The educational publishing industry in the Nordics focuses on providing innovative learning materials and solutions for various educational settings, including schools, universities, and corporate training. Companies range from established publishers to tech-driven startups producing digital content and interactive learning platforms. With a strong shift towards online education, especially accelerated by recent global events, the industry is increasingly embracing technology integration, including AI and gamification, to enhance learning experiences. Notable areas of growth are interactive e-learning, multimedia resources, and educational apps, indicating a future where traditional publishing meets tech innovation to solve modern educational challenges.

The list of top investors in the educational publishing sector includes a mix of corporate entities, venture capital firms, and private equity players. These investors are predominantly based in major Nordic cities such as Stockholm, Helsinki, and Oslo. Their investments range widely in size, from early-stage startups to established companies, showcasing a keen interest in the evolving educational landscape. In 2024, these investors engaged in a total of over 100 fruitful deals, particularly focusing on technology-enabled educational solutions that cater to the demand for more engaging and effective learning experiences.

Top 17 Educational Publishing 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. Almi aims to enhance the growth and competitiveness of these businesses through tailored financial solutions and guidance. Notably, Almi has invested in several companies within the educational technology space, including Zcooly, which raised over SEK 20 million to support its growth and product development in the Swedish market, and Studybee, which has received multiple rounds of funding. These transactions highlight Almi's active role in the EdTech sector, reinforcing its relevance as an investor in educational publishing.

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. The company operates across multiple European countries, providing a diverse range of learning solutions and media content. Sanoma offers both printed and digital learning materials, teaching platforms, and engages in publishing news and entertainment content. Their customer base includes educational institutions and media consumers. Notably, Sanoma has made several significant acquisitions in the educational publishing sector, including:1. **Nowa Era**: Acquired in 2007, this Polish educational publishing company aimed to strengthen Sanoma's position in the European educational publishing market.2. **Santillana Spain**: Acquired in 2020 for EUR 465 million, this company is a leading provider of K-12 learning materials in Spain, enhancing Sanoma's presence in one of Europe's largest K-12 markets.3. **Pearson Italia**: Acquired in 2022, this transaction further solidified Sanoma's role in the educational publishing landscape in Italy.4. **Iddink Group**: Announced in 2018, this acquisition of a Dutch educational platform and service provider was intended to enhance Sanoma's Learning business.5. **itslearning**: Acquired in 2019, this international learning platform provider had net sales of approximately EUR 30 million, indicating Sanoma's investment in digital learning solutions.These transactions highlight Sanoma's strategic focus on the educational publishing sector, making it a relevant investor in this category.

3. Sparkmind.vc

• Website: sparkmind.vc
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2017
• Headcount: 1-10
• Number of deals in 2024: 2
• LinkedIn: sparkmind-vc

Sparkmind.vc is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2017. The firm specializes in the learning sector, investing in innovative educational technology startups to transform learning experiences. Sparkmind.vc has been involved in several notable transactions in the educational technology space, including leading a €5 million funding round for Lexplore, a Swedish EdTech firm focused on enhancing reading skills through technology. Additionally, they led a €1.5 million seed round for Kide Science, a Finnish startup that aims to expand its international reach in the education sector. Their investments are primarily aimed at businesses in the education industry seeking financial support to enhance their offerings, making them a significant player in the educational publishing and technology landscape.

4. 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 private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in a diverse range of investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing varied investment portfolios across multiple sectors and geographies. Notably, EQT has made significant strides in the educational publishing sector, highlighted by their acquisition of Springer Science+Business Media and the Springer Group, valued at approximately 2 billion euros. These acquisitions were aimed at strengthening the balance sheets of these key academic publishing entities. Additionally, EQT's investment in 'its learning', which raised over $61 million in a private equity round, showcases their commitment to educational technology and publishing. Furthermore, their involvement with Storytel, a leading audiobook and ebook streaming service, indicates their interest in digital educational content, further enhancing their profile as an investor in the educational publishing space.

5. Academedia

• Website: academedia.se
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1996
• Headcount: 10001+
• Number of deals in 2024: 1
• LinkedIn: academedia

AcadeMedia AB, founded in 1996 and based in Stockholm, Sweden, is a leading education provider that serves approximately 200,000 individuals annually. The company offers a diverse range of educational services, including preschool, primary, secondary, and adult education. AcadeMedia has been actively expanding its portfolio through strategic acquisitions in the educational sector. Notably, in January 2022, AcadeMedia acquired Sandviks AS for NOK 87 million, which allows them to enter the educational products and services market, particularly focusing on inspiring early reading among children. Additionally, their acquisition of the Swedish Education Group in November 2020 for SEK 215 million aims to strengthen their position in the upper secondary school and adult education markets. Other significant acquisitions include LBS Kreativa Gymnasiet in 2007, Espira in 2014, and Pysslingen in 2011, all of which contribute to their comprehensive educational offerings. This strategic focus on enhancing educational quality and development opportunities positions AcadeMedia as a relevant investor in the educational publishing industry.

6. 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. Specializing in growth equity investments, Verdane focuses on technology-enabled companies, providing capital and hands-on support to help businesses scale. Their investment strategy emphasizes digitalization and decarbonization trends. Notably, Verdane has made significant investments in the educational technology sector, including a venture round for Schoolido, which raised $1.6 million in December 2015, and an acquisition of an 85.5% stake in Lingit AS in March 2017, a company dedicated to multilingual literacy support for dyslexics. Additionally, they participated in a funding round for Zcooly, an EdTech startup, in January 2022, aimed at expanding its market presence and product development. These transactions highlight Verdane's active role in supporting educational initiatives and technology.

7. Business Finland

• Website: businessfinland.fi
• Type: Corporate
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2018
• Headcount: 501-1000
• Number of deals in 2024: 26
• LinkedIn: business-finland

Business Finland is a public entity established in 2018 that supports Finnish companies in their growth and internationalization efforts. It offers funding, consulting services, and market opportunities to help businesses innovate and succeed in global markets. Notably, Business Finland has invested in the educational technology sector, including companies like Kide Science, which focuses on innovative learning solutions, and Lyfta, which provides immersive educational experiences. In 2022, Business Finland participated in a €1M bridge financing round for Kide Science, contributing to their total seed funding of €3.2M. Additionally, they have provided grants to Lyfta, further emphasizing their role in promoting educational initiatives. This involvement highlights Business Finland's commitment to enhancing educational resources and technologies in Finland and beyond.

8. Kahoot!

• Website: kahoot.com
• Type: Corporate
• Headquarters: Oslo, Oslo, Norway
• Founded year: 2012
• Headcount: 501-1000
• LinkedIn: kahoot

Kahoot! is an educational technology company based in Oslo, Norway, founded in 2012. It offers a game-based learning platform designed to engage users through interactive quizzes and educational games, catering to teachers, students, businesses, and families. Kahoot! operates on a subscription model, providing access to various features and content. The company has made several notable acquisitions to enhance its educational offerings, including:1. **DragonBox**: Acquired in May 2019 for $18 million, this math app company strengthens Kahoot!'s focus on math education.2. **Clever**: Acquired in May 2021 for up to $500 million, this digital learning platform enhances Kahoot!'s presence in the US market and expands its educational resources.3. **Drops**: Acquired in November 2020 for $31 million, this language learning platform adds language capabilities to Kahoot!'s global learning platform.4. **Motimate**: Acquired in April 2021 for approximately $26 million, this employee engagement and learning software provider broadens Kahoot!'s offerings in the corporate training space.5. **Poio**: Acquired in May 2019 for $6.5 million, this acquisition further diversifies Kahoot!'s educational tools.These transactions reflect Kahoot!'s strategy to enhance its educational content and tools, making it a significant player in the educational publishing industry.

9. 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. In 2022, Heartcore Capital invested in Luca, a Mexican EdTech startup, providing $3 million in pre-seed funding to enhance technology and content production, indicating a strong commitment to the educational sector. Additionally, their involvement in other technology-driven companies, such as Mofibo and Aula Education, further showcases their interest in innovative educational solutions. Mofibo is known for its digital reading platform, while Aula aims to create a digital campus for educational institutions, both of which align with the educational publishing landscape.

10. Albert

• Website: hejalbert.se
• Type: Corporate
• Headquarters: Gothenburg, Västra Götaland, Sweden
• Founded year: 2015
• Headcount: 51-200
• LinkedIn: albert-ab

Albert is an educational technology company based in Gothenburg, Sweden, founded in 2015. It specializes in interactive learning applications for children aged 2-16, providing a variety of subjects and exercises designed to make learning enjoyable and effective. Albert operates on a subscription model, catering primarily to families seeking engaging educational content. In recent years, Albert has made significant acquisitions to bolster its educational offerings, including the acquisition of Jaramba for 10 million SEK, which focuses on educational content for children aged two to five. Additionally, Albert acquired Film och Skola and Holy Owly, further expanding its reach in the educational sector. These strategic moves highlight Albert's commitment to enhancing its educational content and services.

11. Nordic Makers

• Website: nordicmakers.vc
• Type: Venture Capital
• Headquarters: Copenhagen, Denmark
• Founded year: 2016
• Headcount: 1-10
• Number of deals in 2024: 2
• LinkedIn: nordic-makers-vc

Nordic Makers is a venture capital firm based in Copenhagen, Denmark, founded in 2016. The firm specializes in investing in early-stage technology companies, providing both funding and advisory services to help startups navigate challenges and achieve growth. Their portfolio reflects a commitment to fostering entrepreneurship in the Nordic region, with investments spanning various sectors. Notably, Nordic Makers has been involved in several transactions relevant to the educational publishing industry, including investments in Bookboon, which offers educational materials, and Labster, a company that provides virtual lab simulations for students. Additionally, they participated in funding rounds for Aula Education, a platform aimed at enhancing digital learning experiences. These investments highlight Nordic Makers' engagement in the educational sector, particularly in innovative solutions that support learning and education.

12. 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 focuses on backing ambitious Nordic and Baltic founders, providing venture capital investment and portfolio management services to early-stage tech startups. Notably, Inventure has participated in several transactions relevant to the educational publishing sector. For instance, they invested in Lingvist, which raised $8 million in Series A funding to enhance its adaptive language learning platform, indicating a commitment to educational technology. Additionally, Inventure has been involved with ThingLink, an image tagging platform that has raised multiple rounds of funding, which can be utilized in educational contexts to create interactive learning materials. These investments highlight Inventure's engagement with companies that are innovating in the educational space, making them a relevant player in the educational publishing investment landscape.

13. 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 made significant investments in the educational sector, including funding for Kahoot!, a platform that enhances learning through interactive quizzes and games, and its learning, which focuses on digital learning solutions. In 2018, Creandum participated in a $17 million funding round for Kahoot! to accelerate the development of its platform, and they also invested in its learning, which raised $6.95 million in 2010. These transactions highlight Creandum's engagement in the educational publishing industry, showcasing their commitment to nurturing companies that contribute to educational innovation.

14. Vitec Software Group

• Website: vitecsoftware.com
• Type: Corporate
• Headquarters: Sweden
• Founded year: 1985
• Headcount: 1001-5000
• Number of deals in 2024: 5
• LinkedIn: vitec

Vitec Software Group is a corporate investor based in Sweden, founded in 1985, with a workforce of 1001-5000 employees. The company specializes in developing standardized software solutions across various industries, including healthcare, real estate, and education. Vitec operates with a decentralized structure, allowing its business units to maintain independence while benefiting from shared resources. Notably, Vitec has made significant strides in the educational sector, particularly with its acquisition of MV Nordic in 2017, a Danish software company with a strong focus on education, which has annual sales of approximately 110 million DKK. This acquisition not only enhances Vitec's earnings but also solidifies its position in the educational software market. Additionally, Vitec's other acquisitions, such as HK data AS and Oy Raisoft Ltd., further demonstrate its strategy of expanding its software solutions portfolio, which may include educational applications.

15. Alfvén & Didrikson

• Website: alfvendidrikson.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2010
• Headcount: 11-50
• LinkedIn: alfvendidrikson

Alfvén & Didrikson is a venture capital firm based in Stockholm, Sweden, founded in 2010. The firm specializes in backing growth-oriented companies, particularly in the technology and health sectors, providing both financial support and strategic guidance to entrepreneurs. They emphasize long-term partnerships with their investee companies and primarily operate in Northern Europe. Notably, Alfvén & Didrikson has invested in Kognity, a Swedish EdTech company that raised $20 million to enhance learning for school students and expand within US state curricula. This investment highlights their engagement in the educational sector. Additionally, they have invested in Paligo, which, while not strictly educational publishing, is involved in content management and could have applications in educational contexts. These transactions reflect their interest in supporting innovative companies that contribute to the educational landscape.

16. Viking Venture

• Website: vikingventure.com
• Type: Venture Capital
• Headquarters: Trondheim, Trøndelag, Norway
• Founded year: 2001
• Headcount: 11-50
• Number of deals in 2024: 1
• LinkedIn: viking-venture

Viking Venture is a venture capital firm based in Trondheim, Trøndelag, Norway, founded in 2001. The firm specializes in the software sector, particularly focusing on fast-growing Nordic B2B software companies. They provide capital and strategic support to enhance growth and operational efficiency, offering services such as mentoring, recruitment assistance, and guidance on financing and successful exits. Notably, Viking Venture has made several investments in the educational technology space, including its learning, which raised $6.95 million in 2010, and Skooler, which raised $3 million in 2016. Additionally, they have been involved with Attensi, a Norwegian corporate training startup that has raised significant funding rounds, including $26 million in 2021. Attensi specializes in gamified 3D simulations and training solutions, highlighting Viking Venture's commitment to supporting innovative educational solutions.

17. Bonnier Group

• Website: bonnier.se
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1837
• Headcount: 5001-10000
• LinkedIn: bonnier-holding

Bonnier Group is a prominent media group based in Stockholm, Sweden, founded in 1837. It encompasses several leading media companies in the Nordic region and offers a wide range of services, including book publishing, newspaper publishing, and digital media. The company is committed to providing quality journalism and entertainment while also engaging in strategic investments to foster growth across various sectors. Notably, Bonnier Group has made significant acquisitions in the educational publishing space, including Clio Online, acquired on May 15, 2018, and KnowledgeFox GmbH, acquired on January 11, 2017. These transactions highlight Bonnier's commitment to expanding its footprint in the educational sector, particularly in digital learning and educational resources.

Educational Publishing Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
Almi	Stockholm, Stockholm, Sweden	201-500	1994	7
Sanoma	Helsinki, Uusimaa, Finland	5001-10000	1889	0
Sparkmind.vc	Helsinki, Uusimaa, Finland	1-10	2017	2
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Academedia	Stockholm, Stockholm, Sweden	10001+	1996	1
Verdane	Oslo, Oslo, Norway	51-200	1985	7
Business Finland	Helsinki, Uusimaa, Finland	501-1000	2018	26
Kahoot!	Oslo, Oslo, Norway	501-1000	2012	0
Heartcore Capital	Copenhagen, Denmark	11-50	2007	17
Albert	Gothenburg, Västra Götaland, Sweden	51-200	2015	0
Nordic Makers	Copenhagen, Denmark	1-10	2016	2
Inventure	Helsinki, Uusimaa, Finland	11-50	2005	9
Creandum	Stockholm, Stockholm, Sweden	11-50	2003	17
Vitec Software Group	Sweden	1001-5000	1985	5
Alfvén & Didrikson	Stockholm, Stockholm, Sweden	11-50	2010	0
Viking Venture	Trondheim, Trøndelag, Norway	11-50	2001	1
Bonnier Group	Stockholm, Stockholm, Sweden	5001-10000	1837	0

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