Top 14 Modular Data Center Construction Investors in the Nordics
Top 14 Modular Data Center Construction Investors in the Nordics
The modular data center construction industry in the Nordics is gaining momentum as companies aim for efficient and flexible data storage solutions. This sector is characterized by firms focused on creating prefabricated facilities that can be quickly deployed, providing scalable options for various businesses—from tech giants to financial institutions. Upcoming advancements in sustainability and energy efficiency are shaping its trajectory, making it an appealing choice amid growing climate concerns. The Nordics, known for renewable energy resources, provide a strategic advantage, attracting international players who seek to harness regional strengths while meeting the increasing global demand for data centers.
This list includes a diverse group of investors, ranging from private equity firms to venture capital and corporate entities. They are primarily headquartered in Stockholm and Helsinki, with a mix of small and large organizations. Founded between 1856 and 2015, the firms have notable investments in the data center construction sector. In 2024 alone, they collectively engaged in a notable number of transactions, underscoring their active role in this evolving industry. Investors like EQT Group and CapMan stand out for their strategic commitments to enhancing digital infrastructure across the Nordic region.
Top 14 Modular Data Center Construction 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 managing diverse investment portfolios across various sectors and geographies. Notably, EQT has made significant strides in the digital infrastructure domain, highlighted by its acquisition of EdgeConneX in 2020, a key player in the data center market. This acquisition reflects EQT's commitment to investing in companies that enhance digital connectivity and infrastructure. Additionally, EQT's acquisition of Coromatic AB, which provides critical infrastructure solutions, further emphasizes its strategic focus on sectors that support modular data center construction and operations. Through these transactions, EQT demonstrates its capability and interest in the modular data center construction industry.
2. 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 an investment management firm based in Helsinki, Finland, specializing in private equity, real estate, infrastructure, and natural capital investments. Founded in 1989, CapMan serves institutional investors by providing access to diverse investment strategies aimed at achieving sustainable returns. In recent years, CapMan has made significant strides in the modular data center construction context, notably acquiring fuZion A/S, a Danish colocation firm with multiple data centers and plans for expansion. This acquisition, announced on September 4, 2023, highlights CapMan's commitment to investing in the data center sector. Additionally, their investment in Serverius, a company that raised funds in May 2023, further emphasizes their active role in the modular data center industry. With a strong presence in the Nordic markets, CapMan leverages its expertise to manage funds and drive value creation for its clients, including in the growing field of modular data centers.
3. 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 leading banking group in Northern Europe, providing a wide range of financial services including corporate and investment banking, asset management, and private wealth management. Founded in 1856 and based in Stockholm, Sweden, SEB serves large corporations, institutional clients, and private individuals, helping them manage their financial assets and navigate investment opportunities. In 2023, SEB participated in significant transactions such as providing debt financing to Delska (DEAC, Data Logistics Center), which is directly involved in data logistics, indicating a strategic interest in the modular data center construction sector. Additionally, SEB was part of a consortium that provided €120M in senior debt financing to metrofibre, a company enhancing telecommunication infrastructure, which is crucial for data centers. These transactions highlight SEB's engagement in sectors that support modular data center development.
4. Lindab Group
- Website: lindab.com
- Type: Corporate
- Headquarters: Grevie, Skåne, Sweden
- Founded year: 1959
- Headcount: 1001-5000
- Number of deals in 2024: 6
- LinkedIn: lindab
Lindab Group is a corporate investor based in Grevie, Skåne, Sweden, specializing in ventilation systems and building products. Founded in 1959, Lindab focuses on providing energy-efficient solutions for both residential and commercial properties, catering to construction companies and contractors. In recent years, Lindab has made several strategic acquisitions to enhance its product offerings and market presence. Notably, they acquired Airmaster in January 2024, a leading company in decentralized ventilation, which is crucial for maintaining optimal conditions in modular data centers. Other acquisitions, such as Centrum Klima and R-Vent, further strengthen their capabilities in HVAC systems, which are vital for the construction and operation of modular data centers. These transactions highlight Lindab's commitment to expanding its portfolio in areas that support energy efficiency and indoor climate control, making them a relevant player in the modular data center construction industry.
5. Segulah Advisor
- Website: segulah.se
- Type: Private Equity
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 1994
- Headcount: 11-50
- LinkedIn:
Segulah Advisor is a private equity firm based in Stockholm, Sweden, founded in 1994. The firm specializes in providing strategic investment services aimed at enhancing financial performance for businesses across various sectors. Notably, Segulah Advisor has been involved in several acquisitions that highlight its interest in the technology and data center sectors. In 2018, they acquired the Swedish business of Sungard Availability Services, which now operates as Conapto, indicating a commitment to the data center industry. Other acquisitions include Francks Kylindustri and IT-Total, which, while not directly related to modular data centers, showcase Segulah's active investment strategy. Their diverse portfolio and strategic focus suggest potential for future investments in modular data center construction.
6. Hexatronic Group
- Website: hexatronicgroup.com
- Type: Corporate
- Headquarters: Gothenburg, Västra Götaland, Sweden
- Founded year: 1993
- Headcount: 501-1000
- LinkedIn: hexatronic
Hexatronic Group is a telecommunications and technology solutions provider based in Gothenburg, Sweden, specializing in fiber optic and wireless infrastructure. Founded in 1993, the company offers a range of products and services, including fiber solutions, wireless systems, and data center services, primarily catering to businesses in the telecommunications sector. In recent years, Hexatronic has made significant acquisitions to enhance its position in the data center market. Notably, in October 2023, they acquired USNet, a US-based company focused on installation and project management services for data centers, which strengthens their service offerings in this sector. Additionally, their acquisitions of companies like ATG Technology Group and The Light Brigade further demonstrate their commitment to expanding their capabilities and reach within the fiber and data center industries.
7. 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, specializing in providing tailored technical solutions across various sectors. Founded in 2001, the company operates around 80 subsidiaries that focus on niche markets, emphasizing acquisitions and organic growth. In recent years, Lagercrantz has made several strategic acquisitions that enhance its position in the modular data center construction context. Notably, the acquisition of Oy Esari in December 2020, a leading provider of equipment shelters and technical buildings, positions Lagercrantz to contribute to the infrastructure necessary for modular data centers. Additionally, their acquisition of Direktronik AB, a reseller of hardware for data and network communication, further aligns with the needs of the data center industry. These transactions reflect Lagercrantz's commitment to expanding its capabilities in sectors that support modular data center construction, making it a significant player in this field.
8. Ratos
- Website: ratos.se
- Type: Private Equity
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 1866
- Headcount: 11-50
- LinkedIn: ratos
Ratos is a private equity investment company based in Stockholm, Sweden, founded in 1866. The firm operates across various sectors, including construction, manufacturing, and consumer goods, with a strong emphasis on sustainability and efficiency. Ratos aims to create value for its shareholders while addressing the diverse needs of its customer base. Notably, Ratos has made significant investments in the construction industry, including the acquisition of a 63% stake in Vestia Construction Group, which has shown remarkable growth and is expected to generate substantial revenue. This acquisition complements Ratos's existing construction operations, particularly with HENT, indicating a strategic focus on enhancing its capabilities in the construction sector. Additionally, Ratos has engaged in other acquisitions, such as Aibel, which specializes in energy services, and Airteam, a ventilation services company, showcasing its diverse investment portfolio. However, there is no direct evidence of investments specifically targeting modular data center construction.
9. 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. In recent transactions, Industrifonden has invested in ZeroPoint Technologies, which focuses on climate tech, and Avassa, which is developing a Platform-as-a-Service (PaaS) for managing distributed edge clouds for container applications. The latter investment is particularly relevant to the modular data center construction industry, as it supports the infrastructure needed for modern data center operations. Industrifonden aims to create long-term value through partnerships with passionate founders, and their investments reflect a commitment to advancing technologies that can impact various sectors, including modular data centers.
10. Nalka
- Website: nalka.com
- Type: Private Equity
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 2015
- Headcount: 11-50
- Number of deals in 2024: 1
- LinkedIn: nalka
Nalka is a private equity investment firm based in Stockholm, Sweden, founded in 2015. The firm focuses on developing independent companies in the Nordic and DACH regions, providing investment management and strategic support to small- and medium-sized businesses. Nalka emphasizes sustainable growth and responsible ownership. Notably, Nalka acquired Nordic Modular Group in November 2014, a company that specializes in modular construction, which is directly relevant to the modular data center construction industry. This acquisition highlights Nalka's interest in the modular sector. Additionally, Nalka has been involved in other acquisitions, such as Office Management and Airteam a/s, which, while not directly related to modular data centers, demonstrate the firm's active investment strategy in various sectors. Their long-term perspective and focus on sustainability further align with the growing demand for efficient and eco-friendly modular data centers.
11. Munters
- Website: munters.com
- Type: Corporate
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 1955
- Headcount: 1001-5000
- Number of deals in 2024: 4
- LinkedIn: munters
Munters is a climate control solutions provider based in Stockholm, Sweden, specializing in energy-efficient products for industrial and agricultural applications. Founded in 1955, the company has a workforce of 1001-5000 employees and has been actively expanding its presence in the data center market. In 2022, Munters acquired EDPAC, an Ireland-based manufacturer of data center cooling equipment, for MEUR 29, which was part of their strategy to strengthen their foothold in the European data center market. In 2024, they announced the acquisition of Geoclima, an Italian chiller manufacturer, further enhancing their product portfolio in energy-efficient cooling solutions tailored for data centers. These acquisitions demonstrate Munters' commitment to providing advanced climate control solutions that are essential for the efficient operation of modular data centers.
12. Thule Investments
- Website: thuleinvestments.is
- Type: Corporate
- Headquarters: Kópavogur, Kópavogsbær, Iceland
- Founded year: 2003
- Headcount: 1-10
- LinkedIn: thule-investments
Thule Investments is an investment management firm based in Kópavogur, Iceland, founded in 2003. The firm specializes in managing private equity portfolios and venture capital investments, primarily serving businesses and organizations in Iceland, Europe, and the USA. Among their notable transactions, Thule Investments participated in the funding of Borealis Data Center in January 2017, which raised an undisclosed amount in a venture round. This investment highlights their engagement in the modular data center construction sector. Additionally, they were involved in a seed round for Delta Mining in May 2022, raising $1,100,000. While Thule Investments has shown some activity in relevant sectors, their overall focus appears to be broader than just modular data centers.
13. Inventure
- Website: inventure.vc
- Type: Venture Capital
- Headquarters: Helsinki, Uusimaa, Finland
- Founded year: 2005
- Headcount: 11-50
- Number of deals in 2024: 9
- LinkedIn: inventure
Inventure is a venture capital firm based in Helsinki, Finland, founded in 2005. The firm specializes in backing ambitious Nordic and Baltic founders, providing venture capital investment and portfolio management services to early-stage tech startups. Inventure has been involved in several notable transactions, including investments in UpCloud, a Helsinki-based cloud server provider that raised €18 million in funding to expand its cloud computing services. This investment highlights Inventure's engagement with companies that are integral to the data center ecosystem. Additionally, Inventure participated in an earlier funding round for UpCloud, further demonstrating its commitment to supporting businesses that operate within the cloud and data center space. Other investments, such as those in UltiHash and ReOrbit, focus on data storage and satellite technology, respectively, which, while not directly related to modular data centers, indicate a broader interest in technology that supports data management and infrastructure.
14. OpenOcean
- Website: openocean.vc
- Type: Venture Capital
- Headquarters: Helsinki, Uusimaa, Finland
- Founded year: 2009
- Headcount: 11-50
- Number of deals in 2024: 7
- LinkedIn: openocean-vc
OpenOcean is a venture capital firm based in Helsinki, Finland, founded in 2009. The firm specializes in investing in early-stage technology startups across Europe, particularly those that empower founders in the data economy. OpenOcean has participated in several relevant transactions, including investments in Sunlight.io, a company focused on Edge-as-a-Service infrastructure, which is crucial for modern modular data centers. They also invested in MariaDB, an open-source database company that aims to deliver deployment-agnostic solutions for the cloud, further indicating their interest in scalable data solutions. With a total of 7 investments in 2024, OpenOcean continues to support innovative technology solutions that could intersect with the modular data center construction industry.
Modular Data Center Construction Insights: Key Investors in the Nordics
| Investor | Headquarter | Size | Founded | Deals 2024 |
|---|---|---|---|---|
| EQT Group | Stockholm, Stockholm, Sweden | 1001-5000 | 1994 | 30 |
| CapMan | Helsinki, Uusimaa, Finland | 51-200 | 1989 | 4 |
| Seb | Stockholm, Stockholm, Sweden | 10001+ | 1856 | 13 |
| Lindab Group | Grevie, Skåne, Sweden | 1001-5000 | 1959 | 6 |
| Segulah Advisor | Stockholm, Stockholm, Sweden | 11-50 | 1994 | 0 |
| Hexatronic Group | Gothenburg, Västra Götaland, Sweden | 501-1000 | 1993 | 0 |
| Lagercrantz Group AB | Stockholm, Stockholm, Sweden | 1001-5000 | 2001 | 6 |
| Ratos | Stockholm, Stockholm, Sweden | 11-50 | 1866 | 0 |
| Industrifonden | Stockholm, Stockholm, Sweden | 11-50 | 1979 | 9 |
| Nalka | Stockholm, Stockholm, Sweden | 11-50 | 2015 | 1 |
| Munters | Stockholm, Stockholm, Sweden | 1001-5000 | 1955 | 4 |
| Thule Investments | Kópavogur, Kópavogsbær, Iceland | 1-10 | 2003 | 0 |
| Inventure | Helsinki, Uusimaa, Finland | 11-50 | 2005 | 9 |
| OpenOcean | Helsinki, Uusimaa, Finland | 11-50 | 2009 | 7 |
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