The puzzles making industry in the Nordics includes companies that design, manufacture, and sell various puzzle products, ranging from traditional jigsaw puzzles to innovative brain teasers. This vibrant sector features small startups and established manufacturers, intertwining creativity with educational values. As more families value screen-free activities, the demand for puzzles is growing, indicating a shift towards interactive learning experiences that foster problem-solving skills. Additionally, companies are experimenting with digital formats to capture a tech-savvy audience, exploring augmented reality elements that elevate traditional puzzles to new heights. Overall, the industry looks promising, with potential for expansion and new creative ideas.

The list of investors features a mix of corporate and private equity firms, showcasing varied investment strategies across the Nordic countries. Headquartered primarily in Stockholm and Helsinki, these firms range in size from fewer than 10 employees to more than 10,000. Founded between 1862 and 2017, they exhibit a significant shift in investment focus toward innovation in games and educational products, evident in their deal activity in 2024. Notably, firms like Nordic Capital and Orkla ASA participated in multiple transactions, reinforcing their commitment to sectors intersecting with puzzle-making and consumer engagement.

Top 15 Puzzles Making Investors in the Nordics

1. 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, they invested in Vectary, a platform that aims to make high-quality 3D design accessible, which aligns with the creative aspects of puzzles. Additionally, their investments in companies like Nothing, which focuses on consumer tech, showcase their diverse portfolio. While their primary focus is on technology, their engagement in design and user experience through these investments suggests a potential relevance to the puzzles making industry.

2. 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, and is known for partnering with management teams to drive growth and operational improvements in its portfolio companies. Nordic Capital has a strong focus on creating long-term value and sustainability in its investments. Notably, they have been involved in several acquisitions relevant to the puzzles making context, such as the acquisition of Kompan A/S, a company that produces play and activity products, and Britax, a manufacturer of child car-safety seats. Their acquisition of Max-Inf, a China-based manufacturer of child restraint systems, further emphasizes their commitment to enhancing child safety products, which often incorporate elements of play and problem-solving, akin to puzzles. Their diverse investment portfolio and strategic focus on growth make them a significant player in the private equity landscape.

3. Cloetta

• Website: cloetta.com
• Type: Corporate
• Headquarters: Sundbyberg, Stockholm, Sweden
• Founded year: 1862
• Headcount: 1001-5000
• LinkedIn: cloetta

Cloetta is a prominent confectionery manufacturer based in Sundbyberg, Stockholm, Sweden, founded in 1862. The company specializes in a wide range of confectionery products, including candy, chocolate, chewing gum, pastilles, and nuts. Cloetta has been actively expanding its market presence through strategic acquisitions. Notably, in 2014, Cloetta acquired a 75% stake in Aran Candy, the owner of The Jelly Bean Factory, enhancing its footprint in the UK market. This acquisition was followed by a full acquisition of Aran Candy for SEK140 million ($21 million). Additionally, in 2017, Cloetta acquired Candyking Holding AB, a leading supplier of pick and mix candy in the Nordic countries and the UK, further solidifying its position in the confectionery market. These transactions reflect Cloetta's commitment to innovation and growth in the candy sector, which is relevant to the puzzles market as candy-themed puzzles can appeal to similar consumer demographics.

4. 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. With over 10,000 employees, Orkla operates primarily in the branded consumer goods sector, offering a diverse range of products including food, snacks, health, and personal care items. The company has made notable acquisitions in the confectionery industry, such as the purchase of Nói-Siríus HF, Iceland's largest confectionery producer, where they acquired an 80% stake, and Bubs Godis AB, a Nordic confectionery company, which they fully acquired. These transactions highlight Orkla's commitment to expanding its footprint in the confectionery market, which is relevant to the puzzles making industry, as confectionery products are often associated with games and puzzles. Additionally, Orkla has a history of investing in various sectors, including aluminium solutions and financial investments, but their focus on branded consumer goods, particularly in confectionery, positions them as a relevant player in the puzzles making context.

5. Pamica

• Website: pamica.se
• Type: Private Equity
• Headquarters: Halmstad, Halland, Sweden
• Founded year: 2015
• Headcount: 1-10
• Number of deals in 2024: 1
• LinkedIn: pamicainvest

Pamica is a private equity investment group based in Halmstad, Halland, Sweden, founded in 2015. The firm specializes in acquiring and developing small to medium-sized companies across the industrial and service sectors. They provide management consulting, financial support, and sustainability consulting to help businesses grow sustainably. In 2023, Pamica made a notable acquisition of Waboba AB, a company known for its innovative toys, which positions them within the toy industry. This acquisition reflects their strategy of investing in entrepreneur-driven companies seeking to enhance their operations and achieve long-term success. Additionally, they acquired Delta of Sweden Aktiebolag in late 2022, further demonstrating their active role in the market. While their primary focus is not solely on puzzles, their investment in a toy company suggests a potential interest in the puzzles making sector.

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 Fund V has formed a new entity called Network of Design (NOD) and acquired companies such as String Furniture and Photowall. While these acquisitions do not directly indicate a focus on puzzles, they reflect Altor's engagement in the design and consumer product space, which could intersect with the puzzles making industry.

7. Frumtak Ventures

• Website: frumtak.is
• Type: Venture Capital
• Headquarters: Reykjavík, Reykjavíkurborg, Iceland
• Founded year: 2008
• Headcount: 1-10
• Number of deals in 2024: 4
• LinkedIn: frumtak

Frumtak Ventures is a venture capital firm based in Reykjavík, Iceland, founded in 2008. The firm specializes in investing in early-stage startups, particularly in technology and innovation sectors. They provide financial backing and strategic consulting to help entrepreneurs grow their businesses, emphasizing collaboration and support from seed stage through IPO. One notable investment is in Tulipop, a design company based in Reykjavik, which raised $2M in Series A funding led by Frumtak Ventures. This investment highlights their engagement in the design industry, which may include puzzle-making as part of their portfolio, showcasing their versatility in supporting creative ventures.

8. Sisu Game Ventures

• Website: sisu.vc
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2014
• Headcount: 1-10
• Number of deals in 2024: 2
• LinkedIn: sisu-game-ventures

Sisu Game Ventures is a venture capital fund based in Helsinki, Uusimaa, Finland, founded in 2014. The firm specializes in early-stage investments within the gaming industry, providing funding, strategic support, and industry connections to game developers and startups. Their mission is to foster collaboration and innovation in the gaming sector. Notably, Sisu Game Ventures has participated in significant transactions such as the $37.5 million Series A funding for Theorycraft Games and a $1.5 million seed funding round for Quicksave Interactive, which focuses on creating HTML5-based social games. This involvement indicates their commitment to supporting diverse gaming projects, including those that may feature puzzle elements.

9. Embracer Group

• Website: embracer.com
• Type: Corporate
• Headquarters: Karlstad, Varmland, Sweden
• Founded year: 1999
• Headcount: 51-200
• LinkedIn: embracergroup

Embracer Group is a corporate investor based in Karlstad, Varmland, Sweden, founded in 1999. The company specializes in game development and entertainment publishing, creating and distributing a wide range of video games across various platforms. With a global presence and numerous internal studios, Embracer Group serves gamers and entertainment consumers by providing engaging content and experiences. A notable transaction in their portfolio is the acquisition of Asmodee on December 15, 2021, for approximately $3.1 billion. Asmodee is a leading publisher in the board game industry, known for popular titles that include puzzles and strategy games, which aligns with the interests of puzzle-making investors.

10. Mtg

• Website: mtg.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1987
• Headcount: 11-50
• Number of deals in 2024: 1
• LinkedIn: mtg

Modern Times Group (MTG) is a gaming and entertainment company based in Stockholm, Sweden, founded in 1987. With a team size of 11-50, MTG operates a diverse portfolio of gaming studios that develop and publish a wide range of mobile and browser games. The company is dedicated to providing engaging gaming experiences to consumers worldwide, leveraging its expertise in user engagement and innovation. In 2023, MTG acquired Snowprint Studios, known for developing Warhammer 40,000: Tacticus, for an estimated $50 million, securing a 70% majority stake. This acquisition reflects MTG's strategy to enhance its gaming portfolio and indicates potential growth in the gaming sector. Additionally, MTG was involved in a funding round with Play Ventures in December 2018, although the details of that transaction remain undisclosed. These activities highlight MTG's commitment to expanding its influence in the gaming industry, which could encompass puzzle games in the future.

11. Academedia

• Website: academedia.se
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1996
• Headcount: 10001+
• Number of deals in 2024: 1
• LinkedIn: academedia

AcadeMedia AB is a prominent education provider based in Stockholm, Sweden, founded in 1996. The company offers a wide range of educational services, including preschool, primary, secondary, and adult education, serving approximately 200,000 individuals annually. AcadeMedia is committed to quality and development opportunities for its students across various educational institutions. Notably, in 2022, AcadeMedia acquired Futuregames, a leading game education provider, to enhance its position in the gaming education sector. This acquisition aligns with their strategy to expand partnerships in game education, which is relevant to the puzzles making industry. Additionally, AcadeMedia has previously acquired LBS Kreativa Gymnasiet, further diversifying its educational offerings. These transactions highlight Academedia's interest in sectors that intersect with game design and development, including puzzles.

12. 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 and support 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. Notably, they led a Series B funding round for CGTrader, a 3D model provider, which is relevant to the puzzles making context as it involves digital assets that can be used in puzzle creation. Additionally, they participated in a Series C funding round for Tylko, a furniture company, showcasing their diverse investment portfolio.

13. IPR.VC

• Website: ipr.vc
• Type: Corporate
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2015
• Headcount: 1-10
• LinkedIn: ipr-vc

IPR.VC is a corporate investment fund based in Helsinki, Uusimaa, Finland, founded in 2015. The firm specializes in the media and entertainment industry, particularly focusing on film and TV production investments. IPR.VC provides strategic capital to studios and distributors, aiding them in financing high-quality content. Notably, IPR.VC has invested in Lightneer, a Finnish educational gaming company that raised a total of approximately $5 million in seed funding across multiple rounds. Lightneer's flagship game, Big Bang Legends, aims to revolutionize fun-learning, indicating IPR.VC's interest in innovative educational solutions that may include puzzle elements. This involvement in the educational gaming sector highlights IPR.VC's potential relevance to the puzzles making industry, despite their primary focus on media and entertainment.

14. Anoto

• Website: anoto.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1999
• Headcount: 51-200
• LinkedIn: anoto

Anoto Group AB, founded in 1999 and based in Stockholm, Sweden, is a technology company specializing in digital writing solutions and biometric authentication. They are known for their innovative products, such as smartpens and cloud-based platforms, which enhance data capture and processing for various sectors, including education, healthcare, and financial services. Notably, Anoto has made strategic acquisitions to bolster its capabilities in digital writing. In 2015, they acquired Livescribe, a digital pen maker, for $15 million, which aligns with their focus on enhancing digital writing technologies. Additionally, they acquired XMS Penvision, a Swedish software company specializing in digital writing solutions, further expanding their portfolio. These transactions highlight Anoto's commitment to advancing digital writing, which can be leveraged in the puzzle-making industry, particularly in creating interactive and engaging puzzle experiences.

15. Paradox Interactive

• Website: paradoxinteractive.com
• Type: Corporate
• Headquarters: Solberga, Stockholm, Sweden
• Founded year: 1999
• Headcount: 501-1000
• LinkedIn: paradox-interactive

Paradox Interactive AB is a video game publisher and developer based in Solberga, Stockholm, Sweden, founded in 1999. The company specializes in strategy and management games, offering a diverse range of video games and downloadable content to a global audience. Paradox operates through multiple development studios and actively engages with its community to enhance player experiences. Notably, in July 2020, Paradox acquired Finnish developer Iceflake Studios, marking it as the ninth developer in the Paradox family. This acquisition aligns with their strategy of collaborating with studios on existing projects, such as the strategy title 'Surviving the Aftermath', which showcases their interest in games that may incorporate puzzle-solving elements.

Puzzles Making Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
EQT Ventures	Stockholm, Stockholm, Sweden	11-50	2015	28
Nordic Capital	Stockholm, Stockholm, Sweden	201-500	1989	10
Cloetta	Sundbyberg, Stockholm, Sweden	1001-5000	1862	0
Orkla ASA	Oslo, Oslo, Norway	10001+	2017	1
Pamica	Halmstad, Halland, Sweden	1-10	2015	1
Altor Equity Partners	Stockholm, Stockholm, Sweden	51-200	2003	6
Frumtak Ventures	Reykjavík, Reykjavíkurborg, Iceland	1-10	2008	4
Sisu Game Ventures	Helsinki, Uusimaa, Finland	1-10	2014	2
Embracer Group	Karlstad, Varmland, Sweden	51-200	1999	0
Mtg	Stockholm, Stockholm, Sweden	11-50	1987	1
Academedia	Stockholm, Stockholm, Sweden	10001+	1996	1
Evli Growth Partners	Helsinki, Uusimaa, Finland	1-10	2018	3
IPR.VC	Helsinki, Uusimaa, Finland	1-10	2015	0
Anoto	Stockholm, Stockholm, Sweden	51-200	1999	0
Paradox Interactive	Solberga, Stockholm, Sweden	501-1000	1999	0

Want to find more investors focusing on the puzzles making industry?

If you want to find more investors that are active in the puzzles makingindustry, you can do that with Inven. We built this list and analysis throughInven's Investor Search, and there are a lot more private equity, venturecapital, and corporate investors like these globally.

With Inven, you'll also get to know:

• Deal History: Number of deals and their sizes.
• Portfolio: Companies they've invested in.
• Contact data: Key dealmakers, including their emails and phonenumbers.
• ...and much more!