The smart home industry in the Nordics is evolving quickly, driven by innovations in technology and sustainability. Companies in this niche provide solutions that enhance everyday living, from smart security systems to energy-efficient devices. Brands work at the intersection of IoT, automation, and renewable energy, crafting homes where convenience meets efficiency. The industry is witnessing increased consumer interest in energy management and improved connectivity, leading to a surge in smart home adoption. Market experts anticipate robust growth as consumers seek enhanced control over their living spaces, further energizing the sector with possibilities for new startups and established firms alike.

The investors in our list represent a mix of venture capital and private equity firms, as well as corporate giants, located primarily in Sweden and Norway. Established between 1946 and 2015, these funds range in size from small, agile teams to large organizations with thousands of employees. In 2024, they collectively made 161 investments across various smart home-related sectors, indicating a solid interest in advancing technology that supports modern living. This array of investors underscores the capital-infused momentum behind the Nordic smart home ecosystem.

Top 15 Smart Home 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 provides 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. Among its notable transactions, Almi has invested in LumenRadio, a company that specializes in wireless communication technology, which is highly relevant to the smart home industry. Additionally, Almi has participated in funding rounds for other innovative companies like EasyServ, Collactivate, and Peafowl Plasmonics, indicating a broader interest in technology and innovation that could intersect with smart home applications.

2. ASSA ABLOY Group

• Website: assaabloy.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 10001+
• Number of deals in 2024: 21
• LinkedIn: assaabloy

ASSA ABLOY Group, founded in 1994 and headquartered in Stockholm, Sweden, is a leading provider of security solutions, specializing in locks, doors, gates, and entrance automation. With a workforce of over 10,000 employees, the company has established itself as a leader in the security industry through innovation and a diverse product portfolio. In recent years, ASSA ABLOY has made significant strides in the smart home sector by acquiring companies that enhance its technology offerings. Notable transactions include the acquisition of August Home, a US-based smart lock manufacturer, which was announced in October 2017, and the acquisition of Bird Home Automation GmbH (DoorBird) in October 2022, which focuses on smart intercom systems. Additionally, in September 2024, ASSA ABLOY acquired Level Lock, further strengthening its position in the smart lock market. These strategic acquisitions demonstrate ASSA ABLOY's commitment to integrating smart technology into its product offerings, making it a relevant player in the smart home industry.

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 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. Among their notable transactions, EQT acquired Verisure Securitas Direct in 2008, a leading provider of smart home security solutions, which highlights their engagement in the smart home industry. Additionally, their acquisition of Anticimex, a pest control specialist, and other investments in technology and infrastructure further demonstrate their broad investment strategy, which may include smart home technologies indirectly. Their recent acquisition of Calisen, a company involved in energy management, also aligns with the growing trend of smart home energy solutions.

4. Butterfly Ventures

• Website: butterfly.vc
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2012
• Headcount: 1-10
• Number of deals in 2024: 5
• LinkedIn: butterfly-ventures

Butterfly Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2012. The firm specializes in seed stage investments in deep tech startups, providing both capital and strategic support to help early-stage companies navigate growth and market entry challenges. Butterfly Ventures emphasizes social and environmental impact in its investment strategy, actively engaging with portfolio companies to foster innovation and success. Notable transactions include investments in OptiWatti Oy and Fourdeg, which focus on energy efficiency and smart solutions, respectively. Their investment in Naava, a company recognized for its innovative green wall technology, further highlights their commitment to enhancing indoor environments, a critical aspect of smart home technology.

5. Investinor

• Website: investinor.no
• Type: Venture Capital
• Headquarters: Trondheim, Trøndelag, Norway
• Founded year: 2008
• Headcount: 11-50
• Number of deals in 2024: 4
• LinkedIn: investinor

Investinor AS is a venture capital investment company based in Trondheim, Trøndelag, Norway, founded in 2008. It specializes in providing funding to promising startups and companies, helping them grow and achieve market leadership. Investinor collaborates with entrepreneurs and other investors, managing state interests in seed and venture funds. Notably, Investinor has invested in Novelda, which raised significant funding in both Series A and Series B rounds, focusing on the commercialization of smart sensors, a key component in smart home technology. Additionally, Investinor participated in seed funding for Viva Labs, although its direct relevance to smart home technology is less clear. Overall, Investinor's portfolio includes companies that contribute to the smart home ecosystem, making it a relevant player in this space.

6. Chalmers Ventures

• Website: chalmersventures.com
• Type: Venture Capital
• Headquarters: Sweden
• Founded year: 2015
• Headcount: 11-50
• Number of deals in 2024: 26
• LinkedIn: chalmers-ventures

Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. They focus on deep tech innovations and support researchers and entrepreneurs in commercializing their technology through various programs. Their model emphasizes active ownership and investment in startups, helping them scale and succeed in the market. Notable transactions include investments in LumenRadio, which raised funds for its wireless communication technology, potentially applicable in smart home systems. They also invested in Algeno and Epishine, both of which are involved in innovative technologies that could enhance smart home functionalities. Their commitment to fostering technology-driven startups positions them as a significant player in the tech investment landscape, including areas relevant to smart homes.

7. 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. Notable transactions include their investment in Onomondo, an IoT company that raised $21 million to accelerate growth in Europe, which is crucial for smart home technology. They also invested in Novelda, a leading supplier of smart sensors, which are essential components in smart home systems. Additionally, Verdane's stake in Evondos, an automated medicine dispensing company, showcases their interest in automation technologies that can be applied in smart home contexts. Their diverse portfolio reflects a commitment to supporting innovative solutions that align with the future of smart living.

8. Nokia

• Website: nokia.com
• Type: Corporate
• Headquarters: Espoo, Uusimaa, Finland
• Founded year: 1865
• Headcount: 10001+
• Number of deals in 2024: 3
• LinkedIn: nokia

Nokia Corporation is a telecommunications and technology solutions provider based in Espoo, Uusimaa, Finland, founded in 1865. The company specializes in networking technology and digital transformation, offering a wide range of products and services, including cloud infrastructure, mobile networks, and security solutions. Nokia has made several strategic acquisitions to enhance its capabilities in various sectors. Notably, in 2016, Nokia acquired Withings, a French digital health company, for €170 million, which strengthens its position in the digital health market and the Internet of Things (IoT). This acquisition is particularly relevant to the smart home industry as it involves health monitoring devices that can be integrated into smart home ecosystems. Other transactions, such as the acquisition of Medio Systems, a mobile predictive analytics startup, further demonstrate Nokia's commitment to enhancing its technology offerings, although they are less directly related to smart home applications.

9. Ericsson

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

Ericsson, founded in 1876 and based in Stockholm, Sweden, is a leading telecommunications company that specializes in advanced connectivity solutions, including 5G networks and IoT platforms. With a workforce of over 10,000 employees, Ericsson aims to enhance operational efficiency and improve user experiences through reliable and high-speed connectivity. Notably, Ericsson has been involved in several transactions relevant to the smart home context, such as their investment in SAM Seamless Network, which focuses on network security for smart devices, and their participation in a funding round for Everactive, a company that develops energy-harvesting technology that could be applied in smart home devices. These investments reflect Ericsson's commitment to supporting innovations that enhance smart home technologies and connectivity.

10. Lifeline Ventures

• Website: lifelineventures.com
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2009
• Headcount: 1-10
• Number of deals in 2024: 14
• LinkedIn: lifeline-ventures

Lifeline Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2009. The firm specializes in early-stage investments, providing financial backing and advisory services to entrepreneurs across various sectors. Lifeline Ventures aims to support resilient founders from the inception of their ventures, helping them grow and scale their businesses. In 2024, they have already made 14 investments, including notable transactions such as Photoncycle, which raised over $5 million in a Seed Round, and Synergi, which raised approximately $2.2 million in a Seed Round. Although these transactions do not directly indicate a focus on smart home technologies, the firm's investment strategy and involvement in innovative startups suggest a potential interest in this sector.

11. 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 Copenhagen, specializing in providing seed funding and advisory services to technology startups in Denmark. Founded in 2004, the firm has a strong track record of successful investments, particularly in sectors such as SaaS and Fintech. Notably, Seed Capital has invested in companies like Sensorist, which raised funds in 2013 and focuses on sensor technology, a critical aspect of smart home solutions. Additionally, they invested in Braci in 2016, a company that develops smart home products aimed at enhancing accessibility. These investments demonstrate Seed Capital's engagement with technology that intersects with the smart home industry, supporting its portfolio companies from seed stage to exit.

12. Addtech AB

• Website: addtech.se
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1906
• Headcount: 1001-5000
• Number of deals in 2024: 9
• LinkedIn: addtech-ab

Addtech AB, founded in 1906 and based in Stockholm, Sweden, is a corporate investor specializing in high-tech products and services across multiple sectors, including automation, electrification, energy, and industrial solutions. The company serves OEM manufacturers and end-users, focusing on enhancing operational efficiency and sustainability through innovative solutions. Notable transactions include the acquisition of Duelco A/S, a supplier of electrical distribution products, and Peter Andersson AB, which supplies electrical accessories for office and kitchen environments. These acquisitions align with the smart home context, as they involve products that can be integrated into smart home systems, thereby enhancing their relevance in this sector.

13. Industrifonden

• Website: industrifonden.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1979
• Headcount: 11-50
• Number of deals in 2024: 9
• LinkedIn: industrifonden

Industrifonden is a venture capital fund based in Stockholm, Sweden, founded in 1979. The firm specializes in investing in early-stage companies, particularly in the fields of Deep Tech, Life Science, and Transformative Tech. They provide financial support and strategic guidance to startups, helping them scale their innovative solutions. Notably, Industrifonden has been involved in several transactions that are relevant to the smart home industry. For example, their investment in Exeri AB, which raised SEK 50 million to enhance its market position and develop its energy management systems, showcases their interest in smart home technologies. Additionally, their backing of Peafowl Plasmonics, which is commercializing transparent solar power technology, highlights their commitment to innovative energy solutions that could be utilized in smart homes. Overall, Industrifonden aims to create long-term value through partnerships with passionate founders, making them a significant player in the venture capital landscape.

14. 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 a Stockholm-based investment company founded in 1936, known for partnering with innovative entrepreneurs across various sectors, including healthcare, software, marketplaces, and climate tech. They provide both capital and operational support to help companies scale and create long-term value. Recently, Kinnevik has been involved in significant transactions such as their investment in Aira, which raised €145 million in Series B funding to accelerate the electrification of residential heating in Europe. This investment is particularly relevant to the smart home industry as it focuses on enhancing energy efficiency in residential settings. Additionally, Kinnevik has a history of investing in companies like Home24, which, while primarily a home furnishings platform, also intersects with the smart home market by providing products that can be integrated into smart home environments.

15. Alliance VC

• Website: alliance.vc
• Type: Venture Capital
• Headquarters: Oslo, Oslo, Norway
• Founded year: 2001
• Headcount: 1-10
• Number of deals in 2024: 5
• LinkedIn: alliance-venture

Alliance Venture Capital is a venture capital firm based in Oslo, Norway, founded in 2001. The firm specializes in investing in early-stage technology companies founded by Nordic entrepreneurs with global ambitions. Alliance VC provides financial support and strategic guidance to help startups scale their operations and navigate funding challenges. Among their notable transactions, they invested in Enode, which raised $2.2 million in a seed round in April 2021, focusing on energy management solutions that are integral to smart home technologies. Additionally, they have invested in other tech companies like Ping Communication and Novelda, showcasing their commitment to fostering innovation within the tech sector.

Smart Home Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
Almi	Stockholm, Stockholm, Sweden	201-500	1994	7
ASSA ABLOY Group	Stockholm, Stockholm, Sweden	10001+	1994	21
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Butterfly Ventures	Helsinki, Uusimaa, Finland	1-10	2012	5
Investinor	Trondheim, Trøndelag, Norway	11-50	2008	4
Chalmers Ventures	Sweden	11-50	2015	26
Verdane	Oslo, Oslo, Norway	51-200	1985	7
Nokia	Espoo, Uusimaa, Finland	10001+	1865	3
Ericsson	Stockholm, Stockholm, Sweden	10001+	1876	3
Lifeline Ventures	Helsinki, Uusimaa, Finland	1-10	2009	14
Seed Capital Denmark	Frederiksberg, Frederiksberg, Denmark	1-10	2004	5
Addtech AB	Stockholm, Stockholm, Sweden	1001-5000	1906	9
Industrifonden	Stockholm, Stockholm, Sweden	11-50	1979	9
Kinnevik	Stockholm, Stockholm, Sweden	11-50	1936	10
Alliance VC	Oslo, Oslo, Norway	1-10	2001	5

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