The sports tourism industry in the Nordics is a thriving sector, blending travel with sporting adventures. Enthusiasts flock to iconic locations for skiing, hiking, and motorsports, driving demand for specialized travel services. Companies in this sector include event organizers, travel agencies, and on-site facilities that cater to both competitive and recreational activities. Recently, factors like sustainable tourism and digital platforms are reshaping experiences, making it easier for travelers to access unique sporting events. The Nordics' amazing natural scenery continues to position it as a premier destination for adventurous travelers looking to combine their love for sports with exploration.

The investment landscape for sports tourism in the Nordics is dynamic, featuring a mix of venture capital and private equity firms. Most investors, such as EQT Group and Heartcore Capital, are headquartered in Stockholm or Copenhagen, reflecting the region's financial hubs. Established between 1989 and 2016, these firms vary in size from small teams to thousands of employees, with 2024 deal counts ranging from 0 to 30. This indicates a strong commitment to growing interests in sports tourism across different segments and stages of investment.

Top 14 Sports Tourism 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. Almi aims to enhance the growth and competitiveness of these businesses through tailored financial solutions and guidance. Among its notable transactions, Almi has invested in Kungsbergets Hotellfastighet and Säfsen Resort, both of which are linked to the hospitality and tourism sector, particularly in areas that attract sports enthusiasts. Additionally, Almi led a funding round for World's Marathons, a company that develops a global marketplace for marathon events, further solidifying its involvement in the sports tourism industry. These investments reflect Almi's strategic focus on supporting enterprises that contribute to the sports tourism landscape.

2. 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 enhancing operational efficiency and sustainable growth for its partners through tailored investment strategies and digital transformation solutions. Altor has been involved in several notable transactions that intersect with the sports tourism industry. For instance, they acquired a minority stake in O'Learys Holding AB, a leading sports-themed restaurant chain in Europe, which aligns with the sports tourism sector by providing dining experiences for sports fans. Additionally, Altor's investment in XXL Sport & Villmark, a retailer of sporting goods, further emphasizes their engagement in the sports market. These transactions highlight Altor's commitment to supporting businesses that cater to sports enthusiasts and tourists alike.

3. 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 founded in 1994, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Based in Stockholm, Sweden, EQT serves institutional investors by managing diverse investment portfolios across various sectors and geographies. Notably, EQT has made significant investments in the sports sector, including the acquisition of XXL Sport & Villmark, a leading sports retail chain in the Nordic region, which highlights their engagement in the sports industry. Additionally, their investment in United Talent Agency (UTA) positions them as a key player in the sports marketing and talent management space, further emphasizing their relevance in the sports tourism context. These transactions reflect EQT's strategic focus on sectors that intersect with sports and tourism, making them a noteworthy investor in this field.

4. 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, providing both capital and guidance to entrepreneurs. Heartcore has a global reach and emphasizes building long-term relationships with founders. Notably, Heartcore has been involved in several significant transactions in the travel sector, including multiple funding rounds for Fora, a tech-forward travel agency. Fora raised a total of $40 million in Series C funding in January 2025, $20 million in Series B funding in January 2023, and $13.5 million in Series A funding in August 2022, which they plan to use to enhance their platform and services. Additionally, Heartcore invested $6.4 million in Byway Travel in July 2024, further demonstrating their active role in the travel industry, which intersects with sports tourism.

5. Kinnevik

• Website: kinnevik.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1936
• Headcount: 11-50
• Number of deals in 2024: 10
• LinkedIn: investment-ab-kinnevik

Kinnevik is a Stockholm-based investment company founded in 1936, known for partnering with innovative entrepreneurs across various sectors, including healthcare, software, marketplaces, and climate tech. They provide capital and operational support to help companies scale and create long-term value. Notably, Kinnevik has made significant investments in the travel and tourism sector, including Omio, which raised $100 million in 2020 and $150 million in 2018, positioning itself as a key player in travel booking. Additionally, Kinnevik invested in Wimdu, an Airbnb clone, which raised $90 million in 2011, highlighting their interest in the accommodation segment of the travel industry. More recently, Kinnevik participated in a $200 million funding round for TravelPerk in 2025, a platform that streamlines business travel management, further solidifying their footprint in the travel sector relevant to sports tourism.

6. VNV Global AB

• Website: vnv.global
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1996
• Headcount: 1-10
• Number of deals in 2024: 1
• LinkedIn: vostok-new-ventures-ltd

VNV Global AB is a venture capital investment firm based in Stockholm, Sweden, founded in 1996. The firm focuses on providing capital and expertise to innovative companies across various sectors, including Mobility and Digital Health. VNV Global aims to support mission-driven entrepreneurs in developing scalable and sustainable business models, emphasizing long-term profitability and the creation of strong market positions. Notably, VNV Global has invested in Campspace, a booking platform for camping on private natural grounds, which raised €3 million in funding led by VNV Global in April 2022. This investment highlights their interest in outdoor recreational activities, which are integral to sports tourism. Additionally, VNV Global has invested in OneTwoTrip, a travel booking website, which further connects them to the tourism sector. Their diverse portfolio indicates a willingness to explore various industries, including those related to sports tourism.

7. Butterfly Ventures

• Website: butterfly.vc
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2012
• Headcount: 1-10
• Number of deals in 2024: 5
• LinkedIn: butterfly-ventures

Butterfly Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2012. The firm specializes in seed stage investments, particularly in deep tech startups, and is committed to providing capital and strategic support to early-stage companies. Butterfly Ventures emphasizes social and environmental impact, actively engaging with its portfolio companies to foster innovation and success. Among their notable transactions, they have invested in Sports Tracking Technologies, which focuses on performance tracking in sports, and CaddieON, which offers a digital caddie solution for golfers. These investments highlight Butterfly Ventures' involvement in the sports technology sector, which is closely related to sports tourism, as it enhances the experience of sports enthusiasts and tourists alike.

8. 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 its portfolio companies. Nordic Capital has a strong focus on creating long-term value and sustainability in its investments, catering primarily to institutional investors seeking sustainable opportunities. Notably, Nordic Capital has made significant investments in the sports sector, including the acquisition of Unisport, a leading football equipment retailer, in 2015. This acquisition highlights their interest in the sports industry, which is relevant to sports tourism. Additionally, Nordic Capital operates alongside other sports-related concerns, such as Sportmaster, further emphasizing their engagement in the sports market.

9. Nordic Eye Venture & Growth Capital

• Website: nordiceye.com
• Type: Venture Capital
• Headquarters: Copenhagen, Denmark
• Founded year: 2016
• Headcount: 11-50
• LinkedIn: nordic-eye

Nordic Eye Venture & Growth Capital is a venture capital firm based in Copenhagen, Denmark, founded in 2016. The firm specializes in investing in growth companies within the technology and lifestyle sectors, providing capital and strategic support to startups to help them scale and achieve market fit. Notable transactions include a $2.75 million seed investment in 57hours, a platform that connects users with outdoor adventure experiences, which is relevant to sports tourism. They also led a funding round for LuggageHero, a luggage-storage service, which, while not directly related to sports tourism, supports travelers. Additionally, they invested in AirHelp, a legal service for air passengers, which indirectly relates to travel but is not specific to sports tourism. Overall, Nordic Eye's focus on high revenue potential and collaboration with portfolio companies positions them as a versatile investor in the lifestyle and travel sectors.

10. Norvestor

• Website: norvestor.com
• Type: Private Equity
• Headquarters: Oslo, Oslo, Norway
• Founded year: 1989
• Headcount: 11-50
• Number of deals in 2024: 3
• LinkedIn: norvestor-equity-as

Norvestor is a private equity firm based in Oslo, Norway, founded in 1989. The firm specializes in investment management and advisory services, focusing on partnering with medium-sized Nordic businesses to support their growth and development. Norvestor emphasizes sustainability and invests across various sectors, including IT services and property maintenance. Notably, they have made significant investments in the tourism sector, including the acquisition of Nordic Camping & Resort in 2017, which enhances their portfolio in the leisure and travel industry. Additionally, their investments in Etraveli and Hertz further demonstrate their involvement in the travel and transportation sectors, which are closely linked to sports tourism.

11. Dfds

• Website: dfds.com
• Type: Corporate
• Headquarters: Copenhagen, Denmark
• Founded year: 1866
• Headcount: 10001+
• Number of deals in 2024: 2
• LinkedIn: dfds

DFDS is a prominent logistics and ferry operator based in Copenhagen, Denmark, founded in 1866. The company specializes in providing passenger and freight transportation services across Europe, operating a network of ferry routes that include mini cruises and package holidays. This service caters to both individual travelers and businesses needing logistics solutions. In recent years, DFDS has made strategic acquisitions to enhance its service offerings, including the acquisition of two ferries from Moby to improve capacity on the Amsterdam-Newcastle route and the acquisition of FRS Iberia/Maroc to expand its network to the Strait of Gibraltar. These expansions not only strengthen DFDS's market presence but also enhance their ability to serve tourists, including those traveling for sports events. Their focus on improving customer experience through these acquisitions aligns with the interests of sports tourists who seek convenient travel options to various sporting destinations.

12. 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. 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 invested in Let’s Do This, a UK-based endurance event marketplace, participating in both Series A and Series B funding rounds. This involvement highlights their commitment to the sports tourism sector, as Let’s Do This facilitates access to endurance sporting events. Additionally, EQT Ventures has invested in Holidu, a travel tech company that simplifies the search and booking of holiday rentals, further indicating their interest in the travel and tourism industry, which often overlaps with sports tourism.

13. 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 collaborates with entrepreneurs and other investors, managing state interests in seed and venture funds. Among its notable transactions, Investinor participated in the Series A funding round for Skitude in January 2019, raising $2,063,070. Skitude is a technology company that enhances the experience of sports tourism, particularly in skiing and outdoor activities, by offering solutions for ski resorts and outdoor enthusiasts. This investment highlights Investinor's engagement in the sports tourism sector, alongside its broader investment strategy.

14. Dreamcraft Ventures

• Website: dreamcraft.vc
• Type: Venture Capital
• Headquarters: Copenhagen, Denmark
• Founded year: 2019
• Headcount: 11-50
• Number of deals in 2024: 5
• LinkedIn: bumbleventures

Dreamcraft Ventures is a venture capital firm based in Copenhagen, Denmark, founded in 2019. The firm specializes in investing in tech-driven companies across various sectors, including gaming, esports, and B2B SaaS. They provide not only capital but also hands-on support to help startups grow and succeed. In 2023, Dreamcraft Ventures invested €1.3 million in NeoKe, a travel technology startup that aims to enhance the travel experience through innovative solutions. This investment highlights their interest in the travel industry, which is relevant to sports tourism. Additionally, they have been involved in various other transactions, such as funding for GRID Esports, which, while primarily focused on esports, indicates their engagement in sectors that intersect with sports and entertainment.

Sports Tourism Insights: Key Investors in the Nordics

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