The language learning industry in the Nordics has seen remarkable growth, driven by the demand for multilingual skills in an increasingly globalized world. Companies in this sector offer a range of services, from mobile apps and online platforms to traditional language schools. Innovations such as gamified learning and AI tutors have transformed the way languages are taught. Nordic investors are keenly interested, recognizing that success hinges on effective technology-driven solutions, hospitality in teaching, and a strong cultural appreciation for languages. The industry appears set for further expansion as technological advancements open new avenues for engaging learners of all ages.


The list features a variety of investors, including venture capital firms and corporate players, with headquarters in Sweden, Norway, Finland, and Denmark. These investors range significantly in size, from small teams of fewer than ten to large firms with thousands of employees. Founded between 1839 and 2018, they exhibit a robust interest in the language learning sector, reflecting their developmental goals. Notably, their deal counts in 2024 range from zero to as high as 30, showcasing an active commitment to fostering growth in startups within the educational technology landscape.


Top 17 Language Learning 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 provides 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 notable transactions in the education technology sector, including investments in Learnster, which raised funds in multiple rounds, indicating a focus on innovative educational solutions. Additionally, Almi participated in the funding of Zcooly, an EdTech startup that aims to improve learning experiences for children, which may include language learning components. These transactions highlight Almi's engagement in the language learning industry, making them a relevant investor in this space.


2. 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, particularly in the language learning context. For instance, they invested in Swap Language, which raised $2,146,591 in a seed round in September 2023, highlighting their commitment to language learning solutions. They also participated in funding rounds for Freeed and CanopyLAB, both of which focus on enhancing educational experiences. Their investment strategy aims to support businesses in the education industry, providing not only financial backing but also expertise to help these companies grow and innovate.


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 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 managing diverse investment portfolios across multiple sectors and geographies. Among their notable transactions, EQT has invested in ILA Vietnam, a language school that focuses on English language education, and Studienkreis, which provides tutoring services that may include language learning. Furthermore, their recent acquisition of Nord Anglia Education, a global education provider with a strong emphasis on language and international education, highlights their commitment to the education sector. Their planned acquisition of Universidad Europea, a private higher education institution in Spain and Portugal, further underscores their strategy to enhance educational offerings, potentially including language programs. These transactions reflect EQT's active role in the education and language learning industries.


4. 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 specializes in backing ambitious Nordic and Baltic founders, providing venture capital investment and portfolio management services to early-stage tech startups. Notably, Inventure has invested in several companies within the language learning sector, including Lingvist, which raised a total of $8 million in Series A funding to enhance its adaptive language learning platform, and Leya AI, which secured €1M in pre-seed funding to develop its AI English Tutor. These transactions highlight Inventure's active role in supporting innovative language learning solutions, showcasing their interest in this niche market.


5. Kahoot!

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

Kahoot! is an educational technology company founded in 2012 and based in Oslo, Norway. It operates a game-based learning platform that engages users through interactive quizzes and educational games, catering to teachers, students, businesses, and families. Kahoot! has made significant strides in the language learning space, notably through its acquisition of Drops, a rapidly growing language learning platform, for a total consideration of USD 31 million, with an additional performance-based element of up to USD 19 million. This acquisition, announced on November 24, 2020, aims to integrate language learning capabilities into Kahoot!'s global learning platform. Additionally, Kahoot! acquired Poio, a language learning tool, for $6.5 million on May 14, 2019. These strategic investments highlight Kahoot!'s focus on expanding its offerings in the language learning sector, making it a notable player in the EdTech landscape.


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. The firm specializes in growth equity investments in technology-enabled companies, focusing on digitalization and decarbonization trends. Verdane provides capital and hands-on support to help businesses scale, particularly in the technology sector. Among their notable transactions, Verdane has invested in Lingit, a Norwegian software company that offers multilingual literacy support for dyslexics, highlighting their interest in language learning. They also participated in the funding of Studytube, a Netherlands-based learning platform, which aims to enhance educational access and resources. Other relevant investments include Zcooly, an EdTech startup, and Eduhouse, further showcasing their commitment to the education sector. These transactions reflect Verdane's strategy of supporting companies that enhance market position and operational efficiency in the education and language learning industries.


7. 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 specializes in providing a wide range of learning solutions and media content, including printed and digital learning materials and teaching platforms. Sanoma's customer base includes educational institutions and media consumers across multiple European countries. In recent years, Sanoma has made several strategic acquisitions to strengthen its position in the educational sector. Notable transactions include the acquisition of Santillana Spain, a leading provider of K-12 learning materials, for EUR 465 million, which enhances their presence in the Spanish K-12 learning services market. Additionally, they acquired itslearning, an international learning platform provider, which further diversifies their educational offerings. Other significant acquisitions include Pearson Italia and Iddink Group, both of which contribute to Sanoma's growth in the educational publishing and learning services market.


8. 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. They specialize in supporting early-stage entrepreneurs in building global, category-defining companies. With a focus on nurturing companies from seed to IPO, Creandum provides venture capital investment, strategic support, and networking opportunities across various sectors, including fintech and health tech. Notably, Creandum has participated in significant funding rounds for companies like Kahoot!, which raised $17 million in a Series B round and $10 million in a Series A round, both aimed at enhancing their educational platform. Kahoot! is particularly relevant in the language learning context as it offers interactive learning experiences that can aid in language acquisition. Additionally, Creandum has invested in its learning, which also aligns with educational technology, further showcasing their engagement in the education sector.


9. 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 a diverse range of innovative companies. Notably, Nordic Makers has invested in Scrimba, which raised $187,764 in a seed round in 2017, focusing on coding education. They also participated in Bookboon, an educational resource provider, and Aula Education, which aims to create a 'digital campus' for educational institutions. These transactions highlight their engagement in the education sector, particularly in initiatives that can enhance language learning and educational experiences.


10. Evli Growth Partners

  • Website: egp.fi
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2018
  • Headcount: 1-10
  • Number of deals in 2024: 3
  • LinkedIn: evli-growth-partners

Evli Growth Partners is a venture capital fund based in Helsinki, Uusimaa, Finland, founded in 2018. The firm specializes in investing in growth companies, providing not only capital but also strategic guidance and support to help these companies scale effectively. They focus on fostering collaboration between investors and founders to drive sustainable growth. Notably, Evli Growth Partners has participated in significant transactions within the language learning sector, including a Series C funding round for Preply, which raised approximately $49.4 million on March 30, 2022, and a Series B funding round for the same company, which raised around €29.4 million on March 9, 2021. Their involvement in these funding rounds highlights their interest in innovative startups within the language learning industry, alongside their broader investment strategy targeting various sectors.


11. 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 various sectors, including education technology. Notably, they invested in Luca, a Mexican EdTech startup that raised $3 million in pre-seed funding to enhance technology and content production for language learning. This investment highlights Heartcore's commitment to supporting innovative solutions in the education sector, particularly in language learning. Additionally, their recent investment of $2 million in Luca during a seed round further emphasizes their ongoing interest in this area.


12. Superhero Capital


Superhero Capital is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2015. The firm specializes in seed funding for software-driven startups in the New Nordics region, providing financial backing and strategic support to entrepreneurs. Superhero Capital focuses on empowering founders and fostering innovation in the technology sector. Notably, they have invested in language learning startups such as Speakly, which raised €900K in a seed funding round led by Superhero Capital in April 2020. Additionally, they participated in funding rounds for Singa, a startup that has raised significant amounts to expand its karaoke and singing platform, indicating their engagement in the language learning and related entertainment sectors.


13. 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, including mentoring, recruitment assistance, and guidance on financing and successful exits. Notably, Viking Venture has invested in Attensi, a Norwegian corporate training startup that raised $26 million in 2021, which focuses on gamified 3D simulations and training solutions. This investment highlights their interest in educational technology, which is relevant to language learning. Additionally, they have previously invested in its learning and Skooler, both of which are related to educational platforms, further supporting their relevance in the language learning space.


14. 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 corporate investor based in Oslo, Norway, with a rich history dating back to 1839. Originally a publishing company, Schibsted has transitioned into a digital marketplace, focusing on empowering users through various online platforms. Among its notable investments, Schibsted acquired a 10% stake in Riidr in 2012, a Copenhagen-based company that offers a publishing platform for ebook readers, which could facilitate language learning by providing access to educational content. Additionally, Schibsted has made investments in other sectors, such as classified ads and second-hand goods, and has participated in various funding rounds, including Poio and Yepstr, although these do not directly relate to language learning. Overall, Schibsted's investment strategy reflects a broader interest in digital services, with some connections to the language learning space through its involvement with Riidr.


15. Alfvén & Didrikson


Alfvén & Didrikson is a Stockholm-based venture capital firm founded in 2010, specializing in backing growth-oriented companies primarily in the technology and health sectors. The firm emphasizes long-term partnerships and provides both financial support and strategic guidance to entrepreneurs. Notably, they have invested in Kognity, a Swedish EdTech company that raised $20 million to enhance learning for school students, which is directly relevant to language learning. They also supported Humly, another EdTech firm, to tackle teacher shortages in Sweden and the UK, further contributing to educational improvements. Additionally, their investment in Mentimeter, an audience engagement platform, showcases their broader interest in technology that can facilitate learning and communication.


16. Invesdor

  • Website: invesdor.com
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2012
  • Headcount: 11-50
  • LinkedIn: invesdor-com

Invesdor is an investment platform based in Helsinki, Uusimaa, Finland, founded in 2012. It connects investors with sustainable business opportunities across Europe, facilitating crowdfunding for various projects, including technology ventures and renewable energy. Invesdor empowers both individual and institutional investors to participate in funding initiatives that align with their values while aiming for financial returns. Notably, Invesdor has been involved in the language learning sector through its investment in WordDive, which successfully raised €1,274,100 from 658 investors in December 2016. This funding was aimed at further development and expansion of the WordDive platform, highlighting Invesdor's engagement in the language learning industry.


17. Aboa Venture III Ky


Aboa Venture III Ky is a private equity firm based in Turku, Southwest Finland, founded in 1994. The firm specializes in providing equity financing solutions to Finnish businesses with revenues between 2-20 million euros, focusing on acquisitions and growth investments. Among their notable transactions, they invested in Sanako, a company known for its language learning solutions, in 2001, and Headai, which raised funds in 2016. This involvement with Sanako highlights Aboa Venture's engagement in the language learning industry, making them a relevant player in this sector.



Language Learning Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
AlmiStockholm, Stockholm, Sweden201-50019947
Sparkmind.vcHelsinki, Uusimaa, Finland1-1020172
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
InventureHelsinki, Uusimaa, Finland11-5020059
Kahoot!Oslo, Oslo, Norway501-100020120
VerdaneOslo, Oslo, Norway51-20019857
SanomaHelsinki, Uusimaa, Finland5001-1000018890
CreandumStockholm, Stockholm, Sweden11-50200317
Nordic MakersCopenhagen, Denmark1-1020162
Evli Growth PartnersHelsinki, Uusimaa, Finland1-1020183
Heartcore CapitalCopenhagen, Denmark11-50200717
Superhero CapitalHelsinki, Uusimaa, Finland1-1020157
Viking VentureTrondheim, Trøndelag, Norway11-5020011
SchibstedOslo, Oslo, Norway5001-1000018393
Alfvén & DidriksonStockholm, Stockholm, Sweden11-5020100
InvesdorHelsinki, Uusimaa, Finland11-5020120
Aboa Venture III KyTurku, Southwest Finland, Finland1-1019940


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