The green building materials industry in the Nordics focuses on creating sustainable alternatives for the construction sector. Companies range from startups innovating in circular materials to established players specializing in renewable resources. This sector emphasizes the use of recycled, eco-friendly products and energy-efficient solutions, contributing to a reduction in carbon emissions and resource depletion. The industry is steadily growing, propelled by government policies favoring sustainability and increasing awareness of climate issues among consumers. With robust investments in innovative technologies, the Nordics are positioning themselves at the forefront of the green transition in construction.


In exploring the top investors in the green building materials sector, we find a mix of venture capital, private equity, and corporate investors. Predominantly located in Stockholm, Oslo, and Helsinki, the investors range from early-stage firms like Katapult, founded in 2017, to more established entities like EQT Group, which dates back to 1994. With investments varying in number—from Almi’s 7 to EQT’s substantial 30 in 2024—these players are shaping the future of sustainable construction across the Nordic region.


Top 16 Green Building Materials 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, aiming to enhance their growth and competitiveness. Almi has been involved in several transactions that align with the green building materials sector, including investments in IsoTimber, a company focused on sustainable timber solutions, and Södra, which is known for its sustainable forestry practices. Other notable transactions include investments in 3 Vision Sverige AB and Byggvaru, which may also have relevance to the building materials industry. Through these investments, Almi demonstrates its support for innovative and sustainable practices within the construction and building materials landscape.


2. Katapult

  • Website: katapult.vc
  • Type: Venture Capital
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 2017
  • Headcount: 11-50
  • Number of deals in 2024: 8
  • LinkedIn: katapult-accelerator

Katapult is an impact investment firm based in Oslo, Norway, founded in 2017. They specialize in supporting tech startups that tackle global challenges, particularly in climate-tech and ocean-tech. Katapult provides investment, accelerator programs, and mentorship to early-stage companies. Notably, they have participated in several relevant transactions, including investments in Hyperion Robotics, which focuses on scaling R&D for construction technologies, and Jiva Materials, which is likely involved in sustainable building materials. These investments highlight Katapult's commitment to fostering innovation in sectors that contribute to sustainability and green building practices.


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 private equity investment 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. Among their notable transactions, EQT has invested in Made of Air, a German startup focused on circular materials, which aligns with sustainable building practices. They also acquired Solarpack, a company dedicated to solar energy solutions, further emphasizing their commitment to sustainability. Additionally, EQT's acquisition of ju:niz Energy GmbH as part of their Transition Infrastructure strategy highlights their focus on energy transition and sustainable infrastructure. These investments reflect EQT's proactive approach to integrating sustainability into their investment portfolio.


4. Equinor

  • Website: equinor.com
  • Type: Corporate
  • Headquarters: Stavanger, Rogaland, Norway
  • Founded year: 1972
  • Headcount: 10001+
  • Number of deals in 2024: 6
  • LinkedIn: equinor

Equinor ASA is a public entity based in Stavanger, Norway, operating primarily in the energy sector with a focus on oil, gas, and renewable energy. Founded in 1972, Equinor has over 10,000 employees and is committed to becoming a net-zero emissions entity by 2050. The company serves a diverse customer base, including governments and industries, providing energy solutions that address climate challenges while ensuring energy security. In recent years, Equinor has made significant investments in renewable energy, including the acquisition of BeGreen, a Danish solar power developer with over 700 MW of developed solar capacity and a project pipeline exceeding 6 GW. Additionally, Equinor has increased its stake in Ørsted, a leading renewable energy company, and acquired a minority stake in Scatec Solar ASA, further enhancing its presence in the solar energy sector. Most recently, Equinor acquired Rio Energy, a Brazilian onshore renewables company, indicating a strong commitment to expanding its renewable energy portfolio.


5. 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 that provide business guidance, financing, and community networking. Chalmers Ventures emphasizes active ownership and investment in startups to help them scale and succeed in the market. Notably, they have been involved in transactions such as Modvion, which raised significant funding to develop a wooden turbine aimed at producing renewable energy. This project highlights their interest in sustainable technologies that align with green building materials. Additionally, they have invested in Palats, which may also have implications for sustainable construction practices, although the specifics of that venture are less clear in the context of green building materials.


6. 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 based in Helsinki, Uusimaa, Finland, established in 2018. It plays a vital role in supporting Finnish companies in their growth and internationalization efforts by providing funding, consulting services, and market opportunities. In 2024, Business Finland has been involved in 26 investments, including significant transactions in the green building materials sector. For instance, it provided grant funding to Betolar for research and development of alternative side streams, which aligns with sustainable building practices. Additionally, Business Finland has supported Spinnova through multiple grants aimed at developing sustainable textile solutions, further emphasizing its commitment to green innovation. These activities highlight Business Finland's role in promoting sustainable practices within the construction and materials industry.


7. Nordic Investment Bank

  • Website: nib.int
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1976
  • Headcount: 201-500
  • Number of deals in 2024: 19
  • LinkedIn: nordic-investment-bank

Nordic Investment Bank (NIB) is a public entity based in Helsinki, Finland, founded in 1976. It provides sustainable financing for projects in the Nordic and Baltic regions, offering a variety of loan products, including corporate, sovereign, and sustainability-linked loans. NIB aims to enhance productivity and environmental benefits through its financing solutions. Notable transactions include financing for SSAB, a steel company that is likely involved in sustainable construction materials, and Atrium Ljungberg, a real estate company that may focus on sustainable building practices. These transactions indicate NIB's engagement with sectors that contribute to green building initiatives.


8. 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 enhancing operational efficiency and sustainable growth for its partners through tailored investment strategies and digital transformation solutions across various sectors, including technology and consumer products. Altor has been involved in several notable transactions that reflect its commitment to sustainability. For instance, they led a €1.5 billion equity raise for H2 Green Steel, aimed at developing a large-scale green steel plant in Sweden, which is crucial for producing sustainable building materials. Additionally, Altor's investment in Vianode, a company focused on sustainable battery materials, highlights their engagement in the green materials sector. Furthermore, their acquisition of Kommunalkredit Austria, a sustainable infrastructure bank, underscores their broader commitment to supporting sustainable initiatives in Europe.


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 focuses on managing investments across various sectors, including services, green transition, industrials, and technology. FSN Capital partners with companies to drive growth and transformation, catering primarily to institutional investors and pension funds seeking sustainable returns. Notable transactions include the acquisition of Fibo-Trespo, a panel manufacturer, which highlights their engagement in the building materials sector. Additionally, their acquisition of Håndverksgruppen, which encompasses a range of companies in the surface treatment industry, further emphasizes their involvement in enhancing building materials. Their investment in ViaCon also reflects their interest in companies that may contribute to sustainable infrastructure solutions.


10. Metsä Spring

  • Website: metsaspring.com
  • Type: Corporate
  • Headquarters: Espoo, Uusimaa, Finland
  • Founded year: 2018
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: metsaspring

Metsä Spring is the innovation company of Metsä Group, a forest industry leader based in Espoo, Uusimaa, Finland. Founded in 2018, Metsä Spring focuses on investing in startups that develop renewable wood products and sustainable solutions. Notable transactions include a €3 million investment in Fiberwood, a Finnish startup that is scaling up production capabilities for wood-based materials, which are essential for green building applications. They also participated in the Series A funding of Woodio, a company known for its innovative wood-based products. These investments reflect Metsä Spring's commitment to advancing sustainable practices in the construction industry and promoting the use of renewable materials.


11. Almi Invest

  • Website: almiinvest.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2009
  • Headcount: 51-200
  • Number of deals in 2024: 3
  • LinkedIn: almi-invest

Almi Invest is a venture capital firm based in Stockholm, Sweden, founded in 2009. It specializes in providing loans and risk capital to small and medium-sized enterprises (SMEs) in Sweden, with a strong emphasis on business development support and sustainability. Almi Invest has been actively involved in several transactions that align with green technologies and sustainable practices. For instance, they participated in funding rounds for Modvion, a company focused on creating wooden turbines, which represents a significant innovation in sustainable energy and materials. Additionally, their investment in Ecohelix, which raised funds for its operations, suggests a focus on environmentally friendly solutions. Almi Invest also engages in Greentech investments, further solidifying their commitment to supporting sustainable enterprises.


12. 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, and provides capital and hands-on support to help businesses scale. Verdane's investment strategy is aligned with digitalization and decarbonization trends, making them a forward-thinking investor in the sustainability space. Notably, Verdane led a €110 million funding round for NORNORM, a subscription-based furnishing service that promotes a circular model for office furniture, thereby reducing waste and encouraging sustainable practices in the building materials sector. Additionally, Verdane invested €25 million in Cleanwatts, an energy management software company, through its impact fund Idun, further demonstrating their commitment to sustainability and decarbonization. These transactions highlight Verdane's active role in supporting companies that contribute to a more sustainable future.


13. Kompas Vc

  • Website: kompas.vc
  • Type: Venture Capital
  • Headquarters: Copenhagen, Denmark
  • Founded year: 2021
  • Headcount: 11-50
  • Number of deals in 2024: 7
  • LinkedIn: kompasvc

KOMPAS is a venture capital firm based in Copenhagen, Denmark, founded in 2021. The firm focuses on funding innovative technologies in the building and manufacturing industries, with a strong emphasis on sustainability and decarbonization. KOMPAS provides essential capital and expertise to help startups grow, particularly those working with sustainable materials and climate technology. Notable transactions include leading a $19 million Series A funding round for Material Evolution, which specializes in low-carbon cement, and a €5 million Series A investment in Vizcab, a SaaS platform that calculates the Life Cycle Assessment (LCA) of construction projects. These investments highlight KOMPAS's commitment to supporting the transition towards greener building materials and practices.


14. Accent Equity


Accent Equity is a private equity firm based in Stockholm, Sweden, founded in 1994. The firm specializes in investments in private Nordic companies, focusing on enhancing the value of its portfolio through strategic management and investment. Accent Equity aims to create sustainable growth and superior returns for its clientele across various sectors. Notably, the firm has made significant investments in the building materials sector, including the acquisition of Lunawood, a leader in thermally modified timber, which has seen substantial revenue growth. This acquisition highlights Accent Equity's commitment to supporting sustainable practices in the building materials industry. Other transactions include the acquisition of Motum, Eco Log Sweden, Blomsterboda, and Eurowrap Group, showcasing a diverse investment strategy while maintaining a focus on sectors that can contribute to sustainable development.


15. Pale blue dot

  • Website: paleblue.vc
  • Type: Venture Capital
  • Headquarters: Malmo, Skåne, Sweden
  • Founded year: 2020
  • Headcount: 1-10
  • Number of deals in 2024: 9
  • LinkedIn: palebluedot-vc

Pale Blue Dot is a venture capital firm based in Malmo, Skåne, Sweden, founded in 2020. The firm specializes in investing in early-stage startups that focus on innovative solutions to combat climate change. With a portfolio that emphasizes sustainability, Pale Blue Dot has made significant investments in various industries. Notably, they invested in Paebbl, which raised €8 million to develop a carbon-negative construction material, showcasing their commitment to green building materials. Additionally, they participated in the seed financing of Cirplus, a company that is likely involved in sustainable materials, further highlighting their focus on environmentally friendly innovations. In 2024 alone, Pale Blue Dot has made 9 investments, indicating their active role in supporting visionary founders and scaling businesses that contribute to a sustainable future.


16. Ratos

  • Website: ratos.se
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1866
  • Headcount: 11-50
  • LinkedIn: ratos

Ratos is a private equity investment company based in Stockholm, Sweden, founded in 1866. The firm operates across various sectors, including construction, manufacturing, and consumer goods, with a strong emphasis on providing technological and infrastructure solutions that prioritize sustainability and efficiency. Notable transactions include the acquisition of Inwido, a company involved in window manufacturing, and Vestia Construction Group, which Ratos acquired to complement its existing construction operations. Vestia has demonstrated significant growth, indicating a robust presence in the construction market. Ratos also acquired Flokk, a company that specializes in office furniture, which may incorporate sustainable materials and practices. Overall, Ratos aims to create value for its shareholders while addressing the diverse needs of its customer base, with a growing focus on sustainable practices in its investments.



Green Building Materials Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
AlmiStockholm, Stockholm, Sweden201-50019947
KatapultOslo, Oslo, Norway11-5020178
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
EquinorStavanger, Rogaland, Norway10001+19726
Chalmers VenturesSweden11-50201526
Business FinlandHelsinki, Uusimaa, Finland501-1000201826
Nordic Investment BankHelsinki, Uusimaa, Finland201-500197619
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
FSN Capital PartnersOslo, Oslo, Norway51-20019990
Metsä SpringEspoo, Uusimaa, Finland11-5020181
Almi InvestStockholm, Stockholm, Sweden51-20020093
VerdaneOslo, Oslo, Norway51-20019857
Kompas VcCopenhagen, Denmark11-5020217
Accent EquityStockholm, Stockholm, Sweden11-5019944
Pale blue dotMalmo, Skåne, Sweden1-1020209
RatosStockholm, Stockholm, Sweden11-5018660


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