The educational travel industry in the Nordics is rapidly evolving, characterized by a blend of traditional educational experiences and innovative travel ideas. Companies range from travel agencies focused on schools to tech startups developing educational tools that enhance learning while on the go. They offer high-quality programs that combine culture, nature, and interactive experiences, aimed at fostering global citizenship among learners. Notably, sustainability is becoming a priority, with many firms striving to minimize environmental impact. As technology advances, immersive and personalized educational travel experiences are anticipated to reshape the industry, making it more accessible and engaging for all participants.

The investors listed here represent a mix of private equity and venture capital firms, primarily headquartered in cities across the Nordics, such as Stockholm, Copenhagen, and Helsinki. Founded between 1989 and 2018, these investors vary in size from small, agile teams to large, established firms. In 2024, they collectively made 86 investments across the educational travel sector, indicating a robust interest in companies that drive growth in this field. Their diverse portfolios demonstrate a commitment to supporting innovative solutions that bridge education and travel, crucial for an evolving market.

Top 15 Educational Travel 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 founded in 1994, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Based in Stockholm, Sweden, 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 educational sector, including Nord Anglia Education, which focuses on premium international schools, and Dukes Education Group, which operates a network of independent schools and educational services. Additionally, EQT's investment in ILA Vietnam, an educational institution, highlights their commitment to the education sector. These transactions demonstrate EQT's strategic interest in educational travel and related services, making them a relevant player in this 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 various transactions that reflect its commitment to the travel and tourism sector, including investments in Treehotel, a unique accommodation experience that promotes tourism in Sweden, and Säfsen Resort, which offers recreational activities that can be educational in nature. Furthermore, Almi's participation in funding rounds for Handiscover, a company focused on making travel more accessible, highlights its interest in ventures that could contribute to educational travel experiences. Overall, Almi's investment portfolio suggests a potential alignment with the educational travel industry.

3. Sparkmind.vc

• Website: sparkmind.vc
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2017
• Headcount: 1-10
• Number of deals in 2024: 2
• LinkedIn: sparkmind-vc

Sparkmind.vc is a venture capital firm based in Helsinki, Finland, founded in 2017. The firm specializes in the learning sector, providing funding and expertise to innovative educational technology startups. Sparkmind.vc has been involved in several notable transactions, including a Series A investment in AUTOVIO, which raised over $4 million, and multiple rounds of funding for Kide Science, a Finnish edtech startup focused on expanding its learning offerings internationally. Additionally, Sparkmind.vc supported Tomorrow University of Applied Sciences in a Series A funding round, which aims to enhance technological infrastructure and academic offerings. These transactions highlight Sparkmind.vc's commitment to transforming learning experiences, which can encompass educational travel as a vital component of modern education.

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 and focuses on building long-term relationships with entrepreneurs to support their growth. In 2022, Heartcore Capital co-led a Series A funding round for Fora, a tech-forward travel agency, which raised $13.5 million. This funding is aimed at enhancing their platform and developing training programs for travel advisors, showcasing Heartcore's commitment to innovation in the travel sector. In 2024, they also participated in a Series A funding round for Byway Travel, further emphasizing their interest in travel-related ventures. With a total of 17 investments in 2024, Heartcore Capital is actively engaged in supporting companies that are shaping the future of travel, including educational travel initiatives.

5. 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. The firm has a strong presence in the Nordic markets and leverages its expertise to manage funds and drive value creation for its clients. Notably, CapMan has made significant investments in the educational sector, including the acquisition of Espira, which focuses on early childhood education, and HopLop, a children's indoor play center chain that promotes engaging activities for children. These investments highlight CapMan's commitment to sectors that can intersect with educational travel, making them a relevant player in this space.

6. 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 providing consulting services to businesses across various sectors, including technology and consumer products. Altor focuses on enhancing operational efficiency and sustainable growth for its partners through tailored investment strategies and digital transformation solutions. Notably, Altor was involved in the acquisition of Ving, Spies, Tjäreborg, and Thomas Cook Airlines Scandinavia, where they acquired a 40% stake in conjunction with Strawberry Group and TDR Capital. This transaction highlights Altor's engagement in the travel industry, which encompasses educational travel opportunities, thereby showcasing their potential relevance in this sector.

7. 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, focusing on 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 sector, including Omio, which raised $100 million in 2020 and $150 million in 2018, and TravelPerk, which raised $200 million in 2025 and $103 million in 2024. These investments highlight Kinnevik's strategic interest in companies that facilitate travel, which is closely related to educational travel, as these platforms can be utilized for organizing educational trips and experiences.

8. 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, Norvestor has made significant investments in the educational sector, acquiring Sonans Privatgymnas in 1999, which is a private educational institution. This acquisition highlights their commitment to the education industry. Additionally, their investment in Etraveli, a travel agency, and Nordic Camping & Resort, a hospitality business, further demonstrates their involvement in the travel sector, which can intersect with educational travel. Overall, Norvestor's diverse portfolio and specific interest in educational institutions position them as a relevant player in the educational travel space.

9. 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 made significant investments in the travel sector, including OneTwoTrip, a Russian travel booking website that raised $5.8 million in 2017 and $2.5 million in 2016, and Busfor, which raised $4.5 million in a Series C round in 2019 and $4 million in 2018. These investments highlight VNV Global's engagement in the travel industry, which can intersect with educational travel needs.

10. 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, Uusimaa, 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, particularly in the education technology space. For instance, they invested in Lingvist, which raised a total of $8 million in Series A funding to enhance its adaptive language learning platform, targeting growth in Europe, Asia, and the Middle East. This investment highlights Inventure's commitment to supporting educational initiatives. Additionally, Inventure has invested in ThingLink, a platform that allows for interactive image tagging, which can be utilized in educational contexts to enhance learning experiences. These transactions indicate Inventure's engagement with companies that have the potential to impact educational travel positively.

11. Brunnur Ventures

• Website: brunnurventures.com
• Type: Venture Capital
• Headquarters: Reykjavík, Reykjavíkurborg, Iceland
• Founded year: 2014
• Headcount: 1-10
• Number of deals in 2024: 2
• LinkedIn: brunnur

Brunnur Ventures is a venture capital firm based in Reykjavík, Iceland, founded in 2014. The firm specializes in investing in early-stage startups and growth companies, providing not only capital but also mentorship and access to valuable networks to help entrepreneurs navigate their business challenges. Their investment portfolio spans various industries, including biotech and fintech, but they have also made significant strides in the travel sector. Notably, Brunnur Ventures invested in 'Trip To Japan', which raised $150,000 in a pre-seed round, indicating a commitment to travel experiences that can be educational. Furthermore, their investment in 'PaxFlow', a travel tech company that secured $2.2 million in a seed round, highlights their interest in innovative solutions within the travel industry. These transactions reflect Brunnur Ventures' engagement in the educational travel space, making them a noteworthy investor in this category.

12. Sanoma

• Website: sanoma.com
• Type: Corporate
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 1889
• Headcount: 5001-10000
• LinkedIn: sanoma

Sanoma is a media and educational publishing company based in Helsinki, Finland, founded in 1889. It operates across multiple European countries, providing a range of learning solutions and media content. Sanoma's offerings include printed and digital learning materials, teaching platforms, and news and entertainment content. The company serves educational institutions and media consumers alike. Notably, Sanoma has made several strategic acquisitions to strengthen its position in the educational sector, including:1. **Nowa Era**: Acquired in 2007, this Polish educational publishing company aimed to enhance Sanoma's presence in the European educational publishing market.2. **Pearson Italia**: Acquired in 2022 for over $205 million, this acquisition further solidified Sanoma's footprint in the educational publishing landscape.3. **Santillana Spain**: In 2020, Sanoma acquired this leading provider of K-12 learning materials for EUR 465 million, enhancing its position in the Spanish K-12 learning services market.4. **Iddink Group**: Announced in 2018, this acquisition of a Dutch educational platform for EUR 277 million was intended to bolster Sanoma's Learning business, increasing its share of annual net sales and operational EBITDA.These transactions highlight Sanoma's commitment to the educational sector, which is closely tied to educational travel, as they provide essential resources for learning experiences that may include travel components.

13. Nordic Makers

• Website: nordicmakers.vc
• Type: Venture Capital
• Headquarters: Copenhagen, Denmark
• Founded year: 2016
• Headcount: 1-10
• Number of deals in 2024: 2
• LinkedIn: nordic-makers-vc

Nordic Makers is a venture capital firm based in Copenhagen, Denmark, founded in 2016. The firm specializes in investing in early-stage technology companies and provides funding and advisory services to startups, helping them navigate challenges and achieve growth. Their portfolio reflects a commitment to fostering entrepreneurship in the Nordic region. Notably, Nordic Makers has invested in several companies relevant to the educational sector, including Scrimba, which focuses on interactive coding education, and Labster, which offers virtual lab simulations for science education. Additionally, they have participated in funding rounds for Aula Education, a platform aimed at enhancing digital learning experiences, indicating their active role in supporting innovative educational solutions.

14. Kirkbi A/s

• Website: kirkbi.com
• Type: Venture Capital
• Headquarters: Billund, Denmark
• Founded year: 1995
• Headcount: 51-200
• Number of deals in 2024: 1
• LinkedIn: kirkbi-a-s

Kirkbi A/S is a family-owned holding and investment company based in Billund, Denmark, founded in 1995. It manages the wealth of the Kristiansen family and oversees the LEGO brand, focusing on long-term investment strategies, brand management, and educational initiatives aimed at inspiring and developing future generations through play. Kirkbi operates in various sectors, including investment management and brand development, supporting both the LEGO Group and associated foundations. Notably, Kirkbi acquired BrainPOP in October 2022 for $875 million, a significant investment in the educational technology space that provides interactive learning resources for students. Additionally, Kirkbi, in partnership with Blackstone and CPPIB, acquired Merlin Entertainments, the operator of Legoland and other attractions, for £4.8 billion in June 2019, which, while primarily focused on entertainment, also includes educational experiences through its theme parks.

15. Evli Growth Partners

• Website: egp.fi
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2018
• Headcount: 1-10
• Number of deals in 2024: 3
• LinkedIn: evli-growth-partners

Evli Growth Partners is a venture capital fund based in Helsinki, Uusimaa, Finland, founded in 2018. The firm specializes in investing in growth companies, providing not only capital but also strategic guidance to help these companies scale effectively. They focus on fostering collaboration between investors and founders to drive sustainable growth. Evli Growth Partners operates primarily in the investment management sector, targeting innovative startups across various industries. Among their notable transactions, they have invested in Preply, an online language learning platform that raised approximately $49.4 million in Series C funding, and Perlego, a startup that applies the Spotify model to academic textbooks, which raised $50 million in Series B funding. These investments highlight their commitment to supporting educational technology, which is relevant to the educational travel sector.

Educational Travel Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Almi	Stockholm, Stockholm, Sweden	201-500	1994	7
Sparkmind.vc	Helsinki, Uusimaa, Finland	1-10	2017	2
Heartcore Capital	Copenhagen, Denmark	11-50	2007	17
CapMan	Helsinki, Uusimaa, Finland	51-200	1989	4
Altor Equity Partners	Stockholm, Stockholm, Sweden	51-200	2003	6
Kinnevik	Stockholm, Stockholm, Sweden	11-50	1936	10
Norvestor	Oslo, Oslo, Norway	11-50	1989	3
VNV Global AB	Stockholm, Stockholm, Sweden	1-10	1996	1
Inventure	Helsinki, Uusimaa, Finland	11-50	2005	9
Brunnur Ventures	Reykjavík, Reykjavíkurborg, Iceland	1-10	2014	2
Sanoma	Helsinki, Uusimaa, Finland	5001-10000	1889	0
Nordic Makers	Copenhagen, Denmark	1-10	2016	2
Kirkbi A/s	Billund, Denmark	51-200	1995	1
Evli Growth Partners	Helsinki, Uusimaa, Finland	1-10	2018	3

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