The fitness centers and gyms industry in the Nordics focuses on promoting health and wellness across the population. A variety of companies operate here, from traditional gyms and boutique studios to digital platforms and health-oriented app developers. This industry caters to a broad audience, offering services ranging from personal training to group classes and high-tech equipment. Enthusiasts seek innovative solutions like online fitness coaching and health monitoring devices. As the trend of holistic health continues to grow, more businesses are integrating fitness technologies, leading to greater accessibility and enhanced user experiences for fitness enthusiasts.


The Nordic investment scene features a mix of private equity firms and venture capital providers. These investors range from established groups like EQT Group, founded in 1994, to newer entrants like Butterfly Ventures, established in 2012. Each investor size varies, with many firms managing substantial portfolios, such as Medicover’s vast network of services. In 2024 alone, there were numerous investments made across the sector, signaling growing confidence in fitness enterprises. This showcases the region's shifting dynamics as investors identify high-potential opportunities in the evolving fitness environment.


Top 16 Fitness Centers and Gyms 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. Among its notable transactions, Almi invested in MyMOWO, a digital training service that raised 2.8 million in venture capital, indicating a direct involvement in the fitness sector. Other investments include Kvix and Stepler, which, while not directly related to fitness, showcase Almi's active role in supporting innovative ventures. Their investment in MyMOWO highlights their potential interest in the fitness and wellness industry, making them a noteworthy player in this space.


2. 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 fitness sector, including leading a Series F funding round for Gympass, which raised $85 million and is valued at $2.4 billion. This investment highlights EQT's commitment to supporting innovative companies in the fitness industry. Additionally, EQT's acquisition of a majority stake in XXL Sport & Villmark, a leading sports retail chain in the Nordic region, further emphasizes their engagement with the fitness and sports market. These transactions reflect EQT's strategic approach to investing in sectors that promote health and wellness, aligning with the interests of fitness centers and gyms.


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, particularly in technology-enabled companies. Verdane provides capital and hands-on support to help businesses scale, with a focus on digitalization and decarbonization trends. Notably, Verdane has been active in the fitness sector, leading a €95 million funding round for Urban Sports Club, a Berlin-based fitness platform, and acquiring Eversports, a company that connects users with fitness facilities and classes. These transactions highlight Verdane's commitment to investing in the fitness industry, alongside their broader strategy of supporting technology-driven growth across various sectors.


4. 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 Frederiksberg, Denmark, founded in 2004. The firm specializes in providing seed funding and advisory services to technology startups, particularly in sectors such as SaaS and Fintech. Notably, Seed Capital has invested in Endomondo, a popular fitness app that raised a total of $4.5 million across multiple funding rounds from 2010 to 2012, indicating their interest in the fitness technology space. Additionally, they invested in Motosumo, which raised $500,000 in a seed round in 2016, further emphasizing their engagement with fitness-related technology. With a strong track record of supporting portfolio companies from seed stage to exit, Seed Capital is well-positioned to navigate the growth journey of startups in the fitness sector.


5. Medicover

  • Website: medicover.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1995
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: medicover

Medicover is a corporate investor based in Stockholm, Sweden, founded in 1995. It specializes in healthcare services, operating a network of medical clinics, hospitals, and laboratories primarily in Central and Eastern Europe and India. Medicover serves both individual consumers and corporate clients, offering a comprehensive range of health services aimed at improving and maintaining well-being. Recently, Medicover has made significant strides in the fitness sector by acquiring Smart Platinium, which operates 18 fitness clubs under the Fitness Platinium and Smart Gym brands, and finalizing the acquisition of 14 fitness clubs from McFIT in Poland. These acquisitions enhance Medicover's fitness club portfolio and demonstrate their commitment to integrating fitness services into their healthcare offerings.


6. 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. Notably, they led a Series A funding round for 8fit, a health and fitness company that has helped over 10 million people achieve their fitness goals with customized plans. Additionally, they have participated in funding rounds for Virta Health, a company focused on combating Type 2 Diabetes, which aligns with health and wellness initiatives. Their business model focuses on nurturing companies from seed to IPO, leveraging their expertise and connections to help entrepreneurs succeed.


7. 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 focus on enhancing operational efficiency and sustainable growth for its partners. Notably, Altor has made significant investments in the fitness industry, including a private equity round for SATS GROUP, a leading fitness chain in the Nordic region, which highlights their commitment to the fitness sector. Additionally, they participated in the funding round for Wimp 2 Warrior, a mixed martial arts brand, further demonstrating their engagement in fitness-related ventures. Their diverse portfolio also includes investments in companies like XXL Sport & Villmark, which operates in the sporting goods sector, indicating a broader interest in fitness and wellness-related businesses.


8. 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, Finland, founded in 2012. The firm specializes in seed stage investments, particularly in deep tech startups, and provides capital and strategic support to early-stage companies. Butterfly Ventures is committed to fostering innovation and success in its portfolio, with a focus on social and environmental impact. Among their notable transactions, they have invested in Sports Tracking Technologies, which focuses on sports analytics, and Fasciawear, which develops wearable technology for fitness enthusiasts. Additionally, they have supported Fjuul, a platform that encourages physical activity through social engagement. These investments highlight Butterfly Ventures' interest in the fitness and health technology sector, making them a relevant player in the fitness centers and gyms industry.


9. FSN Capital Partners

  • Website: fsncapital.com
  • Type: Private Equity
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1999
  • Headcount: 51-200
  • LinkedIn: fsn-capital

FSN Capital Partners is a private equity investment firm based in Oslo, Norway, founded in 1999. The firm specializes in managing investments across various sectors, including services, green transition, industrials, and technology, with a strong emphasis on sustainable returns for institutional investors and pension funds. Notably, FSN Capital has made significant investments in the fitness sector, acquiring Actic in 2007 and Fitness World AS in 2015. The acquisition of Fitness World, a leading fitness services company in Denmark, highlights their strategic focus on the fitness industry, as the company has demonstrated strong growth, achieving DKK 1 billion in sales. These transactions reflect FSN Capital's commitment to driving growth and transformation within the fitness sector, making them a relevant player in this industry.


10. 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 strategic investments in the fitness-related sector, including the acquisition of a majority equity share in MMSports, a Swedish sports nutrition and equipment company, which highlights their commitment to supporting growth and international expansion in the fitness industry. This investment aligns with their broader strategy of investing in sectors that promote health and wellness.


11. Lifeline Ventures


Lifeline Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2009. The firm specializes in early-stage investments in startups across various sectors, providing financial backing and advisory services to entrepreneurs. Lifeline Ventures has a notable focus on supporting resilient founders from the inception of their ventures. Among their relevant transactions, they led a seed funding round for Oura, a company known for its wellness ring and app that tracks health metrics, which is directly related to fitness and wellness. Additionally, they participated in funding rounds for other health tech companies like Veri, which focuses on health solutions, and OneMind Dogs, which produces training videos for dog owners, indicating a broader interest in health and fitness-related innovations.


12. 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 has a strong focus on creating long-term value and sustainability in its investments. In 2024, Nordic Capital made headlines with its acquisition of BRP Systems, a leading Nordic SaaS ERP platform for the fitness industry, which aims to support the company's growth and international expansion. This transaction highlights their active role in the fitness sector. Additionally, Nordic Capital has previously acquired Unisport, a football equipment retailer, and has shown interest in sports-related businesses, further emphasizing their relevance in the fitness and sports market.


13. Terveystalo


Terveystalo Oyj is a prominent healthcare provider based in Helsinki, Finland, offering a comprehensive range of health services, including medical consultations, occupational health services, and laboratory tests. Founded in 2001, Terveystalo operates numerous locations across Finland, aiming to provide accessible healthcare to a diverse clientele. In recent years, Terveystalo has made significant acquisitions to enhance its service offerings in the health and wellness sector. Notably, in November 2021, Terveystalo acquired Suomen Hierojakoulut, a massage therapy school, which aligns with fitness and rehabilitation services. Additionally, in April 2022, Terveystalo acquired Suomen Fysiogeriatria Oy, a company specializing in physiotherapy and rehabilitation services, further emphasizing their commitment to enhancing physical health services. These transactions reflect Terveystalo's strategy to integrate fitness-related services into their healthcare offerings, making them a relevant player in the fitness centers and gyms investment landscape.


14. Armada


Armada Credit Partners is a private equity investment firm based in Helsinki, Uusimaa, Finland, founded in 2010. The firm specializes in providing tailored private debt solutions for sustainable and fast-growing mid-market companies in Northern Europe. Armada partners with private equity investors and management teams to offer flexible financing options that enable companies to achieve their growth objectives. With a commitment to responsible investing, Armada supports businesses across various sectors, ensuring they have the necessary capital for development. Notably, in November 2016, Armada was involved in a venture round for Holmes Place, a prominent fitness center chain, raising an undisclosed amount. This transaction highlights Armada's engagement in the fitness industry, showcasing their interest in supporting growth within this sector.


15. Finnfund

  • Website: finnfund.fi
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1980
  • Headcount: 51-200
  • Number of deals in 2024: 7
  • LinkedIn: finnfund

Finnfund is a not-for-profit development financier and impact investor based in Helsinki, Finland, founded in 1980. The organization focuses on creating sustainable futures by investing in companies that address global development challenges, particularly in developing countries. Finnfund provides investment and advisory services to promote economic growth and sustainability across various sectors. Notably, Finnfund participated in a $30 million funding round for HealthifyMe, a leading AI health and fitness startup, which highlights its engagement in the fitness sector. Additionally, Finnfund has invested in companies like Kasha, which, while primarily focused on women's health products, indicates a broader interest in health-related ventures. These transactions reflect Finnfund's commitment to supporting innovative solutions in health and wellness, further aligning with the fitness centers and gyms industry.


16. Juuri Partners

  • Website: juuripartners.com
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2015
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn:

Juuri Partners is a private equity firm based in Helsinki, Uusimaa, Finland, founded in 2015. The firm specializes in managing investments in growth-oriented Finnish companies, providing financial support and strategic guidance to help these businesses expand and succeed in their respective markets. Juuri Partners focuses on fostering sustainable growth through partnerships and investment management. Notably, they have been involved in several transactions within the fitness sector, including investments in Omnigym, a company that raised funds in December 2017, and bertil's health, which secured funding in June 2016. These investments highlight Juuri Partners' engagement in the fitness and health industry, reinforcing their relevance as an investor in fitness centers and gyms.



Fitness Centers and Gyms Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
AlmiStockholm, Stockholm, Sweden201-50019947
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
VerdaneOslo, Oslo, Norway51-20019857
Seed Capital DenmarkFrederiksberg, Frederiksberg, Denmark1-1020045
MedicoverStockholm, Stockholm, Sweden10001+19952
CreandumStockholm, Stockholm, Sweden11-50200317
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
Butterfly VenturesHelsinki, Uusimaa, Finland1-1020125
FSN Capital PartnersOslo, Oslo, Norway51-20019990
CapManHelsinki, Uusimaa, Finland51-20019894
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
TerveystaloHelsinki, Uusimaa, Finland10001+20012
ArmadaHelsinki, Uusimaa, Finland1-1020100
FinnfundHelsinki, Uusimaa, Finland51-20019807
Juuri PartnersHelsinki, Uusimaa, Finland11-5020151


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