The optical communication systems industry in the Nordics is vital for enabling high-speed data transmission over fiber optics. It includes manufacturers, network operators, and technology providers focusing on innovations that enhance connectivity. With the rise in demand for faster internet services and advancements in digital transformation, companies are increasingly investing in optical technology. This shift is propelled by the escalating need for robust telecommunications infrastructure, especially with the growth of 5G networks. Companies are not just improving existing technologies; they are also exploring the potential of silicon photonics and fiber technologies, making this sector vital for future communication needs.


This list showcases 16 influential investors within the optical communication systems field, reflecting a mix of corporate, private equity, and venture capital investors. Headquartered across key Nordic locations, these firms range from established giants like Nokia and Ericsson to dynamic venture capital firms such as Creandum. Founded between the mid-19th to early 21st centuries, these investors have collectively made 80 investments in 2024 alone, signaling strong interest in the sector. Their diverse approaches provide critical funding strategies tailored to advance optical technologies, supporting the industry’s expansion in communications and infrastructure.


Top 16 Optical Communication Systems 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 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 providing expertise in managing diverse investment portfolios across multiple sectors and geographies. The firm has made significant strides in the optical communication systems industry through key acquisitions. In 2020, EQT acquired Zayo, a leading provider of communications infrastructure, for $14.3 billion, enhancing their footprint in the optical fiber market. Additionally, they acquired Deutsche Glasfaser, a major player in the German fiber-optic market, for approximately $2.7 billion. Their investment in IslaLink, an operator of submarine fiber-optic cables, further emphasizes their focus on optical communication systems. These strategic investments reflect EQT's commitment to advancing telecommunications infrastructure and their active role in the optical communication sector.


2. 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 has invested in BeammWave, which raised SEK 6.5 million in funding, potentially indicating a focus on advanced communication technologies. Additionally, Almi has participated in funding rounds for companies like InCoax Network Europe and LumenRadio, which may also have relevance to the optical communication sector. These investments suggest that while Almi's primary focus is on supporting SMEs, it does engage with companies that operate in or are adjacent to the optical communication systems industry.


3. Ericsson

  • Website: ericsson.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1876
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: ericsson

Ericsson, founded in 1876 and based in Stockholm, Sweden, is a leading telecommunications company that provides advanced connectivity solutions, including 5G networks and IoT platforms. With over 10,000 employees, Ericsson is dedicated to enhancing operational efficiency and user experiences through reliable and high-speed connectivity. In recent years, Ericsson has made significant investments in the optical communication systems sector. Notably, they invested in Nubis Communications, a company specializing in optical engine technologies, which received over $50 million in funding to accelerate its developments. Additionally, Ericsson has a history of acquiring companies in the fiber technology space, including a US fiber technology firm, which underscores their commitment to strengthening their optical communication capabilities. These strategic moves highlight Ericsson's active role in the optical communication systems industry, making them a relevant investor in this field.


4. Nokia

  • Website: nokia.com
  • Type: Corporate
  • Headquarters: Espoo, Uusimaa, Finland
  • Founded year: 1865
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: nokia

Nokia Corporation, founded in 1865 and based in Espoo, Uusimaa, Finland, is a leading telecommunications and technology solutions provider. With over 10,000 employees, Nokia specializes in networking technology and digital transformation, offering a diverse range of products and services including cloud infrastructure, mobile networks, and security solutions. In recent years, Nokia has made significant investments in the optical communication systems sector, including the acquisition of Elenion Technologies, which focuses on silicon photonics to enhance optical connectivity for 5G and enterprise networking. Additionally, Nokia's earlier investment in Skorpios Technologies, which raised $19 million in a Series B round, further demonstrates its engagement in the optical technology landscape. These strategic moves position Nokia as a key player in the optical communication systems industry, alongside its broader telecommunications focus.


5. Telenor

  • Website: telenor.com
  • Type: Corporate
  • Headquarters: Fornebu, Akershus, Norway
  • Founded year: 1855
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: telenor-group

Telenor ASA is a telecommunications company based in Fornebu, Akershus, Norway, founded in 1855. With a customer base of 209 million subscribers, Telenor provides mobile telecommunications, broadband, and TV distribution services, primarily in Scandinavia and Asia. The company is committed to responsible business practices and innovation in telecommunications. Notably, Telenor has made significant acquisitions that enhance its capabilities in the optical communication systems sector, including the acquisition of Tele2 Sweden's fibre and cable firm, which encompasses a portfolio of 370,000 households. This strategic move aims to strengthen Telenor's position in the fixed broadband and television services market. Additionally, Telenor has engaged in other acquisitions, such as KNL Networks and Maritime Communication Partner, which, while not directly related to optical communication, demonstrate Telenor's broader commitment to expanding its telecommunications infrastructure and services.


6. 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. Among its notable transactions, CapMan has invested in companies such as 42Networks, which raised $2,261,601 in a Series B round in 2006, and Polystar, which received private equity funding in 2000. These investments highlight CapMan's engagement in the telecommunications sector, which is closely related to optical communication systems, thereby reinforcing its relevance in this industry.


7. Hexatronic Group

  • Website: hexatronicgroup.com
  • Type: Corporate
  • Headquarters: Gothenburg, Västra Götaland, Sweden
  • Founded year: 1993
  • Headcount: 501-1000
  • LinkedIn: hexatronic

Hexatronic Group is a telecommunications and technology solutions provider based in Gothenburg, Sweden, specializing in fiber optic and wireless infrastructure. Founded in 1993, the company offers a comprehensive range of products and services, including fiber solutions, wireless systems, and data center services, primarily targeting businesses and organizations in the telecommunications sector. In recent years, Hexatronic has made several strategic acquisitions to bolster its presence in the optical communication systems market. Notably, they acquired ATG Technology Group in September 2023, enhancing their footprint in the New Zealand fiber industry. In August 2020, they acquired The Light Brigade, a U.S.-based fiber-optic training provider, to expand their reach in the U.S. market. Additionally, their acquisition of KNET, a South Korean company specializing in microduct solutions, and Rochester Cable, which designs electro-optical cables, further solidifies their commitment to the optical communication sector. Their acquisition of homeway GmbH in September 2022 also aims to strengthen their offerings in the growing FTTH (Fiber to the Home) market in Germany. These transactions highlight Hexatronic's focus on end-to-end solutions in optical communication, making them a significant player in the industry.


8. Telia


Telia Company AB, founded in 1853 and based in Solna, Stockholm, Sweden, is a leading telecommunications provider in the Nordic and Baltic regions. With over 10,000 employees, Telia offers a diverse range of services including IoT connectivity, smart city solutions, and telephony services aimed at both businesses and public sector organizations. Notable transactions include the acquisition of NextGenTel, Norway's second-largest broadband/xDSL provider, which enhances their broadband offerings. Additionally, Telia's acquisition of Phonero, a Norwegian telecom service provider, aims to strengthen their market position in professional mobile telephony. These acquisitions reflect Telia's strategy to broaden its service offerings and enhance connectivity solutions, which are integral to the optical communication systems landscape.


9. Lagercrantz Group AB

  • Website: lagercrantz.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2001
  • Headcount: 1001-5000
  • Number of deals in 2024: 6
  • LinkedIn: lagercrantz

Lagercrantz Group AB is a technology group based in Stockholm, Sweden, founded in 2001. The company operates approximately 80 subsidiaries that provide specialized technical solutions across various sectors, including Electrify, Control, and TecSec. Their business model emphasizes acquisitions and organic growth, catering primarily to business customers seeking tailored technology solutions. Notably, Lagercrantz has made strategic acquisitions relevant to the optical communication systems industry, such as Tykoflex AB, which manufactures enclosures for fiber cables, and Direktronik AB, a reseller of hardware for data and network communication. These transactions highlight Lagercrantz's active role in the optical communication sector, enhancing their portfolio and growth prospects in this niche market.


10. Addtech AB

  • Website: addtech.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1906
  • Headcount: 1001-5000
  • Number of deals in 2024: 9
  • LinkedIn: addtech-ab

Addtech AB is a corporate investor based in Stockholm, Sweden, founded in 1906. The company specializes in providing technology solutions across various sectors, including automation, electrification, energy, industrial solutions, and process technology. Addtech serves OEM manufacturers and end-users, enhancing operational efficiency and sustainability through innovative solutions. Notably, Addtech has been active in acquiring companies that may align with high-tech and communication sectors. For instance, in 2018, Addtech acquired Fibersystem AB, a company that operates in the high-tech domain, which could relate to optical communication systems. This acquisition, along with others like Penlink AB and Prisma Light, showcases Addtech's strategy to expand its portfolio in technology-driven sectors, potentially including optical communication systems.


11. Seb

  • Website: sebgroup.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1856
  • Headcount: 10001+
  • Number of deals in 2024: 13
  • LinkedIn: seb

Skandinaviska Enskilda Banken AB (SEB) is a leading banking group in Northern Europe, providing a wide range of financial services including corporate and investment banking, asset management, and private wealth management. Founded in 1856, SEB serves large corporations, institutional clients, and private individuals, helping them manage their financial assets and navigate investment opportunities. In recent years, SEB has participated in significant transactions within the optical communication systems sector, such as providing €120M in senior debt financing to metrofibre, a German company focused on developing fiber networks, and participating in debt financing for CityFibre, a U.K.-based network operator aiming to expand its fiber infrastructure to millions of homes. These transactions highlight SEB's commitment to supporting the growth of telecommunication infrastructure, particularly in the optical communication domain.


12. Viking Venture

  • Website: vikingventure.com
  • Type: Venture Capital
  • Headquarters: Trondheim, Trøndelag, Norway
  • Founded year: 2001
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: viking-venture

Viking Venture is a venture capital firm based in Trondheim, Trøndelag, Norway, founded in 2001. The firm specializes in the software sector, focusing on fast-growing Nordic B2B software companies. They provide capital and strategic support to enhance growth and operational efficiency, including mentoring, recruitment assistance, and guidance on financing and successful exits. Notably, Viking Venture has been involved in several transactions related to optical technologies, particularly with poLight AS, which develops autofocus lenses for mobile phone cameras and optical polymer lenses. Their investments in poLight, including rounds in 2011, 2015, and 2016, highlight their engagement in the optical sector, indicating a broader interest that encompasses optical communication systems.


13. Scania Group

  • Website: scania.com
  • Type: Venture Capital
  • Headquarters: Sweden
  • Founded year: 1891
  • Headcount: 10001+
  • Number of deals in 2024: 6
  • LinkedIn: scania

Scania Group, founded in 1891, is a prominent vehicle and engine manufacturer based in Sweden, specializing in commercial vehicles such as heavy trucks and buses. The company also offers a range of services including repair, maintenance, and financial solutions aimed at enhancing efficiency and sustainability in transportation and logistics. In recent years, Scania Group has expanded its investment portfolio through Scania Growth Capital, which has led to significant funding activities in various technology sectors. Notably, they participated in an extended Series A funding round for Scantinel Photonics, a startup focused on Frequency Modulated Continuous Wave (FMCW) LiDAR technology, which is relevant to optical communication systems. This investment, along with their other funding activities, showcases Scania Group's interest in innovative technologies that intersect with their core business and the optical communication domain.


14. 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. Notably, Polaris has been involved in several transactions, including the acquisition of Triax A/S, which, while not directly in the optical communication sector, operates in related technology fields. Additionally, their investment in Impinj, a company that raised $14 million in Series B funding, indicates their interest in technology-driven companies, which may include those in the optical communication space. Their recent acquisition of Vinnergi AB further demonstrates their active investment strategy in technology-oriented firms.


15. Ferd AS

  • Website: ferd.no
  • Type: Private Equity
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1998
  • Headcount: 51-200
  • LinkedIn: ferd-as

Ferd AS is a private equity investment company based in Oslo, Norway, founded in 1998. The firm focuses on creating lasting value through a variety of business activities, including investment management, real estate development, and support for social entrepreneurs. Ferd AS has been involved in several notable transactions in the technology sector, particularly in companies related to optical communication systems. For instance, they participated in funding rounds for Napatech, a Danish Ethernet equipment company, contributing to their growth in the optical communication space. Ferd also invested in Nanoradio, which, while primarily focused on wireless technology, indicates Ferd's engagement in the broader telecommunications sector. Their investment strategy includes partnering with businesses to enhance growth and impact, which aligns with their involvement in technology and communication sectors.


16. 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 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 been involved in several transactions relevant to the optical communication systems industry. They invested in IPtronics A/S, which raised $10.38 million in a Series B round, focusing on optical interconnect solutions. Additionally, they participated in funding rounds for Nanoradio, which secured financing to strengthen its growth, and Edgeware, which closed an $8 million funding round to expand its marketing operations. These investments highlight Creandum's engagement with companies that have connections to optical communication technologies.



Optical Communication Systems Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
AlmiStockholm, Stockholm, Sweden201-50019947
EricssonStockholm, Stockholm, Sweden10001+18763
NokiaEspoo, Uusimaa, Finland10001+18653
TelenorFornebu, Akershus, Norway10001+18552
CapManHelsinki, Uusimaa, Finland51-20019894
Hexatronic GroupGothenburg, Västra Götaland, Sweden501-100019930
TeliaSolna, Stockholm, Sweden10001+18530
Lagercrantz Group ABStockholm, Stockholm, Sweden1001-500020016
Addtech ABStockholm, Stockholm, Sweden1001-500019069
SebStockholm, Stockholm, Sweden10001+185613
Viking VentureTrondheim, Trøndelag, Norway11-5020011
Scania GroupSweden10001+18916
Polaris Private EquityCopenhagen, Denmark51-20019984
Ferd ASOslo, Oslo, Norway51-20019980
CreandumStockholm, Stockholm, Sweden11-50200317


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