The telecommunications industry in Europe plays a crucial role in connecting people and businesses through voice, data, and broadband services. This sector includes major players like telecom operators, infrastructure providers, and emerging tech firms focused on innovative solutions such as 5G and fiber optics. As digital technologies evolve, the industry is expected to integrate more closely with IoT and smart city initiatives, enhancing connectivity and efficiency. Notable trends include increased competition and regulatory challenges, driving investment toward sustainable practices. The focus on advanced infrastructure reflects the industry's aim to keep pace in a rapidly changing digital world.


In 2024, Europe witnessed significant investment activity in the telecommunications sector, with various investors represented among the top players. The list includes venture capital and private equity firms, corporate investors, and state-backed institutions, headquartered in vibrant cities like London, Paris, and Stockholm. These investors vary in size, from smaller teams managing fewer than 50 companies to large firms employing thousands. Established between 1945 and 2016, they collectively engaged in 406 deals, highlighting their commitment to stimulating growth and innovation across Europe’s telecommunications market.


Top 17 Telecommunications Investors in Europe


1. Accenture

  • Website: accenture.com
  • Type: Corporate
  • Headquarters: Dublin, Dublin, Ireland
  • Founded year: 2001
  • Headcount: 10001+
  • Number of deals in 2024: 51
  • LinkedIn: accenture

Accenture is a global consulting firm based in Dublin, Ireland, specializing in information technology and management consulting services. Founded in 2001, the company has grown to employ over 10,000 professionals and operates across various industries, providing solutions that help businesses innovate and improve efficiency. In 2024, Accenture has made significant strides in the telecommunications sector, announcing the acquisition of Fibermind, an Italy-based network services company focused on fiber and mobile 5G networks, to enhance its network engineering capabilities. Additionally, Accenture acquired Award Solutions, a provider of training and consulting services in advanced wireless and network technologies, including 5G, further solidifying its position in the telecom and technology sectors. These transactions reflect Accenture's strategic focus on expanding its telecommunications offerings and expertise.


2. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, founded in 1958, that provides a range of financial services including loans, equity investments, guarantees, and advisory services. EIB supports sustainable projects across various sectors, including telecommunications, which is evident from its involvement in several significant transactions. Notably, EIB has provided substantial debt financing to major telecommunications companies such as Orange, which raised over $1 billion in two separate post-IPO debt transactions in 2019 and 2023. Additionally, EIB supported Tele2 with $149 million in 2024, Telefonica Germany with $497 million in 2020, and Telkom Kenya with $40 million in 2018. These transactions highlight EIB's commitment to facilitating growth and job creation within the telecommunications sector, making it a relevant investor in this industry.


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 leading 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. In the telecommunications sector, EQT has made several strategic acquisitions, including Melita Plc, a telecommunications provider in Malta, Deutsche Glasfaser, a major player in the German fiber-optic market, Delta Fiber, a Dutch telecom company, Zayo, a significant provider of fiber-based bandwidth infrastructure in North America and Europe, and Caiway, a Dutch telecom infrastructure company. These investments highlight EQT's commitment to supporting growth and innovation within the telecommunications industry.


4. Bpifrance French Tech Accélération


Bpifrance French Tech Accélération is a venture capital firm based in Paris, Île-De-France, France, founded in 2015. As a public entity and financial institution, Bpifrance supports entrepreneurs and businesses in France and internationally through various services, including direct funding, export credit insurance, and private equity investments. The firm aims to foster entrepreneurship and innovation by providing coaching and partnerships to help businesses navigate growth and international expansion. Notably, Bpifrance has been involved in several transactions relevant to the telecommunications sector, including a €3 million investment in Cirpack, a French cloud telephony business, and a significant investment in Wifirst, which raised €115 million to acquire a stake from the Bolloré Group. These transactions highlight Bpifrance's active role in supporting telecommunications companies, making it a relevant player in this industry.


5. Liberty Global

  • Website: libertyglobal.com
  • Type: Corporate
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2005
  • Headcount: 10001+
  • Number of deals in 2024: 7
  • LinkedIn: liberty-global

Liberty Global Ltd. is a prominent telecommunications company based in London, England, founded in 2005. The company provides a diverse array of services, including gigabit broadband, 5G mobile services, and entertainment platforms, catering to both consumers and businesses. Liberty Global operates across multiple European countries, leveraging its extensive network infrastructure to deliver reliable internet and advanced data solutions. The company has been actively involved in significant transactions within the telecommunications sector, including the acquisition of Cable & Wireless Communications for $7.4 billion in 2015, which expanded their reach in the Caribbean. In 2013, they acquired Virgin Media for £15 billion, creating Europe's largest broadband business. Additionally, Liberty Global acquired Unitymedia, Germany's second-largest cable operator, for $5.2 billion in 2009, and recently purchased a 4.92% stake in Vodafone Group for approximately £225 million in 2023. These strategic acquisitions demonstrate Liberty Global's commitment to enhancing its telecommunications portfolio and market presence.


6. Apax

  • Website: apax.com
  • Type: Private Equity
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1981
  • Headcount: 201-500
  • Number of deals in 2024: 8
  • LinkedIn: apax-partners

Apax Partners LLP is a private equity firm based in London, England, founded in 1981. The firm specializes in managing investments across various sectors, including technology, internet/consumer, healthcare, and services. Apax collaborates with management teams of high-potential companies to drive growth and innovation. Notably, Apax has made several significant investments in the telecommunications sector, including the acquisition of Salt Mobile in 2011, Melita Plc in 2016, and Cabovisão in 2016. They also participated in funding rounds for Jazztel and Bezeq Israeli Telecommunication Corp Ltd, showcasing their commitment to enhancing capital through strategic investments in telecommunications.


7. Bgf

  • Website: bgf.co.uk
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2011
  • Headcount: 51-200
  • Number of deals in 2024: 53
  • LinkedIn: bgfinvestments

BGF Investment Management Limited is a venture capital firm based in London, England, founded in 2011. The firm specializes in providing growth funding and value creation support to small and mid-sized businesses across the UK and Ireland. BGF addresses the funding gap in the market through minority investments and extensive support services. Notably, BGF has invested in several telecommunications-related companies, including a £10.25 million investment in Jola Cloud Solutions Ltd, a provider of cloud-based telecommunications services, and a £7.3 million investment in AdEPT Telecom, which supports the acquisition of Atomwide Limited, a specialist IT services provider for the education sector. Additionally, BGF has been involved in funding rounds for Edge Telecom and broadbandchoices, further demonstrating their active role in the telecommunications industry.


8. Vodafone

  • Website: vodafone.com
  • Type: Corporate
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1982
  • Headcount: 10001+
  • LinkedIn: vodafone

Vodafone Group Plc is a prominent telecommunications company based in London, England, founded in 1982. With a workforce exceeding 10,000 employees and a customer base of over 330 million, Vodafone provides a wide range of services, including mobile and fixed telecommunications, broadband, and financial technology solutions. The company has made significant investments in the telecommunications sector, including the acquisition of Liberty Global for $21.3 billion in 2019, which expanded their reach in the cable and broadband market. In 2013, Vodafone acquired Kabel Deutschland, Germany's largest cable company, for £6.5 billion, further diversifying its service offerings. More recently, in 2022, Vodafone agreed to acquire Nowo, a key player in the Portuguese market, for €150 million, enhancing its operations in that region. These strategic acquisitions reflect Vodafone's commitment to growth and innovation in the telecommunications industry, as well as its focus on sustainability and digital inclusion.


9. 3i Group plc

  • Website: 3i.com
  • Type: Private Equity
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1945
  • Headcount: 201-500
  • Number of deals in 2024: 3
  • LinkedIn: 3i-group-plc

3i Group plc is a London-based private equity and infrastructure investment firm founded in 1945. The firm specializes in providing capital and expertise to mid-market companies, helping them grow sustainably. With a strong international presence and a diverse portfolio, 3i Group aims to create value for its stakeholders through strategic investments. Notably, 3i has been involved in significant transactions within the telecommunications sector, including multiple funding rounds for Vonage, an Internet telephone service provider, where they participated in Series D and E funding rounds, raising substantial amounts to support the company's expansion. Additionally, their investment in The Cloud, a provider of wireless internet services, further highlights their engagement in the telecommunications industry. These transactions demonstrate 3i's capability and interest in fostering growth within the telecommunications sector.


10. Deutsche Bank

  • Website: db.com
  • Type: Corporate
  • Headquarters: Frankfurt, Hesse, Germany
  • Founded year: 1870
  • Headcount: 10001+
  • Number of deals in 2024: 32
  • LinkedIn: deutsche-bank

Deutsche Bank AG is a prominent investment bank and financial services provider based in Frankfurt, Hesse, Germany. Founded in 1870, the bank offers a wide range of solutions including investment banking, corporate banking, cash management, trade finance, and securities services. It serves corporate and institutional clients, helping them manage their financial assets and liquidity effectively through its digital platform, Autobahn. In the telecommunications sector, Deutsche Bank has been involved in several notable transactions, including providing $1.4 billion in debt financing to NBN Co in March 2023, $130 million to Wave in May 2015, and $500 million to Vertical Bridge Holdings in September 2014. Additionally, the bank participated in a $1.4 billion debt financing round for CityFibre in December 2018 and raised $237 million in post-IPO equity for Rostelecom in October 2013. These transactions highlight Deutsche Bank's active role in supporting the telecommunications industry.


11. Seraphim Space

  • Website: seraphim.vc
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2016
  • Headcount: 11-50
  • Number of deals in 2024: 27
  • LinkedIn: seraphim-capital

Seraphim Space is a London-based venture capital firm founded in 2016, specializing in SpaceTech investments. They provide funding and support to startups in the space technology sector, operating various investment funds and an accelerator program to help entrepreneurs navigate the challenges of developing innovative space solutions. In 2024, Seraphim Space participated in a significant funding round for Skylo Technologies, a non-terrestrial network service provider, which raised $37 million to enhance connectivity for smartphones, wearables, and IoT devices. Additionally, they have invested in AST SpaceMobile, a company focused on delivering mobile connectivity through satellite technology. These transactions demonstrate Seraphim Space's active role in the telecommunications landscape, particularly in the context of satellite and NTN services.


12. Enterprise Ireland


Enterprise Ireland is a public entity that serves as the Irish government's enterprise development agency, founded in 1998 and based in Dublin, Ireland. The agency supports Irish businesses at all stages of their growth journey by providing funding, advisory services, and market access assistance. It focuses on helping companies scale and compete internationally across various industries, including technology and manufacturing. Notably, Enterprise Ireland has been involved in several transactions within the telecommunications sector, such as investing in Intune Networks, which raised €22 million to expand its market coverage in telecommunications. They also participated in funding rounds for Cicero Networks, Fijowave, and Openmind Networks, all of which are relevant to telecommunications technology. These investments highlight Enterprise Ireland's commitment to fostering growth in the telecommunications industry alongside its broader mission to support diverse sectors.


13. 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 is a leading telecommunications company based in Fornebu, Akershus, Norway, with a customer base of 209 million subscribers. Founded in 1855, Telenor provides mobile telecommunications, broadband, and TV distribution services, primarily operating in Scandinavia and Asia. The company is dedicated to empowering societies through connectivity and is committed to responsible business practices and innovation in telecommunications. Telenor has made several strategic acquisitions to strengthen its position in the telecommunications market, including the acquisition of DNA Oyj in 2019 for approximately $1.69 billion, which expanded its footprint in Finland. Additionally, Telenor acquired Tele2 Sweden's fibre and cable firm in 2013, enhancing its capabilities in fixed broadband and television services. Other notable acquisitions include Talkmore, Glocalnet, and Bredbandsbolaget, which have all contributed to Telenor's growth and diversification within the telecommunications sector.


14. 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 several telecommunications-related companies, including Maven Wireless, which raised approximately $1.97 million in a venture round in 2018, and InCoax Network Europe, which secured around $1.05 million in 2012. Additionally, they have supported other ventures like MyBeat and Sweratel, further demonstrating their involvement in the telecommunications sector.


15. European Innovation Council (EIC)


The European Innovation Council (EIC) is a public entity based in Brussels, Belgium, established to support innovation and entrepreneurship across Europe. Founded in 1958, the EIC offers a range of funding programs, including the EIC Accelerator and EIC Pathfinder, aimed at helping startups and SMEs develop and scale their technologies. The EIC provides business acceleration services, networking opportunities, and prizes to foster innovation in various sectors. Notably, the EIC has been involved in significant transactions within the telecommunications context, such as providing grants to Oledcomm, which raised approximately $2,998,774, and Tessares, which received funding through both a venture round and a grant. These transactions highlight the EIC's active role in supporting telecommunications innovation, making it a relevant player in this industry.


16. Amadeus Capital Partners


Amadeus Capital Partners is a venture capital firm based in London, England, founded in 1997. The firm specializes in investing in technology companies across various sectors, including AI, Cyber Security, and FinTech. Notably, Amadeus has made significant investments in the telecommunications sector, particularly in companies like Icera, which raised substantial funding in multiple rounds, including a $40 million Series C investment led by Amadeus. Icera is known for its innovations in mobile communications technology, highlighting Amadeus's role in supporting advancements in telecommunications. Additionally, Amadeus has invested in Cambridge Broadband Networks, further solidifying its presence in the telecommunications industry. Through these investments, Amadeus Capital Partners provides not only funding but also strategic support to help these companies scale their operations and bring innovative technologies to market.


17. Ldc

  • Website: ldc.co.uk
  • Type: Private Equity
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1981
  • Headcount: 51-200
  • Number of deals in 2024: 15
  • LinkedIn: ldc

Lloyds Development Capital (Holdings) Limited (LDC) is a private equity firm based in London, England, that specializes in providing growth capital and strategic support to mid-market businesses across various sectors. Founded in 1981 and part of Lloyds Banking Group, LDC focuses on helping management teams achieve their growth ambitions through investment and advisory services. In the telecommunications sector, LDC has made notable investments, including a significant minority investment in Cellhire, a global provider of mobile Voice and Data and IoT communications services, announced on June 29, 2022. They also invested in Onecom, the UK's largest independent business telecommunications provider, securing a £100 million funding package to support its growth on July 22, 2019. Additionally, LDC backed the management buyout of Giacom World Networks, a cloud IT and communications solutions provider, on May 25, 2016. These transactions highlight LDC's commitment to fostering growth in the telecommunications industry while maintaining a diverse investment portfolio.



Telecommunications Insights: Key Investors in Europe


InvestorHeadquarterSizeFoundedDeals 2024
AccentureDublin, Dublin, Ireland10001+200151
European Investment Bank (EIB)Luxembourg1001-5000195899
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Bpifrance French Tech AccélérationParis, Île-De-France, France1-102015198
Liberty GlobalLondon, England, United Kingdom (UK)10001+20057
ApaxLondon, England, United Kingdom (UK)201-50019818
BgfLondon, England, United Kingdom (UK)51-200201153
VodafoneLondon, England, United Kingdom (UK)10001+19820
3i Group plcLondon, England, United Kingdom (UK)201-50019453
Deutsche BankFrankfurt, Hesse, Germany10001+187032
Seraphim SpaceLondon, England, United Kingdom (UK)11-50201627
Enterprise IrelandDublin, Dublin, Ireland501-1000199848
TelenorFornebu, Akershus, Norway10001+18552
AlmiStockholm, Stockholm, Sweden201-50019947
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
Amadeus Capital PartnersLondon, England, United Kingdom (UK)11-5019977
LdcLondon, England, United Kingdom (UK)51-200198115


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