years, Etteplan has made several strategic acquisitions to bolster its capabilities. Notably, they acquired LAE Engineering GmbH, which specializes in electrical planning and industrial automation, potentially relevant to aerospace applications. Additionally, their acquisition of Syncore Technologies AB, which focuses on embedded systems, could also have applications in aerospace technology. These transactions indicate Etteplan's commitment to expanding its technical expertise, which is crucial for serving the aerospace and defence sectors effectively.

6. Addnode Group AB

• Website: addnodegroup.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2003
• Headcount: 1001-5000
• Number of deals in 2024: 4
• LinkedIn: addnode-group-ab

Addnode Group AB is a corporate investor based in Stockholm, Sweden, specializing in digital solutions that enhance operational efficiency across various sectors, including construction, manufacturing, and public services. Founded in 2003, the company has a decentralized business model that supports its subsidiaries in pursuing organic growth and strategic acquisitions. Notably, in 2024, Addnode Group acquired PRIME Aerostructures GmbH, a move that strengthens its presence in the aerospace sector. This acquisition, along with previous transactions such as the purchase of Optimec, which specializes in Computer-Aided Engineering technologies, and the acquisition of simulation specialists SSA and Simuleon, highlights Addnode Group's commitment to enhancing its capabilities in design and engineering, which are critical areas in aerospace and defence.

7. 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 Heart Aerospace, a Swedish company developing hybrid-electric aircraft, participating in multiple funding rounds including a $35 million Series A and a $107 million Series B. These investments highlight EQT Ventures' commitment to advancing technology in the aerospace sector, particularly in sustainable aviation solutions.

8. Indutrade AB

• Website: indutrade.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1978
• Headcount: 5001-10000
• Number of deals in 2024: 1
• LinkedIn: indutrade-ab

Indutrade AB is a technology and industrial group based in Stockholm, Sweden, founded in 1978. The company specializes in developing and acquiring businesses characterized by high technical expertise across various sectors, including infrastructure, medical technology, and energy. Indutrade operates through over 200 subsidiaries, emphasizing decentralized leadership and long-term relationships with customers and partners. Notably, Indutrade has made strategic acquisitions in the aerospace and defence context, such as Adaero Precision Components, acquired from the Cosworth Group in January 2015, which focuses on precision components likely used in aerospace applications. Additionally, the acquisition of Huntingdon Fusion Techniques HFT in May 2022, which is part of the ALH Systems Group, further highlights Indutrade's engagement in sectors that support aerospace technologies. These transactions illustrate Indutrade's commitment to expanding its footprint in industries relevant to aerospace and defence.

9. 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 focus on niche markets, providing specialized technical solutions across various sectors, including Electrify, Control, and TecSec. In 2023, Lagercrantz made a significant acquisition of DP Seals Ltd, a UK-based manufacturer of rubber sealings and mouldings, which is expected to enhance its capabilities in high-specification applications, particularly in the aerospace and energy sectors. Additionally, Lagercrantz has been active in acquiring companies like Mastsystem and Supply Plus, which, while not directly related to aerospace and defence, demonstrate the company's strategy of growth through acquisitions and its ability to diversify its portfolio. This strategic approach positions Lagercrantz as a relevant player in the aerospace and defence market, as it seeks to leverage its acquisitions for specialized applications.

10. Ifs

• Website: ifs.com
• Type: Corporate
• Headquarters: Sweden
• Founded year: 1983
• Headcount: 5001-10000
• Number of deals in 2024: 2
• LinkedIn: ifs

IFS is a corporate investor based in Sweden, founded in 1983, specializing in enterprise software solutions across multiple industries, including Aerospace, Energy, Construction, and Manufacturing. The company focuses on optimizing operations and enhancing service delivery through its offerings such as IFS Cloud, Asset Management, and Field Service Management. Notably, IFS has made significant strides in the aerospace sector by acquiring Mxi Technologies Ltd., a leading provider of maintenance management software for the aviation industry, in December 2016. This acquisition highlights IFS's strategic interest in enhancing its capabilities within the aerospace domain. Additionally, IFS has also engaged in other acquisitions, such as Clevest Solutions, which, while primarily focused on the utilities sector, further demonstrates IFS's diverse investment strategy. Overall, IFS serves a wide range of clients, aiming to improve efficiency and decision-making through integrated software solutions, with a notable presence in the aerospace industry.

11. Lifeline Ventures

• Website: lifelineventures.com
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2009
• Headcount: 1-10
• Number of deals in 2024: 14
• LinkedIn: 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 resilient entrepreneurs across various sectors. In 2023, Lifeline Ventures made a significant investment in NewOrbit Space, which raised $7,500,000 in a seed round, indicating their interest in the aerospace industry. This investment highlights their capability and willingness to support innovative startups in the aerospace sector, alongside their broader investment strategy that spans multiple industries.

12. 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 actively involved in 17 investments, showcasing their commitment to supporting innovative startups. Notably, they have invested in Orbex Space, a UK-based launch startup, participating in multiple funding rounds including a Series C round that raised over $20 million in April 2024. Additionally, Heartcore has invested in Skynopy, a Paris-based space startup, which raised $3.1 million in June 2024 to enhance its ground station offerings. These transactions highlight Heartcore's engagement in the aerospace sector, aligning with their broader investment strategy in technology.

13. NCAB Group

• Website: ncabgroup.com
• Type: Corporate
• Headquarters: Sundbyberg, Stockholm, Sweden
• Founded year: 1993
• Headcount: 501-1000
• Number of deals in 2024: 4
• LinkedIn: ncab-group

NCAB Group is a corporate investor based in Sundbyberg, Stockholm, Sweden, specializing in the manufacturing of printed circuit boards (PCBs) for various industries, including aerospace, automotive, and medical. Founded in 1993, the company has established a reputation for delivering high-quality PCBs through stringent quality controls and efficient production processes. In 2021, NCAB Group made significant strides in expanding its market presence by acquiring Elmatica, a Norwegian PCB supplier, for €31.5 million, and later acquiring Phase 3 Technologies, a US-based PCB specialist, for $23.5 million in 2023. These acquisitions are expected to enhance NCAB's growth and earnings, particularly in markets that serve aerospace and defence applications, thereby reinforcing their role as a key player in the supply chain for these critical industries.

14. Pale blue dot

• Website: paleblue.vc
• Type: Venture Capital
• Headquarters: Malmo, Skåne, Sweden
• Founded year: 2020
• Headcount: 1-10
• Number of deals in 2024: 9
• LinkedIn: palebluedot-vc

Pale Blue Dot is a venture capital firm based in Malmo, Skåne, Sweden, founded in 2020. The firm specializes in investing in early-stage startups that focus on climate change solutions, providing funding and support to visionary founders to help scale their businesses. Their portfolio spans various industries, with a strong emphasis on sustainability and innovation. Notably, in 2024, Pale Blue Dot led a seed funding round for Cosmic Aerospace, which raised $4.5 million for the development of its long-range, all-electric regional airplane, Skylark. This investment highlights their engagement in the aerospace sector, showcasing their commitment to supporting sustainable aviation technologies. Additionally, they have participated in other seed rounds, such as Brineworks, further diversifying their investment portfolio while maintaining a focus on innovative solutions.

Aerospace and Defence Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
Kongsberg Maritime	Kongsberg, Buskerud, Norway	5001-10000	1814	1
Saab	Stockholm, Stockholm, Sweden	10001+	1937	1
Trelleborg Group	Trelleborg, Skåne, Sweden	10001+	1905	7
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Etteplan	Espoo, Uusimaa, Finland	1001-5000	1983	3
Addnode Group AB	Stockholm, Stockholm, Sweden	1001-5000	2003	4
EQT Ventures	Stockholm, Stockholm, Sweden	11-50	2015	28
Indutrade AB	Stockholm, Stockholm, Sweden	5001-10000	1978	1
Lagercrantz Group AB	Stockholm, Stockholm, Sweden	1001-5000	2001	6
Ifs	Sweden	5001-10000	1983	2
Lifeline Ventures	Helsinki, Uusimaa, Finland	1-10	2009	14
Heartcore Capital	Copenhagen, Denmark	11-50	2007	17
NCAB Group	Sundbyberg, Stockholm, Sweden	501-1000	1993	4
Pale blue dot	Malmo, Skåne, Sweden	1-10	2020	9

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