The broadband providers industry in the Nordics focuses on delivering high-speed internet, essential for both residential and commercial clients. Companies, ranging from large telecommunications giants like Telenor and Telia to emerging startups, are at the forefront of this evolution. They offer services that include fiber-optic connections, mobile broadband, and various innovative technologies. As demand for faster and more reliable connections grows, especially with increasing remote working trends and digital services, investments in infrastructure, enhancement of connectivity solutions, and the rollout of 5G networks are set to shape the future of this vital industry.

In 2024, a mix of corporate, venture capital, and private equity investors played influential roles in the Nordics broadband sector. With headquarters spread across key cities like Stockholm, Helsinki, and Oslo, these investors vary in size from small firms to large entities with tens of thousands of employees. Established between 1853 and 2006, these firms have made significant contributions, exemplified by Telenor's acquisitions and EQT Group's private equity moves, reflecting their strategic engagement in the fast-evolving broadband market.

Top 17 Broadband Providers 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 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 broadband sector, including the acquisition of Deutsche Glasfaser for approximately $2.73 billion in 2020, which focuses on expanding fiber-optic networks in Germany. Additionally, EQT acquired a 91% stake in IP-Only Telecommunication AB in 2013, a key player in the Swedish fiber-based data communication market. In 2018, EQT Infrastructure acquired Broadnet Holding AS, Norway's leading alternative fiber-based data communications provider. Furthermore, EQT's acquisition of Melita Plc in 2019 highlights its strategy to support growth in telecommunications services, particularly in Italy. These transactions underscore EQT's active role in the broadband providers industry.

2. 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, founded in 1855 and headquartered in Fornebu, Akershus, Norway, is a leading telecommunications company that provides mobile telecommunications, broadband, and TV distribution services. With a customer base of 209 million subscribers, Telenor operates primarily in Scandinavia and Asia, focusing on empowering societies through connectivity. The company is committed to responsible business practices and innovation in telecommunications. Telenor has been actively involved in the broadband sector, having made several key acquisitions to strengthen its position in this market. Notable transactions include the acquisition of Bredbandsbolaget, Sweden's second-largest broadband provider, which has over 340,000 customers, and the acquisition of Tele2 Sweden's fibre and cable firm, which includes a portfolio of 370,000 households. These strategic moves highlight Telenor's dedication to expanding its broadband services and enhancing its market presence.

3. 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 companies such as InCoax Network Europe, which raised over $1 million in a venture round in 2012, and Forsway, which also received venture funding in 2011. These investments highlight Almi's engagement in the broadband sector, as both companies are involved in network solutions and broadband technology. Additionally, Almi has supported other technology ventures like MyBeat and Maven Wireless, further showcasing their commitment to fostering innovation in various sectors, including broadband.

4. 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 focuses on enhancing operational efficiency and improving user experiences through reliable and high-speed connectivity. Notably, Ericsson has made strategic acquisitions to bolster its position in the broadband market, including the acquisition of Cradlepoint for $1.1 billion, which enhances their 5G enterprise offerings. Additionally, their acquisition of BelAir Networks, a carrier-grade WiFi equipment provider, further solidifies their involvement in broadband infrastructure. These transactions highlight Ericsson's active role in the broadband providers industry, making them a significant player in this space.

5. 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 wide range of products and services including cloud infrastructure, mobile networks, and security solutions. Notably, Nokia has made strategic acquisitions to bolster its position in the broadband sector. In 2016, Nokia acquired Gainspeed, a cable technology specialist, to enhance its cable and networking capabilities. Additionally, the acquisition of Alcatel-Lucent in 2015 for €15.6 billion positioned Nokia as the second largest mobile equipment manufacturer globally, further solidifying its role in the telecommunications landscape. Other relevant acquisitions include Elenion Technologies, which focuses on optical connectivity for 5G and enterprise networking, and SAC Wireless, aimed at strengthening network implementation services. These transactions highlight Nokia's commitment to advancing broadband technologies and services.

6. Telia

• Website: teliacompany.com
• Type: Corporate
• Headquarters: Solna, Stockholm, Sweden
• Founded year: 1853
• Headcount: 10001+
• LinkedIn: teliacompany

Telia Company AB, founded in 1853 and based in Solna, Stockholm, Sweden, is a leading telecommunications company operating primarily 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. The company has actively engaged in the broadband sector through strategic acquisitions. Notably, in 2006, TeliaSonera acquired an 82.3% stake in NextGenTel Holding ASA, Norway's second-largest broadband/xDSL provider, aiming to expand its mobile and Internet-based service offerings. Additionally, Telia has made other acquisitions such as Phonero, a Norwegian telecom service provider, which further strengthens its position in the telecom market. These transactions highlight Telia's commitment to enhancing its broadband services and its strategic focus on the telecommunications 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, established in 1976. It specializes in providing sustainable financing for projects across the Nordic and Baltic regions, offering a range of loan products to both private and public sector customers. NIB aims to enhance productivity and environmental benefits through its financing solutions. In recent years, NIB has been involved in significant debt financing transactions with major telecommunications companies, including Elisa, which raised over $107 million in 2024 and $113 million in 2018, as well as Nokia and Ericsson, which also secured substantial post-IPO debt financing. These transactions highlight NIB's active role in supporting the broadband providers sector, making it a relevant investor in this industry.

8. Finnfund

• Website: finnfund.fi
• Type: Corporate
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 1980
• Headcount: 51-200
• Number of deals in 2024: 7
• LinkedIn: finnfund

Finnfund is a not-for-profit development financier and impact investor based in Helsinki, Finland, founded in 1980. The organization focuses on creating sustainable futures by investing in companies that address global development challenges, particularly in developing countries. Finnfund provides investment and advisory services to promote economic growth and sustainability across various sectors. In recent years, they have been involved in several transactions relevant to the broadband sector, including a $20 million loan facility to Africa Mobile Networks, aimed at building over 10,000 base stations in Sub-Saharan Africa, which will significantly enhance connectivity for millions. They also invested in Fibertime Group, which raised over $2 million, and Netwey, which secured $10 million, both of which are likely to contribute to broadband infrastructure and services. Their investment in KaiOS Technologies, a platform for feature phones, further demonstrates their commitment to expanding telecommunications access in underserved markets.

9. 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. Industrifonden focuses on creating long-term value through partnerships with passionate founders. Notably, they have invested in companies relevant to the broadband sector, such as Flexenclosure, which raised $24 million to develop green ICT solutions for the telecom industry, and Telness Tech, which raised €8.5 million to expand its teltech services. These transactions highlight Industrifonden's engagement in the telecommunications and broadband markets, making them a significant player in this space.

10. Hexatronic Group

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

Hexatronic Group, founded in 1993 and based in Gothenburg, Sweden, is a corporate investor specializing in telecommunications and technology solutions. The company focuses on fiber optic and wireless infrastructure, providing a range of products and services that enhance connectivity for businesses and organizations in the telecommunications sector. In recent years, Hexatronic has made several strategic acquisitions to bolster its position in the broadband market. Notably, they acquired 82% of homeway GmbH, a German multimedia home network provider, to strengthen their offerings in the FTTH market. Additionally, the acquisition of ATG Technology Group Limited in New Zealand further expands their footprint in the fiber industry. Other acquisitions, such as KNET in South Korea and The Light Brigade in the U.S., demonstrate their commitment to enhancing their capabilities and market reach in the broadband sector. These transactions reflect Hexatronic's focus on providing end-to-end solutions and customer support in the telecommunications industry.

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, founded in 1856, providing a wide range of financial services including corporate and investment banking, asset management, and private wealth management. SEB serves large corporations, institutional clients, and private individuals, helping them manage their financial assets and navigate investment opportunities. In recent years, SEB has been involved in significant transactions within the broadband sector, including a €120 million senior debt financing for metrofibre, a German company enhancing telecommunication infrastructure. They also participated in a £4.9 billion debt package for CityFibre, a U.K.-based network operator, which aims to expand fiber access to millions of homes. These investments highlight SEB's commitment to supporting the development of broadband infrastructure.

12. SEB Kort

• Website: seb.se
• Type: Corporate
• Headquarters: Solna, Stockholm, Sweden
• Founded year: 1855
• Headcount: 501-1000
• Number of deals in 2024: 1
• LinkedIn: seb-kort

SEB Kort, part of Skandinaviska Enskilda Banken AB (SEB), is a corporate investor based in Solna, Stockholm, Sweden. Founded in 1855, SEB is a prominent financial institution that provides a comprehensive range of banking and financial services, including personal and corporate loans, investment management, and insurance products. In the context of broadband providers, SEB Kort has made notable investments, particularly in Nomad Digital, a company that specializes in providing broadband connectivity solutions. Between 2011 and 2016, SEB Kort participated in multiple funding rounds for Nomad Digital, contributing significant amounts to support its growth in the broadband sector. This involvement highlights SEB Kort's interest in technology and connectivity, making it a relevant player in the broadband investment landscape.

13. 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 been involved in several transactions relevant to the broadband sector, including a Series B investment in 42Networks in 2006, which focuses on broadband solutions, and a recent investment in Serverius, a company that provides data center services. Furthermore, their acquisition of Fuzion A/S in 2023, a colocation firm operating multiple data centers, highlights their commitment to investing in infrastructure that supports broadband services. These transactions illustrate CapMan's active role in the broadband providers industry, making them a relevant investor in this space.

14. 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 digitalization and decarbonization trends, making them a strategic partner for technology companies aiming to enhance their market position and operational efficiency. Notable transactions include their investment in Onomondo, which raised $21 million to accelerate growth in Europe, indicating a commitment to connectivity solutions. Additionally, Verdane's acquisition of Linjebesiktning AB and Compricer showcases their interest in companies that may have synergies with broadband services, further emphasizing their relevance in the technology and connectivity sectors.

15. 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. They provide venture capital investment, strategic support, and networking opportunities to startups across various sectors, including fintech and health tech. Notably, Creandum has been involved in several transactions relevant to the broadband sector, such as their lead investment in Instabridge, a Swedish company that raised seed funding to develop a crowdsourced network of WiFi hotspots. This investment highlights Creandum's interest in broadband solutions and their commitment to nurturing companies that enhance connectivity. Additionally, they have participated in other technology-focused investments, showcasing their broad expertise and network that can benefit startups in the broadband industry.

16. Kinnevik

• Website: kinnevik.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1936
• Headcount: 11-50
• Number of deals in 2024: 10
• LinkedIn: investment-ab-kinnevik

Kinnevik is an investment company based in Stockholm, Sweden, founded in 1936. They specialize in partnering with innovative entrepreneurs across various sectors, including healthcare, software, marketplaces, and climate tech. Kinnevik provides both capital and operational support to help these companies scale and create long-term value. Notably, Kinnevik has made significant investments in the broadband sector, including a substantial post-IPO equity investment in Com Hem, which raised over $417 million in April 2017. This investment highlights Kinnevik's commitment to the broadband industry, alongside their broader strategy of redefining industries and addressing global challenges through strategic investments.

17. VIA equity

• Website: viaequity.com
• Type: Private Equity
• Headquarters: Hellerup, Denmark
• Founded year: 2006
• Headcount: 11-50
• Number of deals in 2024: 3
• LinkedIn: via-equity

VIA equity is a private equity firm based in Hellerup, Denmark, founded in 2006. The firm specializes in investments within the technology sector, particularly focusing on software and IT companies. VIA equity aims to partner with ambitious businesses, providing them with capital and strategic guidance to help them grow and become industry leaders. They primarily operate in Northern Europe, targeting companies that require investment management and advisory services. Notably, VIA equity has been involved in several transactions relevant to the broadband sector, including the acquisition of Hostnordic in 2012, which is a company that provides hosting and broadband services. This acquisition highlights their engagement in the broadband industry, alongside other technology-focused investments such as mobilePeople and MTI Radiocomp ApS, which, while not directly broadband-related, indicate their broader interest in technology-driven companies.

Broadband Providers Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Telenor	Fornebu, Akershus, Norway	10001+	1855	2
Almi	Stockholm, Stockholm, Sweden	201-500	1994	7
Ericsson	Stockholm, Stockholm, Sweden	10001+	1876	3
Nokia	Espoo, Uusimaa, Finland	10001+	1865	3
Telia	Solna, Stockholm, Sweden	10001+	1853	0
Nordic Investment Bank	Helsinki, Uusimaa, Finland	201-500	1976	19
Finnfund	Helsinki, Uusimaa, Finland	51-200	1980	7
Industrifonden	Stockholm, Stockholm, Sweden	11-50	1979	9
Hexatronic Group	Gothenburg, Västra Götaland, Sweden	501-1000	1993	0
Seb	Stockholm, Stockholm, Sweden	10001+	1856	13
SEB Kort	Solna, Stockholm, Sweden	501-1000	1855	1
CapMan	Helsinki, Uusimaa, Finland	51-200	1989	4
Verdane	Oslo, Oslo, Norway	51-200	1985	7
Creandum	Stockholm, Stockholm, Sweden	11-50	2003	17
Kinnevik	Stockholm, Stockholm, Sweden	11-50	1936	10
VIA equity	Hellerup, Denmark	11-50	2006	3

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