The nutritional supplement industry in the Nordics is vibrant and rapidly evolving. Companies range from startups focusing on plant-based products to established players offering vitamins and functional foods. This growth is fueled by an increasing consumer awareness of health and wellness. An intriguing trend is the rise of e-commerce for supplement sales, driven by younger, health-conscious consumers seeking convenience. Moreover, there is a notable emphasis on sustainability and quality, prompting brands to innovate with organic and ethically sourced ingredients. As demand continues to increase, the Nordic industry is poised to expand further, blending traditional practices with modern consumer needs.


The investors listed are a mix of venture capital, private equity, and corporate entities, primarily located in Sweden, Denmark, and Finland. Established over the last 30 years, these firms vary in size, with some managing thousands of employees. Investments in 2024 showcased a significant interest in the nutritional supplement space, reflecting a growing trend. Notable players have made innovative strides in health and wellness, with firms like Novo Holdings and Orkla actively driving change and expansion in the sector. Their different focuses and strategies highlight the investment potential in this dynamic industry.


Top 15 Nutritional Supplement 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, focused on managing the assets of the Novo Nordisk Foundation. Founded in 1999, the firm invests in life science companies at various stages of development, providing capital and strategic support to enhance healthcare solutions. Among their notable transactions, Novo Holdings has invested in Kate Farms, which raised $75 million in a Series C round to support its nutritional products. They also have a significant stake in Bactolife, which is advancing projects related to health and nutrition. Furthermore, their investment in Biosyntia, which raised €11.5 million to produce biobased vitamin B7 for dietary supplements, underscores their commitment to the nutritional supplement industry. These transactions illustrate Novo Holdings' active engagement in supporting innovations that contribute to nutritional health.


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 provides loans, risk capital, and business development support to small and medium-sized enterprises in Sweden, aiming to enhance their growth and competitiveness through tailored financial solutions. Notably, Almi has been involved in several transactions relevant to the nutritional supplement and food industry, including a $585,151 investment in Eatit, a company likely focused on health-oriented products, and an $840,000 investment in Swedish Temptations (Bärta), which produces vegan and organic foods. These transactions highlight Almi's engagement in the nutritional sector, supporting businesses that contribute to health and wellness.


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 providing expertise in managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the healthcare and nutritional supplement sectors, including the acquisition of Fertin Pharma, a Danish manufacturer of medicated chewing gum, which highlights their engagement in the nutritional supplement market. Additionally, their acquisition of Karo Healthcare further emphasizes their commitment to the healthcare industry, which often overlaps with nutritional supplements. EQT's diverse investment strategy and their active role in relevant transactions position them as a noteworthy player in the nutritional supplement investment landscape.


4. 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, founded in 2000. The company specializes in pet health products, offering a range of dietary supplements for dogs, cats, and horses, focusing on improving pet health and addressing issues such as dental care and anxiety. Swedencare operates an online store for direct consumer sales. Notably, they have made significant acquisitions in the pet healthcare sector, including NaturVet, known for its therapy supplements for pets, acquired for $447.5 million, and Nutravet, a producer of animal healthcare products, acquired for 375 million SEK (£33 million). Other relevant transactions include the acquisition of Animal Pharmaceuticals Inc. and Innovet, both of which enhance their portfolio in the animal healthcare and nutritional supplement market. These strategic moves indicate Swedencare's commitment to expanding its presence in the nutritional supplement industry for pets.


5. 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 a corporate investment firm based in Stockholm, Sweden, founded in 2018. The firm specializes in impact investments that promote sustainable food production, particularly through plant-based and foodtech companies. Kale United aims to support the transition to a plant-based lifestyle while delivering financial returns to individual and institutional investors. Notable transactions include investments in OMNI, a plant-based dog food startup, and THE PACK, which focuses on nutritionally complete plant-based pet food. Additionally, they acquired Enkla Kassen, a vegan meal kit service, further emphasizing their commitment to plant-based nutrition. Their investments in companies like Swedish Temptations, which produces vegan and organic foods, highlight their focus on health-oriented products within the nutritional supplement context.


6. 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. In recent years, Heartcore has participated in several funding rounds that are relevant to the nutritional supplement industry. Notably, they invested in Numi, a French milktech startup that raised €3 million in Seed funding, which is pertinent to the nutritional sector. Additionally, Heartcore was involved in funding La Fourche, which raised significant amounts in Series B funding, indicating a focus on health-related products. Their diverse portfolio and active participation in health and nutrition-related startups suggest a broader interest that includes the nutritional supplement space.


7. Zinzino

  • Website: zinzino.com
  • Type: Corporate
  • Headquarters: Gothenburg, Västra Götaland, Sweden
  • Founded year: 2005
  • Headcount: 51-200
  • Number of deals in 2024: 5
  • LinkedIn: zinzino_2

Zinzino is a corporate investor based in Gothenburg, Västra Götaland, Sweden, founded in 2005. The company specializes in health supplements, providing a variety of nutritional products and home health tests aimed at improving individual wellness. Their offerings include Omega supplements and personalized health protocols, catering primarily to health-conscious consumers seeking to enhance their nutritional intake. In 2024, Zinzino made significant moves in the nutritional supplement sector by acquiring Zurvita for $11.5 million and Valentus Global, further solidifying their position in the market. Additionally, they acquired a 49% stake in Cleanthi Alpha-Olenic LTD, a Cypriot olive oil producer, as part of their strategy to enhance distribution and expand their product portfolio. These transactions highlight Zinzino's active role in the nutritional supplement industry and their commitment to growth in this sector.


8. 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 various sectors, including branded consumer goods, aluminium solutions, and financial investments. Orkla offers a diverse range of products, particularly in food, snacks, health, and personal care. Notably, Orkla has made strategic acquisitions in the nutritional supplement industry, such as the acquisition of Health and Sports Nutrition Group HSNG AB, which operates major e-commerce portals for health and sports nutrition in the Nordic region. Additionally, Orkla acquired NutraQ, encompassing health and beauty brands like VitaePro and Oslo Skin Lab, further solidifying its presence in the nutritional supplement market. The acquisition of Vesterålen Marine Oil also highlights Orkla's focus on health and sustainability, particularly through its Möller’s Tran cod liver oil brand, which has experienced significant growth. These transactions illustrate Orkla's active role in the nutritional supplement sector, catering to both consumer and business needs.


9. Lifeline Ventures


Lifeline Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2009. The firm specializes in early-stage investments in startups across various sectors, providing financial backing and advisory services to entrepreneurs. Lifeline Ventures focuses on supporting resilient founders from the inception of their ventures. Notably, they have invested in Ambronite, a company that raised $600,000 in a seed round in 2015, which specializes in meal replacement nutritional supplements. They also participated in funding rounds for Oura, a wellness technology company known for its health monitoring ring, which has implications for nutritional health. Their involvement in these transactions highlights their interest in the health and wellness space, making them a relevant player in the nutritional supplement industry.


10. 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. Notably, CapMan has made significant strides in the nutritional supplement sector, particularly with their acquisition of MM Sports, a Swedish company focused on sports nutrition and equipment, announced on July 2, 2021. This acquisition is part of CapMan's strategy to support MMSports' growth and international expansion. Additionally, they have acquired Pharmia, a company that may also have relevance in the health and wellness space, although specific details on its focus are less clear. Overall, CapMan leverages its expertise in the Nordic markets to manage funds and drive value creation for its clients, including investments in the nutritional supplement industry.


11. Midsona AB


Midsona AB is a corporate investor based in Sweden, founded in 1991, with a focus on health and wellness. The company develops and markets a range of organic and plant-based food products, catering to the increasing consumer demand for healthier lifestyle choices. Midsona operates primarily in the Nordic region and has expanded into other European markets, emphasizing sustainability and transparency in its operations. Notable transactions include the acquisition of Urtekram International A/S in 2015 for $35 million, which bolstered their portfolio in organic products, and the acquisition of Davert GmbH in 2018 for €35.8 million, further enhancing their offerings in health-oriented food products. Additionally, their acquisition of System Frugt in 2020 for SEK298 million aimed to strengthen their platform for plant-based food production, complementing their existing product portfolio in healthy snacks. These transactions highlight Midsona's commitment to the health and wellness sector, making them a significant player in the nutritional supplement industry.


12. 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. They specialize in supporting early-stage entrepreneurs in building global, category-defining companies by providing venture capital investment, strategic support, and networking opportunities. Creandum has a diverse portfolio, including significant investments in health-related companies. Notably, they participated in funding rounds for Virta Health, which raised substantial amounts to address Type 2 Diabetes through dietary and lifestyle interventions, highlighting their commitment to health and wellness. Additionally, their investment in 8fit, a company that offers personalized fitness and nutrition plans, further underscores their engagement in the health sector. Creandum's approach focuses on nurturing companies from seed to IPO, leveraging their expertise and connections to help entrepreneurs succeed across various sectors, including health and wellness.


13. 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, with a notable focus on healthcare and technology. Nordic Capital partners with management teams to drive growth and operational improvements in its portfolio companies, aiming to create long-term value and sustainability. Among their relevant transactions, Nordic Capital acquired GesundHeits GmbH Deutschland in June 2014, a company likely involved in health products, and Greenfood Group in December 2015, which focuses on healthy food solutions. These investments highlight Nordic Capital's engagement in the nutritional supplement and health sectors, aligning with their strategy to invest in sustainable and growth-oriented companies.


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 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 transactions, including notable investments in health-related companies such as OME Health, which raised $1.25 million in Seed funding in 2018. This investment highlights Inventure's interest in the health and wellness sector, which is closely related to nutritional supplements. Other transactions include investments in companies like Qvin, Mojo, and Elsa, although these are less directly related to nutritional supplements. Overall, Inventure's portfolio reflects a commitment to innovative health solutions, making them a relevant player in the nutritional supplement investment landscape.


15. Finnvera

  • Website: finnvera.fi
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2000
  • Headcount: 201-500
  • Number of deals in 2024: 3
  • LinkedIn: finnvera

Finnvera Oyj is a public entity based in Helsinki, Finland, established in 2000, that provides financial services to support the growth and internationalization of Finnish businesses. They offer a range of financial products including loans, guarantees, equity investments, and export guarantees, primarily targeting small and medium-sized enterprises. Finnvera plays a crucial role in enhancing the competitiveness of its clients by facilitating access to necessary financing. Notably, they have been involved in transactions relevant to the nutritional supplement industry, such as their investment in Eevia Health, which raised $520,013 in Post-IPO Debt in September 2023. Additionally, they have supported companies like WellO2 and Nightingale Health, which are associated with health and wellness, further demonstrating their engagement in the nutritional supplement sector.



Nutritional Supplement Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Novo HoldingsHellerup, Denmark51-200199945
AlmiStockholm, Stockholm, Sweden201-50019947
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
SwedencareMalmo, Skåne, Sweden11-5020001
Kale UnitedStockholm, Stockholm, Sweden1-1020182
Heartcore CapitalCopenhagen, Denmark11-50200717
ZinzinoGothenburg, Västra Götaland, Sweden51-20020055
Orkla ASAOslo, Oslo, Norway10001+20171
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
CapManHelsinki, Uusimaa, Finland51-20019894
Midsona ABSweden501-100019910
CreandumStockholm, Stockholm, Sweden11-50200317
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
InventureHelsinki, Uusimaa, Finland11-5020059
FinnveraHelsinki, Uusimaa, Finland201-50020003


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