The water treatment industry in the Nordics is crucial for ensuring clean and safe water supply. Companies range from innovative tech startups focusing on filtration and purification solutions to established firms that provide comprehensive wastewater management services. There's a strong emphasis on sustainability, driven by regional environmental policies and the challenges posed by climate change. The sector is evolving, with increasing investments in technologies like smart water management and resource recovery. Furthermore, Nordic countries are recognized for integrating advanced digital solutions into water treatment processes, aiming to enhance efficiency and reduce waste.


The list of water treatment investors showcases a range of venture capital and private equity firms, headquartered primarily in Stockholm and Oslo. Many firms vary in size, from SMEs to larger institutional investors, having been founded as early as 1906. In 2024, these investors collectively engaged in 100 transactions, underscoring the vibrancy of the sector. Companies like Almi and EQT Group have strategically focused on startups and established businesses that drive innovation and sustainability within the water treatment space.


Top 16 Water Treatment 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, that specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises. Founded in 1994, Almi aims to enhance the growth and competitiveness of these businesses through tailored financial solutions and guidance. Notably, Almi has made significant investments in the water treatment sector, including a funding round for Stockholm Water Technology, which raised 10 million Swedish crowns for market entry and product development. Additionally, Almi has invested in Ecofiltration Nordic, Mimbly, and C-Green, all of which are involved in innovative solutions for water treatment and sustainability. These transactions highlight Almi's active role in supporting advancements in the water treatment industry.


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 providing expertise in managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made significant strides in the water treatment industry, highlighted by their acquisition of Saur SAS in December 2018 for approximately $1.7 billion. Saur SAS is a key player in the water and wastewater treatment sector, indicating EQT's strategic focus on this area. Additionally, EQT's acquisition of Desotec, a company known for its innovative filtration solutions, further emphasizes their commitment to water treatment technologies. These transactions reflect EQT's active role in the water treatment industry, alongside their broader investment strategy.


3. 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 various sectors, including technology and industrial products. 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. Notably, Indutrade has made significant acquisitions in the water treatment space, including acti-Chem A/S, which specializes in sustainable water treatment solutions, and OCI B.V., which focuses on customized assemblies for energy and water applications. These strategic acquisitions highlight Indutrade's commitment to enhancing its portfolio in the water treatment industry, making it a relevant player in this sector.


4. 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 through investment, accelerator programs, and mentorship. Katapult has been involved in several notable transactions in the water treatment context, including: 1) Desolenator, which raised funds to develop innovative water purification solutions; 2) Matter, which secured $10 million to scale its microplastic filtration technology for commercial and industrial applications; 3) Flocean, which raised $9 million to enhance water management solutions. These investments highlight Katapult's commitment to addressing water-related challenges and supporting technologies that contribute to sustainable water treatment solutions.


5. EEP Africa

  • Website: eepafrica.org
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2010
  • Headcount: 11-50
  • LinkedIn: eepafrica

EEP Africa is a not-for-profit organization based in Helsinki, Finland, founded in 2010. It focuses on financing clean energy initiatives in Southern and Eastern Africa, providing early-stage grants and support for innovative projects aimed at enhancing energy access and sustainable development. Among its notable transactions, EEP Africa has invested in OffGridBox, which raised $1.6 million in seed funding to deliver affordable renewable energy and clean water solutions to Rwandan communities. Additionally, EEP Africa has supported Water Access Rwanda, which also raised funds to improve water access. These transactions illustrate EEP Africa's commitment to integrating clean energy and water treatment solutions, making it a relevant player in the water treatment investment landscape.


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 technologies 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 several funding rounds for Atium, a technology manufacturer for water treatment, including a seed investment round in June 2024 and multiple pre-seed rounds from 2020 to 2021. This involvement highlights their commitment to advancing technologies in the water treatment sector, aligning with their broader investment strategy in deep tech.


7. Norvestor

  • Website: norvestor.com
  • Type: Private Equity
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1989
  • Headcount: 11-50
  • Number of deals in 2024: 3
  • LinkedIn: norvestor-equity-as

Norvestor is a private equity firm based in Oslo, Norway, founded in 1989. The firm specializes in investment management and advisory services, focusing on partnering with medium-sized Nordic businesses to support their growth and development. Norvestor emphasizes sustainability in its investment strategy and has a diverse portfolio that includes sectors such as IT services and property maintenance. Notably, Norvestor has made significant acquisitions in the water treatment sector, including Permascand, which specializes in advanced electrochemical solutions for water treatment, and PG Group (dba PG Flow Solutions), which provides flow solutions that may include water treatment applications. These transactions highlight Norvestor's commitment to investing in companies that enhance operational efficiency and sustainability in water management.


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, 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 challenges. Butterfly Ventures emphasizes social and environmental impact in its investment strategy, actively engaging with portfolio companies to foster innovation and success. Among their notable transactions, they invested in 3AWater, a Finnish building technology company that raised EUR 100k to accelerate product development related to water treatment solutions. This investment highlights their involvement in the water treatment sector, alongside other investments in biotech and technology startups.


9. Instalco

  • Website: instalco.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2014
  • Headcount: 1001-5000
  • Number of deals in 2024: 2
  • LinkedIn: instalco

Instalco is a corporate investor based in Stockholm, Sweden, specializing in installation and consulting services across various sectors, including plumbing, electrical, ventilation, and industrial services. Founded in 2014, Instalco operates through a decentralized model, allowing local companies to maintain their identity while benefiting from shared resources and best practices. Notably, Instalco has made several acquisitions that enhance its capabilities in relevant sectors. For instance, the acquisition of Marine Environmental Solution AB (MESAB) in 2020 strengthens their operations in the marine sector, which often involves water treatment solutions. Additionally, their acquisition of Grums Rör AB, a company focused on heating, plumbing, and ventilation systems, further aligns with water treatment services. These transactions highlight Instalco's commitment to expanding its service offerings in areas that intersect with water management and treatment.


10. Polygon Group


Polygon Group is a corporate investor based in Stockholm, Sweden, founded in 1955. The company specializes in property damage control services, focusing on restoring properties affected by water, fire, and climate damage. They serve various industries, including facility management, education, and insurance, providing essential restoration and consulting services to mitigate property damage and ensure rapid recovery. Notably, Polygon has made several strategic acquisitions to enhance its service capabilities in the water treatment context. For instance, the acquisition of BM Fuktteknik in November 2021 indicates a commitment to expanding their expertise in water damage restoration. Additionally, their acquisition of RecoSan GmbH in December 2020 further strengthens their market position in property damage restoration, which includes water-related services. These transactions highlight Polygon Group's active role in the water treatment industry, making them a relevant player in this sector.


11. Alder

  • Website: alder.se
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2008
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: alderfund

Alder is a private equity investment fund based in Stockholm, Sweden, founded in 2008. The firm specializes in sustainable technology companies, providing growth and buyout capital to established firms with a turnover of SEK 100-750 million. Alder aims to create value by leveraging its industrial and financial expertise to support the long-term development of its portfolio companies. Notably, Alder has made significant investments in the water treatment sector, including the acquisition of Nordic Water Products in 2012, which focuses on solutions for water treatment and management. In 2021, Alder also acquired Centriair, a company involved in air and water treatment technologies. Furthermore, their acquisition of Scanacon AB in 2018, which operates in sustainable technology markets, further emphasizes their commitment to supporting companies that contribute to water treatment and environmental sustainability.


12. 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 technology solutions provider based in Stockholm, Sweden, specializing in high-tech products and services across various sectors, including automation, electrification, energy, industrial solutions, and process technology. Founded in 1906, the company serves OEM manufacturers and end-users, helping them enhance operational efficiency and sustainability through innovative solutions. Notably, in December 2023, Addtech Process Technology announced the acquisition of 80% of Kemic Vandrens A/S, a prominent supplier of water purification solutions in Denmark, which is expected to positively impact their earnings. This acquisition highlights Addtech's strategic focus on the water treatment industry, complementing their diverse portfolio of investments.


13. ProVenture

  • Website: proventure.no
  • Type: Venture Capital
  • Headquarters: Trondheim, Trøndelag, Norway
  • Founded year: 2006
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: proventure-management

ProVenture is a venture capital firm based in Trondheim, Trøndelag, Norway, founded in 2006. The firm specializes in seed and early-stage investments, primarily in digital technology startups, providing both capital and strategic support to entrepreneurs. ProVenture aims to foster innovative solutions that can scale and create substantial economic, social, and environmental value through sustainable business models. Among its notable transactions, ProVenture invested in Sorbwater Technology, a company focused on water treatment solutions, indicating its engagement in the water treatment sector. Additionally, ProVenture has supported InfoTiles, a company enhancing software technology for utilities, which may also intersect with water management and treatment applications. These investments reflect ProVenture's commitment to supporting ventures that align with sustainable practices, including those in the water treatment industry.


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 water treatment sector, including a major acquisition of KotiSun Group in 2017, a Finnish company that focuses on the renovation of service water, heating, and drainage systems. This investment highlights CapMan's commitment to the water treatment industry, alongside their other ventures such as TerraWise and Vital Development Corp., which, while not directly related to water treatment, showcase their broad investment portfolio.


15. 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 niche markets, including Electrify, Control, and TecSec. Their business model emphasizes acquisitions and organic growth, primarily catering to business customers seeking tailored technology solutions. In recent years, Lagercrantz has made strategic acquisitions that enhance its presence in the water treatment sector. Notably, in March 2021, they acquired Proagria Miljø A/S, a Danish company focused on water flow control, which is expected to strengthen their position in the aquaculture segment. Additionally, in October 2021, they acquired Geonor AS, a Norwegian company specializing in hydrological and environmental equipment, further solidifying their commitment to water-related technologies. These acquisitions reflect Lagercrantz's strategy to diversify its portfolio while actively engaging in the water treatment industry.


16. 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 collaborates with entrepreneurs and other investors, managing state interests in seed and venture funds. Among its notable transactions, Investinor has invested in Sorbwater Technology, a company focused on water treatment solutions, indicating its engagement in the water treatment sector. Other investments include Xsens, Pinovo, and Intelecy, showcasing a diverse portfolio that includes technology and industrial applications, which may intersect with water treatment innovations.



Water Treatment Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
AlmiStockholm, Stockholm, Sweden201-50019947
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Indutrade Life ScienceStockholm, Stockholm, Sweden1001-5000197814
KatapultOslo, Oslo, Norway11-5020178
EEP AfricaHelsinki, Uusimaa, Finland11-5020100
Chalmers VenturesSweden11-50201526
NorvestorOslo, Oslo, Norway11-5019893
Butterfly VenturesHelsinki, Uusimaa, Finland1-1020125
InstalcoStockholm, Stockholm, Sweden1001-500020142
Polygon GroupStockholm, Stockholm, Sweden5001-1000019550
AlderStockholm, Stockholm, Sweden11-5020081
Addtech ABStockholm, Stockholm, Sweden1001-500019069
ProVentureTrondheim, Trøndelag, Norway1-1020062
CapManHelsinki, Uusimaa, Finland51-20019894
Lagercrantz Group ABStockholm, Stockholm, Sweden1001-500020016
InvestinorTrondheim, Trøndelag, Norway11-5020084


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