The aquaculture industry in the Nordics is a rapidly expanding sector focused on the sustainable cultivation of fish, shellfish, and sea plants. Countries like Norway, Sweden, and Finland host numerous companies that innovate in fish farming, feed production, and technology solutions needed to ensure health and safety in aquatic environments. With increasing global demand for seafood, these companies are carving a niche in eco-friendly practices and technological advances, aiming for improvements in efficiency and sustainability. Recent trends show a growing interest in plant-based seafood alternatives and alternative feed sources, reflecting evolving consumer preferences.

In the Nordics, 2024 saw active participation from a variety of investors in the aquaculture space, comprising venture capital, private equity, and corporate entities. These investors, headquartered in renowned cities like Oslo, Stockholm, and Helsinki, range from small microfunds to large corporations. Founded between 1820 and 2018, these firms have collectively engaged in numerous transactions, investing heavily into transformative companies such as AquaRech and Nordic SeaFarm. Together, they showcase a unified effort towards sustainable growth in an industry primed for innovation.

Top 15 Aquaculture Investors in the Nordics

1. 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 address global challenges, particularly in sectors like climate-tech and ocean-tech. Katapult provides investment, accelerator programs, and mentorship to early-stage companies. Notably, they have made significant investments in the aquaculture sector, including a $1.7 million equity investment in AquaRech, Kenya's first fish farming platform, and a $4.5 million Series A investment in Ocean Rainforest, a multinational seaweed farmer and processor. These transactions highlight Katapult's active role in promoting sustainable aquaculture practices and supporting innovative solutions within the industry.

2. 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, with the goal of enhancing their growth and competitiveness. Almi has been involved in several notable transactions within the aquaculture industry, including investments in Gårdsfisk, which raised $1,231,100 in a venture round in 2018, and Big Akwa, a Swedish land-based trout producer. In 2023, Big Akwa secured 4.75 million SEK through a combination of equity sales and loans, with Almi Invest Mitt participating in the equity round and Almi Företagspartner providing loans. Additionally, Almi was involved in earlier funding rounds for Big Akwa, including seed rounds in 2022 and 2023, as well as an investment in Ostrea Aquaculture in 2016. These transactions highlight Almi's active role in supporting the aquaculture sector.

3. AKVA group

• Website: akvagroup.com
• Type: Corporate
• Headquarters: Norway
• Founded year: 1974
• Headcount: 1001-5000
• Number of deals in 2024: 2
• LinkedIn: akva-group-asa

AKVA group is a corporate investor based in Norway, specializing in aquaculture technology and services since its founding in 1974. The company provides comprehensive solutions for both sea-based and land-based fish farming, including infrastructure, feeding systems, and advisory services aimed at enhancing sustainability and efficiency for fish farmers. In 2023, AKVA group acquired a 51% majority stake in Submerged AS, an aquaculture technology firm, with plans to increase its ownership to 100% by 2028. This acquisition is strategically important as it aims to enhance AKVA's digital offerings in precision fish farming. Additionally, in 2024, AKVA group acquired Observe Technologies, a UK-based AI solutions firm, to strengthen its digital capabilities in the aquaculture sector. These transactions highlight AKVA group's active role in the aquaculture industry and its commitment to innovation and growth within this field.

4. 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, focused on managing the assets of the Novo Nordisk Foundation. Founded in 1999, the firm specializes in investing in life science companies at various stages of development, providing both capital and strategic support to enhance healthcare solutions. In 2024, Novo Holdings has been particularly active, with 45 investments. Notably, they entered into a binding agreement to acquire the genetics business of Benchmark Holdings plc for up to £260 million, which includes a performance-based contingent payment related to the salmon sub-segment. This acquisition highlights their engagement in the aquaculture industry, showcasing their interest in enhancing genetic solutions for aquaculture. Additionally, Novo Holdings has participated in various seed funding rounds for biotech companies, further emphasizing their commitment to innovation in life sciences, which can intersect with aquaculture advancements.

5. 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 made significant investments in the aquaculture sector, including Nordic Halibut, which raised funds in 2010, and Planktonic AS, which secured $1,051,451 in a seed round in 2019. Other relevant transactions include investments in Cryogenetics, Sorbwater Technology, and Farmforce, which, while not exclusively aquaculture-focused, contribute to the broader ecosystem that supports aquaculture innovation and sustainability.

6. 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 invested in Yalelo Limited, a company engaged in aquaculture, raising $6 million in a private equity round in September 2019. This investment highlights Finnfund's commitment to supporting sustainable aquaculture practices. Additionally, Finnfund has participated in other transactions, such as providing loans to food processing companies like Nafoods Group, which, while not directly in aquaculture, supports the broader food supply chain that includes aquaculture products.

7. 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 across various sectors, including technology and consumer products. Notably, Altor has made significant investments in the aquaculture industry, including the acquisition of Nova Austral, a prominent salmon farming company, and EWOS, a major supplier of aquaculture feed. Additionally, their investment in Hamlet Protein, a producer of high-value animal and aquaculture feed, positions them as a key player in the aquaculture supply chain. These strategic investments reflect Altor's commitment to supporting sustainable practices and growth within the aquaculture sector.

8. Summa Equity

• Website: summaequity.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2016
• Headcount: 51-200
• Number of deals in 2024: 6
• LinkedIn: summa-equity

Summa Equity is a private equity firm based in Stockholm, Sweden, founded in 2016. The firm specializes in thematic investments that address global challenges, focusing on sustainable investment solutions across various sectors, including resource efficiency and technology. Summa Equity's clients include institutional investors and companies seeking capital for growth, emphasizing a commitment to aligning financial returns with positive societal impact. Notably, Summa Equity has made significant strides in the aquaculture sector, highlighted by their acquisition of STIM, a supplier of fish health products and services for aquaculture, which reported gross revenue exceeding €150 million in 2023. This acquisition aims to enhance STIM's growth and product development capabilities. Additionally, they have invested in Nutris, a factory specializing in sustainable plant-based protein sources, which, while not directly aquaculture, reflects their commitment to sustainability in food production.

9. Marel

• Website: marel.com
• Type: Corporate
• Headquarters: Garðabær, Garðabær, Iceland
• Founded year: 1983
• Headcount: 5001-10000
• LinkedIn: marel

Marel is a corporate investor based in Garðabær, Iceland, specializing in food processing equipment for various industries, including poultry, meat, fish, and prepared foods. Founded in 1983, Marel has established itself as a leader in providing advanced solutions that enhance efficiency and product quality through automation and innovative technology. In recent years, Marel has made significant acquisitions to expand its footprint in the aquaculture sector. Notably, in April 2022, Marel announced the acquisition of Wenger Manufacturing LLC for USD 540 million, which will create a new business segment focused on pet food, plant-based proteins, and aqua feed. This acquisition is expected to enhance Marel's margins and earnings while solidifying its position in the aquaculture market. Additionally, Marel's acquisition of a 50 percent stake in Curio, a manufacturer of whitefish processing equipment, further demonstrates their commitment to the aquaculture industry. These strategic moves highlight Marel's intention to diversify its offerings and strengthen its presence in the aquaculture sector.

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 in its investment strategy and has a diverse portfolio that includes various sectors such as IT services and property maintenance. Notably, Norvestor has made significant investments in the aquaculture industry, including the acquisition of Aalesundfisk in 1996, which is directly involved in fish processing and aquaculture. Additionally, they acquired PG Group (dba PG Flow Solutions) in 2014, which, while not exclusively an aquaculture company, provides solutions that may be applicable to the industry. These transactions highlight Norvestor's engagement with the aquaculture sector and their capability to support businesses within this field.

11. Momentum

• Website: momentumpartners.no
• Type: Venture Capital
• Headquarters: Bergen, Vestland, Norway
• Founded year: 2013
• Headcount: 1-10
• Number of deals in 2024: 2
• LinkedIn: momentum-partners-as

Momentum Partners is a venture capital firm based in Bergen, Vestland, Norway, founded in 2013. The firm focuses on sustainable growth and climate impact, investing in innovative companies across various sectors, including ocean industries, agriculture, renewables, and construction. In the aquaculture context, Momentum has been involved in notable transactions such as their investment in Molofeed, a company that has developed proprietary micro-encapsulation technology for aquafeed, which is crucial for enhancing feed efficiency and sustainability in aquaculture. Additionally, they participated in funding Remora Robotics, which specializes in providing services for maintaining clean nets in aquaculture operations. These investments highlight Momentum's engagement in the aquaculture sector and their commitment to supporting sustainable practices within the industry.

12. 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 capital and resources primarily in pre-seed and seed rounds. Mudcake operates globally and has a diverse portfolio of companies across multiple continents. Notably, they participated in the seed funding round for Bluu Seafood, which is dedicated to cultivating seafood species through biotechnology, highlighting their engagement in the aquaculture sector. Additionally, they have invested in other food-related startups, such as OlsAro, an agtech company, and Planet A Foods, which focuses on innovative food products. These transactions reflect Mudcake's commitment to fostering innovation in food production and consumption, including aquaculture.

13. Nordea

• Website: nordea.com
• Type: Corporate
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 1820
• Headcount: 10001+
• Number of deals in 2024: 6
• LinkedIn: nordea

Nordea Bank Abp is a prominent financial services company based in Helsinki, Uusimaa, Finland, founded in 1820. It provides a comprehensive range of banking and investment management services to individual and corporate clients, with a strong presence in the Nordic region. In 2023, Nordea was involved in notable transactions within the aquaculture industry, including a $148.8 million post-IPO debt raise for Salmon Evolution on March 29, 2023, and a $241.9 million post-IPO debt raise for Brim on June 15, 2023. These investments highlight Nordea's active role in supporting the growth and development of the aquaculture sector, alongside their broader financial services.

14. Innovation Norway

• Website: innovasjonnorge.no
• Type: Corporate
• Headquarters: Oslo, Oslo, Norway
• Founded year: 2004
• Headcount: 501-1000
• Number of deals in 2024: 8
• LinkedIn: innovasjonnorge

Innovation Norway is a public entity established in 2004, based in Oslo, Norway, that supports Norwegian businesses through financing, advisory services, and networking opportunities. They focus on fostering innovation and sustainable growth, particularly for startups and companies aiming for international expansion. Their services include grants, loans, and various business development programs. Notably, they have been involved in several transactions relevant to the aquaculture sector, such as Optimeering Aqua, which raised approximately $1.72 million in a venture round in 2019, and Nekkar, which received over $1.09 million in grants in 2020. These transactions highlight their active role in supporting companies that contribute to the aquaculture industry, demonstrating their commitment to innovation and sustainability in this field.

15. Fabricom AS

• Website: endur.no
• Type: Corporate
• Headquarters: Stavanger, Rogaland, Norway
• Founded year: 1992
• Headcount: 501-1000
• Number of deals in 2024: 1
• LinkedIn: fabricomas

Fabricom AS, founded in 1992 and based in Stavanger, Rogaland, Norway, is a corporate investor specializing in marine infrastructure and aquaculture solutions. The company is known for constructing and maintaining marine structures and providing innovative solutions for land-based fish farming. Their clientele includes businesses in both the marine and aquaculture sectors, which rely on Fabricom for high-quality services tailored to their operational needs. Notably, Fabricom AS has been involved in significant transactions within the aquaculture context, such as the acquisition of Artec Aqua AS for NOK 600 million, which aims to strengthen their position in the aquaculture sector. Additionally, they participated in a financing round for GeoSalmo, contributing to the development of a hybrid flow-through salmon farm in Iceland. These activities underscore Fabricom's commitment to advancing the aquaculture industry.

Aquaculture Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
Katapult	Oslo, Oslo, Norway	11-50	2017	8
Almi	Stockholm, Stockholm, Sweden	201-500	1994	7
AKVA group	Norway	1001-5000	1974	2
Novo Holdings	Hellerup, Denmark	51-200	1999	45
Investinor	Trondheim, Trøndelag, Norway	11-50	2008	4
Finnfund	Helsinki, Uusimaa, Finland	51-200	1980	7
Altor Equity Partners	Stockholm, Stockholm, Sweden	51-200	2003	6
Summa Equity	Stockholm, Stockholm, Sweden	51-200	2016	6
Marel	Garðabær, Garðabær, Iceland	5001-10000	1983	0
Norvestor	Oslo, Oslo, Norway	11-50	1989	3
Momentum	Bergen, Vestland, Norway	1-10	2013	2
Mudcake	Stockholm, Stockholm, Sweden	1-10	2020	3
Nordea	Helsinki, Uusimaa, Finland	10001+	1820	6
Innovation Norway	Oslo, Oslo, Norway	501-1000	2004	8
Fabricom AS	Stavanger, Rogaland, Norway	501-1000	1992	1

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