The premium pet food industry in the Nordics focuses on high-quality, nutritious products designed for pets' well-being. Companies range from established brands to startups specializing in organic, grain-free, and bespoke formulations. This sector is thriving due to pet ownership growth, with consumers increasingly investing in premium nutrition. Innovations in pet health and sustainability trends are shaping the market, reflecting a shift towards plant-based and natural ingredients. Furthermore, increasing awareness of pet dietary needs is promoting the development of functional foods, meaning that the industry's trajectory is geared towards healthier, high-value offerings that appeal to discerning pet owners.

Insight into the investor landscape shows a mix of private equity firms and venture capitalists, primarily based in Sweden, Denmark, and Norway. The investors vary in size, from microfunds like Mudcake to giants like EQT Group. The year 2024 alone saw them collectively engaging in 81 deal counts, indicating an enthusiastic environment for investments in this sector. Founded between 1989 and 2017, these firms each bring unique strategies focusing on sustainable, high-quality, and health-oriented pet food innovations. Their contributions signal a promising shift towards premium offerings in Nordic markets.

Top 14 Premium Pet Food 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. Notably, EQT has made significant investments in the pet industry, including the acquisition of Musti ja Mirri Group, a leading pet specialty retailer in the Nordic region, which operates 127 stores and generated pro forma sales of EUR 81 million in 2014. Additionally, EQT's investment in IVC Evidensia, Europe's largest veterinary care provider, highlights its strategic focus on the pet sector, further solidifying its position as a key player in the premium pet food market.

2. 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. It specializes in sustainable food production through impact investments in plant-based and foodtech companies. The firm caters to both individual and institutional investors who are interested in supporting the transition to a plant-based lifestyle while achieving financial returns. Notably, Kale United has invested in several relevant transactions within the premium pet food sector, including a $1.5 million investment in OMNI, a plant-based dog food startup, and participation in a $1.01 million funding round for THE PACK, which focuses on nutritionally complete oven-baked dried dog food. These investments highlight Kale United's commitment to the premium pet food market and its alignment with sustainable food practices.

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. The company operates across various sectors, including branded consumer goods, aluminium solutions, and financial investments. Orkla offers a diverse range of products, including food, snacks, health, and personal care items. Notably, Orkla has made significant strides in the premium pet food industry, exemplified by its investment in BioCraft Pet Nutrition, which raised funds in a seed round in April 2021. This investment highlights Orkla's commitment to enhancing its portfolio in the pet food sector. Additionally, Orkla Health's acquisition of Vesterålen Marine Oil in January 2022, while primarily focused on health and sustainability, also indicates a strategic interest in high-quality ingredients that could be relevant for premium pet food formulations. Overall, Orkla's activities reflect a strong alignment with the premium consumer goods market, including pet nutrition.

4. 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 including dental care and anxiety. Swedencare operates an online store for direct consumer sales. In recent years, they have made significant acquisitions to expand their footprint in the pet health sector. Notable transactions include the acquisition of NaturVet for $447.5 million, which specializes in therapy supplements for pets, and Custom Vet Products, a UK-based producer of soft chews for pets, enhancing their presence in the premium pet food market. Other acquisitions, such as Nutravet and Innovet, further solidify their commitment to the animal healthcare and nutrition industry.

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 focus on tech startups that address global challenges, providing investment, accelerator programs, and mentorship to early-stage companies. Katapult has been involved in various sectors, including climate-tech and ocean-tech. Notably, they invested in Alvar Pet, which raised $157,681 in a seed round in December 2022, indicating their interest in the premium pet food industry. They also participated in funding rounds for companies like Hooked Foods, which develops plant-based food products, showcasing their commitment to innovative food solutions. This diverse portfolio reflects their strategy of supporting startups that align with their impact investment philosophy while also venturing into the pet food sector.

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 and has a diverse portfolio of companies across multiple continents. Notably, they have invested in OMNI, a plant-based dog food startup that raised $1.5 million to expand its product line, and Bond Pet Foods, which raised $1.3 million in a convertible note. These investments highlight Mudcake's commitment to the premium pet food sector, alongside their broader focus on food innovation.

7. 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. Almi aims to enhance the growth and competitiveness of these businesses by offering tailored financial solutions and guidance. Among their notable transactions, Almi has invested in companies like Tebrito, which has raised multiple seed rounds totaling over $4 million, and OTTOs barnmat, which focuses on pet food. These investments highlight Almi's engagement in the premium pet food sector, showcasing their commitment to supporting innovative businesses in this industry.

8. 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 pet health sector, including a Series B financing round for Invetx, which raised US$60.5 million to advance its monoclonal antibody pipeline targeting chronic diseases in dogs and cats. Additionally, it has invested in Deep Branch Biotechnology, a company producing alternative feed ingredients, which could have implications for pet food production. These transactions highlight Novo Holdings' engagement in the premium pet food and health market, making it a relevant player in this space.

9. 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. Heartcore has been involved in various transactions, including notable investments in the pet food sector, such as Front of the Pack, a startup focused on premium pet food products. They participated in both a seed funding round of $3.5 million in September 2020 and a Series A funding round of $10 million in July 2021 for Front of the Pack, which has shown significant revenue growth. This involvement highlights Heartcore's interest in the premium pet food market, alongside their broader investment strategy in technology-driven companies.

10. 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, particularly in technology-enabled companies, and provides capital and hands-on support to help businesses scale. Verdane's investment strategy is centered around digitalization and decarbonization trends, primarily targeting technology companies looking to enhance their market position and operational efficiency. Notably, Verdane has made investments in various sectors, including the pet industry, as evidenced by their investment in Pet Media Group, which raised $12 million in a Series A funding round in August 2019. This investment highlights Verdane's interest in the pet sector, complementing their broader portfolio that includes companies like Fiksuruoka, a technology and e-commerce firm focused on reducing food waste, and MatHem, a Swedish online grocer. These transactions reflect Verdane's diverse investment approach while still engaging with the premium pet food market.

11. Nordic Capital

• Website: nordiccapital.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1989
• Headcount: 201-500
• Number of deals in 2024: 10
• LinkedIn: nordic-capital

Nordic Capital is a private equity firm based in Stockholm, Sweden, founded in 1989. The firm specializes in investments across various sectors, including healthcare and technology, and is known for partnering with management teams to drive growth and operational improvements in portfolio companies. Nordic Capital has a strong focus on creating long-term value and sustainability in its investments. Notably, they acquired AniCura in June 2014, a leading provider of veterinary care in Europe, which aligns with the premium pet food industry by emphasizing the health and well-being of pets. This acquisition highlights their engagement in the pet care market, which is closely linked to premium pet food products. Additionally, Nordic Capital has been involved in various other sectors, but their investment in AniCura positions them as a relevant investor in the pet industry.

12. 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 focuses on enhancing operational efficiency and sustainable growth for its partners through tailored investment strategies and digital transformation solutions. Altor has been involved in several significant transactions, including the acquisition of Hamlet Protein, a Danish producer of animal and aquaculture feed, which positions the company as a leader in high value-add young animal feed. This acquisition highlights Altor's commitment to the premium pet food sector. Additionally, Altor's investment in EWOS, a company involved in aquaculture feed, further demonstrates their expertise in the animal feed industry, which is closely related to premium pet food. Overall, Altor's diverse portfolio and strategic investments in relevant sectors make them a noteworthy player in the premium pet food investment landscape.

13. Polaris Private Equity

• Website: polarisequity.dk
• Type: Private Equity
• Headquarters: Copenhagen, Denmark
• Founded year: 1998
• Headcount: 51-200
• Number of deals in 2024: 4
• LinkedIn: polaris-private-equity

Polaris Private Equity is a private equity firm based in Copenhagen, Denmark, founded in 1998. The firm specializes in investment management, focusing on supporting mid-sized companies in the Nordic region through tailored investment strategies, including private equity, flexible capital, and public equity. Polaris partners with management teams to drive growth and operational improvements, helping these companies realize their full potential. Notably, Polaris has made significant acquisitions in the food sector, including FaunaPharma and HAMLET PROTEIN, which are relevant to the premium pet food industry. Their acquisition of FaunaPharma in November 2024 suggests a strategic interest in the pet food or pet health market, while HAMLET PROTEIN's focus on high-quality protein products aligns with the needs of premium pet food manufacturers. These transactions highlight Polaris's commitment to investing in companies that can enhance the quality and nutritional value of pet food products.

14. Novax

• Website: novax.se
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1999
• Headcount: 11-50
• Number of deals in 2024: 3
• LinkedIn: novax-ab

Novax is a Stockholm-based venture capital firm founded in 1999, specializing in supporting and developing small and medium-sized growth companies across various sectors, including health, technical security, sustainable food, and digital retail infrastructure. In recent years, Novax has made significant investments in the food industry, including the acquisition of MSK Ingredients, a UK leader in specialty ingredients for the food sector, aimed at enhancing food innovation and sustainability. They also acquired a majority share in Louis François SAS, a French developer of specialty functional ingredients, further expanding their network in the food business. Notably, Novax participated in a growth financing round for Prolupin, a plant-based protein company, indicating their interest in innovative food solutions that could be applicable to premium pet food. These transactions highlight Novax's commitment to enhancing the growth potential of companies within the food sector, making them a relevant investor in the premium pet food market.

Premium Pet Food Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Kale United	Stockholm, Stockholm, Sweden	1-10	2018	2
Orkla ASA	Oslo, Oslo, Norway	10001+	2017	1
Swedencare	Malmo, Skåne, Sweden	11-50	2000	1
Katapult	Oslo, Oslo, Norway	11-50	2017	8
Mudcake	Stockholm, Stockholm, Sweden	1-10	2020	3
Almi	Stockholm, Stockholm, Sweden	201-500	1994	7
Novo Holdings	Hellerup, Denmark	51-200	1999	45
Heartcore Capital	Copenhagen, Denmark	11-50	2007	17
Verdane	Oslo, Oslo, Norway	51-200	1985	7
Nordic Capital	Stockholm, Stockholm, Sweden	201-500	1989	10
Altor Equity Partners	Stockholm, Stockholm, Sweden	51-200	2003	6
Polaris Private Equity	Copenhagen, Denmark	51-200	1998	4
Novax	Stockholm, Stockholm, Sweden	11-50	1999	3

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