The radio broadcasting industry in the Nordics is a hub for media engagement, home to a mix of local and international broadcasters. Companies here offer traditional FM and digital radio services, alongside growing on-demand content like podcasts. With audiences shifting from conventional formats to streaming platforms, the industry is transitioning towards dynamic audio experiences. Recent years have seen an uptick in podcasting, highlighting evolving consumer preferences for compelling storytelling and niche content. The presence of major players like Spotify and local networks showcases the intersection of technology and creativity in broadcasting, signaling an exciting evolution ahead.


The investor landscape in the Nordics reveals a mix of corporate giants, private equity firms, and venture capitalists driving innovation in the radio broadcasting space. Most investors are headquartered in key cities like Stockholm and Copenhagen, reflecting concentrated industry expertise. Ranging from established firms like Ericsson, founded in 1876, to newer entrants like Heartcore Capital from 2007, these entities collectively made significant moves in the last year. Between them, they executed a remarkable number of deals in 2024, highlighting a robust appetite for audio-related ventures, especially as content consumption continues to evolve.


Top 15 Radio Broadcasting 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 based in Stockholm, Sweden, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Founded in 1994, EQT serves institutional investors by managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the media and entertainment sector, including a strategic investment in Storytel, a leading audiobook and ebook streaming service, where they became the second largest shareholder. This investment highlights EQT's interest in audio content, which is relevant to the radio broadcasting industry. Additionally, EQT's investment in United Talent Agency (UTA) positions them as a key player in the media landscape, potentially influencing talent and content creation that could intersect with radio broadcasting. Overall, EQT's diverse portfolio and strategic investments in media-related companies reflect their capability and interest in sectors that overlap with radio broadcasting.


2. 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. The company provides a range of learning solutions and media content, including printed and digital learning materials, teaching platforms, and publishing news and entertainment content. Sanoma operates across multiple European countries and serves educational institutions and media consumers. Notably, in 2005, Sanoma acquired Radio Helsinki Oy, a local radio station in the Helsinki metropolitan area, as part of its strategy to expand in various media fields. This acquisition highlights Sanoma's involvement in the radio broadcasting sector, complementing its broader media and educational initiatives. Additionally, Sanoma has made other acquisitions, such as Net Info.BG AD, which focus on enhancing its digital media presence, but the Radio Helsinki transaction is particularly relevant to the radio broadcasting context.


3. Spotify

  • Website: spotify.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2006
  • Headcount: 5001-10000
  • Number of deals in 2024: 1
  • LinkedIn: spotify

Spotify is a music and podcast streaming service founded in 2006, headquartered in Stockholm, Sweden. It offers users access to a vast library of audio content, including music and podcasts, and allows for the creation and sharing of playlists. Spotify has made significant investments in the podcasting sector, acquiring Gimlet Media, a prominent podcast production company, for over $200 million in 2019, marking its largest acquisition to date. In 2020, Spotify further expanded its podcasting portfolio by acquiring The Ringer, a sports and pop culture website that produces podcasts. Additionally, Spotify acquired Sonantic in 2022, a company specializing in voice synthesis technology, which could enhance its audio content offerings. These strategic acquisitions demonstrate Spotify's commitment to becoming a leader in the audio broadcasting space, particularly in the realm of podcasts, which are increasingly seen as a form of radio.


4. Ericsson

  • Website: ericsson.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1876
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: ericsson

Ericsson is a telecommunications company based in Stockholm, Sweden, founded in 1876. With over 10,000 employees, Ericsson specializes in providing advanced connectivity solutions, including 5G networks and IoT platforms. The company has made several significant acquisitions to enhance its capabilities in the broadcast and media services sector. Notably, in 2016, Ericsson announced its acquisition of FYI Television, a media content company, which aimed to strengthen its position in the broadcasting industry. Additionally, in 2014, Ericsson acquired Azuki Systems, a provider of TV Anywhere delivery platforms, further expanding its media portfolio. These transactions highlight Ericsson's strategic interest in the broadcasting sector, despite its primary focus on telecommunications.


5. 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. They provide venture capital investment, strategic support, and networking opportunities to startups across various sectors. Notably, Creandum has been involved in significant transactions in the audio streaming space, including their early investments in Spotify, where they participated in both the Series A funding round in 2008 and a secondary market transaction in 2014, raising a total of $43.28 million. This involvement with Spotify highlights their commitment to the audio and broadcasting industry, alongside their investments in other sectors such as fintech and health tech. Creandum's business model focuses on nurturing companies from seed to IPO, leveraging their expertise and connections to help entrepreneurs succeed.


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 focuses on building long-term relationships with entrepreneurs. Heartcore has been actively involved in the audio content sector, particularly through its investments in Podimo, a Copenhagen-based platform for podcasts and audiobooks. Podimo has successfully raised multiple funding rounds, including a Series B round in 2022 for €58.6M and earlier rounds totaling over $77 million. This involvement highlights Heartcore's commitment to supporting innovative audio content platforms, aligning them with the radio broadcasting industry.


7. Bonnier Ventures

  • Website: bonnierventures.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2013
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: bonnier-ventures

Bonnier Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2013. As the investment division of the Bonnier Group, it focuses on providing capital and management support to promising companies in structurally growing industries, including media, healthcare, sustainability, fintech, and SaaS. Notably, Bonnier Ventures has made several investments in Acast, a leading podcasting platform, with funding rounds totaling over $40 million from 2015 to 2020. This involvement highlights their commitment to the media sector, particularly in audio content distribution, which is integral to the radio broadcasting industry. Additionally, they participated in the funding of Kitab Sawti, an Arabic audiobook platform, further demonstrating their interest in audio-related ventures.


8. Vizrt

  • Website: vizrt.com
  • Type: Corporate
  • Headquarters: Bergen, Vestland, Norway
  • Founded year: 1997
  • Headcount: 501-1000
  • LinkedIn: vizrt

Vizrt is a corporate investor based in Bergen, Vestland, Norway, founded in 1997. The company specializes in media technology, providing advanced software solutions that cater to content production, management, and distribution in the digital media industry. Their offerings are particularly beneficial for broadcasters, sports organizations, and educational institutions, enhancing storytelling capabilities through real-time graphics and media asset management. Notably, Vizrt has made significant acquisitions in the broadcasting technology space, including Mosart Medialab in 2014 for NOK106.2 million, aimed at improving studio production automation, and Flowics in 2022, a cloud-native HTML5 broadcast graphics platform, to bolster their graphics portfolio. These transactions highlight Vizrt's active role in enhancing broadcasting capabilities, making them a relevant player in the radio broadcasting context.


9. Cni


CNI Advisory AB is a venture capital firm based in Stockholm, Sweden, founded in 2012. The firm specializes in funding and supporting entrepreneurial businesses across various sectors, focusing on creating sustainable shareholder value by providing capital and strategic guidance. Notably, Cni has invested in Acast, a prominent player in the podcasting and audio content distribution industry, with significant funding rounds including $19.5 million in Series B on September 20, 2017, and $4.7 million in a venture round on December 10, 2015. These transactions highlight Cni's engagement in the audio content space, which is closely aligned with radio broadcasting. Additionally, Cni has invested in Nextory, a digital reading platform, further showcasing its diverse investment portfolio.


10. Schibsted

  • Website: schibsted.com
  • Type: Corporate
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1839
  • Headcount: 5001-10000
  • Number of deals in 2024: 3
  • LinkedIn: schibsted-asa

Schibsted Media Group is a media company based in Oslo, Norway, with a history dating back to 1839. Originally focused on publishing, Schibsted has transitioned to a digital marketplace model, offering online platforms for classified ads and second-hand goods. In recent years, Schibsted has expanded its portfolio to include investments in audio content, notably acquiring a 91% stake in Podme, a podcast platform, in June 2021. This acquisition highlights Schibsted's strategic move into the audio broadcasting sector, aligning with the growing trend of digital audio consumption. Additionally, Schibsted has been involved in funding rounds for Podme, indicating a sustained interest in the podcasting space. These transactions reflect Schibsted's commitment to diversifying its media investments and engaging with the evolving landscape of audio content.


11. Conor Venture Partners

  • Website: conor.vc
  • Type: Venture Capital
  • Headquarters: Espoo, Uusimaa, Finland
  • Founded year: 2005
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: conor-venture-partners

Conor Venture Partners is a venture capital firm based in Espoo, Uusimaa, Finland, founded in 2005. The firm specializes in investing in early-stage technology companies, focusing on sectors such as ICT, electronics, embedded systems, and new materials & optics. Notably, Conor has been involved in significant transactions, including investments in Supponor, a Finnish digital advertising technology provider. In 2008, they participated in a Series A funding round for Supponor, which aimed to enhance broadcasting capabilities through dynamic content management and targeted advertising. This investment highlights Conor's strategic interest in technologies that support broadcasters and event organizers, showcasing their relevance to the radio broadcasting industry. Additionally, they were involved in a Series B funding round for Supponor in 2016, further solidifying their commitment to this sector.


12. Chr. Augustinus Fabrikker


Chr. Augustinus Fabrikker A/S is a venture capital firm based in Copenhagen, Denmark, founded in 1750. The firm specializes in long-term ownership of Danish businesses across diverse sectors, including healthcare, design, and hospitality. Recently, they have shown interest in the audio content industry by participating in multiple funding rounds for Podimo, a Copenhagen-based platform for podcasts and audiobooks. Notably, they were involved in Podimo's funding rounds in 2021, 2022, and 2023, contributing to a total of over $130 million raised by the company. This involvement highlights their commitment to supporting innovative audio content platforms, making them a relevant player in the radio broadcasting investment landscape.


13. Segulah Advisor

  • Website: segulah.se
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 11-50
  • LinkedIn:

Segulah Advisor is a private equity firm based in Stockholm, Sweden, founded in 1994. The firm specializes in providing strategic investment services aimed at enhancing financial performance across various sectors. Notably, Segulah Advisor acquired Mitt i on June 25, 2014, a company involved in local media and radio broadcasting, which highlights their engagement in the radio broadcasting industry. Additionally, they acquired Semantix on June 22, 2015, although this company is more focused on language services and technology. Overall, Segulah Advisor's investment in Mitt i demonstrates their capability and interest in the media and broadcasting sector, making them a relevant player in this field.


14. Alfvén & Didrikson


Alfvén & Didrikson is a Stockholm-based venture capital firm founded in 2010, specializing in backing growth-oriented companies, particularly in the technology and health sectors. The firm emphasizes long-term partnerships and provides both financial support and strategic guidance to entrepreneurs and businesses aiming to scale. Notably, Alfvén & Didrikson has made several investments in Acast, a prominent player in the podcasting and audio content distribution industry. They participated in multiple funding rounds for Acast, including a Series A round in May 2015, and subsequent venture rounds in 2015, 2017, and 2020, totaling over $40 million. This involvement highlights their interest in the audio content space, which is relevant to radio broadcasting.


15. Chalmers Ventures


Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. They specialize in deep tech innovations and support researchers and entrepreneurs in commercializing their technology through various programs. Their approach emphasizes active ownership and investment in startups, helping them scale and succeed in the market. Notably, Chalmers Ventures has invested in RadChat, which raised funds in pre-seed rounds in 2021 and 2023, indicating their engagement in the radio broadcasting sector. This involvement showcases their commitment to fostering innovation in communication technologies, which is relevant to the radio broadcasting industry.



Radio Broadcasting Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
SanomaHelsinki, Uusimaa, Finland5001-1000018890
SpotifyStockholm, Stockholm, Sweden5001-1000020061
EricssonStockholm, Stockholm, Sweden10001+18763
CreandumStockholm, Stockholm, Sweden11-50200317
Heartcore CapitalCopenhagen, Denmark11-50200717
Bonnier VenturesStockholm, Stockholm, Sweden1-1020131
VizrtBergen, Vestland, Norway501-100019970
CniStockholm, Stockholm, Sweden1-1020121
SchibstedOslo, Oslo, Norway5001-1000018393
Conor Venture PartnersEspoo, Uusimaa, Finland1-1020051
Chr. Augustinus FabrikkerCopenhagen, Denmark11-5017501
Segulah AdvisorStockholm, Stockholm, Sweden11-5019940
Alfvén & DidriksonStockholm, Stockholm, Sweden11-5020100
Chalmers VenturesSweden11-50201526


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