The animal nutrition supplements industry in the Nordics focuses on enhancing the health and performance of livestock and pets. Companies in this sector produce a range of products including dietary supplements, functional feeds, and organic additives, addressing growing consumer demand for sustainable and health-conscious choices. The industry is experiencing a shift towards biotechnological innovations aimed at improving nutritional quality and animal welfare. Sustainability has become a vital consideration, prompting firms to explore plant-based ingredients and eco-friendly practices. As consumer awareness increases, the market is poised for growth, supported by both traditional agriculture and emerging startups targeting novel formulations.


In 2024, a group of notable investors shaped the animal nutrition supplements sector across the Nordics. This list comprises venture capital firms, corporate investors, and private equity players from Sweden, Denmark, and Norway. With funds ranging from small micro-funds to large-cap firms, they collectively executed over 130 investments. Founded between 1955 and 2021, these investors vary in size, from less than ten employees to well over 5,000. Their active engagement not only highlights a commitment to animal health but also indicates a greener trajectory for the industry.


Top 15 Animal Nutrition Supplements 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, providing capital and strategic support to enhance healthcare solutions. Notably, Novo Holdings has invested in Bactolife, which is working towards commercializing its technology for animal health, and in Invetx, which develops therapeutics for chronic diseases in pets. Furthermore, their investment in Deep Branch Biotechnology, a producer of alternative feed ingredients, highlights their engagement in the animal nutrition sector. These transactions illustrate Novo Holdings' commitment to supporting innovations that can improve animal health and nutrition.


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 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. Among their notable transactions, EQT has invested in IVC Evidensia, the largest veterinary care provider in Europe, which underscores their involvement in the animal health sector. Additionally, their investment in Formo, an innovative producer of animal-free cheese, highlights their interest in sustainable food alternatives that relate to animal nutrition. These strategic investments reflect EQT's commitment to sectors that impact animal health and nutrition, positioning them as a relevant player in this industry.


3. 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 pets, including dogs, cats, and horses. Swedencare operates an online store for direct consumer sales. Notably, the company has made significant acquisitions to enhance its presence in the animal nutrition supplements market. In February 2022, Swedencare acquired US-based NaturVet for $447.5 million, a company known for its therapy supplements for pets. In November 2016, they acquired Ecuphar Ltd, which bolstered their product offerings in the Dog & Cat and Equine segments. Additionally, the acquisition of Nutravet in September 2020 for 375 million SEK further solidified their operations in the animal healthcare sector. These strategic moves illustrate Swedencare's dedication to expanding its influence and product range within the animal nutrition supplements industry.


4. 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. Kale United has been actively involved in the animal nutrition supplements sector, particularly through investments in startups like OMNI, which raised $1.5 million to develop plant-based dog food, and THE PACK, which secured $1.01 million for its oven-baked dried dog food. Additionally, they participated in funding rounds for other foodtech companies, demonstrating their commitment to innovative and sustainable food solutions.


5. 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 founded in 2020, based in Stockholm, Sweden. 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, and Nutropy, which raised €2 million to produce animal-free French cheeses. These investments highlight Mudcake's commitment to the animal nutrition supplements sector, alongside their broader focus on food innovation.


6. 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 multiple 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 animal nutrition supplements industry through key transactions. In 2021, they invested in BioCraft Pet Nutrition during its seed round, indicating a commitment to the pet nutrition market. Furthermore, in 2022, Orkla Health acquired 95% of Vesterålen Marine Olje AS, a company that produces residual raw materials from white fish, enhancing their health and sustainability initiatives, particularly for their Möller’s Tran cod liver oil brand. These acquisitions reflect Orkla's strategy to strengthen its position in the health and nutrition sectors, including animal nutrition supplements.


7. 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 that include 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 several acquisitions in the animal nutrition supplements sector, including HAMLET PROTEIN in 2007, which specializes in high-quality protein products for young animals, and more recently, FaunaPharma and Salfarm in 2024, both of which are involved in animal health and nutrition. These transactions highlight Polaris's active role in the animal nutrition industry, reinforcing their relevance as an investor in this field.


8. Nextmune


Nextmune is a corporate investor based in Stockholm, Sweden, founded in 2015. The company is dedicated to enhancing the health of companion animals, including dogs, cats, and horses, through a range of veterinary pharmaceutical products. Their focus areas include allergy management, dermatology, and specialized nutrition, which positions them well within the animal health sector. In 2024, Nextmune acquired Vetbiotek, a move aimed at expanding their dermatology product portfolio. Additionally, they have made significant acquisitions in the past, such as Laboratoire de Dermo-Cosmétique Animale, which specializes in pet dermatology, and Diavet, which enhances their capabilities in veterinary allergy solutions. These transactions reflect Nextmune's strategy to strengthen its market position and broaden its product offerings, potentially including animal nutrition supplements.


9. Vimian Group

  • Website: vimian.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2021
  • Headcount: 1001-5000
  • LinkedIn: vimian-group

Vimian Group is an animal health company based in Stockholm, Sweden, founded in 2021. The company focuses on improving animal health through innovative diagnostics, treatments, and veterinary services, catering to veterinary professionals and pet owners. Vimian operates globally and has made significant strides in the animal health market through various acquisitions. Notable transactions include the acquisition of Bova Holdings Limited, a UK-based specialty pharmaceuticals company for companion animals, which enhances their portfolio in the animal health sector. They also acquired Laboratoire de Dermo-Cosmétique Animale, a French pet dermatology specialist, to strengthen their dermatology product offerings. Other acquisitions, such as Kahu Vet Group and Vertical Vet, LLC, further expand their reach in veterinary services and surgical products. These strategic moves position Vimian as a key player in the animal health industry, with implications for animal nutrition supplements as part of their broader health solutions.


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. Heartcore has been active in various sectors, including animal nutrition, as evidenced by their investments in companies like Front of the Pack, a pet health startup that raised significant funding to support its growth, and Numi, a milktech startup focused on innovative dairy solutions. These transactions highlight Heartcore's commitment to supporting businesses that contribute to animal health and nutrition, aligning with their broader investment strategy.


11. 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 in deep tech and brand-driven companies, providing funding and support to early-stage startups to help them navigate growth and innovation challenges. Maki.vc operates primarily in the Nordic region but maintains a global investment mandate. Notably, Maki.vc has invested in Alvar Pet, which raised over $2.3 million in a seed round in November 2021 and $1.18 million in August 2020, indicating a focus on the pet nutrition sector. Additionally, they have invested in Volare, which raised significant funding in both seed and Series A rounds, suggesting an interest in innovative solutions that could impact animal nutrition and health. These transactions highlight Maki.vc's commitment to supporting companies that may contribute to advancements in animal nutrition supplements.


12. Finnfund

  • Website: finnfund.fi
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1980
  • Headcount: 51-200
  • Number of deals in 2024: 7
  • LinkedIn: finnfund

Finnfund is a not-for-profit development financier and impact investor based in Helsinki, Finland, founded in 1980. The organization focuses on creating sustainable futures by investing in companies that address global development challenges, particularly in developing countries. Finnfund provides investment and advisory services to promote economic growth and sustainability across various sectors. Notably, Finnfund has made significant investments in the animal nutrition sector, including a $5 million investment in EthioChicken, an Ethiopian chicken company, aimed at enhancing food security and job creation. Additionally, their involvement in other agricultural financing initiatives, such as Proximity Finance, which supports farmers in Myanmar, further underscores their commitment to sustainable agricultural practices and animal nutrition. These transactions highlight Finnfund's role in fostering economic development through investments that directly impact the animal nutrition supplements industry.


13. 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, founded in 1955. The company specializes in energy-efficient products for industrial and agricultural applications, offering a range of solutions including dehumidifiers, air cleaning systems, and cooling systems. Munters serves various sectors, including food agriculture, where precise climate control is essential for enhancing productivity and sustainability. Notably, Munters has made significant investments in the animal agriculture sector, including the acquisition of Reventa, a German company focused on climate control systems for livestock buildings, which strengthens their position in the swine segment. Additionally, they acquired MTech Systems, a company specializing in software for poultry and swine production, integrating advanced data analytics with climate control solutions. Their recent acquisition of Hotraco, a developer of control systems for agriculture, further emphasizes their commitment to enhancing their FoodTech portfolio. These transactions highlight Munters' active role in the animal nutrition context, making them a relevant investor in this industry.


14. 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 providing consulting services across various sectors, including technology and consumer products, with an emphasis on operational efficiency and sustainable growth. Notably, Altor has made significant investments in the animal nutrition supplements industry, including the acquisition of Hamlet Protein, a Danish producer of high value-add young animal feed, and EWOS, a leading aquaculture feed company. These strategic investments highlight Altor's commitment to enhancing the animal nutrition sector and supporting companies that contribute to sustainable practices in animal feeding.


15. 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, with a strong emphasis on creating long-term value and sustainability. Notably, Nordic Capital has made significant investments in the veterinary sector, acquiring AniCura in 2014, a leading provider of veterinary care in Europe, and participating in funding for United Veterinary Care, which focuses on veterinary services. These transactions highlight Nordic Capital's commitment to enhancing animal health and wellness, aligning with the interests of the animal nutrition supplements industry.



Animal Nutrition Supplements Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Novo HoldingsHellerup, Denmark51-200199945
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
SwedencareMalmo, Skåne, Sweden11-5020001
Kale UnitedStockholm, Stockholm, Sweden1-1020182
MudcakeStockholm, Stockholm, Sweden1-1020203
Orkla ASAOslo, Oslo, Norway10001+20171
Polaris Private EquityCopenhagen, Denmark51-20019984
NextmuneStockholm, Stockholm, Sweden51-20020151
Vimian GroupStockholm, Stockholm, Sweden1001-500020210
Heartcore CapitalCopenhagen, Denmark11-50200717
Maki.vcHelsinki, Uusimaa, Finland1-10201811
FinnfundHelsinki, Uusimaa, Finland51-20019807
MuntersStockholm, Stockholm, Sweden1001-500019554
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
Nordic CapitalStockholm, Stockholm, Sweden201-500198910


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