Top 15 Travel and Tourism Investors in the Nordics
Top 15 Travel and Tourism Investors in the Nordics
The travel and tourism industry in the Nordics showcases stunning landscapes and rich cultural experiences, attracting traditional and modern travelers alike. Companies here offer a range of services, from tour operators to niche accommodations like tree hotels and ice hotels, catering to wellness and adventure-seekers. Notably, as sustainability gains focus, eco-friendly tourism innovations are on the rise. The influx of tech startups is also redefining how travelers plan and experience their journeys, from instant booking platforms to experiential travel services. With increasing investment, this sector appears positioned for growth and evolution.
This list features a mix of 15 influential investors in the Nordics' travel and tourism sector. Predominantly based in Sweden, these investors vary in type, including venture capital and private equity firms, with differing company sizes and founding years. Notable names include Almi, founded in 1994, and EQT Ventures, established in 2015. In 2024, the group collectively recorded significant deal activity, underscoring their commitment and strategic focus on this vibrant industry. Their financial backing promises to fuel innovation and development in the travel landscape.
Top 15 Travel and Tourism 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 by offering tailored financial solutions and guidance. Notably, Almi has participated in several transactions within the travel and tourism sector, including investments in Handiscover, a platform that facilitates travel for people with disabilities, and Treehotel, a unique accommodation experience in Sweden. These investments highlight Almi's engagement in the travel and tourism industry, alongside their broader focus on supporting SMEs across various sectors.
2. Etraveli Group
- Website: etraveligroup.com
- Type: Corporate
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 2000
- Headcount: 1001-5000
- LinkedIn: etraveli-group
Etraveli Group AB, founded in 2000 and based in Stockholm, Sweden, is a corporate investor and a leading online travel agency. The company operates multiple brands, including MyTrip and GoToGate, and provides a comprehensive tech platform for selling flights and related travel services to millions of consumers and businesses globally. Etraveli Group has been actively involved in the travel and tourism sector through several strategic acquisitions. Notable transactions include the acquisition of Travelstart in Europe for approximately $696 million in 2010, which expanded their market presence. In 2019, they acquired Canadian companies TripStack and Flight Network to enhance their footprint in North America. Additionally, they have acquired Gotogate AS and Flybillet.dk, further solidifying their position in the travel market. These transactions highlight Etraveli Group's commitment to growth and innovation within the travel and tourism industry.
3. 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's investment strategy emphasizes digitalization and decarbonization trends, primarily targeting technology companies seeking to enhance their market position and operational efficiency. Notably, Verdane has made several acquisitions in the travel and tourism sector, including Reseguiden, a travel guide platform acquired in 2011, and Upplevelsepresent, which focuses on experiences and events. Additionally, they acquired Watch it Live AB, which may also relate to travel experiences. These transactions highlight Verdane's engagement in the travel and tourism industry, alongside their broader focus on technology-driven growth.
4. 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 an investment company based in Stockholm, Sweden, founded in 1936. They specialize in partnering with innovative entrepreneurs across various sectors, including healthcare, software, marketplaces, and climate tech. Kinnevik provides both capital and operational support to help companies scale and create long-term value. Notably, Kinnevik has made significant investments in the travel and tourism sector, including a $90 million investment in Wimdu, an Airbnb competitor, and a $150 million investment in Omio, a travel booking platform. Additionally, they participated in a $200 million funding round for TravelPerk, a company focused on business travel management. These transactions highlight Kinnevik's commitment to redefining industries and addressing global challenges, including those within the travel and tourism space.
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, providing both capital and guidance to entrepreneurs throughout their business journey. Heartcore Capital operates globally and emphasizes building long-term relationships with founders to help them achieve their goals. Notably, Heartcore has been actively involved in the travel and tourism sector through its investments in TravelPerk, a leading travel management platform. They participated in several funding rounds for TravelPerk, including a $7 million Series A in 2016, a $21 million Series B in 2018, and multiple Series C rounds totaling approximately $60 million in 2018 and 2019, culminating in a $160 million Series D funding round in 2021. This track record highlights Heartcore's engagement in the travel and tourism industry, making them a relevant investor in this space.
6. 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 travel and tourism sector, including a $200 million Series E investment in TravelPerk, a leading business travel platform, and an undisclosed investment in FlixBus, a major player in the intercity bus travel market. Additionally, EQT's acquisition of Torghatten ASA, a Norwegian transportation company, and the purchase of the Danish ferry operator Molslinjen for €1 billion further demonstrate their commitment to the travel and tourism industry. These transactions highlight EQT's strategic focus on enhancing their portfolio with companies that are integral to travel and transportation.
7. VNV Global AB
- Website: vnv.global
- Type: Venture Capital
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 1996
- Headcount: 1-10
- Number of deals in 2024: 1
- LinkedIn: vostok-new-ventures-ltd
VNV Global AB is a venture capital investment firm based in Stockholm, Sweden, founded in 1996. The firm focuses on providing capital and expertise to innovative companies across various sectors, including Mobility and Digital Health. VNV Global aims to support mission-driven entrepreneurs in developing scalable and sustainable business models, emphasizing long-term profitability and strong market positions. In the travel and tourism context, VNV Global has made significant investments, including in OneTwoTrip, a Russian travel booking website, where they participated in multiple funding rounds totaling over $10 million. Additionally, they led a €3 million funding round for Campspace, a booking platform for camping on private natural grounds, which has expanded its offerings through acquisitions. These transactions highlight VNV Global's active role in the travel and tourism industry.
8. 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, including fintech and health tech. Notably, Creandum has made significant investments in the travel and tourism industry, including JustBook and Tripbirds, both of which are travel startups that raised seed funding. Additionally, they participated in funding rounds for Distribusion Technologies, a Berlin-based travel tech startup that focuses on B2B ground transportation, demonstrating their commitment to nurturing companies in the travel sector. Their business model focuses on nurturing companies from seed to IPO, leveraging their expertise and connections to help entrepreneurs succeed.
9. 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 across various sectors, including technology and consumer products, with a strong emphasis on enhancing operational efficiency and sustainable growth for its partners. Altor's investment strategies often involve digital transformation solutions tailored to the specific needs of their portfolio companies. Notably, Altor has made significant strides in the travel and tourism sector, exemplified by their acquisition of Ving, Spies, Tjäreborg, and Thomas Cook Airlines Scandinavia in partnership with Strawberry Group and TDR Capital. This acquisition, announced on October 30, 2019, highlights Altor's commitment to investing in travel-related businesses and their potential for growth and operational improvement.
10. Dfds
- Website: dfds.com
- Type: Corporate
- Headquarters: Copenhagen, Denmark
- Founded year: 1866
- Headcount: 10001+
- Number of deals in 2024: 2
- LinkedIn: dfds
DFDS, founded in 1866 and based in Copenhagen, Denmark, is a corporate investor with over 10,000 employees. The company operates as a logistics and ferry operator, providing both passenger and freight transportation services across Europe. DFDS has a well-established network of ferry routes, offering mini cruises and package holidays that cater to individual travelers and businesses alike. In recent years, DFDS has made several strategic acquisitions to enhance its presence in the travel and tourism sector. Notably, in 2019, DFDS acquired two ferries from Moby, aiming to improve customer experience on the Amsterdam-Newcastle route. In 2024, they expanded their network by acquiring FRS Iberia/Maroc, a ferry operator, to strengthen their operations in the Strait of Gibraltar. These transactions highlight DFDS's commitment to enhancing its travel services and expanding its market reach in the tourism industry.
11. Business Finland
- Website: businessfinland.fi
- Type: Corporate
- Headquarters: Helsinki, Uusimaa, Finland
- Founded year: 2018
- Headcount: 501-1000
- Number of deals in 2024: 26
- LinkedIn: business-finland
Business Finland is a public entity established in 2018 that supports Finnish companies in their growth and internationalization efforts. It offers funding, consulting services, and market opportunities to help businesses innovate and succeed in global markets. Business Finland plays a crucial role in promoting trade, tourism, and foreign investment in Finland. Notably, it has been involved in several transactions relevant to the travel and tourism sector, such as providing debt financing to Toristy, a company focused on tourism services, and supporting myPlane, which operates in the travel industry. These investments highlight Business Finland's commitment to enhancing the tourism landscape in Finland and supporting businesses that contribute to this vital sector.
12. Norvestor
- Website: norvestor.com
- Type: Private Equity
- Headquarters: Oslo, Oslo, Norway
- Founded year: 1989
- Headcount: 11-50
- Number of deals in 2024: 3
- LinkedIn: norvestor-equity-as
Norvestor is a private equity firm based in Oslo, Norway, founded in 1989. The firm specializes in investment management and advisory services, focusing on partnering with medium-sized Nordic businesses to support their growth and development. Norvestor emphasizes sustainability in its investment strategy and has a diverse portfolio that includes various sectors. Notably, Norvestor has made significant investments in the travel and tourism industry, acquiring Etraveli, a leading online travel agency, in 2007, Nordic Camping & Resort, a prominent camping and resort operator, in 2017, and Hertz, a well-known car rental company, in 1997. These transactions highlight Norvestor's active role in the travel and tourism sector, alongside its investments in IT services and property maintenance, showcasing its versatility as an investor.
13. 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. With a strong presence in the Nordic markets, CapMan leverages its expertise to manage funds and drive value creation for its clients. Notably, CapMan has made significant investments in the travel and tourism sector, including the acquisition of Norled, a leading Norwegian ferry and express boat operator, and Koiviston Auto, Finland's largest bus operator, both of which enhance transportation options for travelers. Additionally, their acquisition of Forenom, a provider of accommodation services, further emphasizes their commitment to sectors that support tourism and travel, showcasing their strategic focus on enhancing the travel experience.
14. 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 help startups scale and achieve market fit. Nordic Eye has a strong focus on high revenue potential and collaborates closely with its portfolio companies to drive growth and successful exits. Among their notable transactions, they led a funding round for LuggageHero, which raised $1.45 million to expand its luggage-storage operations, indicating their engagement in the travel sector. Additionally, they invested in AirHelp, a startup that provides online legal services for air passengers, further showcasing their commitment to supporting businesses that enhance the travel experience. In 2022, they also participated in a seed round for 57hours, a platform that connects adventure seekers with guides, which aligns with travel and tourism activities.
15. Brunnur Ventures
- Website: brunnurventures.com
- Type: Venture Capital
- Headquarters: Reykjavík, Reykjavíkurborg, Iceland
- Founded year: 2014
- Headcount: 1-10
- Number of deals in 2024: 2
- LinkedIn: brunnur
Brunnur Ventures is a venture capital firm based in Reykjavík, Iceland, founded in 2014. The firm specializes in investing in early-stage startups and growth companies, providing not only capital but also mentorship and access to valuable networks to help entrepreneurs navigate their business challenges. Their investment portfolio spans various industries, including biotech and fintech, but they have also made significant strides in the travel and tourism sector. Notably, Brunnur Ventures invested in PaxFlow, a travel tech company that raised $2.2 million to enhance product development and expand international sales and marketing efforts. Additionally, they participated in the funding of 'Trip To Japan,' which raised $150,000 in a pre-seed round, further showcasing their commitment to travel-related ventures. Their investment in Hopp, a sustainable electric scooter rental company, also aligns with the travel and tourism industry, as it supports eco-friendly transportation solutions for travelers. Overall, Brunnur Ventures demonstrates a diverse investment strategy with a notable focus on travel and tourism.
Travel and Tourism Insights: Key Investors in the Nordics
| Investor | Headquarter | Size | Founded | Deals 2024 |
|---|---|---|---|---|
| Almi | Stockholm, Stockholm, Sweden | 201-500 | 1994 | 7 |
| Etraveli Group | Stockholm, Stockholm, Sweden | 1001-5000 | 2000 | 0 |
| Verdane | Oslo, Oslo, Norway | 51-200 | 1985 | 7 |
| Kinnevik | Stockholm, Stockholm, Sweden | 11-50 | 1936 | 10 |
| Heartcore Capital | Copenhagen, Denmark | 11-50 | 2007 | 17 |
| EQT Group | Stockholm, Stockholm, Sweden | 1001-5000 | 1994 | 30 |
| VNV Global AB | Stockholm, Stockholm, Sweden | 1-10 | 1996 | 1 |
| Creandum | Stockholm, Stockholm, Sweden | 11-50 | 2003 | 17 |
| Altor Equity Partners | Stockholm, Stockholm, Sweden | 51-200 | 2003 | 6 |
| Dfds | Copenhagen, Denmark | 10001+ | 1866 | 2 |
| Business Finland | Helsinki, Uusimaa, Finland | 501-1000 | 2018 | 26 |
| Norvestor | Oslo, Oslo, Norway | 11-50 | 1989 | 3 |
| CapMan | Helsinki, Uusimaa, Finland | 51-200 | 1989 | 4 |
| Nordic Eye Venture & Growth Capital | Copenhagen, Denmark | 11-50 | 2016 | 0 |
| Brunnur Ventures | Reykjavík, Reykjavíkurborg, Iceland | 1-10 | 2014 | 2 |
Want to find more investors focusing on the travel and tourism industry?
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