The forest management industry in the Nordics thrives on sustainable practices and innovation. With vast forests providing essential resources, companies here focus on everything from timber harvesting and processing to eco-friendly product development. Key players include specialized corporations dedicated to environmental stewardship, tech-driven startups innovating in resource management, and established investment firms backing sustainable initiatives. As global demand for sustainable materials increases, the Nordic region sees a shift towards integrating advanced technology and practices to ensure that their forest ecosystems remain robust and productive, supporting both the economy and ecology. Sustainable management is shaping the future of this essential sector.


This list features a diverse group of 14 investors focused on the forest management industry across the Nordic countries. These investment firms, ranging from venture capital to private equity and corporate investors, are primarily headquartered in Sweden and Finland. Collectively, they represent companies of various sizes, from small teams to large corporations, established from the early 1900s to 2020. They participated in numerous deals throughout 2024, showcasing their engagement in the industry's advancement and sustainability initiatives. Notable investors include Almi, a venture capital firm, and Stora Enso, a significant corporate player in the forest sector.


Top 14 Forest Management 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, founded in 1994. It specializes in providing 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. Almi has been involved in several notable transactions, including investments in the forestry sector. For instance, it participated in a venture round for Södra, a prominent forestry cooperative, and made a significant investment in Nordic Forestry Automation, which raised $979,591 in a Series A funding round in July 2023. These transactions highlight Almi's commitment to supporting innovations and developments within the forestry industry, alongside its broader focus on various sectors.


2. Afry

  • Website: afry.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1895
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: afry

AFRY AB is a consulting and engineering firm based in Stockholm, Sweden, founded in 1895. The company provides a wide range of services, including sustainability consulting, digital solutions, and project management across various industries. Notably, Afry has made significant strides in the forest management sector by acquiring MosaicMill Oy, a company specializing in Smart Forestry digital solutions, as part of its strategy to become a global leader in this area. This acquisition, announced on June 2, 2021, highlights Afry's commitment to enhancing efficiency and sustainability in forest management. Additionally, Afry has engaged in other acquisitions, such as Numerola Oy and Cubiq Analytics Oy, which, while primarily focused on wind power and data analytics, respectively, demonstrate Afry's broader strategy of integrating digital solutions across various sectors, including forestry.


3. 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 early-stage investments in startups that focus on climate change solutions, providing both funding and support to visionary founders. Their portfolio includes a diverse range of companies, with a strong emphasis on sustainability and innovation. Notably, Pale Blue Dot has participated in multiple funding rounds for Overstory, a company that has raised significant capital to develop its vegetation intelligence platform, which aids utility partners in managing vegetation around power lines. This involvement highlights their interest in technologies that can enhance forest management practices and contribute to environmental sustainability.


4. Metsä Spring

  • Website: metsaspring.com
  • Type: Corporate
  • Headquarters: Espoo, Uusimaa, Finland
  • Founded year: 2018
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: metsaspring

Metsä Spring is the innovation company of Metsä Group, a leading forest industry company based in Espoo, Uusimaa, Finland. Founded in 2018, Metsä Spring specializes in investing in startups and innovations that align with the sustainable use of forest resources. The company has been involved in several notable transactions, including a €3 million investment in Fiberwood, a startup focused on developing and scaling production capabilities for wood-based products. This investment is particularly relevant as it supports advancements in the utilization of forest resources. Additionally, Metsä Spring participated in a €2 million funding round for Boreal Bioproducts, which aims to introduce eco-friendly products and expand internationally, further emphasizing their commitment to sustainability in the forest sector. While they have also invested in companies like Adsorbi, which focus on air purification, their core mission remains tied to the forest industry and sustainable practices.


5. Stora Enso

  • Website: storaenso.com
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1998
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: stora-enso

Stora Enso Oyj, founded in 1998 and based in Helsinki, Uusimaa, Finland, is a prominent corporate investor in the forest industry. The company specializes in renewable materials and products, offering a diverse range of solutions including packaging, biomaterials, and wooden construction. Stora Enso is committed to sustainability and innovation, aiding various sectors such as food, consumer goods, and construction in transitioning to eco-friendly alternatives. Notably, in 2024, Stora Enso acquired the Junnikkala sawmill company for EUR 137 million, reinforcing its position in the forest management sector. Additionally, they have previously acquired DanFiber in 2011, further expanding their operations in the forest industry. Their recent funding participation in Arevo AB, while not directly related to forest management, reflects their broader interest in innovative technologies that could impact the industry positively.


6. Accent Equity


Accent Equity is a private equity firm based in Stockholm, Sweden, founded in 1994. The firm specializes in investments in private Nordic companies, focusing on enhancing the value of its portfolio through strategic management and investment to create sustainable growth and superior returns. Notably, Accent Equity has been involved in significant transactions in the forest management context, including the acquisition of Lunawood, a leader in thermally modified timber, which has seen substantial revenue growth. This acquisition aims to support Lunawood's continued international growth, highlighting Accent Equity's commitment to the timber industry. Additionally, their investment in Eco Log Sweden suggests a connection to forestry equipment, further emphasizing their relevance in the forest management sector.


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 both financial support and operational assistance to entrepreneurs. EQT Ventures connects startups with a global network of industry experts and resources to foster growth and innovation. Among their notable transactions, EQT Ventures invested in TreeCard, a fintech company that allows customers to use a wooden debit card and aims to plant trees with card payments, partnering with the not-for-profit search engine Ecosia. This investment highlights their commitment to sustainability and forest management. Additionally, they invested in Single.Earth, an Estonian startup that is launching a marketplace for nature-backed MERIT tokens, further emphasizing their interest in environmental initiatives. These transactions reflect EQT Ventures' engagement in projects that align with forest management and sustainability goals.


8. Verdane

  • Website: verdane.com
  • Type: Private Equity
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1985
  • Headcount: 51-200
  • Number of deals in 2024: 7
  • LinkedIn: verdane-capital

Verdane is a private equity investment firm based in Oslo, Norway, founded in 1985. The firm specializes in growth equity investments, primarily targeting technology-enabled companies. Verdane provides capital and hands-on support to help businesses scale, with a focus on digitalization and decarbonization trends. Notably, Verdane has made significant investments in the forest management context, including the acquisition of Maskinklippet.se and Hylte Jakt och Lantman, which aim to create a leading Nordic niche e-tailer in forestry, gardening, hunting, and outdoor products. This transaction highlights Verdane's commitment to the forestry sector, alongside their broader investment strategy in technology and growth-oriented companies.


9. 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. They provide venture capital investment, strategic support, and networking opportunities to startups across various sectors, including fintech and health tech. In 2022, Creandum co-led a €5.8 million seed funding round for Timberhub, an Amsterdam-based B2B platform for timber materials, which aims to accelerate engineering growth and drive digital transformation in the timber industry. This investment highlights Creandum's engagement with the timber sector, indicating their potential interest in forest management. In addition to Timberhub, Creandum has also been involved in other transactions, such as funding Prewave, an Austrian startup focused on supply chain risk management, but these are less relevant to forest management.


10. Sca

  • Website: sca.com
  • Type: Corporate
  • Headquarters: Sundsvall, Västernorrland, Sweden
  • Founded year: 1929
  • Headcount: 1001-5000
  • LinkedIn: sca-ecosystem

Svenska Cellulosa Aktiebolaget SCA (SCA) is a corporate investor based in Sundsvall, Västernorrland, Sweden, founded in 1929. The company specializes in manufacturing pulp, packaging paper, sawn timber, and pellets, serving various sectors including packaging, construction, and energy. SCA is committed to sustainability and renewable energy solutions, operating primarily in Sweden where it utilizes its extensive forest resources. A significant transaction that highlights SCA's involvement in forest management is the acquisition of the Latvian Forest Company in April 2019, where SCA acquired 10,000 hectares of land, including 7,600 hectares of productive forest land. This acquisition underscores SCA's active role in managing and expanding its forest assets, reinforcing its position as a key player in the forest management industry.


11. 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 a private equity investment management firm based in Helsinki, Finland, founded in 1989. The firm specializes in various investment sectors, including private equity, real estate, infrastructure, and natural capital investments. Recently, CapMan expanded its focus into the forest management sector by acquiring Dasos Capital Oy, an asset management company that specializes in sustainable timberland investment. This acquisition, announced on December 21, 2023, for approximately EUR 41.6 million, is expected to enhance CapMan's assets under management by around EUR 630 million. This strategic move underscores CapMan's commitment to sustainable investment practices and its ability to drive value creation in the natural capital space, particularly in forest management.


12. Walerud Ventures

  • Website: walerud.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2002
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: walerud-ventures

Walerud Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2002. The firm specializes in investing in Nordic deep tech startups that contribute to sustainability and innovation. They provide both funding and strategic guidance to their portfolio companies, focusing on areas such as green technology, advanced materials, and IoT solutions. Notably, Walerud Ventures has invested in AirForestry, which raised $9,402,894 in a seed round in October 2024, and previously raised $230,464 in a pre-seed round in September 2020. This investment in AirForestry highlights their commitment to supporting companies that may play a role in advancing forest management practices through innovative technology.


13. Seb

  • Website: sebgroup.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1856
  • Headcount: 10001+
  • Number of deals in 2024: 13
  • LinkedIn: seb

Skandinaviska Enskilda Banken AB (SEB) is a prominent banking group in Northern Europe, established in 1856, offering a comprehensive range of financial services including corporate and investment banking, asset management, and private wealth management. SEB serves a diverse clientele, including large corporations, institutional clients, and private individuals, assisting them in managing their financial assets and exploring investment opportunities. In 2024, SEB participated in a significant transaction by investing $9,402,894 in AirForestry during its seed round, which is directly related to the forest management sector. This investment reflects SEB's engagement in innovative solutions within the forestry industry, aligning with their broader investment strategy.


14. Taaleri


Taaleri is an investment management firm based in Helsinki, Finland, founded in 2007. They specialize in bioindustry, renewable energy, and real estate, managing private equity funds that focus on sustainable investments. Taaleri aims to provide attractive returns while addressing environmental challenges, catering to both institutional and private investors seeking impactful projects. Notably, Taaleri has participated in transactions such as the EUR 3 million funding for Woodly Oy, which is developing wood-based plastic products, highlighting their engagement with innovative uses of forest resources. Additionally, their investment in Rester, which raised €6 million for scaling up its operations in the circular economy, further demonstrates their commitment to sustainability and resource efficiency, both of which are relevant to forest management.



Forest Management Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
AlmiStockholm, Stockholm, Sweden201-50019947
AfryStockholm, Stockholm, Sweden10001+18951
Pale blue dotMalmo, Skåne, Sweden1-1020209
Metsä SpringEspoo, Uusimaa, Finland11-5020181
Stora EnsoHelsinki, Uusimaa, Finland10001+19982
Accent EquityStockholm, Stockholm, Sweden11-5019944
EQT VenturesStockholm, Stockholm, Sweden11-50201528
VerdaneOslo, Oslo, Norway51-20019857
CreandumStockholm, Stockholm, Sweden11-50200317
ScaSundsvall, Västernorrland, Sweden1001-500019290
CapManHelsinki, Uusimaa, Finland51-20019894
Walerud VenturesStockholm, Stockholm, Sweden1-1020021
SebStockholm, Stockholm, Sweden10001+185613
TaaleriHelsinki, Uusimaa, Finland51-20020070


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