The functional foods industry in the Nordics is rapidly expanding, focusing on health-enhancing products that promote wellness. Companies range from startups offering plant-based snacks to established firms specializing in dietary supplements for pets and humans alike. This industry is responding to a rise in consumer awareness about nutrition and wellness, pushing innovations in ingredients and formulations. Trends show increasing interest in plant-based and organic offerings, as well as products targeting specific health concerns. With a strong emphasis on sustainability and transparency, the Nordic functional foods sector is poised for continued growth, appealing to health-conscious consumers seeking nutritious options.

The investor landscape in the Nordics has been active, featuring a mix of corporate and venture capital firms. Based primarily in Stockholm and Copenhagen, these investors vary in size, ranging from microfunds with just a few staff to larger firms managing thousands of employees. Founded between 1989 and 2020, they have completed numerous deals in 2024, reflecting robust interest in the functional foods market. Key players like EQT Group and Novo Holdings show a significant commitment to innovation, signaling a promising future for healthy food investments in the region.

Top 14 Functional Foods Investors in the Nordics

1. 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. The firm provides capital and strategic support to enhance healthcare solutions. Notably, Novo Holdings has made significant investments in the functional foods sector, including a $75 million investment in Kate Farms, which specializes in nutritional products, and a €22 million investment in The Protein Brewery, which focuses on alternative protein production. Additionally, they led a $21 million Series A round for BIOMILQ, a startup developing lab-grown human breast milk, further demonstrating their commitment to innovative food solutions that enhance nutrition. These transactions highlight Novo Holdings' active role in the functional foods industry while maintaining a broader focus on life sciences.

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 prominent private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in a wide range of investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the functional foods space, including the acquisition of Findus Sverige, a well-known food brand, and leading funding rounds for innovative companies like Formo, which produces animal-free cheese, and LIVEKINDLY, a brand focused on plant-based foods. These transactions highlight EQT's commitment to investing in companies that align with the growing demand for sustainable and health-conscious food options.

3. 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 investments in Loki Foods, an alt-seafood producer, and Swedish Temptations, a producer of vegan and organic foods. Kale United has also invested in De Novo Foodlabs and Veggie Victory, both of which focus on developing innovative vegan products. Their portfolio reflects a strong commitment to the functional foods sector, emphasizing health, sustainability, and innovation in food production.

4. 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. Almi Invest, a part of Almi, has been involved in several notable transactions in the functional foods sector. For instance, they participated in a funding round for Swedish Temptations, a producer of vegan and organic foods, raising $840k to automate production and expand sales in the Nordic market. Additionally, Almi Invest was involved in a €2 million funding round for Nordic SeaFarm, a foodtech company focused on becoming the largest producer of plant-based crops from the sea in Europe. These transactions highlight Almi's commitment to supporting innovative companies in the functional foods space.

5. 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 made a total of 8 investments in 2024, with a notable focus on sectors like climate-tech and ocean-tech. Among their relevant transactions, they have invested in Hooked Foods, a company that develops plant-based products, including their latest product, Toona. This investment highlights Katapult's engagement in the functional foods space, as they support innovative solutions that promote health and sustainability. Other investments include Decomer Technology and Legendary Foods Africa, which further showcase their diverse portfolio, although not all are directly related to functional foods.

6. 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 to help founders innovate in food production, distribution, and consumption. Mudcake operates globally, with a diverse portfolio of companies across multiple continents. Notable transactions include a $2.5 million seed investment in microTERRA, which focuses on sustainable food production, and a significant investment in NuCicer, which raised $4.5 million to scale production of chickpea varieties with enhanced protein content. These investments highlight Mudcake's commitment to fostering innovation in the food sector, particularly in areas that align with functional foods.

7. Swedencare

• Website: swedencare.com
• Type: Corporate
• Headquarters: Malmo, Skåne, Sweden
• Founded year: 2000
• Headcount: 11-50
• Number of deals in 2024: 1
• LinkedIn: swedencare

Swedencare is a corporate investor based in Malmo, Skåne, Sweden, specializing in pet health products. Founded in 2000, the company offers a range of dietary supplements aimed at improving the health of dogs, cats, and horses, addressing various health issues such as dental care and anxiety. Swedencare operates an online store for direct consumer sales. In recent years, they have made significant acquisitions to expand their portfolio in the pet health sector. Notable transactions include the acquisition of NaturVet, a US-based company known for its therapy supplements for pets, for $447.5 million, and Innovet, a leading veterinary company in Italy, for €50 million. These acquisitions highlight Swedencare's commitment to enhancing their offerings in functional pet foods and supplements, positioning them as a key player in the functional foods market for animals.

8. Midsona AB

• Website: midsona.com
• Type: Corporate
• Headquarters: Sweden
• Founded year: 1991
• Headcount: 501-1000
• LinkedIn: midsona-ab-msona-

Midsona AB is a corporate investor based in Sweden, founded in 1991, with a focus on health and wellness. The company develops and markets a range of organic and plant-based food products, catering to the increasing consumer demand for healthier lifestyle choices. Midsona operates primarily in the Nordic region and has expanded into other European markets, emphasizing sustainability and transparency in its operations. Notable transactions include the acquisition of System Frugt, a Danish fruit and nuts business, aimed at enhancing its platform for plant-based food production, and the acquisition of Vitality and Oy, which strengthens its position in the Finnish consumer health market. Additionally, Midsona has acquired Urtekram International A/S and Davert GmbH, both of which contribute to its portfolio in the functional foods space, further solidifying its commitment to health-oriented products.

9. Zinzino

• Website: zinzino.com
• Type: Corporate
• Headquarters: Gothenburg, Västra Götaland, Sweden
• Founded year: 2005
• Headcount: 51-200
• Number of deals in 2024: 5
• LinkedIn: zinzino_2

Zinzino is a corporate investor based in Gothenburg, Sweden, founded in 2005. The company specializes in health supplements and offers a variety of nutritional products aimed at improving individual wellness. Their product line includes Omega supplements and personalized health protocols, catering to health-conscious consumers. In 2024, Zinzino made significant moves in the functional foods sector by acquiring Zurvita for $11.5 million, which enhances their market presence. They also acquired a 49% stake in Cleanthi Alpha-Olenic LTD, a Cypriot olive oil producer, to expand their distribution capabilities and product range. Furthermore, Zinzino's acquisition of Valentus Global in 2025 underscores their ongoing strategy to grow within the health and wellness market. These transactions highlight Zinzino's active role in the functional foods industry, making them a relevant investor in this space.

10. 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 has already made 17 investments, showcasing their active role in the venture capital landscape. Notably, they have participated in funding rounds for companies like Numi, a French milktech startup that raised €3 million in Seed funding, and La Fourche, which has raised significant amounts in Series B funding. These transactions highlight Heartcore's engagement in the functional foods sector, as both companies are involved in innovative food solutions that cater to health-conscious consumers.

11. 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 offers a diverse range of products, particularly in food, snacks, health, and personal care. Notably, Orkla has made strategic acquisitions in the functional foods sector, such as the acquisition of NutraQ for NOK 3.1 billion, which includes health and beauty brands like VitaePro and Oslo Skin Lab. Additionally, they acquired Health and Sports Nutrition Group HSNG AB for approximately US$42.41 million, enhancing their presence in the health and sports nutrition market. Their acquisition of Vesterålen Marine Oil further supports their health initiatives, particularly for their Möller’s Tran cod liver oil brand, which has experienced significant growth. These transactions highlight Orkla's commitment to expanding its portfolio in the functional foods industry.

12. 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 manages state interests in seed and venture funds and collaborates with entrepreneurs and other investors. Notably, Investinor has been involved in several transactions relevant to the functional foods sector, including investments in Smartfish AS, which focuses on health-enhancing products, and ConCordix, which also operates in the health and nutrition space. Their investment strategy includes supporting innovative companies that align with market trends, including those in the functional foods industry.

13. Maki.vc

• Website: maki.vc
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2018
• Headcount: 1-10
• Number of deals in 2024: 11
• LinkedIn: maki-vc

Maki.vc is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2018. The firm specializes in seed-stage investments, primarily focusing on deep tech and brand-driven companies. Maki.vc aims to support early-stage startups in navigating growth and innovation challenges. They have a global investment mandate but primarily operate in the Nordic region. Notably, Maki.vc has participated in significant transactions within the functional foods sector, including a seed funding round for Onego Bio, a Finnish startup that has developed a technology to produce egg white without chickens. This investment highlights Maki.vc's commitment to innovative food technologies. Additionally, they have invested in Revela Health, which may also have implications in the functional foods space, further demonstrating their engagement in this industry.

14. 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 founded in 2015, based in Stockholm, Sweden, specializing in early-stage tech startups. They provide financial support and operational assistance to entrepreneurs, helping them navigate the challenges of building successful businesses. With a focus on technology, EQT Ventures connects startups with a global network of industry experts and resources to foster growth and innovation. Notably, EQT Ventures has made significant investments in the functional foods sector, including a $61 million Series B investment in Formo, a company dedicated to creating animal-free dairy products, and a $20 million Series A investment in Insempra, which operates in food technology. These transactions highlight EQT Ventures' engagement in the functional foods industry, showcasing their interest in innovative food solutions that align with health and sustainability.

Functional Foods Insights: Key Investors in the Nordics

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