The business travel industry in the Nordics is vibrant and dynamic, catering to professionals on the move. This sector encompasses companies involved in travel management, accommodation, transportation, and tech solutions that streamline processes for corporate travelers. As remote work evolves, so does demand for flexible travel arrangements. Noteworthy trends show increased interest in sustainable travel options, reflecting a growing awareness of environmental impacts. The integration of technology in travel booking and management further enhances travel convenience and optimizes experiences, positioning the Nordics at the forefront of innovation in this vital industry.


The list of business travel investors features a blend of corporate and private equity firms, primarily headquartered in Stockholm and Copenhagen. Founded between 1936 and 2019, these investors vary in size from small niche firms to large corporate players. Notably, they made a total of 157 investments in 2024, showcasing their active role in the market. Their interests span multiple companies in the travel sector, demonstrating confidence in the industry’s potential and support for startups focusing on travel solutions.


Top 17 Business Travel 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. Notably, EQT has made significant investments in the travel sector, including a $200 million investment in TravelPerk, a leading business travel management platform, which raised funds in January 2025. Additionally, EQT's investment in FlixBus, a major transportation service, highlights their engagement in the travel industry. These transactions demonstrate EQT's commitment to investing in companies that enhance business travel experiences, making them a relevant player in this sector.


2. 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. The firm focuses on 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 been actively involved in the business travel sector through its investments in TravelPerk, a leading business travel management platform. Kinnevik participated in multiple funding rounds for TravelPerk, including a $200 million Series E round in January 2025, a $103 million Series D round in January 2024, and several other significant investments in previous Series D rounds. This consistent support highlights Kinnevik's commitment to redefining industries and addressing global challenges, particularly in the context of business travel.


3. Etraveli Group


Etraveli Group AB, founded in 2000 and based in Stockholm, Sweden, is a corporate investor and a leading online travel agency that specializes in providing a comprehensive tech platform for selling flights and related travel services. The company serves millions of consumers and businesses globally, offering products such as flight tickets, accommodation, and car rentals. Etraveli operates multiple brands, including MyTrip and GoToGate, and focuses on simplifying travel arrangements through innovative technology solutions. Notably, Etraveli has made several strategic acquisitions to enhance its market position, including the acquisition of Travelstart in Europe for approximately $696 million in 2010, and the acquisition of Flight Network and TripStack in Canada in 2019, which aimed to strengthen its presence in North America. These transactions highlight Etraveli's commitment to expanding its footprint in the travel industry, including the business travel segment.


4. 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 by providing venture capital investment, strategic support, and networking opportunities. Creandum has a diverse investment portfolio that spans various sectors, including fintech and health tech. Notably, they have made significant investments in the travel tech industry, including JustBook and Tripbirds, both of which focus on enhancing travel experiences. Furthermore, Creandum participated in funding rounds for Distribusion Technologies, a Berlin-based travel tech startup that operates a B2B ground transportation marketplace, raising €6 million in Series A and €30 million in Series B funding. Their investment in SafetyWing, an insurance firm catering to remote workers, also reflects their engagement with the evolving landscape of business travel, especially in the context of remote work. Overall, Creandum's strategic investments in travel-related companies highlight their commitment to the business travel sector.


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, aiming to enhance their growth and competitiveness through tailored financial solutions and guidance. Almi has been involved in several transactions relevant to the business travel context, including investments in Taxijakt AB, a company that likely operates in the transportation sector, and multiple funding rounds for Handiscover, a platform that facilitates travel accessibility. These transactions highlight Almi's engagement with businesses that contribute to the travel industry, making it a noteworthy player in the business travel investment landscape.


6. 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 focuses on building long-term relationships with entrepreneurs. Heartcore has been actively involved in the business travel sector, particularly through its investments in TravelPerk, a leading business travel management platform. They participated in multiple funding rounds for TravelPerk, including a Series A round of $7 million in 2016, followed by Series B, C, and D rounds, raising significant amounts such as $21 million in Series B and $160 million in Series D. This track record highlights Heartcore's commitment to supporting innovative solutions in the business travel space, making them a relevant investor in this category.


7. Dfds

  • Website: dfds.com
  • Type: Corporate
  • Headquarters: Copenhagen, Denmark
  • Founded year: 1866
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: dfds

DFDS is a Copenhagen-based logistics and ferry operator founded in 1866, with a workforce of over 10,000 employees. The company specializes in providing passenger and freight transportation services across Europe, operating a network of ferry routes that include mini cruises and package holidays. In recent years, DFDS has made several strategic acquisitions to enhance its service offerings. Notably, in January 2024, DFDS acquired FRS Iberia/Maroc, a ferry operator, to expand its network to the Strait of Gibraltar, which is expected to significantly boost revenues. Additionally, the acquisition of the Estron Group in July 2023 aimed to strengthen DFDS's logistics network in Europe and the UK, further enhancing their capacity to serve business travelers. These transactions highlight DFDS's commitment to improving customer experience and expanding its operational capabilities in the business travel sector.


8. VNV Global AB

  • Website: vnv.global
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1996
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: vostok-new-ventures-ltd

VNV Global AB is a venture capital investment firm based in Stockholm, Sweden, founded in 1996. The firm focuses on providing capital and expertise to innovative companies across various sectors, including Mobility and Digital Health. VNV Global aims to support mission-driven entrepreneurs in developing scalable and sustainable business models, emphasizing long-term profitability and strong market positions. Notably, VNV Global has invested in OneTwoTrip, a Russian travel booking website, through multiple funding rounds in 2016 and 2017, totaling over $8 million. Additionally, they have invested in Busfor, a company that raised $4.5 million in a Series C round in 2019, which also operates in the travel sector. These transactions highlight VNV Global's active role in the business travel industry, particularly in supporting innovative travel solutions.


9. NTG | Nordic Transport Group A/S


NTG | Nordic Transport Group A/S is a corporate investor based in Hvidovre, Denmark, founded in 2011. The company specializes in logistics, offering a comprehensive range of freight forwarding and transportation services, including road, ocean, and air freight, as well as customs and project transport services. NTG operates with a decentralized business model, allowing them to provide tailored logistics solutions to businesses across various industries. In recent years, NTG has made several strategic acquisitions to strengthen its market position and expand its service offerings. Notable transactions include the acquisition of Aries Global Logistics, Inc. for $70 million, which enhances their logistics capabilities, and the acquisition of Schmalz+Schon for approximately $42.7 million, further solidifying their presence in the logistics sector. These transactions indicate NTG's commitment to enhancing their logistics services, which are crucial for business travel operations.


10. 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, primarily targeting technology companies seeking to enhance their market position and operational efficiency. Notably, Verdane has made several acquisitions relevant to the business travel context, including Reseguiden, which they acquired on June 28, 2011. This acquisition highlights their involvement in the travel sector. Additionally, they have acquired companies like Watch it Live AB and Upplevelsepresent, which may also intersect with travel and experience-based services, further demonstrating their engagement in sectors that could impact business travel.


11. DSV - Global Transport and Logistics

  • Website: dsv.com
  • Type: Corporate
  • Headquarters: Hedehusene, Denmark
  • Founded year: 1976
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: dsv

DSV - Global Transport and Logistics, founded in 1976 and based in Hedehusene, Denmark, is a leading logistics company specializing in comprehensive transport and logistics solutions. With over 10,000 employees, DSV operates across air, sea, road, and rail transport, catering primarily to businesses in various sectors, including automotive and healthcare. The company focuses on optimizing supply chains and ensuring efficient delivery of goods globally. Notably, DSV has made significant acquisitions to bolster its logistics capabilities, including the acquisition of Panalpina for $4.658 billion in 2019, which expanded its global reach. In 2024, DSV announced its intention to acquire DB Schenker from Deutsche Bahn for €14.3 billion, further enhancing its market presence. These strategic moves position DSV as a key player in the logistics sector, making it a relevant investor for businesses involved in travel and transportation.


12. Pandox

  • Website: pandox.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1995
  • Headcount: 1001-5000
  • Number of deals in 2024: 1
  • LinkedIn: pandox

Pandox is a corporate investor based in Stockholm, Sweden, founded in 1995. As a hotel property company, Pandox owns, develops, and leases hotel properties to skilled hotel operators, with a portfolio of approximately 160 hotels across 11 countries. Their investments are strategically focused on the hospitality sector, enabling operators to concentrate on delivering quality services to guests. Notable transactions include the acquisition of the Silken Berlaymont hotel in Brussels for MEUR 32.7, which is positioned to attract business travelers due to its location and amenities. Additionally, the acquisition of the Adagio Aparthotel in Edinburgh for £40.5 million further emphasizes their commitment to properties that cater to the business travel market, as it includes a revenue-based lease with guaranteed rent for 15 years. Other significant acquisitions, such as The Midland Manchester and The Queens Hotel in Leeds, also reflect their strategy to invest in iconic and well-located hotels that are likely to serve business travelers. Overall, Pandox's focus on hotel properties makes them a key player in the business travel industry.


13. A.P. Moller - Maersk

  • Website: maersk.com
  • Type: Corporate
  • Headquarters: Copenhagen, Denmark
  • Founded year: 1904
  • Headcount: 10001+
  • Number of deals in 2024: 4
  • LinkedIn: maersk-group

A.P. Møller – Mærsk A/S is a leading logistics company based in Copenhagen, Denmark, founded in 1904. With a workforce of over 10,000 employees, Maersk operates globally, providing comprehensive shipping and logistics services. The company has made significant investments to enhance its logistics capabilities, including the acquisition of Pilot Freight Services for approximately $1.7 billion in 2022, aimed at improving integrated logistics offerings for B2C and B2B freight sectors. Additionally, the acquisition of customs broker Vandegrift in 2019 further strengthens Maersk's logistics services, addressing customer demands for simplified global supply chains. These strategic moves highlight Maersk's commitment to optimizing logistics solutions, which are essential for business travel operations.


14. 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 and invests across various sectors, including IT services and property maintenance. Notably, Norvestor has made significant investments in the business travel sector, acquiring Etraveli, a prominent online travel agency, in 2007, and Hertz, a leading car rental service, in 1997. These acquisitions highlight Norvestor's commitment to enhancing operational efficiency and market presence in the travel industry. Additionally, their investment in Nordic Camping & Resort and other companies demonstrates their diverse portfolio while maintaining a focus on sectors that can impact business travel.


15. 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 to businesses across various sectors, including technology and consumer products, with a focus on enhancing operational efficiency and sustainable growth. Notably, Altor was involved in the acquisition of Ving, Spies, Tjäreborg, and Thomas Cook Airlines Scandinavia in 2019, where they acquired a 40% stake in the travel companies. This transaction highlights Altor's active role in the travel industry, which is significant for business travel. Additionally, they have made investments in other sectors, but their engagement in travel-related businesses positions them as a relevant player in the business travel investment landscape.


16. 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 a private equity investment management firm based in Helsinki, Finland, founded in 1989. The firm specializes in private equity, real estate, infrastructure, and natural capital investments, serving institutional investors with diverse strategies aimed at sustainable returns. CapMan has a strong presence in the Nordic markets and leverages its expertise to manage funds and drive value creation. Notably, CapMan has made significant investments in the transportation and accommodation sectors, which are relevant to business travel. For instance, the acquisition of Majoituspalvelu Forenom Oy in 2016 enhances their portfolio in the accommodation space, catering to business travelers. Additionally, their acquisition of Koiviston Auto, Finland's largest bus operator, and Norled, a leading ferry and express boat operator, demonstrates their commitment to improving transportation infrastructure, which is essential for business travel. These strategic investments position CapMan as a relevant player in the business travel industry.


17. Accent Equity


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. Notably, Accent Equity has been involved in several transactions relevant to the business travel sector, including the acquisition of Flygbussarna Airport Coaches, which provides essential transportation services for travelers to and from airports. Additionally, they acquired Jetpak, a logistics company that offers express delivery services, which can also cater to business travel needs. Other acquisitions, such as Hoist Group and BrenderUP Group, while not directly in the travel sector, showcase Accent Equity's diverse investment strategy aimed at enhancing operational efficiencies across various industries.



Business Travel Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
KinnevikStockholm, Stockholm, Sweden11-50193610
Etraveli GroupStockholm, Stockholm, Sweden1001-500020000
CreandumStockholm, Stockholm, Sweden11-50200317
AlmiStockholm, Stockholm, Sweden201-50019947
Heartcore CapitalCopenhagen, Denmark11-50200717
DfdsCopenhagen, Denmark10001+18662
VNV Global ABStockholm, Stockholm, Sweden1-1019961
NTG | Nordic Transport Group A/SHvidovre, Denmark1001-500020113
VerdaneOslo, Oslo, Norway51-20019857
DSV - Global Transport and LogisticsHedehusene, Denmark10001+19761
PandoxStockholm, Stockholm, Sweden1001-500019951
A.P. Moller - MaerskCopenhagen, Denmark10001+19044
NorvestorOslo, Oslo, Norway11-5019893
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
CapManHelsinki, Uusimaa, Finland51-20019894
Accent EquityStockholm, Stockholm, Sweden11-5019944


Want to find more investors focusing on the business travel industry?

If you want to find more investors that are active in the business travelindustry, you can do that with Inven. We built this list and analysis throughInven's Investor Search, and there are a lot more private equity, venturecapital, and corporate investors like these globally.

With Inven, you'll also get to know:

  • Deal History: Number of deals and their sizes.
  • Portfolio: Companies they've invested in.
  • Contact data: Key dealmakers, including their emails and phonenumbers.
  • ...and much more!