The semiconductor industry in the Nordics is a dynamic sector, brimming with innovation. It features companies ranging from semiconductor manufacturers to firms specialized in components for electronics and IoT devices. Key players are known for their significant contributions to gallium nitride technologies, MEMS sensors, and advanced packaging solutions. As digital transformation accelerates, the region is experiencing rapid growth in demand for cutting-edge semiconductor technologies. Future trends suggest a push towards sustainable manufacturing practices, increasing investments in research and development, and collaboration between startups and established firms to propel advancements in this critical technology sector.


The Nordics are home to a varied group of 16 semiconductor investors, primarily based in Stockholm and Helsinki. These range from venture capital firms to corporate investors, with sizes going from small teams to large corporations. Established between 1865 and 2019, a range of experiences characterizes their investment styles, evident in the 2024 funding statistics. Collectively, these investors executed 128 deals last year, highlighting their active participation in bolstering technology-driven initiatives within the industry.


Top 16 Semiconductor 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 has invested in companies like SweGaN, which raised $747,062 in a seed round in 2017 and focuses on gallium nitride technology, a significant area within the semiconductor industry. Additionally, Almi has participated in funding rounds for other startups such as Xenergic, which is involved in product development that may intersect with semiconductor applications. These investments highlight Almi's engagement in the semiconductor sector, despite its broader focus on various industries.


2. Chalmers Ventures


Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. They specialize in supporting deep tech innovations by helping researchers and entrepreneurs commercialize their technologies. Chalmers Ventures provides business guidance, financing, and community networking to startups, emphasizing active ownership and investment to help them scale and succeed in the market. Notably, they have invested in ZeroPoint Technologies, which has raised significant funding in 2024, indicating their commitment to supporting companies that are likely involved in semiconductor technologies. Their investment in Smoltek AB, a company that focuses on advanced materials for semiconductor applications, further highlights their relevance in the semiconductor industry.


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 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. Among their notable transactions, EQT acquired Murata Electronics (Finland) in 2002, a company that plays a significant role in the semiconductor industry. Additionally, their acquisition of Salcomp Oy from Nokia in 1999 highlights their involvement in the electronics sector, as Salcomp manufactures components for mobile devices. More recently, EQT has engaged with companies like BBS Automation, which provides automation solutions for complex manufacturing processes, further indicating their interest in sectors that intersect with semiconductor manufacturing and technology.


4. 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 made significant investments in the semiconductor sector, including a recent seed funding round for AlixLabs, a semiconductor company based in Lund, Sweden, which raised SEK 40M. Additionally, they have invested in ZeroPoint Technologies, which has raised multiple rounds of funding, including seed and Series A rounds, indicating their ongoing interest in semiconductor-related technologies. Through these investments, Industrifonden aims to create long-term value by partnering with passionate founders in the semiconductor industry.


5. Indutrade Life Science

  • Website: indutrade.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1978
  • Headcount: 1001-5000
  • Number of deals in 2024: 14
  • LinkedIn: indutrade-life-science

Indutrade Life Science is a corporate investor based in Stockholm, Sweden, founded in 1978. The company is part of an industrial group that focuses on developing and acquiring companies with high technical expertise across technology and industrial sectors. Indutrade emphasizes long-term relationships with its customers and operates through a decentralized structure, allowing its subsidiaries to maintain independence while benefiting from the group's resources. In 2023, Indutrade made several acquisitions, including I-tronik S.r.l., an Italian technical trading company specializing in machinery and services for the assembly and manufacturing of Printed Circuit Boards (PCBs), which is directly relevant to the semiconductor industry. This acquisition highlights Indutrade's strategic interest in sectors that support semiconductor manufacturing. Other acquisitions, such as TSE Troller AG and X-RAY WorX GmbH, while not directly related to semiconductors, showcase Indutrade's broader focus on technology and industrial solutions.


6. Ericsson

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

Ericsson is a telecommunications company based in Stockholm, Sweden, founded in 1876. It specializes in providing advanced connectivity solutions, including 5G networks and IoT platforms, to enhance operational efficiency and user experiences. As an investor, Ericsson has engaged in several notable transactions in the semiconductor context. They participated in a $3.6 million Series-B funding round for Adapteva, a company focused on transformative technology, which is relevant to semiconductor advancements. Additionally, they invested in Nubis Communications, a photonics innovator, which received significant funding to develop optical engine technologies, a field that intersects with semiconductor technology. Other investments include Skorpios Technologies and Sand 9, both of which are involved in semiconductor-related innovations. These transactions highlight Ericsson's strategic interest in technologies that support and enhance their telecommunications offerings.


7. NCAB Group

  • Website: ncabgroup.com
  • Type: Corporate
  • Headquarters: Sundbyberg, Stockholm, Sweden
  • Founded year: 1993
  • Headcount: 501-1000
  • Number of deals in 2024: 4
  • LinkedIn: ncab-group

NCAB Group is a corporate investor based in Sundbyberg, Stockholm, Sweden, founded in 1993. The company specializes in the manufacturing of printed circuit boards (PCBs), which are crucial for various industries, including Aerospace, Automotive, and Medical. NCAB Group has been actively expanding its market presence through strategic acquisitions. In 2023, they acquired Phase 3 Technologies, a US-based PCB supplier, for $23.5 million, enhancing their growth in the US market. In 2021, they also acquired Elmatica, a Norwegian PCB supplier, for €31.5 million, and the PCB division of EPI Components Trade in Austria, aimed at strengthening their foothold in Europe. These transactions highlight NCAB's commitment to expanding its capabilities in the PCB sector, which is integral to the semiconductor industry.


8. Navigare Ventures


Navigare Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2021. The firm specializes in early-stage science-driven companies, providing capital, expertise, and networking opportunities to startups in advanced computing, synthetic biology, and data-driven life sciences. Notably, Navigare Ventures has made significant investments in the semiconductor industry, including a leading role in the funding of AlixLabs, a semiconductor company based in Lund, Sweden, which raised SEK 40M to expand its operations. They also participated in the funding of TeraSi, a deeptech startup developing system-in-package technology, and Adamant Quanta, which is working on diamond-based chip-scale atomic clocks. These investments highlight Navigare Ventures' commitment to supporting innovative technologies within the semiconductor space, alongside their broader investment strategy.


9. 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 has invested in poLight, a company that develops autofocus lenses for mobile phone cameras, which raised significant funding rounds in 2011, 2015, and 2016, indicating a focus on optical technologies that intersect with semiconductor applications. Additionally, Investinor participated in the funding of sensiBel, which is developing next-generation MEMS microphones, further showcasing its engagement in the semiconductor-related technology space. These investments highlight Investinor's commitment to supporting innovative technologies that are relevant to the semiconductor industry.


10. 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 help early-stage companies navigate growth and market entry challenges. Butterfly Ventures emphasizes social and environmental impact in its investment strategy, actively engaging with portfolio companies to foster innovation and success. Notable transactions include a seed investment in CooliBlade, which is focused on commercialization of its NEOcore technology, and participation in the pre-seed funding round for Flow Computing, which raised EUR 4 million. These investments highlight Butterfly Ventures' commitment to supporting cutting-edge technologies that may intersect with the semiconductor industry, particularly in areas like AI and computing.


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 founders from the Nordic and Baltic regions, providing venture capital investment and portfolio management services to early-stage tech startups. Notably, Inventure has been involved in several transactions with Canatu, a nanotechnology company that develops conductive films and touch sensors, which are integral to semiconductor technology. Inventure participated in Canatu's Series A, B, and C funding rounds, demonstrating their ongoing support for innovations that align with semiconductor applications. This involvement highlights Inventure's interest in technology sectors that intersect with semiconductors, making them a noteworthy investor in this field.


12. 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 is a telecommunications and technology solutions provider based in Espoo, Uusimaa, Finland, founded in 1865. The company specializes in networking technology and digital transformation, offering a wide range of products and services, including cloud infrastructure, mobile networks, and security solutions. Nokia has made several investments in the semiconductor sector, including a notable Series B investment in Skorpios Technologies, which raised $19 million in 2011, focusing on advanced semiconductor technologies. Additionally, Nokia has provided grants to HaiLa Technologies Inc. and SPARK Microsystems, both of which are involved in semiconductor-related innovations. These transactions reflect Nokia's strategic interest in enhancing its technology offerings through semiconductor advancements, making it a relevant player in the semiconductor investment landscape.


13. Voima Ventures

  • Website: voimaventures.com
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2019
  • Headcount: 11-50
  • Number of deals in 2024: 11
  • LinkedIn: voima-ventures

Voima Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2019. The firm specializes in funding early-stage science-based innovations and deep tech ventures, providing capital and expertise to help startups scale their solutions for global challenges. Voima Ventures primarily operates in the Nordic and Baltic regions. Notably, they have invested in ElFys, a company focused on photodetectors for wearable devices, participating in multiple funding rounds totaling over €3M. This involvement highlights their engagement in the semiconductor industry, particularly in advanced manufacturing technologies. Additionally, they have supported other deep tech companies like n-Ink and Quantrol Ox, further showcasing their commitment to innovative technologies that may intersect with semiconductor applications.


14. 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 significant investments in the semiconductor sector, including venture funding for Silex Microsystems, a company focused on MEMS (Micro-Electro-Mechanical Systems) technology, in both 2006 and 2008. These transactions highlight CapMan's engagement in the semiconductor industry, alongside their broader investment portfolio.


15. Innovestor

  • Website: innovestorgroup.com
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2014
  • Headcount: 11-50
  • Number of deals in 2024: 12
  • LinkedIn: innovestor

Innovestor is an investment management company based in Helsinki, Uusimaa, Finland, specializing in venture capital, real estate, and energy storage. Founded in 2014, Innovestor focuses on providing funding and support to early-stage startups and corporations, particularly in technology and life sciences. Notably, Innovestor has participated in significant transactions within the semiconductor context, such as their investment in Chipmetrics, which raised €2.4 million in seed funding to enhance product development and market presence. Additionally, they have been involved in other technology-related ventures, showcasing their commitment to supporting innovative companies in various sectors, including semiconductors.


16. Stoaf


Stoaf is a venture capital firm based in Stockholm, Sweden, founded in 2008. They specialize in providing funding and expertise to startups in technology-driven sectors, particularly focusing on B2B companies with strong growth potential. Stoaf offers venture capital investment and consulting services to help entrepreneurs navigate their business challenges and achieve successful exits. Notably, Stoaf participated in a Series A investment round for SweGaN AB, a company that manufactures GaN-on-SiC epitaxial wafers, raising 125 million Swedish Krone (approximately €12 million) in October 2022. This investment highlights Stoaf's engagement in the semiconductor industry. Additionally, they have been involved in various other technology-focused transactions, further showcasing their commitment to supporting innovative companies in the tech sector.



Semiconductor Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
AlmiStockholm, Stockholm, Sweden201-50019947
Chalmers VenturesSweden11-50201526
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
IndustrifondenStockholm, Stockholm, Sweden11-5019799
Indutrade Life ScienceStockholm, Stockholm, Sweden1001-5000197814
EricssonStockholm, Stockholm, Sweden10001+18763
NCAB GroupSundbyberg, Stockholm, Sweden501-100019934
Navigare VenturesStockholm, Stockholm, Sweden1-1020213
InvestinorTrondheim, Trøndelag, Norway11-5020084
Butterfly VenturesHelsinki, Uusimaa, Finland1-1020125
InventureHelsinki, Uusimaa, Finland11-5020059
NokiaEspoo, Uusimaa, Finland10001+18653
Voima VenturesHelsinki, Uusimaa, Finland11-50201911
CapManHelsinki, Uusimaa, Finland51-20019894
InnovestorHelsinki, Uusimaa, Finland11-50201412
StoafStockholm, Stockholm, Sweden11-5020080


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