The fitness technology industry in the Nordics is thriving, fueled by innovation and a keen interest in health and wellness. Companies across the region develop apps, wearables, and digital platforms that cater to fitness enthusiasts. From personalized training plans to performance tracking devices, the industry supports individuals in achieving their fitness goals. A strong focus on sustainability and user experience continues to push companies to improve their offerings. As consumer wellness becomes paramount, the market is expected to witness rapid growth, with increased collaborations between tech startups and traditional fitness businesses shaping its future.


This list presents investors across various categories, including venture capital and private equity firms, headquartered mainly in Sweden, Finland, and Denmark. Founded between 1936 and 2015, these firms demonstrate significant engagement in fitness technology, with 2024 deal counts ranging from 5 to 30 transactions per investor. Several of these investors specialize in early-stage funding, while others target growth equity in established companies. Their investment size varies, showcasing their tailored approaches to nurturing startups while driving innovation in this sector.


Top 16 Fitness Technology 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 been involved in several transactions within the fitness technology sector, including investments in MyMOWO, a digital training service that raised 2.8 million in venture capital, and Racefox, which raised $698,727 in a seed round. Additionally, they have invested in other companies like Kvix and Stepler, which may also have relevance to fitness technology. These transactions highlight Almi's commitment to supporting innovative companies in the fitness technology space, making them a relevant investor in this category.


2. 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, with a focus on sectors such as SaaS and Fintech. However, they have also made notable investments in the fitness technology space, particularly in Endomondo, a fitness tracking application. Seed Capital Denmark participated in several funding rounds for Endomondo, including a Seed Round of $800,000 in December 2010, a Series A round of $2.3 million in September 2011, a Series B round of $1.8 million in March 2012, and a Series C round of $925,000 in October 2012. This track record of supporting a fitness technology company highlights their relevance in the fitness technology sector, alongside their broader investment strategy.


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 private equity firm based in Stockholm, Sweden, founded in 1994. The firm specializes in a diverse range of investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing varied investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the fitness technology sector, including leading a $85 million Series F funding round for Gympass, a company valued at $2.4 billion that focuses on providing corporate wellness solutions through fitness access. Additionally, EQT's acquisition of XXL Sport & Villmark, a major sports retail chain in the Nordic region, highlights their commitment to the fitness industry. These transactions reflect EQT's strategic interest in enhancing fitness and wellness through technology and retail, positioning them as a relevant investor in the fitness technology landscape.


4. 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, 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 multiple funding rounds for Virta Health, a company focused on addressing Type 2 Diabetes, which highlights their commitment to health technology. These transactions underscore Creandum's active role in the fitness technology space, alongside their broader investment strategy.


5. 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 early-stage companies. Butterfly Ventures is particularly focused on social and environmental impact, actively engaging with its portfolio companies to foster innovation and success. Among their notable transactions, they invested in Sports Tracking Technologies in 2014, which focuses on fitness tracking solutions, and Fjuul in 2015, a platform aimed at enhancing fitness experiences. These investments highlight their commitment to the fitness technology sector, alongside other ventures like MoveSole, which also aligns with health and fitness technology.


6. 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 approach emphasizes active ownership and investment in startups, helping them scale and succeed in the market. Notably, they have been involved in transactions such as RaceOne, which raised significant funding in seed rounds, indicating their interest in the fitness technology sector. Additionally, their support for Guinea Pig Health AB, although not directly related to fitness technology, showcases their broader commitment to health-related innovations. Overall, Chalmers Ventures plays a crucial role in fostering the growth of startups, including those in the fitness technology space.


7. 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 focuses on supporting resilient founders from the inception of their ventures. Notably, they have invested in Oura, a leading wearable health tech company known for its wellness ring and app, which has gained significant traction in the fitness technology market. Lifeline Ventures led Oura's seed funding round in 2015, which raised $2.3 million, and participated in subsequent funding rounds, showcasing their ongoing support for the company. Additionally, they invested in Veri, a health tech startup that raised $4 million for expansion, further emphasizing their interest in the fitness and health technology sectors. Their diverse portfolio and active engagement in fitness technology make them a noteworthy investor in this field.


8. 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 manages state interests in seed and venture funds and collaborates with entrepreneurs and other investors. Among its notable transactions, Investinor invested in Dele Health Tech, which raised $1,410,051 in a seed round in December 2018, indicating a focus on health technology. Additionally, their investment in Skitude, which raised over $2 million in a Series A round in January 2019, showcases their interest in technology that could intersect with fitness and outdoor activities. While their portfolio is diverse, these transactions highlight their potential relevance to the fitness technology sector.


9. 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 focuses on backing ambitious Nordic and Baltic founders, providing venture capital investment and portfolio management services to early-stage tech startups. Inventure has been active in various sectors, including fitness technology. Notable transactions include investments in Yogaia, which raised a total of $3.63 million in seed funding across two rounds, and OME Health, which secured $1.25 million in seed funding. These investments highlight Inventure's commitment to supporting innovative companies in the fitness and health technology space, helping them navigate growth and development challenges.


10. 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, focusing on digitalization and decarbonization trends. Verdane provides capital and hands-on support to help businesses scale and enhance their market position. Notably, Verdane has invested in Urban Sports Club, a Berlin-based fitness platform that raised €95 million in December 2023, and acquired Eversports, a company that connects users with fitness services, in October 2024. These transactions highlight Verdane's commitment to the fitness technology sector, alongside their broader investment strategy in technology companies.


11. 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 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. Notably, VNV Global has invested in several health and wellbeing technology companies, including Palta, which raised £72 million in a Series B funding round, and Flo Health, which raised $50 million to enhance its period tracking app. These transactions highlight VNV Global's commitment to investing in health-related technologies, which are closely related to fitness technology.


12. 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 to support their growth. Heartcore has been involved in several notable transactions in the fitness technology sector, including a significant investment in Kaia Health, a digital therapeutics company that raised $75 million in Series C funding. This company aims to provide innovative health solutions, which are crucial in the fitness technology landscape. Additionally, Heartcore participated in funding Quell, a startup that raised over $9 million in Series A funding, developing hardware and games designed for fitness applications. These investments highlight Heartcore's commitment to supporting advancements in fitness technology and health-related innovations.


13. EQT Ventures

  • Website: eqtventures.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2015
  • Headcount: 11-50
  • Number of deals in 2024: 28
  • LinkedIn: eqt-ventures

EQT Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2015. The firm specializes in investing in early-stage tech startups, providing not only financial support but also operational assistance to entrepreneurs. EQT Ventures connects startups with a global network of industry experts and resources to foster growth and innovation. Notably, they have invested in several companies within the fitness technology sector, including BEAT81, which raised €6.4 million in Series A funding to enhance its fitness technology offerings. They also led a €50 million Series A investment in Lenus eHealth, a company focused on health and fitness solutions. Furthermore, EQT Ventures has invested in Natural Cycles, a digital health company that integrates fertility technology with wearables, showcasing their commitment to advancing health and fitness technology. Their diverse portfolio reflects a strong interest in supporting innovative solutions in the fitness technology 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, specializing in 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. Kinnevik has been involved in several notable transactions in the health technology space, such as leading a $23 million Series B funding round for Joint Academy, a digital health firm focused on musculoskeletal treatment. They also invested in Livongo, a health technology company that raised significant funding to expand its services for chronic conditions, indicating their focus on health and wellness. Additionally, Kinnevik's investments in Babylon, a digital health service provider, further demonstrate their commitment to health technology, which intersects with fitness technology. Overall, Kinnevik's strategic investments in health-related companies position them as a relevant player in the fitness technology landscape.


15. 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 participated in funding rounds for companies like NuvoAir, which raised $12 million to expand its digital care platform, and Amra, which raised $9 million to establish itself internationally in the digital health sector. These transactions highlight Industrifonden's engagement in the health and fitness technology landscape, as they support companies that aim to improve health outcomes through technology.


16. 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, with a strong focus on creating long-term value and sustainability in its portfolio companies. In 2024, Nordic Capital has been particularly active, with notable transactions including the 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 acquisition highlights Nordic Capital's commitment to investing in the fitness technology sector. Additionally, they have made investments in companies like Sensio, which specializes in monitoring technology, and ProGlove, indicating a broader interest in technology-driven solutions. Their approach involves partnering with management teams to drive operational improvements, making them a strategic investor in the fitness technology landscape.



Fitness Technology Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
AlmiStockholm, Stockholm, Sweden201-50019947
Seed Capital DenmarkFrederiksberg, Frederiksberg, Denmark1-1020045
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
CreandumStockholm, Stockholm, Sweden11-50200317
Butterfly VenturesHelsinki, Uusimaa, Finland1-1020125
Chalmers VenturesSweden11-50201526
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
InvestinorTrondheim, Trøndelag, Norway11-5020084
InventureHelsinki, Uusimaa, Finland11-5020059
VerdaneOslo, Oslo, Norway51-20019857
VNV Global ABStockholm, Stockholm, Sweden1-1019961
Heartcore CapitalCopenhagen, Denmark11-50200717
EQT VenturesStockholm, Stockholm, Sweden11-50201528
KinnevikStockholm, Stockholm, Sweden11-50193610
IndustrifondenStockholm, Stockholm, Sweden11-5019799
Nordic CapitalStockholm, Stockholm, Sweden201-500198910


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