The food processing industry in the Nordics is a vital segment that transforms raw agricultural products into consumable goods. Encompassing everything from dairy, meat, and beverages to plant-based products, this sector is characterized by notable innovation and quality. Scandinavian companies are increasingly focusing on sustainability and health-conscious offerings, in response to rising consumer demand for clean and clear label products. The advent of foodtech startups is reshaping traditional processing practices, leading to a surge in alternative proteins and functional foods. As this industry evolves, the Nordics are positioned to thrive with cutting-edge technologies and environmentally friendly approaches.


In this analysis, we examine 14 investors from the Nordics' food processing scene, ranging from venture capital and corporate players to private equity funds. Hailing from major cities like Stockholm and Oslo, these firms vary in size, with several managing substantial capital. Founded between 1978 and 2018, they collectively engaged in 103 deals in 2024, showcasing their eagerness to tap into the growing demand for innovative food solutions. Notable firms such as Almi and EQT Group exemplify their commitment to supporting the food industry's future.


Top 14 Food Processing 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. Among their notable transactions in the food processing industry, EQT acquired Findus Sverige, a leading frozen food brand, in 2000, and Oterra, a company focused on natural food ingredients, in 2020. More recently, they participated in the acquisition of BLOOM FRESH International, a global breeding entity for table grape and cherry genetics, showcasing their ongoing commitment to the food processing sector. These investments highlight EQT's strategic interest in enhancing food production and processing capabilities.


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 provides loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden, aiming to enhance their growth and competitiveness through tailored financial solutions. In recent years, Almi has been active in the food processing sector, notably investing in Nordic SeaFarm, a Swedish foodtech company that raised EUR 2 million to expand its production of plant-based crops from the sea. Additionally, Almi has participated in funding rounds for other companies like Tebrito and Havredals, although these are less directly related to food processing. Overall, Almi's involvement in foodtech and their support for innovative food-related businesses positions them as a relevant investor in the food processing industry.


3. Orkla ASA

  • Website: orkla.com
  • Type: Corporate
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 2017
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: orkla-asa

Orkla ASA is a leading industrial investment company based in Oslo, Norway, founded in 2017. It operates across various sectors, including branded consumer goods, aluminium solutions, and financial investments. Orkla is particularly known for its extensive range of products in the food sector, offering snacks, health items, and personal care products. The company has made significant strides in the food processing industry through strategic acquisitions. Notable transactions include the acquisition of Hamé, a leading food company in the Czech Republic and Slovakia, which enhanced Orkla's presence in Central Europe. Additionally, Orkla acquired MTR Foods, a packaged foods company in India, and Eastern Condiments, further solidifying its footprint in the food market. Other acquisitions, such as Struer Brød and Igos, have allowed Orkla to expand its product assortment and strengthen its market position in Scandinavia and Northern Europe. Overall, Orkla ASA is a prominent player in the food processing sector, actively investing in and growing its portfolio of food brands.


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 focus on tech startups that address global challenges, providing investment, accelerator programs, and mentorship to early-stage companies. In 2024, Katapult has made eight investments, including notable transactions in the food processing sector. One significant investment was in Adamo Foods, which raised $2.5 million in a seed round on August 12, 2024. Adamo Foods is a food tech startup dedicated to developing vegan meat products, aiming to release a meat-free steak for public tastings in late 2023. This involvement highlights Katapult's commitment to supporting innovative solutions in the food processing industry, particularly those that align with sustainability and health.


5. 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 primarily invests in life science companies at various stages of development, providing capital and strategic support to enhance healthcare solutions. However, Novo Holdings has also ventured into the food processing sector through several notable transactions. For instance, they led a €22 million Series A investment in The Protein Brewery, which focuses on alternative protein production. They also invested in Deep Branch Biotechnology, a UK-based producer of alternative feed ingredients, which received €8 million in a Series A round. Furthermore, Novo Holdings participated in funding Chromologics, a biotech company that specializes in natural food colorants, raising a total of €12.6 million in seed funding. These investments highlight Novo Holdings' involvement in innovative food processing solutions, aligning with their broader mission of supporting sustainable and impactful ventures.


6. Kale United

  • Website: kaleunited.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2018
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: kaleunited

Kale United is an investment firm based in Stockholm, Sweden, founded in 2018. The firm specializes in sustainable food production through impact investments in plant-based and foodtech companies. It caters to both individual and institutional investors who are interested in supporting the transition to a plant-based lifestyle while achieving financial returns. Notable transactions include a $2 million investment in Cultimate Foods during a Seed Round in April 2024, which focuses on innovative food solutions. Additionally, they participated in a funding round for Nordic SeaFarm, a company aiming to become a leading producer of plant-based crops from the sea in Europe, highlighting their commitment to sustainable food sources. They also invested in Swedish Temptations, a producer of vegan and organic foods, which raised $840k to automate production and expand sales in the Nordic market. These investments underscore Kale United's active role in the food processing industry, particularly in promoting plant-based food innovations.


7. Mudcake

  • Website: mudcake.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2020
  • Headcount: 1-10
  • Number of deals in 2024: 3
  • LinkedIn: trellisroad

Mudcake is an investment microfund based in Stockholm, Sweden, founded in 2020. The firm specializes in supporting startups in the food industry, providing investment in pre-seed and seed rounds. Mudcake aims to help founders innovate in various aspects of food production, distribution, and consumption. Their portfolio includes notable transactions such as Project Eaden, which raised $2,260,780 in a seed round to develop proprietary technology for food products, and Mission Barns, a cellular agriculture company that raised $24 million in a Series A funding round. Additionally, they have invested in Bond Pet Foods, which focuses on alternative protein sources for pet food. Mudcake operates globally, with a diverse portfolio of companies across multiple continents, emphasizing their commitment to fostering innovation in the food sector.


8. 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 is 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 operates through a decentralized structure, allowing its subsidiaries to maintain independence while benefiting from the group's resources. In 2024, Indutrade made a significant acquisition of ATLINE ApS, a Danish company specializing in in-line sampling and quality assurance for the pet food and feed industries, which highlights its commitment to the food processing sector. Additionally, Indutrade has a history of acquiring companies that enhance its technological capabilities, which can also benefit food processing operations. Other acquisitions, such as those in flow technology and mixing technology, may indirectly support food processing applications, further solidifying Indutrade's position as a relevant player in this industry.


9. Nordic Foodtech VC


Nordic Foodtech VC is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2019. The firm specializes in investing in early-stage companies that are pioneering deep foodtech innovations aimed at transforming the food system. Their portfolio includes notable investments such as Hailia Oy, which raised $609,646 in a seed round, and Nordic Umami Company, which secured €2.6 million in seed funding, demonstrating their commitment to supporting startups that develop sustainable and health-oriented food technologies. Another significant investment was in Melt&Marble, which raised over $5 million in seed funding, further emphasizing their focus on innovative solutions within the food processing sector. Nordic Foodtech VC primarily serves businesses in the food technology sector across the Nordics and Baltics, making them a key player in the food processing investment landscape.


10. Altor Equity Partners

  • Website: altor.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2003
  • Headcount: 51-200
  • Number of deals in 2024: 6
  • LinkedIn: altor

Altor Equity Partners is a private equity investment management firm based in Stockholm, Sweden, founded in 2003. The firm specializes in providing consulting services across various sectors, including technology and consumer products, with a strong emphasis on operational efficiency and sustainable growth. Notably, Altor has made significant investments in the food processing industry, acquiring companies such as Meyn Food Processing Technology in 2005 and Euro Cater in 2006. These acquisitions highlight Altor's commitment to the food processing sector, as they seek to enhance the operational capabilities and market positions of their portfolio companies. Additionally, their acquisition of Haarslev Industries further demonstrates their active role in the food processing landscape, making them a key player in this industry.


11. Danish Crown


Danish Crown is a leading meat processing company based in Randers, Denmark, founded in 1887. With over 10,000 employees, the company specializes in the production and sale of high-quality pork and beef products, serving a diverse customer base that includes food retailers and wholesalers globally. Danish Crown emphasizes food safety and sustainability in its operations. The company has made significant acquisitions to strengthen its position in the food processing industry, including the full ownership of Sokolow, a major processed meat products processor in Poland, and the acquisition of Charkuterifabriken Sverige, known for its sliced sandwich cold cuts and bacon. Additionally, Danish Crown has expanded its beef division through the acquisition of Teterower Fleisch, the fifth-largest cattle slaughterhouse in Germany. These transactions highlight Danish Crown's commitment to enhancing its capabilities in the food processing sector.


12. Carlsberg Group

  • Website: carlsberggroup.com
  • Type: Corporate
  • Headquarters: Grimstad, Agder, Norway
  • Founded year: 1847
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: carlsberg-group

Carlsberg Group, founded in 1847, is a leading brewery based in Grimstad, Agder, Norway, specializing in the production of beer and a diverse range of beverages. The company has a strong global presence and is committed to sustainability and quality in its brewing processes. In 2024, Carlsberg made a significant move by acquiring Britvic, a British soft drink manufacturer, for £3.3 billion, creating a new entity called Carlsberg Britvic. This acquisition allows Carlsberg to expand its portfolio to include popular non-alcoholic brands like Teisseire and Robinsons. Additionally, Carlsberg has a history of strategic acquisitions in the beverage sector, including the purchase of a 70% stake in Lao Soft Drink Co Ltd in 2007, which holds a dominant market share in Laos. These transactions highlight Carlsberg's active role in the food processing industry, particularly in the non-alcoholic beverage segment, further solidifying its position as a key investor in this space.


13. 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. They focus on creating sustainable futures by investing in companies that address global development challenges, primarily in developing countries. Finnfund provides investment and advisory services to promote economic growth and sustainability across various sectors. Notably, they have invested in the food processing industry, including a $5 million senior loan to Nafoods Group, a Vietnamese food processor, and participated in funding rounds for companies like Twiga Foods and Valency International, which are involved in food supply chains and processing. These transactions highlight Finnfund's commitment to supporting sustainable food processing initiatives.


14. 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 based in Helsinki, Uusimaa, Finland, founded in 2018. It plays a crucial role in supporting Finnish companies in their growth and internationalization efforts by offering funding, consulting services, and market opportunities. In the context of food processing, Business Finland has been involved in several transactions, including grants to companies like Solar Foods, which raised over $10 million in grants for its innovative food production technology, and Onego Bio, which also received significant grant funding. These transactions indicate that Business Finland is active in the food processing sector, particularly in supporting innovative companies that are working on sustainable food solutions.



Food Processing Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
AlmiStockholm, Stockholm, Sweden201-50019947
Orkla ASAOslo, Oslo, Norway10001+20171
KatapultOslo, Oslo, Norway11-5020178
Novo HoldingsHellerup, Denmark51-200199945
Kale UnitedStockholm, Stockholm, Sweden1-1020182
MudcakeStockholm, Stockholm, Sweden1-1020203
Indutrade Life ScienceStockholm, Stockholm, Sweden1001-5000197814
Nordic Foodtech VCHelsinki, Uusimaa, Finland1-1020197
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
Danish CrownRanders, Denmark10001+18870
Carlsberg GroupGrimstad, Agder, Norway10001+18472
FinnfundHelsinki, Uusimaa, Finland51-20019807
Business FinlandHelsinki, Uusimaa, Finland501-1000201826


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