The employee benefits industry in the Nordics is evolving rapidly, focusing on enhancing workplace satisfaction and engagement. Companies in this sector offer a wide array of services, including health insurance, pension solutions, wellness programs, and flexible benefits platforms. Startups and established firms alike are leveraging technology to deliver innovative solutions that tailor benefits to employee needs. As remote work grows and wellness takes center stage, the demand for personalized employee benefits is set to increase. This shift signals a future where companies prioritize mental health, financial security, and work-life balance to attract and retain talent.


The list of top investors in the Nordic employee benefits sector features a mix of venture capital, private equity, and corporate investors. These firms, predominantly headquartered in Sweden, Norway, and Denmark, range in size from small teams to massive organizations, with significant deal activity in 2024. Spanning decades of experience, these investors vary in focus from early-stage ventures to growth equity strategies, with deal counts highlighting their commitment to fostering innovation and development in the employee benefits space.


Top 15 Employee Benefits Investors in the Nordics


1. Visma

  • Website: visma.com
  • Type: Corporate
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1996
  • Headcount: 10001+
  • Number of deals in 2024: 16
  • LinkedIn: visma

Visma is a corporate investor based in Oslo, Norway, founded in 1996. It specializes in providing cloud-based accounting, payroll, invoicing, and HR solutions primarily for small and medium businesses, as well as public sector organizations. With a strong presence in Europe and Latin America, Visma operates through a network of entrepreneurial companies, enhancing its innovative software offerings. Notably, Visma has made significant strides in the employee benefits sector, particularly with its acquisition of LogBuy in 2017, which focuses on employee benefits programs. This acquisition allows Visma to integrate employee benefits solutions into its broader HR and payroll offerings. Additionally, Visma's acquisitions of companies like Flex Applications and Kontek further emphasize its commitment to enhancing HR management and payroll solutions, which are critical components of employee benefits administration.


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 private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in various investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by managing diverse investment portfolios across multiple sectors and geographies. Among their notable transactions, EQT has acquired MHC Asia Group, which focuses on managing corporate healthcare benefits in Southeast Asia, highlighting their engagement in the employee benefits sector. Additionally, EQT's acquisition of PRO Unlimited, a leader in contingent workforce management solutions, further emphasizes their commitment to investing in companies that enhance employee benefits and workforce management. These strategic investments reflect EQT's broader goal of supporting growth and innovation in sectors that impact employee welfare and benefits.


3. Söderberg & Partners


Söderberg & Partners is a financial advisory firm based in Stockholm, Sweden, founded in 2004. The firm specializes in a range of services including pension advisory, insurance brokerage, and wealth management, catering to both individual consumers and businesses. They have made significant strides in expanding their presence in the financial services market through various acquisitions. Notably, they acquired Ensure International Insurance Broker in 2016, which enhances their insurance brokerage capabilities. In 2024, they announced acquisitions of multiple UK advice firms, including Courtney Havers and Bigmore Associates, further solidifying their position in the advisory space. Their investment in Heartpace in 2018, where they acquired a 30% stake, reflects their interest in innovative financial solutions. These transactions highlight Söderberg & Partners' commitment to enhancing financial security and investment strategies, particularly in areas that intersect with employee benefits.


4. Creandum

  • Website: creandum.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2003
  • Headcount: 11-50
  • Number of deals in 2024: 17
  • LinkedIn: creandum

Creandum is a venture capital firm based in Stockholm, Sweden, founded in 2003. The firm specializes in supporting early-stage entrepreneurs in building global, category-defining companies across various sectors, including fintech and health tech. Creandum provides venture capital investment, strategic support, and networking opportunities to startups, nurturing them from seed to IPO. Notably, Creandum has invested in Factorial, a Barcelona-based HR software company that raised $120 million in a Series C round in October 2022, and $80 million in a Series B round in September 2021. Factorial's focus on HR solutions positions it within the employee benefits industry. Additionally, Creandum has invested in YuLife, a tech-driven insurance company that has raised significant funding across multiple rounds, further connecting them to the employee benefits sector through insurance offerings. Overall, Creandum's investment strategy and portfolio reflect a commitment to supporting companies that contribute to employee benefits and HR solutions.


5. 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 in technology-enabled companies, providing capital and hands-on support to help businesses scale. Verdane focuses on digitalization and decarbonization trends, primarily targeting technology companies looking to enhance their market position and operational efficiency. Among their notable transactions, Verdane invested in Auntie Solutions, a Finnish company that offers psychological support to corporate employees, receiving EUR10 million in funding to expand its market reach and develop digital solutions. This investment highlights Verdane's engagement in the employee benefits sector. Additionally, they have participated in various other funding rounds, including Webcruiter and Urban Sports Club, showcasing their diverse investment portfolio.


6. 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 an investment company based in Stockholm, Sweden, founded in 1936. They partner with innovative entrepreneurs across various sectors, including healthcare, software, marketplaces, and climate tech, providing both capital and operational support to help these companies scale and create long-term value. Kinnevik's focus on redefining industries and addressing global challenges is evident in their recent transactions. Notably, they invested in Spring Health, which raised $100 million in Series E funding in July 2024, and $190 million in Series C funding in September 2021, both aimed at improving mental health benefits for employees. Additionally, Kinnevik led a $35 million Series B funding round for SafetyWing in April 2022, a company that offers health insurance solutions for remote workers, further emphasizing their commitment to enhancing employee benefits. These strategic investments reflect Kinnevik's active role in the employee benefits landscape.


7. 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 not only financial support but also operational assistance to entrepreneurs. EQT Ventures connects startups with a global network of industry experts and resources to foster growth and innovation. Among their notable transactions, EQT Ventures led a €5 million Seed round for Kota, a company transforming the employee benefits landscape with a platform that simplifies benefits management for companies of all sizes. This investment highlights their focus on modernizing the employee benefits industry. Additionally, EQT Ventures has participated in multiple funding rounds for Peakon, a people analytics company, which emphasizes their interest in enhancing employee engagement and benefits management through technology. These investments reflect EQT Ventures' commitment to supporting innovations that improve employee benefits and workplace experiences.


8. 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, aiming to enhance their growth and competitiveness through tailored financial solutions. Notably, Almi has been involved in several transactions that highlight its interest in employee benefits, particularly its investment in Winningtemp, a startup that raised €3.2 million to develop an app focused on employee and organizational wellness. This investment reflects Almi's commitment to supporting initiatives that improve workplace environments and employee satisfaction. Additionally, Almi has participated in various funding rounds for other startups, although not all are directly related to employee benefits, the focus on Winningtemp showcases its potential relevance in this sector.


9. Seed Capital Denmark

  • Website: seedcapital.dk
  • Type: Venture Capital
  • Headquarters: Frederiksberg, Frederiksberg, Denmark
  • Founded year: 2004
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: seed-capital-denmark

Seed Capital Denmark is a venture capital firm based in Frederiksberg, Denmark, founded in 2004. The firm specializes in providing seed funding and advisory services to technology startups, particularly in sectors such as SaaS and Fintech. With a strong track record of successful investments, Seed Capital supports its portfolio companies from seed stage to exit. Notably, they have invested in companies like Pento and Grandhood, which are involved in employee benefits solutions. Pento focuses on payroll automation, while Grandhood offers pension solutions for freelancers and small businesses. Additionally, Seed Capital participated in funding rounds for Good Monday, a workspace management company, which aims to enhance workplace environments and employee experiences. This diverse portfolio indicates their potential interest in the employee benefits sector.


10. 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 focus on creating long-term value and sustainability in its portfolio companies. Nordic Capital partners with management teams to drive growth and operational improvements. Notably, the firm has made significant investments in the financial advisory sector, acquiring companies such as Ascot Lloyd, an independent financial advice firm with nearly £10 billion in funds under influence, and Max Matthiessen, which aims to enhance customer offerings in financial advisory. These transactions highlight Nordic Capital's commitment to supporting firms that can provide employee benefits solutions. Additionally, their investment in One Inc within the InsurTech sector indicates a strategic interest in innovative financial solutions that could further enhance employee benefits offerings.


11. 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 actively involved in various funding rounds, including significant investments in Peakon, a people analytics company that helps organizations understand and improve employee engagement. Peakon has raised multiple rounds of funding, including a Series B round where they raised $35 million in 2019, and earlier rounds totaling over $33 million. Additionally, Heartcore invested in Grandhood, a company that focuses on pension solutions for employees, further aligning with the employee benefits theme. These transactions highlight Heartcore's commitment to supporting companies that enhance employee experiences and benefits.


12. IDC Ventures

  • Website: idcventures.com
  • Type: Venture Capital
  • Headquarters: Copenhagen, Denmark
  • Founded year: 2019
  • Headcount: 11-50
  • Number of deals in 2024: 2
  • LinkedIn: idcvc

IDC Ventures is a venture capital firm based in Copenhagen, Denmark, founded in 2019. The firm specializes in fintech and marketplace investments, partnering with family offices and professional investors to provide diversified investment opportunities. IDC Ventures is committed to supporting industry-defining founders and engages in active portfolio management and advisory services, leveraging its extensive network and expertise to drive growth in innovative companies. Notably, IDC Ventures has invested in Hastee, a London-based fintech startup that offers a financial wellbeing solution, enabling workers to access their earned pay immediately. This investment highlights their focus on employee benefits. Additionally, they have invested in Osigu, a healthtech startup, which further emphasizes their interest in health-related employee benefits. Their involvement in these sectors positions them as a relevant player in the employee benefits landscape.


13. First Fellow Partners


First Fellow Partners is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2016. The firm invests in startups and supports entrepreneurs by providing capital and strategic guidance to help businesses grow, particularly in technology and innovation sectors. Among their notable transactions, they invested in Epassi Group, a mobile payment solution for subsidised employee benefits, raising €41.5 million in funding. This investment highlights their engagement in the employee benefits industry. They have also participated in funding rounds for companies like Heltti, which focuses on health services, and Hoxhunt, a cybersecurity platform, showcasing their diverse investment portfolio while maintaining a connection to sectors that can influence employee benefits.


14. 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 focuses on 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, including Jobbatical, a London-based cross-border recruitment platform that raised €11.6 million in a Series A round led by Inventure. This investment highlights Inventure's engagement in the employee benefits sector, as Jobbatical aims to enhance the immigration and relocation process for employees, a critical aspect of modern employee benefits. Additionally, Inventure has invested in Insurello, an insurtech company, which, while not directly related to employee benefits, operates in the insurance space that can intersect with employee health and wellness offerings. Overall, Inventure's portfolio reflects a commitment to supporting innovative solutions that can impact employee benefits indirectly.


15. 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, Finland, with a history dating back to 1820. It provides a comprehensive suite of banking and investment management services to both individual and corporate clients across the Nordic region. In recent years, Nordea has made significant strides in the employee benefits sector, particularly through its acquisition of Frende Livsforsikring AS, where it agreed to acquire occupational and individual pension portfolios for approximately NOK 4.2 billion. This strategic move not only enhances Nordea's insurance offerings but also strengthens its position in the employee benefits market by integrating these pension portfolios with its existing services. Additionally, Nordea has engaged in various funding rounds, such as providing growth funding to Secapp, which, while not directly related to employee benefits, showcases Nordea's active investment strategy in supporting companies that may contribute to employee welfare and benefits in the long run.



Employee Benefits Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
VismaOslo, Oslo, Norway10001+199616
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Söderberg & PartnersStockholm, Stockholm, Sweden1001-500020044
CreandumStockholm, Stockholm, Sweden11-50200317
VerdaneOslo, Oslo, Norway51-20019857
KinnevikStockholm, Stockholm, Sweden11-50193610
EQT VenturesStockholm, Stockholm, Sweden11-50201528
AlmiStockholm, Stockholm, Sweden201-50019947
Seed Capital DenmarkFrederiksberg, Frederiksberg, Denmark1-1020045
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
Heartcore CapitalCopenhagen, Denmark11-50200717
IDC VenturesCopenhagen, Denmark11-5020192
First Fellow PartnersHelsinki, Uusimaa, Finland1-1020164
InventureHelsinki, Uusimaa, Finland11-5020059
NordeaHelsinki, Uusimaa, Finland10001+18206


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