The veterinary service industry in the Nordics is characterized by a focus on animal health and well-being. A range of companies, from clinics to pharmaceutical firms, contribute to this growing sector, offering services such as diagnostics, surgical procedures, and specialized nutrition products. Moreover, innovative health solutions, particularly in allergy management and supplements, are gaining traction. With an increasing awareness of animal care and the human-animal bond, growth in pet ownership and spending continues to rise. The industry is poised for expansion, driven by investments and the pursuit of advanced veterinary technologies, reflecting an evolving commitment to animal health excellence.

The list comprises various investor types, including private equity, venture capital, and corporate investors. Headquartered mainly in Stockholm, Sweden, and Copenhagen, Denmark, these entities range significantly in size, from small startups to larger firms with hundreds of employees. Founded between 1994 and 2018, the firms together executed more than 130 deals in 2024, underscoring a robust interest in enhancing the veterinary service landscape, with significant backing for companies like EQT Group and Swedencare.

Top 15 Veterinary Service 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 private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in various investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. In the veterinary services sector, EQT has made significant investments, including a substantial investment in IVC Evidensia, Europe's largest veterinary care provider, and a majority stake acquisition in Evidensia Djursjukvård, the Nordic market leader in veterinary services. Additionally, EQT acquired VetPartners for $1.4 billion in 2023 and has previously invested in Independent Vetcare, the third largest veterinary services provider in the UK. These transactions highlight EQT's strategic focus and commitment to the veterinary services industry, reinforcing its position as a key investor in this field.

2. 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, founded in 2000 and based in Malmo, Skåne, Sweden, is a corporate investor specializing in pet health products. The company offers a range of dietary supplements aimed at improving the health of dogs, cats, and horses, addressing various health issues such as dental care and anxiety. Swedencare operates an online store for direct consumer sales. Notably, Swedencare has made several strategic acquisitions to bolster its presence in the veterinary service sector. In 2020, they acquired Stratford Pharmaceuticals for approximately $16.99 million and Nutravet for 375 million SEK (£33 million), both of which enhance their product offerings in animal healthcare. In 2022, they acquired Innovet, a leading veterinary company in Italy, for €50 million, further expanding their portfolio in the veterinary market. Most recently, in 2023, Swedencare acquired Vet Buyers Direct, a company focused on a membership concept for veterinary clinics in the USA, which aims to enhance their sales channels in the veterinary industry. These transactions highlight Swedencare's commitment to the veterinary service sector and its strategic growth in this area.

3. Vimian Group

• Website: vimian.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2021
• Headcount: 1001-5000
• LinkedIn: vimian-group

Vimian Group is a corporate investor based in Stockholm, Sweden, founded in 2021. It is dedicated to improving animal health through innovative diagnostics, treatments, and veterinary services. The company operates globally and serves both veterinary professionals and pet owners. Vimian has made significant strides in the veterinary service industry through various acquisitions, including:1. **Vertical Vet, LLC** - Acquired in April 2022, this company is a leading provider of procurement and support services to veterinary clinics in the US, adding over 1,100 member clinics to Vimian's network.2. **Kahu Vet Group** - Acquired in February 2022, this group supplies veterinary surgical products in New Zealand and Australia, further expanding Vimian's product offerings in the veterinary sector.3. **Bova Holdings Limited** - Acquired in January 2022, this UK-based specialty pharmaceuticals company focuses on companion animals, enhancing Vimian's pharmaceutical capabilities.4. **Laboratoire de Dermo-Cosmétique Animale** - Acquired in September 2021, this French pet dermatology specialist strengthens Vimian's dermatology product offerings.5. **New Generation Devices** - Acquired in August 2022, this company specializes in veterinary orthopedic implants, contributing to Vimian's MedTech segment.Through these acquisitions, Vimian Group is positioning itself as a key player in the veterinary services market, addressing unmet medical needs and enhancing its service offerings.

4. 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, emphasizing sustainable investment opportunities for its institutional clients. Among its significant transactions, Nordic Capital acquired AniCura, a leading veterinary care provider, in June 2014, marking a substantial entry into the veterinary services market. Additionally, the firm participated in a funding round for United Veterinary Care in January 2021, further showcasing its commitment to the veterinary sector. Nordic Capital's strategy is centered on creating long-term value and sustainability, making it a relevant player in the veterinary services investment landscape.

5. 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, aiming to enhance their growth and competitiveness through tailored financial solutions. Among its notable transactions, Almi has invested in PreVet, which raised $1,762,180 in a venture round in March 2021, indicating a direct involvement in the veterinary service sector. Additionally, Almi has participated in funding rounds for other startups, such as Amferia, which focuses on wound care technology, and Trackpaw Scientific, which raised $456,206 in a pre-seed round in October 2023. While these investments showcase Almi's diverse portfolio, its direct engagement in the veterinary service industry through PreVet is a significant highlight.

6. Nextmune

• Website: nextmune.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2015
• Headcount: 51-200
• Number of deals in 2024: 1
• LinkedIn: artuvet-animal-health-b.v.

Nextmune is a corporate investor based in Stockholm, Sweden, founded in 2015. As a veterinary pharmaceutical company, Nextmune is dedicated to improving the health of dogs, cats, and horses through a range of products focused on allergy management, dermatology, and specialized nutrition. The company serves veterinarians and pet owners across more than 70 countries, providing high-quality solutions for pet health issues. In recent years, Nextmune has made significant acquisitions to strengthen its position in the veterinary service industry, including the acquisition of Diavet, which enhances their capabilities in veterinary allergy solutions. They also acquired Laboratoire de Dermo-Cosmétique Animale, a French pet dermatology specialist, to bolster their dermatology product offerings. Most recently, in January 2024, Nextmune acquired Vetbiotek to further expand its dermatology portfolio. These strategic moves highlight Nextmune's commitment to advancing veterinary services and its role as a key player in the industry.

7. 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, founded in 1999. It manages the assets of the Novo Nordisk Foundation and focuses on investing in life science companies at various stages of development. Novo Holdings provides capital and strategic support to enhance healthcare solutions. Notably, they have invested in Invetx, which raised US$60.5 million to advance its monoclonal antibody pipeline targeting diseases in dogs and cats. This investment highlights their engagement in the veterinary service industry. Additionally, they have participated in funding rounds for other life science companies, but their involvement with Invetx is particularly relevant to veterinary services.

8. Polaris Private Equity

• Website: polarisequity.dk
• Type: Private Equity
• Headquarters: Copenhagen, Denmark
• Founded year: 1998
• Headcount: 51-200
• Number of deals in 2024: 4
• LinkedIn: polaris-private-equity

Polaris Private Equity is a private equity firm based in Copenhagen, Denmark, founded in 1998. The firm specializes in investment management, focusing on supporting mid-sized companies in the Nordic region through tailored investment strategies that include private equity, flexible capital, and public equity. Polaris partners with management teams to drive growth and operational improvements, helping these companies realize their full potential. In 2024, Polaris made significant strides in the veterinary service sector by acquiring Salfarm and FaunaPharma, both of which are involved in providing veterinary services. These acquisitions highlight Polaris's strategic interest in the veterinary industry, complementing their existing portfolio that includes diverse sectors such as healthcare and animal nutrition, exemplified by their earlier acquisition of HAMLET PROTEIN in 2007. This track record of investing in companies that contribute to animal health and veterinary services positions Polaris as a relevant player in the veterinary service investment landscape.

9. Intera Partners

• Website: interapartners.fi
• Type: Private Equity
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2007
• Headcount: 11-50
• Number of deals in 2024: 2
• LinkedIn: intera-partners

Intera Partners is a private equity firm based in Helsinki, Uusimaa, Finland, founded in 2007. The firm specializes in investment management and advisory services, focusing on growing and internationalizing Finnish and Swedish companies. They provide capital and strategic support to businesses with revenues between €10-200 million, emphasizing responsible investing and building strong partnerships with business owners. Notably, Intera Partners acquired Evidensia Djursjukvård on January 1, 2015, which is a significant player in the veterinary service industry. This acquisition highlights their interest and involvement in the veterinary sector, alongside other investments such as Silmäasema and Galena Pharma, showcasing their diverse portfolio while maintaining a focus on impactful investments.

10. 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 across various sectors, including fintech and health tech. Creandum provides venture capital investment, strategic support, and networking opportunities to startups, nurturing them from seed to IPO. Notably, Creandum has invested in FirstVet, a Swedish online veterinary clinic, participating in multiple funding rounds: $5.9 million in Series A (June 2018), $20.5 million in Series B (November 2019), and $35 million in Series C (November 2020). These investments highlight their engagement in the veterinary service industry, demonstrating their capability and interest in supporting innovative solutions within this sector.

11. 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 actively involved in various funding rounds, including notable transactions in the veterinary service context. For instance, they participated in multiple funding rounds for Lassie, a next-generation pet insurance startup, which raised significant capital to develop its ecosystem for pet health products and services. This involvement highlights Inventure's interest in the veterinary service industry, particularly in innovative solutions that enhance pet care and insurance.

12. Cni

• Website: cninordic.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2012
• Headcount: 1-10
• Number of deals in 2024: 1
• LinkedIn: club-network-investments

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, with a focus on creating sustainable shareholder value. Cni provides capital and strategic guidance to its portfolio companies, which include startups and established firms in technology, finance, and e-commerce. Notably, Cni has been involved in significant transactions such as the funding of Firstvet, a veterinary service provider that raised an undisclosed amount in a venture round on January 25, 2022. Additionally, they participated in the financing round for Visiba Care, a digital health company, which highlights their engagement in the health sector. These transactions reflect Cni's diverse investment strategy, including a clear interest in the veterinary services market.

13. 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 an investment firm based in Stockholm, Sweden, founded in 2018. The firm specializes in sustainable food production through impact investments in plant-based and foodtech companies. It caters to both individual and institutional investors who are interested in supporting the transition to a plant-based lifestyle while achieving financial returns. Notably, Kale United has participated in significant transactions within the veterinary service context, including investments in OMNI, a plant-based dog food startup that raised $1.5 million to expand its product line targeting health issues in dogs, and THE PACK, which secured $1.01 million to launch its first nutritionally complete oven-baked dried dog food. These investments highlight Kale United's commitment to enhancing pet health through innovative food solutions, reinforcing their relevance in the veterinary service industry.

14. byFounders

• Website: byfounders.vc
• Type: Venture Capital
• Headquarters: København, Denmark
• Founded year: 2017
• Headcount: 1-10
• Number of deals in 2024: 10
• LinkedIn: byfounders

byFounders VC is a venture capital firm based in København, Denmark, founded in 2017. The firm specializes in investing in early-stage technology companies and focuses on supporting globally ambitious and impact-aware founders by providing capital and access to a network of experienced operators. Notably, byFounders has invested in Digitail, a company that assists veterinarians in automating administrative tasks, participating in both a Seed Round in 2021 and a Series A funding round in 2023. This involvement highlights their interest in the veterinary service industry, alongside other technology sectors. Additionally, byFounders has invested in Jellatech, which, while not directly related to veterinary services, showcases their broader technology investment strategy.

15. 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 focuses on enhancing operational efficiency and sustainable growth for its partners through tailored investment strategies and digital transformation solutions. Notably, Altor has made significant investments in the animal health sector, including the acquisition of Hamlet Protein, a Danish producer of high value-add young animal feed, which positions them as a player in the veterinary service context. This transaction highlights their commitment to the animal nutrition market, which is closely linked to veterinary services. Additionally, Altor's diverse portfolio includes various sectors such as technology and consumer products, showcasing their broad investment approach while still maintaining a foothold in the veterinary-related industry.

Veterinary Service Insights: Key Investors in the Nordics

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