The book publishing industry in the Nordics thrives on innovation and accessibility. Companies range from traditional publishers to tech-driven platforms that offer audiobooks, e-books, and subscription services. Major players include Storytel and Sanoma, reflecting a trend towards digital consumption of literature. The industry is evolving with a greater focus on multimedia formats and audience engagement, driven by technology and changing reading habits. As a result, Nordic publishing is not only adapting but also expanding internationally, presenting myriad opportunities for investment and collaboration within this dynamic space.

The investor landscape in the Nordics features a mix of private equity firms, venture capitalists, and corporate investors. Based primarily in Sweden and Denmark, these 17 investors vary in size, funneling capital into important sectors of publishing. Founded between the late 19th and early 21st centuries, they have significantly supported around 74 deals in 2024. Key players like EQT Group and Storytel underscore their commitment to the book publishing landscape, actively engaging in transformative deals that shape industry growth and competitiveness.

Top 17 Book Publishing Investors in the Nordics

1. Storytel

• Website: storytel.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2005
• Headcount: 501-1000
• LinkedIn: storytel

Storytel AB is a subscription service company based in Stockholm, Sweden, that offers a wide range of audiobooks, e-books, and podcasts. Founded in 2005, Storytel operates in over 25 countries, providing users with convenient access to digital reading and listening materials. As part of its growth strategy, Storytel has made several key acquisitions in the book publishing industry. Notably, in 2016, Storytel acquired Norstedts Förlagsgrupp, a prominent Swedish publisher, for £12.5 million. In 2019, it strengthened its position in Finland by acquiring Gummerus Kustannus Oy, the country's third-largest book publishing house. In 2021, Storytel acquired a 70% stake in Lind & Co, a Swedish publishing house, allowing it to maintain a significant influence in the market. Additionally, Storytel has acquired People'sPress and Aula & Co., further expanding its portfolio of publishing assets. These transactions highlight Storytel's active role in the book publishing industry and its commitment to enhancing its content offerings.

2. Sanoma

• Website: sanoma.com
• Type: Corporate
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 1889
• Headcount: 5001-10000
• LinkedIn: sanoma

Sanoma is a media and educational publishing company based in Helsinki, Finland, founded in 1889. It provides a wide range of learning solutions and media content, including printed and digital learning materials and teaching platforms. Sanoma's customers include educational institutions and media consumers across multiple European countries. The company has made several notable acquisitions in the educational publishing sector, such as the acquisition of Santillana Spain, a leading provider of K-12 learning materials, for EUR 465 million in 2020. This acquisition aimed to enhance Sanoma's position in the Spanish K-12 learning services market. Additionally, Sanoma acquired Nowa Era, a Polish educational publishing company, to strengthen its presence in the European educational publishing market. In 2022, they also acquired Pearson Italia, further expanding their educational publishing portfolio. These transactions demonstrate Sanoma's active engagement in the educational publishing industry, making them a significant player in the book publishing landscape.

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 various investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the book publishing industry, including acquiring a substantial stake in Storytel, a leading audiobook and ebook streaming service, and acquiring Springer Science+Business Media, a major academic publisher. These transactions highlight EQT's commitment to the book publishing sector, alongside their broader investment activities.

4. Embracer Group

• Website: embracer.com
• Type: Corporate
• Headquarters: Karlstad, Varmland, Sweden
• Founded year: 1999
• Headcount: 51-200
• LinkedIn: embracergroup

Embracer Group is a game development and entertainment publishing company based in Karlstad, Sweden, founded in 1999. The company specializes in creating and distributing a wide range of video games across various platforms, serving gamers and entertainment consumers with engaging content and experiences. In addition to its core focus on video games, Embracer Group has made significant strides in the publishing sector, notably acquiring Dark Horse Comics on December 21, 2021. This acquisition allows Embracer to expand its reach into the comic book and graphic novel market, which complements its entertainment offerings. Other notable acquisitions include Gearbox Software and Asmodee, further solidifying its position in the entertainment industry.

5. 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 their notable transactions, Almi has invested in Once Upon Publishing, which raised $560,000 in a Seed Round in April 2018, demonstrating their involvement in the book publishing industry. Additionally, they have made investments in various other sectors, including technology and media, such as Paperton and The Local, indicating a diverse investment portfolio while still maintaining a foothold in publishing.

6. Schibsted

• Website: schibsted.com
• Type: Corporate
• Headquarters: Oslo, Oslo, Norway
• Founded year: 1839
• Headcount: 5001-10000
• Number of deals in 2024: 3
• LinkedIn: schibsted-asa

Schibsted Media Group is a media company based in Oslo, Norway, with a rich history dating back to 1839. Originally focused on traditional publishing, Schibsted has transitioned to a digital marketplace model, offering online platforms for classified ads and second-hand goods. As an investor, Schibsted has shown interest in the book publishing sector through its investment in Riidr, a Copenhagen-based provider of a publishing platform for ebook readers, where it acquired a 10% stake. This investment highlights Schibsted's commitment to expanding its influence in the digital reading space. Additionally, while Schibsted has made other investments in media and technology, its involvement with Riidr positions it as a relevant player in the book publishing industry.

7. 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 emphasizes building long-term relationships with entrepreneurs. Heartcore has made notable investments in the book publishing context, including Mofibo, a subscription service for e-books, which they supported in its seed round in July 2013. Additionally, they have been involved with Podimo, a platform for podcasts and audiobooks, participating in multiple funding rounds from seed to Series B, with significant investments totaling over €58 million. This involvement highlights Heartcore's commitment to supporting innovative digital content platforms that are integral to the modern publishing industry.

8. Bonnier Ventures

• Website: bonnierventures.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2013
• Headcount: 1-10
• Number of deals in 2024: 1
• LinkedIn: bonnier-ventures

Bonnier Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2013. As the investment division of the Bonnier Group, they focus on providing capital and management support to promising companies in structurally growing industries, including media and publishing. Notably, they invested in Kitab Sawti, an Arabic audiobook platform that raised $6 million in Series A funding in 2019, showcasing their commitment to the media sector. Additionally, they have participated in other transactions such as Mag+, which raised funds in the digital publishing space, and We Are Voice, indicating a broader interest in media-related ventures. Their extensive network and expertise in fostering long-term growth for portfolio companies further solidify their position as a relevant player in the book publishing industry.

9. Accent Equity

• Website: accentequity.se
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 11-50
• Number of deals in 2024: 4
• LinkedIn: accent-equity-partners-ab

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 to create sustainable growth and superior returns. Among their notable transactions, Accent Equity acquired ScandBook Holding in 2006, which is involved in the publishing sector. More prominently, in 2015, they acquired a 65% stake in Akademibokhandeln, Sweden's leading bookstore chain, which had combined sales of SEK 1.7 billion (approximately EUR 184 million) in 2014. This acquisition reflects Accent Equity's commitment to the book retail industry and their strategy to leverage their expertise in investment management to foster growth in this sector.

10. 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 Copenhagen, specializing in providing seed funding and advisory services to technology startups in Denmark. Founded in 2004, the firm has a strong track record of successful investments, particularly in sectors such as SaaS and Fintech. Notably, Seed Capital has invested in Mofibo, which raised over $2.3 million in a venture round in 2016 and previously secured seed funding in 2013. Mofibo operates as a digital subscription service for e-books and audiobooks, directly linking it to the book publishing industry. Additionally, they invested in Movellas, which raised $500,000 in an angel round in 2011. Movellas serves as a platform for writers and readers, further emphasizing Seed Capital's engagement with the publishing ecosystem. This combination of investments highlights Seed Capital's potential relevance to the book publishing sector, despite their primary focus on technology startups.

11. 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. However, it has also made significant investments in the book publishing industry, notably through its support of Nextory, a Swedish e-book and audiobook subscription service. Industrifonden participated in several funding rounds for Nextory, including a €9.3M round in June 2022, a $6 million round in March 2020, and earlier investments in 2016 and 2017. These transactions highlight Industrifonden's strategic interest in the publishing sector, particularly in digital content delivery and subscription models, showcasing its role in fostering innovation within the industry.

12. 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 providing consulting services across various sectors, including technology and consumer products, with a focus on enhancing operational efficiency and sustainable growth for its partners. Notably, Altor has been involved in significant transactions such as the acquisition of Papyrus, a subsidiary focused on paper and packaging distribution, which aligns with the broader publishing industry. Additionally, their acquisition of a majority stake in Raw Fury Games, an independent publisher, highlights their active role in the publishing sector, aiming to enhance production capacity and support growth plans. This diverse investment strategy positions Altor as a player in the publishing landscape, particularly in areas that intersect with digital content and storytelling.

13. Egmont

• Website: egmont.com
• Type: Corporate
• Headquarters: Copenhagen, Denmark
• Founded year: 1878
• Headcount: 5001-10000
• LinkedIn: egmont

Egmont is a not-for-profit media group based in Copenhagen, Denmark, founded in 1878. The organization is dedicated to bringing stories to life through various formats, including books, films, TV shows, and games. Egmont focuses on supporting children and youth at risk by allocating a portion of their profits to philanthropic efforts. As an investor, Egmont has been involved in significant transactions within the book publishing context, such as the acquisition of Realityportalen in January 2015, which enhances their publishing portfolio. Additionally, their investment in WriteReader, a leading educational app in Denmark, showcases their commitment to educational content, which is closely related to book publishing. Their diverse offerings cater to consumers and organizations seeking quality educational and entertainment content, making them a relevant player in the book publishing industry.

14. Spotify

• Website: spotify.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2006
• Headcount: 5001-10000
• Number of deals in 2024: 1
• LinkedIn: spotify

Spotify is a music and podcast streaming service founded in 2006, headquartered in Stockholm, Sweden. The platform provides users with access to a vast library of audio content, including music and podcasts, and allows for the creation and sharing of playlists. In November 2021, Spotify made a strategic acquisition of Findaway, a company known for its audiobook distribution services. This move reflects Spotify's commitment to diversifying its audio content offerings and tapping into the growing market for audiobooks, which are an essential component of the book publishing industry. By integrating Findaway's capabilities, Spotify aims to enhance its platform and provide users with a broader range of audio experiences, including literature in audio format.

15. Cni

• Website: cninordic.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2012
• Headcount: 1-10
• Number of deals in 2024: 1
• LinkedIn: club-network-investments

CNI Advisory AB is a venture capital firm based in Stockholm, Sweden, founded in 2012. The firm specializes in funding and supporting entrepreneurial businesses across various sectors, with a focus on creating sustainable shareholder value. Cni provides capital and strategic guidance to its portfolio companies, which include startups and established firms. One notable transaction is their investment in Nextory, which raised approximately $19.2 million in a venture round on November 16, 2020. Nextory is a digital reading subscription service that allows users to access a wide range of books and audiobooks, positioning Cni as an investor with interests that intersect with the book publishing industry.

16. Centripetal

• Website: centripetal.vc
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2020
• Headcount: 1-10
• LinkedIn: centripetal-capital

Centripetal is a private equity investment company based in Stockholm, Sweden, founded in 2020. The firm focuses on accelerating the growth of fast-growing and profitable European companies by providing capital and bridging the gap to strong capital markets. Notably, Centripetal has been involved in transactions within the book publishing context, such as their participation in funding rounds for Nextory, a Swedish e-book platform. In June 2022, Nextory raised €9.3M to support its growth in the publishing industry and global expansion, showcasing Centripetal's engagement in the digital publishing space. Additionally, they were involved in a secondary market transaction with Nextory in April 2021, further indicating their interest in the publishing sector.

17. 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, providing capital and hands-on support to help businesses scale. Verdane focuses on trends in digitalization and decarbonization, primarily targeting technology companies looking to enhance their market position and operational efficiency. Notably, Verdane acquired a majority stake in Momox, Europe's largest re-commerce company for used goods, including books and clothing, in October 2019. This transaction highlights their engagement in the book sector through a platform that facilitates the buying and selling of used books. Additionally, they participated in a venture round for Momox in September 2018, further demonstrating their commitment to the company and its role in the book market. While their portfolio includes various technology companies, their involvement with Momox positions them as a relevant investor in the book publishing industry.

Book Publishing Insights: Key Investors in the Nordics

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