The natural and organic cosmetics industry in the Nordics is thriving, driven by a growing consumer demand for eco-friendly and ethically sourced products. Companies range from established brands to emerging startups, offering everything from skincare and haircare to makeup made from sustainable ingredients. This sector is not just about beauty; it's intertwined with wellness and health consciousness. Consumers are increasingly seeking transparency in product sourcing and environmental impact, creating fertile ground for innovation. As sustainability becomes more ingrained in consumer choices, the industry is looking toward more plant-based formulations and eco-conscious packaging solutions to meet future demands.


Investors in the Nordic natural and organic cosmetics space showcase a blend of venture capital, private equity, and corporate investment types. Headquartered in cities like Stockholm, Copenhagen, and Oslo, these firms vary in size, with some managing large portfolios while others focus on niche, early-stage ventures. Founded from 1994 to 2019, many have made notable investments in 2024, supporting initiatives that align with sustainability. The differing investment focuses underscore the vibrant activity surrounding the sector, attracting various strategies and approaches to capital deployment.


Top 15 Natural and Organic Cosmetics 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 NCP Olfactives, which raised $490,615 in a venture round in 2017, indicating a connection to the cosmetics sector. Additionally, Almi's investment in NCP Concept and other ventures like Grönberg & Partners and OTTOs barnmat showcases its active role in supporting innovative companies, some of which may align with the natural and organic cosmetics market.


2. 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, it primarily invests in life science companies at various stages of development, providing capital and strategic support to enhance healthcare solutions. Notably, Novo Holdings has participated in several transactions that intersect with the natural and organic cosmetics industry. For instance, they led funding rounds for Biosyntia, a company that produces biobased vitamin B7 and other sustainable active ingredients for dietary supplements and beauty products. Additionally, their investment in Chromologics, which focuses on natural food colors, further emphasizes their role in supporting the commercialization of products that can be utilized in cosmetics. These transactions demonstrate Novo Holdings' engagement in the natural and organic sector, particularly in the context of sustainable ingredient production.


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 multiple sectors and geographies. Notably, EQT has made significant investments in the natural and organic space, including the acquisition of Oterra, a company known for its natural colors and ingredients used in cosmetics and food. Additionally, EQT's investment in LIVEKINDLY, which raised $135 million, highlights their focus on sustainable and plant-based products. Their acquisition of Galderma, a leading dermatology company, further emphasizes their interest in the skin health sector, which often overlaps with natural and organic cosmetics. These transactions illustrate EQT's active role in the natural and organic cosmetics industry, making them a relevant investor in this category.


4. 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, providing investment, accelerator programs, and mentorship to early-stage companies. In 2024, Katapult has been active in various funding rounds, including notable transactions in the natural and organic cosmetics context. For instance, they participated in a $5M Series A funding round for Carbonwave, which is establishing large-scale cosmetics emulsifier production facilities in Puerto Rico. Additionally, they were involved in the seed funding for Sparxell, a UK-based company developing sustainable plant-based pigments, which could have applications in the cosmetics industry. These transactions highlight Katapult's engagement with companies that align with the principles of sustainability and innovation in cosmetics.


5. 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. Heartcore has been active in various sectors, including health and wellness, as evidenced by their investments in companies like La Fourche, which raised significant funding for its organic product offerings, and FORMEL Skin, a startup dedicated to digital skincare solutions. These investments highlight Heartcore's commitment to supporting innovative companies that align with the growing demand for natural and organic products in the cosmetics industry.


6. Midsona AB


Midsona AB is a corporate investor based in Sweden, founded in 1991, with a workforce of 501-1000 employees. The company specializes in health and wellness, developing and marketing a variety of organic and plant-based food products. Midsona emphasizes sustainability and transparency in its operations, catering to the increasing demand for healthier lifestyle choices. Notably, Midsona has made significant acquisitions that enhance its portfolio in the organic sector, including the acquisition of Urtekram International A/S in 2015, a company recognized for its organic personal care products. Additionally, the acquisition of Davert GmbH in 2018 and System Frugt in 2020 further solidifies Midsona's commitment to expanding its presence in the organic market, particularly in plant-based and healthy snack segments. These transactions reflect Midsona's strategic direction towards integrating natural and organic offerings into its business model.


7. 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 health and beauty sector through its acquisition of NutraQ, which encompasses health and beauty brands like VitaePro and Oslo Skin Lab. This acquisition, valued at NOK 3.1 billion, highlights Orkla's commitment to expanding its portfolio in the personal care market. Additionally, Orkla has engaged in various other acquisitions, such as Struer Brød and Health and Sports Nutrition Group HSNG AB, which, while primarily focused on food and nutrition, demonstrate the company's broader strategy of enhancing its consumer goods offerings. Overall, Orkla serves both consumers and businesses, providing high-quality branded goods and solutions across various markets, including the health and beauty sector.


8. The Footprint Firm


The Footprint Firm is a consulting and investment company based in København, Denmark, founded in 2019. With a team size of 11-50, they specialize in sustainability, providing advisory services to organizations looking to enhance their sustainability strategies. The firm invests in sustainable start-ups, indicating a commitment to supporting businesses that prioritize environmental responsibility. Notable transactions include investments in LastObject, a company focused on sustainable consumer products, and Cellugy, which produces EcoFLEXY, a sustainable cellulose product. While their recent investments have not specifically targeted the natural and organic cosmetics sector, their focus on sustainability positions them as a potential investor in this industry.


9. Rite Ventures


Rite Ventures is a Stockholm-based venture capital firm founded in 2007, specializing in transforming early growth companies into midmarket leaders. The firm focuses on providing capital and strategic support to entrepreneurs, particularly in the IT-services, Software as a Service, and e-commerce sectors. Notably, Rite Ventures has invested in companies like Skincity, a beauty e-commerce platform, and Puhdistamo, which offers natural health and beauty products. These investments highlight Rite Ventures' engagement in the beauty and cosmetics industry, particularly in the context of natural and organic products. Their portfolio also includes Nelly Group, a fashion and beauty retailer, and Frank Dandy, which specializes in underwear and swimwear, further showcasing their diverse investment strategy that includes the cosmetics sector.


10. Metsä Spring

  • Website: metsaspring.com
  • Type: Corporate
  • Headquarters: Espoo, Uusimaa, Finland
  • Founded year: 2018
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: metsaspring

Metsä Spring is a corporate investor based in Espoo, Uusimaa, Finland, founded in 2018. It is part of Metsä Group, a forest industry company specializing in renewable wood products, including pulp, paperboard, and tissue papers. The company emphasizes sustainability and efficient resource use in its operations. In recent transactions, Metsä Spring has invested in Boreal Bioproducts, which focuses on developing eco-friendly products and aims for international expansion. This investment of €2 million in pre-A funding highlights their interest in sustainable innovations. Additionally, Metsä Spring has invested in Fiberwood, providing €3 million in late seed funding to help scale up production capabilities. These transactions reflect Metsä Spring's commitment to supporting sustainable initiatives, which could be relevant to the natural and organic cosmetics industry.


11. 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. Nordic Eye has a focus on high revenue potential and collaborates closely with its portfolio companies to drive growth and successful exits. Notably, they have invested in Organic Basics, a company that emphasizes sustainable practices, and Underlining Beauty, which raised $6 million to expand its direct-to-consumer beauty and wellness offerings. Additionally, they participated in a funding round for Provenance, a startup that verifies corporate sustainability claims, indicating their interest in sustainability within the beauty sector. These transactions highlight Nordic Eye's engagement in the natural and organic cosmetics industry, making them a relevant player in this space.


12. Almi Invest

  • Website: almiinvest.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2009
  • Headcount: 51-200
  • Number of deals in 2024: 3
  • LinkedIn: almi-invest

Almi Invest is a venture capital firm based in Stockholm, Sweden, founded in 2009. It specializes in providing loans and risk capital to small and medium-sized enterprises (SMEs) in Sweden, with a focus on business development support and strategic guidance to foster growth and sustainability. Almi Invest has been involved in several transactions that reflect a commitment to sustainable and innovative sectors. For instance, they participated in funding rounds for Ecohelix, which raised significant capital for sustainable solutions, and Saveggy, which focuses on sustainable food practices. Additionally, their involvement in the Swedish Algae Factory and EnginZyme highlights their interest in sustainable technologies and practices, which can be relevant to the natural and organic cosmetics sector.


13. Novax

  • Website: novax.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1999
  • Headcount: 11-50
  • Number of deals in 2024: 3
  • LinkedIn: novax-ab

Novax is a Stockholm-based venture capital firm founded in 1999, focusing on supporting and developing small and medium-sized growth companies across various sectors, including health, technical security, sustainable food, and digital retail infrastructure. They provide investment, advisory services, and foster a collaborative ecosystem to enhance the growth potential of their portfolio companies. Notably, Novax participated in a significant funding round for Prolupin, a plant-based protein company, which highlights their interest in sustainable and health-oriented businesses. Additionally, they have been involved in other transactions such as Apohem, a health-focused company, and Matsmart, which emphasizes sustainable food practices. These investments reflect Novax's commitment to supporting companies that align with the principles of sustainability and health, making them a potential fit for the natural and organic cosmetics sector.


14. Kemira

  • Website: kemira.com
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1920
  • Headcount: 1001-5000
  • Number of deals in 2024: 1
  • LinkedIn: kemira

Kemira Oyj is a Finnish chemical company founded in 1920, specializing in water treatment, industrial solutions, and fiber production. With a workforce of 1001-5000 employees, Kemira operates globally, providing innovative chemical solutions and digital services to various industries. Notably, Kemira has made strategic acquisitions to enhance its portfolio in the personal care sector, including the acquisition of Tri-K Industries in 2007, a distributor and producer of personal care ingredients. This acquisition allows Kemira to expand its distribution of specialty titanium dioxide for sunscreens in North America, indicating a commitment to the personal care market. Additionally, Kemira's acquisition of the van Baerle paper chemicals business further demonstrates their focus on expanding their chemical solutions, although this transaction is less relevant to cosmetics. Overall, while Kemira's primary operations are not centered on natural and organic cosmetics, their involvement in personal care ingredients positions them as a potential player in this industry.


15. Accent Equity


Accent Equity is a private equity firm based in Stockholm, Sweden, founded in 1994. The firm specializes in investments in private Nordic companies, focusing on enhancing the value of its portfolio through strategic management and investment to create sustainable growth and superior returns. One of their notable transactions includes the acquisition of Scandinavian Cosmetics Group Holding AB, which had net sales exceeding SEK 1.0 billion in 2018, indicating a significant presence in the cosmetics market. This acquisition highlights Accent Equity's commitment to the cosmetics sector, making them a relevant player in the natural and organic cosmetics industry. Additionally, their diverse clientele across multiple sectors showcases their expertise in investment management, further supporting their potential involvement in the natural and organic cosmetics space.



Natural and Organic Cosmetics Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
AlmiStockholm, Stockholm, Sweden201-50019947
Novo HoldingsHellerup, Denmark51-200199945
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
KatapultOslo, Oslo, Norway11-5020178
Heartcore CapitalCopenhagen, Denmark11-50200717
Midsona ABSweden501-100019910
Orkla ASAOslo, Oslo, Norway10001+20171
The Footprint FirmKøbenhavn, Denmark11-5020194
Rite VenturesStockholm, Stockholm, Sweden1-1020070
Metsä SpringEspoo, Uusimaa, Finland11-5020181
Nordic Eye Venture & Growth CapitalCopenhagen, Denmark11-5020160
Almi InvestStockholm, Stockholm, Sweden51-20020093
NovaxStockholm, Stockholm, Sweden11-5019993
KemiraHelsinki, Uusimaa, Finland1001-500019201
Accent EquityStockholm, Stockholm, Sweden11-5019944


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